WHAT WE DO
Conveyancing
SPACE
Hall Reynolds LLP recognise that buying or selling a property is one of the most important decisions people make and can also be one of the most stressful events in your life, so our team will be on hand to ensure the transaction
proceeds as smoothly and stress free as possible.
We will work with you to keep you as up to date as possible, rapidly respond to your queries and to explain the jargon, and we will take time to understand your objectives and preferred timescales.
Our conveyancing department can assist with all conveyancing needs including:
COST
Our Fees & Estimates
SPACE
Our fees cover all of the work required to complete your sale or purchase transaction, including dealing with the registration
at the Land Registry and dealing with the payment of SDLT if the property you are buying is in England
or Land Transaction Tax in the property is in Wales.
The Stamp Duty/ Land Tax payable depends on the purchase price of the property.
- PURCHASE PRICE
- Up to & including £150,000
- £150,001 – £250,000
- £250,001 – £350,000
- £350,001 – £450,000
- £450,001 – £500,000
- £500,001 – £600,000
- £600,001 – £700,000
- £700,001 +
- OUR FEE*
- £700
- £750
- £875
- up to £1050
- up to £1100
- up to £1150
- Up to £1450
- Fee on application
- VAT
- £140
- £150
- £175
- £210
- £220
- £230
- £290
- £700,001 +
- TOTAL**
- £840
- £900
- £1050
- £1260
- £1320
- £1380
- £1740
- £700,001 +
* There are supplementary charges of:
- £150 + £30 vat if the property is a leasehold house or flat
- £150 + £30 vat if there is a second charge
- £175 + £35 vat if there is a Help to Buy mortgage
- £350 + £70 vat if a trust deed is required
** excluding all disbursements
Standard Disbursements
- Pre exchange search fees (standard pack) £341 (no vat)
- Electronic money transfer fee £16 plus £3.20 vat per transfer
- Office Copy entries £3 each (no VAT)
- Client identity and funds verification fee £40 + £8 vat
- Pre completion bankruptcy searches (if required): £2 per search(no vat)
- Stamp Duty – dependent on circumstances
- HM Land Registry Fee – dependent on purchase price
- Pre completion Land Registry search £3 per search (no vat)
- SALE PRICE
- Up to & including £150,000
- £150,001 – £250,000
- £250,001 – £350,000
- £350,001 – £450,000
- £450,001 – £500,000
- £500,001 – £600,000
- £600,001 – £700,000
- £700,001 +
- OUR FEE*
- £675
- £700
- £795
- £825
- £900
- £1000
- £1125
- Fee on application
- VAT
- £135
- £140
- £159
- £165
- £180
- £200
- £225
- £700,001 +
- TOTAL**
- £810
- £840
- £954
- £990
- £1080
- £1200
- £1350
- £700,001 +
* There are supplementary charges of:
- £150 + £30 vat if the property is a leasehold house or flat
- £150 + £30 vat if there is a second charge
- £175 + £35 vat if there is a Help to Buy mortgage
** excluding all disbursements
Standard Disbursements
- Electronic money transfer fee £16 plus £3.20 vat per transfer
- Office Copy entries £3 each (no VAT)
- Client Identity verification fee £30 plus £6 vat
For a detailed estimate of the costs please click the button below
The precise stages involved in the sale of a residential property can differ according to the circumstances. Detailed below are the standard steps we will need to take throughout an average conveyancing matter:
Stages of the process
- Take your initial instructions and provide initial advice.
- Undertake identification verification.
- Liaise with you current Mortgage Lender (if applicable) and request initial redemption statements and deeds.
- Obtain Official Copies from the land registry – these are the electronic deeds to your property.
- Prepare Contract for Sale
- Receive enquiries from the Purchasers Solicitors
- Liaise with you regarding the enquiries from the Buyer and ask for any further which you have not already provided and give you advise on any areas you are unsure about.
