One of the most important roles of a conveyancing solicitor is to carry out a series of searches and checks to establish information about the property and surrounding area, as well as any restrictions and problems affecting the property which the buyer should be aware of. This includes a local authority search which will answer a number of questions, such as whether the local council is undertaking or planning any development work that may have an impact on the property, and whether there are any charges or debts owed to the local council relating to the property. A drainage and water search will confirm how water is supplied to the property and how waste is disposed of, while an environmental search will check for possible land contamination and the risk of factors including flooding and subsidence. Our clients find that having a solicitor with decades of experience of the Liverpool property market gives them the peace of mind and the results they want.
Apart from essential searches of this kind, a conveyancing solicitor will check whether the title to the property is valid and robust, and make the necessary payments (known as disbursements) to the Land Registry to enable the transfer and registration of the title to the property. Another disbursement will be Stamp Duty Land Tax (SDLT), which is payable on the purchase of residential properties in England and Northern Ireland with a value of over £125,000, and may be discounted for first-time buyers or charged at a higher rate for the purchase of a second home. Any outstanding questions will need to be answered by the seller’s solicitors before contracts can be exchanged, at which point the contract will become legally binding and a deposit (usually 10% of the purchase price) will be paid by the buyer.
New: The temporary stamp duty holiday was due to end on June 31st, however, the Chancellor announced in this year’s Budget that it will continue to operate at a reduced rate until 1st October. From 1st July to 30th September, no stamp duty is payable on the first £250,000 of property sales in England and Northern Ireland. From 1st October, rates will return to normal with stamp duty payable on the value of residential properties over £125,000.
A conveyancing solicitor will also advise the buyer on their mortgage requirements and subsequently liaise with the mortgage provider to ensure that funds are available to complete the transaction on the due date. This completion date will be the day on which the balance of the purchase price is paid and the buyer is able to collect the keys for the property and move in. The entire conveyancing process up to completion will take 8-12 weeks in normal circumstances. Using a local firm of solicitors can help speed matters up due to the latter’s knowledge of the local area and experience with similar property transactions. Our firm offers a transparent fixed fee structure for buying a property in Liverpool and Merseyside at competitive rates, and with no hidden costs. Get in touch with Louise Nelson and her team for a no obligation quotation today.
The role of a conveyancing solicitor is to assist the property seller in completing the necessary documents and stages involved in the selling process, and ensure they meet all their legal obligations. Firstly, a solicitor will obtain and check the title deeds to the property to prove that the seller is the legal owner, and that there are no other issues affecting their right to sell. Once this is done, the solicitor will help the seller complete the mandatory property information forms, as well as a fixtures and fittings form, which will confirm which items inside the property are included in the sale price. The solicitor will then prepare a draft contract for sale and send it to the prospective buyer’s conveyancer, along with a copy of the title deeds, and wait to answer any questions regarding the property that the buyer or their legal representatives may have.
Once confirmation that the buyer is ready to proceed with the property purchase is received, contracts will be signed by both parties and ‘exchanged’ between the solicitors representing the seller and the buyer, at which point the agreement will become legally binding. The buyer will then pay a deposit on the sale price (normally 10%), and a date will be set for completion, before which the seller will remove their belongings and vacate the property. On the day of completion, the seller’s solicitor will receive the balance due on the sale price, the keys to the property will be handed over to the buyer, and the transaction will be deemed to be complete. Assuming that all the expenses involved in the transaction have been paid, the seller will then receive the proceeds of the sale from their conveyancing solicitor. Our clients find that having a solicitor with decades of experience of the Liverpool property market gives them the peace of mind and the results they want.
Another important role that the conveyancing solicitor representing the seller plays is in ensuring that the latter’s financial liabilities relating to the property are met, especially concerning any outstanding sums owed on a mortgage and/or loans secured on the property. The solicitor will request a redemption statement from the mortgage provider and settle the seller’s account with the lender by the completion date. They will also make sure that any other financial obligations (e.g. estate agent’s fees) are settled by that date.