Conveyancing — Buying and Selling Residential Property
First time buyer’s guide
Buying a property is a major life event and first time buyers especially, need extra advice and reassurance. We make sure that first time buyers are given the explanations they need at each stage in the process. If you are thinking about making a purchase in the future and need some advice now, please do not hesitate to get in touch – we would be happy to talk you through your concerns.
Ownership of property
You can own property of any type jointly in two ways, either as "joint tenants" or as "tenants in common". We will give you advice on which would suit your circumstances best. Ownership as joint tenants means that on the death of one of the owners, the property automatically passes to the surviving owner. If you own as tenants in common, you own a specific share which forms part of your estate and which you can therefore give away in your will.
This was traditionally between 5% and 10% of the purchase price, but recently some lenders have insisted on much more. The higher the desposit you pay, the lower your interest rate will be.
Getting a mortgage
We can point you in the right direction and recommend financial advisers who can assist you. We can also assist in re-mortgage quotes and provide you with further details to suit your needs.
Costs of purchase
These will depend on the purchase price. We can provide you with an immediate, without obligation quote.
These can range from a simple valuation report to a more detailed Homebuyer or full structural survey. We know local surveyors and can recommend some to you.
The new rates effective from 4 December 2014 are:
0% up to £125,000
2% on the amount between £125,000 and £250,000
5% on the amount between £250,000 and £925,000
10% on the amount between £925,000 and £1.5m
12% on anything above £1.5m
Use the Government's tax calculator to get an exact figure.
Energy Performance Certificate
This assesses the efficiency of your property from an environmental point of view. Ask the seller or their agent to see it. When you sell we can arrange this on your behalf.
Check the length of the remaining term of the lease and always ask the estate agent before making an offer to purchase. Always find out the ground rent payable and the service/maintenance charges.
Costs of owning the property
Ask the estate agent or the vendor the amount of the council tax, water rates and estimates for the buildings and contents insurance.
Planning your dream move?
Call for a conveyancing quote
020 8290 0440