- Receive and approve draft Transfer from buyers’ solicitors.
- Obtain your signature to the contract and approved Transfer.
- Discuss and agree a completion date (once the buyers solicitor are satisfied with the answers to the enquiries raised.
- Obtain your authority to proceed to exchange of contracts.
- Exchange of Contracts – The Completion date then becomes legally binding to both parties. We will notify you once this has happened.
- Request final redemption figure from your existing lender (if applicable)
- Obtain estate agents invoice (if applicable)
- Prepare completion statement and send to you for approval.
Completion day
- Receive monies from the buyers Solicitors.
- Arrange settlement of your existing mortgage (if applicable)
- You will then need to hand in your keys to the Estate Agent.
- Forward deeds, documents, and Transfer to the buyer’s solicitor
- Any remaining balance will then be sent to you.
Timescales
For a Freehold property the time it takes from your offer being accepted until you can move in to your house depends on a number of factors. The average process takes between 4 – 16 weeks but this can vary significantly.
For a leasehold property, as there is more work involved in dealing with third parties, this can take longer but on average takes around 12 – 14 weeks. Again, this can vary significantly.
There are various factors which can affect the time taken to complete your sale including:
- The number of parties in a chain – linked sales and purchases which will happen at the same time as your purchase.
- If your buyer is a first-time buyer
If you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, sometimes between 6 – 8 month.
Whatever your reasons for wishing to sell a property, the team at Hall Reynolds LLP can help you. We have successfully helped many people in all circumstances to complete a property sale quickly and easily. For more information, please contact Samantha Kings on 01789 772955 or by email samanthakings@hallreynolds.co.uk
REMORTGAGES
The precise stages involved in the remortgage of a residential property can differ according to the circumstances. Detailed below are the standard steps we will need to take throughout an average conveyancing matter:
Stages of the process
- Take your initial instructions and provide initial advice.
- Undertake identification and source of funds verification.
- Request title deeds and redemption statement from your existing lender
- Obtain Official Copies for your property (electronic deeds)
- If we did not act for you in the initial purchase of the property, we will check the Official Copies and the title to ensure these are correct.
- Enquiries – if your property is a Leasehold property, we may need to raise enquiries with the Landlord/ Managing Agent to ensure service charges, ground rent and other items have been paid up to date.
- Searches – Some lenders do not require local searches to be obtained. If they do not, a ‘No Search indemnity insurance’ may need to be obtained to protect the mortgage lender.
- Reviewing the Mortgage offer once received from your new Lender.
Pre-Completion
- We will request the final redemption figure from your existing lender.
- Undertake any final searches – including a required bankruptcy on each borrower.
- Request the mortgage advance from your new lender.
- Completion – monies transferred between us and the existing and new lenders.
Following the remortgage there are a few other items which we must deal with on your behalf. These are called Post Completion tasks and primarily include:
- Registration – this is the registration of your new mortgage against the property at HM Land Registry after the matter has completed.
Whatever your reasons for wishing to remortgage a property, the team at Hall Reynolds LLP can help you. We have successfully helped many people in all circumstances to complete a remortgae quickly and easily. For more information please contact Samantha Kings on 01789 772955 or by email samanthakings@hallreynolds.co.uk
FREEHOLD AND LEASHOLD PURCHASES
The precise stages involved in the purchase of a freehold residential property differ according to the circumstances. below are Detailed below are the standard steps we take throughout an average conveyancing matter:
Stages of the process
- Take your initial instructions and provide initial advice.
- Undertake identification and source of funds verification.
- Check finances are in place to fund purchase and contact lender’s solicitors if needed.
- Receive and advise on the contract documents.
- Carry out searches.
- If required obtain further planning documentation
- Raise any necessary enquiries of seller’s solicitor.
- Draft Transfer and forward to sellers’ solicitors for approval
- Prepare and send report advising on all documents and information received.
- Review and discuss the conditions of your mortgage offer with you
- Send final contract and Transfer to you for signature.
- Advise you on the types of joint ownership.
- Undertake pre-completion searches.
- Forward requisitions on title to sellers’ solicitors
- Prepare completion statement confirming funds due from you.
- Agree the completion date (this is the date from which you own the property)
- Request deposit funds from you
- Obtain your authority to proceed to exchange of contracts.
- Exchange contracts and notify you once this has taken place.
- Arrange for all monies needed to be received from lender and request any balance funds required from you.
- Complete purchase
Following your purchase there are a few other items which we have to deal with on your behalf. These are called Post Completion tasks and include:
- Preparing Stamp Duty/Land Tax form and dealing with the payment of any duty due.
- Apply for registration of your ownership at HM Land Registry
Timescales
For a Freehold property the time it takes from your offer being accepted until you can move into your house depends on several factors. The average process takes between 4 – 16 weeks but this can vary significantly.
For a leasehold property, as there is more work involved in dealing with third parties, this can take longer but on average takes around 12 – 14 weeks. Again, this can vary significantly.
There are various factors which can affect the time taken to complete your purchase including:
- The number of parties in a chain – linked sales and purchases which will happen at the same time as your purchase.
- If you are a first-time buyer
- If you are purchasing a new build property with a mortgage in principle
If you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, sometimes between 6 – 8 month.
Whatever your reasons for purchasing a property, the team at Hall Reynolds LLP can help you. We have successfully helped many people in all circumstances to complete a purchase quickly and easily. For more information, please contact Samantha Kings on 01789 772955 or by email samanthakings@hallreynolds.co.uk
TRANSFER OF EQUITY
What is a transfer of equity?
Equity is the amount of your property that you own. To calculate this amount, you subtract the mortgage on your property from your property’s market value.
All joint owners of a property hold the legal title to the property as joint tenants. However, the beneficial interest in the property can be held in two different ways:
- As beneficial joint tenants. If one owner dies, then the other people named in the property title deeds will receive that person’s share. There is no need to apply for a grant of probate. The surviving owner or owners will need to send a copy of the death certificate to the Land Registry.
- As beneficial tenants in common. In this case, each owner has a separate share in the property. If one person dies, their share will go to whoever they have named in their Will.
A transfer of equity happens when someone is added or removed from the property title deeds, but at least one of the original owners stays on the deeds. The process does not necessarily involve any money changing hands.
When might you need to transfer equity?
You might need a transfer of equity if you:
- Have married or entered a civil partnership and wish to add your partner’s name to the house deeds.
- Are divorcing or separating and wish to remove somebody’s name from the deeds.
- Co-own a property and would like to change the percentage shares everybody owns.
- Wish to transfer a share of your property to a family member.
How do you transfer equity if there is a mortgage?
A transfer of equity is more complex if there is a mortgage on a property, as the mortgage lender needs to give permission for the transfer to take place. That is because whoever is left on the property title deeds will be liable for the leaving person’s share of the existing mortgage. The mortgage lender will want to check that the remaining owner or owners can afford these higher mortgage repayments.
When someone is being added to a property, the mortgage lender will want to check their financial suitability. They will carry out checks on that person before they agree to the transfer.
If the mortgage lender does not consent to the transfer of equity, it can only go ahead once the outstanding mortgage is paid off. To do this, the remaining owner could apply to remortgage with another lender who will agree to the transfer.
What are the costs of a transfer of equity?
Fees will vary depending upon the value of your property and whether you need to remortgage.
The costs of transfer of equity include conveyancing fees, Land Registry fees, mortgage lender’s fees and stamp duty land tax (SDLT). SDLT is paid when one party takes on equity or a mortgage which is worth over £250,000.
Whatever your reasons for wishing to transfer ownership of a property, the team at Hall Reynolds LLP can help you. We have successfully helped many people in all circumstances to complete a transfer of title quickly and easily. For more information, please contact Samantha Kings on 01789 772955 or by email samanthakings@hallreynolds.co.uk
LEASE EXTENSIONS
What is a lease extension?
Leasehold properties, such as flats and maisonettes, are typically leased by a freeholder (the landlord) to a leaseholder (the tenant). Leases usually run between 99 and 125 years.
If the leaseholder does not extend a lease before it runs out, then ownership of the residential property returns to the freeholder.
Why extend your lease now?
A leasehold property with a short lease (less than 80 years) can be difficult to sell for the market value and to re-mortgage if needed. Many mortgage companies will not lend on properties with less than 70 years to run on a lease.
As the market value of your property increases over time, the cost of extending your lease will go up too, so it is better to extend it sooner rather than later.
On top of this, when a lease has 80 years or less left to run, the freeholder can charge extra to extend the lease. This is known as ‘marriage value’ under the Leasehold Reform Act 1993. The amount is equivalent to 50% of the increase in value that will happen due to the lease being extended.
We recommend extending the lease on your property when you have between 85 and 95 years left to run to save yourself significant expense. If your lease is almost down to 80 years, we strongly recommend that you speak to us so we can help you to avoid paying ‘marriage value’, which can amount to thousands of pounds.
Extending your lease also has the benefit of reducing your ground rent. Under the Leasehold Reform Act 1993 ground rent is replaced by a small ‘peppercorn rent’, saving you money every year.
How can you find out how much time is left on your lease?
You can work out how many years are left by checking your lease agreement. The agreement will state the date the lease commenced and the length of the lease.
Do you have the right to extend your lease?
To apply for a lease extension under the Leasehold Reform Act 1993, you must have owned your leasehold property for a minimum of two years, and the lease must have been granted for at least 21 years originally. There are exceptions, and our lease extension lawyers at Hall Reynolds LLP can advise you. If you qualify, you have the right to extend your lease by 90 years under the Act.
The first step is to serve the freeholder a Section 42 Notice, which is a formal request to extend your lease. If you meet the legal conditions, the freeholder cannot usually refuse your request. The freeholder must serve a counter-notice within two months of receiving the Section 42 Notice stating whether they accept your right to extend the lease or not.
Our lease extension solicitors can help you negotiate the premium you pay for a lease extension and the amount you pay for the freeholder’s legal costs. If an agreement cannot be reached, we will help you resolve the dispute through negotiation or mediation or, failing that, through the First Tier Property Tribunal.
What if you have lived in your property for less than two years?
If you have lived in your property for less than two years, you could negotiate an informal or voluntary lease extension with the freeholder rather than following the statutory route under the Leasehold Reform Act 1993.
The advantage of the informal route is that you can save money by not having to pay for the Section 42 Notice. You can also agree on any length of the lease with the landlord.
However, if you decide to take the informal route is very important to seek legal advice to ensure your interests are fully protected. The process can take months to complete as the freeholder is not bound by statutory timescales as they are if you take the formal route. The freeholder might also expect you to pay a higher premium for extending the lease. They might extend your lease for a short period of time with no guarantee the lease will be extended further in the future. They can also increase the ground rent rather than reducing it as they would have under the statutory route.
Should you buy a property with a short lease?
You can buy a leasehold property with a short lease, but it is advisable to ask the seller to serve a formal Section 42 Notice to the freeholder to extend the lease before the sales process has legally been completed. The seller can then transfer the benefit of the notice to you, which means you will not need to wait until you have lived in the property for two years to apply for a lease extension under the statutory route.
At Hall Reynolds LLP, we can manage a Section 42 Notice for you as part of the conveyancing proceed. Extending a lease is a cost effective way to increase the value of your property.
How can Hall Reynolds LLP support freeholders?
Both leaseholders and freeholders need expert legal advice when it is time to extend a lease. At Hall Reynolds LLP, our solicitors have many years of experience in protecting freeholders’ interests.
When you receive a Section 42 Notice, our solicitors can check that the leaseholder has the legal right to extend the lease and what your options are. For example, if the lease will run out within five years, then you may be able to object to the extension on the grounds that you plan to redevelop the property. We can also advise you whether the lease premium stated on the notice is high enough and, if not, negotiate a greater premium.
The statutory route set out by the Leasehold Reform Act 1993 requires you to follow a set timescale. We can help you comply with the timeframe and guide you through what can be a complex process. Failure to serve a counter-notice to the Section 42 Notice within the timescale can mean the leaseholder applies to the court for a vesting order. This means the court will grant an order to vest the lease on the terms set out in the Section 42 Notice, which may not serve your interests.
If you and the leaseholder agree to extend the lease informally, we can help you negotiate more favourable terms. This might mean negotiating a higher premium to grant the lease extension, new ground rent terms or granting a shorter lease than the statutory 90 years.
Why choose Hall Reynolds LLP?
Our experienced team at Hall Reynolds LLP specialise in residential lease extensions. If you are a leaseholder or a freeholder, we will ensure your interests are protected whether you have decided to go through the statutory route or to negotiate informally with the other party.
Whatever your reasons for considering a Lease extension the team at Hall Reynolds LLP can help. For more information, please contact Samantha Kings on 01789 772955 or by email samanthakings@hallreynolds.co.uk
EQUITY RELEASE/LIFETIME MORTGAGES
If you have been thinking about your retirement planning options, you may have considered releasing equity that has built up in your property over the years.
Equity release has become an increasingly popular way for homeowners to enjoy a more comfortable retirement, and it is commonly put to use in other ways too, such as helping family members get on the property ladder or fund higher education.
Is Equity Release the Right Option?
Whilst there are ways in which an equity release mortgage may prove beneficial, it is important if you are considering such a scheme to ensure it is right for you.
Depending on your reason for needing the money, and your specific circumstances, there may be an alternative, more beneficial solution.
It is the role of an independent financial adviser (IFA) to assess your situation and make recommendations with all of this in mind. If it is decided that equity release is the best option for you then your IFA will advise you on the choice of lifetime mortgages and home reversion plans available, their respective advantages and disadvantages and the costs involved. Ideally your family will be included in these discussions.
Expert Independent Legal Advice on Equity Release from Hall Reynolds Solicitors
At Hall Reynolds LLP we offer independent, expert legal advice on equity release. This is the next step after your IFA has made their recommendations and ascertained which of the available plans best suits your needs and situation.
We will explain the chosen equity release plan to you and ensure you fully understand the implications, future costs and legal obligations involved.
We will also ensure that the plan conforms to SHIP Standards. SHIP (Safe Home Income Plans) is the Equity Release Council’s predecessor body, and the SHIP Standards Board ensures that equity release products are safe and reliable and include the necessary guarantees to ensure you will always retain the right to stay in your home.
Under the Equity Release Council Code of Conduct you have a right to engage an independent solicitor of your own choice. Because we have extensive knowledge and considerable past experience of equity release schemes, we are able to provide our clients with a clear, easy to understand explanation of the risks and benefits of the chosen plan and any impact it may have on their estate.
Whatever your reasons for wishing to release equity from a property, the team at Hall Reynolds LLP can help you. For more information please contact Samantha Kings on 01789 772955 or by email samanthakings@hallreynolds.co.uk
CO-OWNERSHIP AND DECLARATIONS OF TRUST
When more than one person buys a property, it can be owned by them as either Joint Tenants or Tenants in Common. How the property is held determines what happens to an owners interest when they die or when the property is sold.
Holding the property as Joint Tenants means the property is owned the property jointly with another person and each person has an equal share in the property irrespective of how much money they each put in to the transaction.
Should one of the owners of the property die their interest in the property passes directly to the survivor (or survivors equally). This happens automatically (as for example with a joint bank account) and takes effect even if the deceased’s Will purports to give their interest in the property to someone else.
Holding the property as Tenants in Common is different from the above in that on the death of one owner then their interest in the property passes to their Estate and ultimately passes to whoever is entitled to it under the terms of the Deceased’s Will or intestacy laws may apply.
The co-owners need to decide between them what interest in the property each of them will own. It is usually expressed as a percentage. e.g. 50% – 50 % or 75% -25%;. This method of ownership is more appropriate to e.g. where one of the owners has been previously married or has other children they might wish to benefit on death or where one party is contributing substantially more than another of the purchase monies; or where the property is being purchased by relatives other than husband and wife.
When the financial contributions by the owners to a property differ it may also be necessary to have a Declaration of Trust prepared. . Such a document clarifies from the start confirming who owns what interest in the property and how any sale proceeds are to be distributed. This helps to prevent disagreements further down the line when relationships may have changed.
Even if a property is bought in one person’s name but with the aid of a significant financial contribution from another that other person may acquire an interest in the property by virtue of such contributions. If you are married or subsequently marry later your spouse will almost certainly acquire some sort of interest in the property under Matrimonial Legislation. Again, a Declaration of Trust may be appropriate to determine the individual interests in the property from the start.
As will be apparent from the above the Law on the subject is complex and of course this area of social law is under constant review and changes from time to time both through Parliamentary Legislation and interpretation of cases decided in the Law Courts. We cannot in this information sheet attempt a definitive statement of the Law but offer the above as a guideline.
The team at Hall Reynolds LLP would be happy to discuss your individual circumstances with you. Our Costs estimate for Freehold or Leasehold purchases includes routine advice for such matters, but additional costs can arise if your circumstances involve additional work or further documents need to be prepared and we will advise you if this is the case.
Whatever your reasons for co owning a property the team at Hall Reynolds LLP can help. For more information please contact Samantha Kings on 01789 772955 or by email samanthakings@hallreynolds.co.uk
HELP TO BUY
“Help to Buy” is an umbrella term for a range of different government-backed schemes to help people own their own homes:
95% mortgage scheme
This scheme is open to all homebuyers. It enables you to purchase a property worth up to £600,000 with just a 5% mortgage deposit.
Currently Barclays, HSBC, Lloyds, Natwest, Santander and Virgin Money have signed up to the scheme.
Equity Loan
The government lends you up to 20% (40% in London) of the cost of a new-build property up to the value of £600,000. Interest is not charged on the loan for the first five years. A 5% cash deposit is required.
The loan is paid back when the property is sold or after 25 years ownership.
First Homes
With this scheme first-time buyers are offered a discount of at least 30% on a new-build property.
Help to Buy ISA
The Help to Buy ISA scheme is now closed to new applicants.
However, if you already have a Help to Buy ISA you can continue to pay into it until November 2029, and you can claim your 25% bonus until November 2030.
Right to buy
If you live in a council property Right to Buy gives you the opportunity to buy your house at a discount.
Shared Ownership
Shared Ownership is a part-rent, part-buy scheme. This scheme is only available on leasehold properties which are mostly flats.
Help to Buy conveyancing involves an additional set of processes, especially if you are part-renting and part-buying, so it is important to engage a conveyancer with experience of Help to Buy.
Our team at Hall Reynolds LLP can advise you about the pros and cons of Help to Buy schemes so you can make the best choices, whether you are a first-time buyer or you have bought a property before. We have successfully helped many people in all circumstances to complete quickly and easily. For more information, please contact Samantha Kings on 01789 772955 or by email samanthakings@hallreynolds.co.uk
AUCTION SALES AND PURCHASES
Auction conveyancing follows a different process from the usual residential conveyancing process, so choosing a solicitor who specialises in this area is essential.
The conveyancing team at Hall Reynolds LLP can advise you on all the important aspects of bidding at auction, helping to ensure that you make a sound investment. Any mistakes in auction conveyancing can mean you buy a property with significant problems. For example, there may be high ground rent to pay, or the property may have been extended or altered without planning permission.
We can take care of all the legal practicalities of the sale, from checking property ownership to arranging surveys and property searches. Our team will thoroughly review the auction legal pack provided by the seller’s solicitors to make sure your interests are protected. We will make sure you are aware of any potential difficulties with the property or any sale conditions that may impact your investment.
Our friendly and knowledgeable auction conveyancing team will give you all the guidance you need to enter an auction bid with confidence.
What is in your auction legal pack?
An auction legal pack, which can run into hundreds of pages, is prepared by the seller’s solicitor. The pack is usually available a few weeks before the property auction. It usually contains copies of the following documents:
- Energy Performance Certificate (EPC)
- Fixtures and fittings form
- Lease
- Office copy entries from the Land Registry
- Planning permission documents
- Responses to conveyancing searches
- Property searches
- Special conditions of sale
- Title deed
It is often the case that properties are put up for auction because they are difficult to sell on the open market due to legal difficulties. The legal pack will often detail these problems, so it is crucial that an experienced auction solicitor checks it thoroughly.
Mistakes within the auction legal pack can mean you pay more for a property than it is worth. It can also mean you are stuck with a property you cannot sell without making a significant loss.
How does the auction process work?
These are the steps you will typically follow when buying a property at auction:
To find auction properties, you can use residential property portals such as Zoopla. Once you have found a property, it is advisable to check out the local area by talking to estate agents and visiting the area yourself. If you are planning to rent out the property to students, for example, is the area near to a university? Would the local facilities appeal to students?
Before bidding on a property, ensure the auctioneer is regulated and holds the NAVA property mark.
When you view a property, consider taking an expert such as an architect, builder or surveyor with you to find out how much work is likely to be needed. It is worth noting that mortgage lenders will only lend on homes with a functioning bathroom and kitchen.
Most properties sell for more than the guide price, so plan your finances.
realistically. You will likely have to pay a deposit or a reservation fee on auction day, so you will need money ready for this. It is vital to have a mortgage in principle (AIP) in place before you bid at an auction.
You will need to factor in the costs of buying a property, such as stamp duty, professional fees (solicitors, estate agents, surveyors), and the cost of renovations.
It is a good idea to set yourself a bidding limit – and stick to it.
Instructing a solicitor early means you receive all the essential practical and legal advice you need to make a purchase decision. You can also complete all the initial legal paperwork, such as proof of identity, so you are ready to hit the ground running.
The traditional auction conveyancing process is fast, so finding an auction solicitor early is advisable. Once the auctioneer’s hammer falls, you are legally bound to buy the property. You will pay a deposit for the property on the day and may have just two weeks to pay the final balance. Contracts are exchanged on auction day.
Ask your solicitor to check the legal pack.
Your solicitor will examine the legal pack prepared by the seller’s solicitor. They will also check the auctioneer’s terms and conditions. Our conveyancing team will make sure you understand all the implications before you sign a contract with an auctioneer, so there are no surprises later.
There are different types of surveys for you to choose from. A Homebuyer’s Report may not be detailed enough if the property is in a poor state of repair. Although a survey is not a legal requirement, it is a good idea to enter an auction with your eyes open.
If you need a mortgage, your mortgage lender will carry out a property valuation. However, this valuation is not thorough. An RICS qualified surveyor will give you an idea of the real value of the property and tell you what renovations will be needed.
A property is your responsibility from the moment you exchange contracts. It is essential to make sure you are ready to put building insurance in place immediately in case the worst happens.
Whatever your reasons for wishing to purchase or sell a property at auction, the team at Hall Reynolds LLP can help you. For more information please contact Samantha Kings on 01789 772955 or by email samanthakings@hallreynolds.co.uk
WE ARE EXPERTS
