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Taylor Rose MW: Your Guide to Conveyancing

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YOUR GUIDE TO

CONVEYANCING


YOUR GUIDE TO CONVEYANCING


TAYLOR ROSE MW

So you’re buying

a new home…

It’s one of the biggest

decisions you’ll ever make.

It can also be an exciting adventure. But things

can quickly get complicated and stressful if

they’re not handled in the right way.

What you need is a trusted, knowledgeable

advisor to guide you and sort out the legal side.

That’s where your conveyancer comes in, by

offering legal assistance with the purchase

of your property.


YOUR GUIDE TO CONVEYANCING


TAYLOR ROSE MW

WHY CHOOSE US?

You have plenty of options when it comes to choosing

a solicitor to help with your purchase.

You could go with the conveyancer

recommended by your estate agent or

mortgage lender. Or, you could turn to an

online supermarket.

Accepting a recommendation may be

reassuring, but it can also limit your options.

On the other hand, many conveyancing

websites are loaded with hidden charges, or

offer very poor customer service.

At Taylor Rose MW, we offer something

completely different.

We’re an independent firm of solicitors who

specialise in conveyancing, particularly on

new builds.

We’re a well-established and professional

firm, but we also take a fresh, client-centred

approach to service. We’ll make sure your

transaction goes through smoothly, with no

surprises and minimum hassle.

We only use experienced personnel with

specific expertise in conveyancing. We also

have plenty of experience of the complicated

legal issues involved in purchasing newly

built properties.

We always put your best interests first,

making sure you know about every cost

that we know about from the outset and

do everything we can to make buying your

property simple and stress-free.

We’ll be there to offer help and advice every

step of the way, until the transaction is

completed. We’ll answer every call and letter

as promptly as we can.

We’ll help you ask all the right questions at

each stage, so you’re fully informed about

the property and the deal before you commit

yourself. We’ll also make sure all relevant

searches are carried out as part of our

service.

If you’re getting a mortgage, we’ll work with

your agent, mortgage broker and surveyor to

get your purchase done and dusted as quickly

and easily as possible.

Finally, if you’re selling a property, we can

help with that too – preparing the contract,

dealing with the buyer’s solicitors, answering

their questions and staying in touch with

everyone involved to keep your sale moving

along.


YOUR GUIDE TO CONVEYANCING

BUYING A PROPERTY WITH US, STEP BY STEP

Here’s a quick guide to the process of buying a property.

Over the next few pages are more details of how we help you with the later stages.

1 2 3 4 5

Check your

finances

Make the offer

Fill out the

forms

Payment for

disbursements

Apply for a

mortgage

First, take an

in-depth look

at your

finances. Can

you really

afford the

property

you're

interested in?

Remember,

the cost isn't

just the

purchase

price. You also

need to factor

in legal fees,

disbursements,

stamp duty (if

applicable),

removals and

other costs.

For new

builds, you

need to

consider fees

charged by

your

developer e.g.

document

fees.

You make an

offer to buy

the property

from the

seller or

developer at a

particular

price. You

may decide to

get a survey

done to check

the property's

structure and

valuation.

Once the

seller or

developer

accepts your

offers, the

legal process

of completing

the sale

begins. So

we'll get

involved from

this point

onwards.

Before we

start

work, we’ll

send you an

estimate of

our fee and

some forms to

complete so

you can give us

all the details

we need. We

also need to

check your

identification.

We’ll ask you

for some

money up

front to cover

third-party

costs. This is

part of the fee

we’ve agreed

at stage 3,

not an extra

charge.

If you need

a mortgage,

this is the time

to apply (if

you haven’t

already).

You can apply

through a

mortgage

broker, who

will help you

find the best

deal from

a range of

lenders, or

simply go

direct to the

lender you

prefer.

If you’re

buying a new

build, you’ll

probably be

able to get

a mortgage

from the

developer’s

mortgage

broker.


TAYLOR ROSE MW

6 7 8 9 10

Obtaining the

contract

Searches

Checking the

contract

Exchange of

contracts

Completion

We’ll contact

the seller’s or

developer’s

solicitor and

ask for a copy

of the contract

which will also

include other

important

information

about the

property.

Before you

commit to

buying a

property with

a mortgage,

we have to

check out

the legal

ownership and

find out some

important

facts about

the property.

We do this

by carrying

out searches

with different

authorities

who collect

information

about the

property.

The work

involved varies

between

properties,

sellers and

mortgage

lenders.

We’ll report

back to you on

the contract

and answer

any queries

you may have.

We may also

ask you to sign

the documents

at this stage

to save any

delays in

getting these

signed later.

Once

everything is

sorted out,

we’ll set a

completion

date and

exchange

signed

contracts with

the seller’s or

developer’s

solicitors.

On the

completion

date, money

is transferred

to the seller’s

or developer’s

solicitors and

you become

the legal owner

of the property.

Congratulations!

You can now

collect the keys

and move into

your new home!


YOUR GUIDE TO CONVEYANCING

SEARCHES

Searches give you important information about the legal status of the

property and sometimes the surrounding area, so you can decide if you’re

completely happy with your purchase before you go ahead. They are

obtained through third party suppliers or the local authority.

You must have searches done if you’re buying a property with a mortgage.

However, it’s still advisable to get them done even if you don’t need a

mortgage to buy.

You may need different searches depending on the location of the property

or the requirements of your mortgage lender. There may also be some

additional searches you can have if you wish. The most commonly required

searches are included in our estimate.

You’ll receive information on the results of your searches when we receive

them.

We’re always happy to offer information and advice on the searches we

carry out for you.

Our cases were

handled smoothly with

an extremely personal

service. We would find

it hard to use anyone

else now.


TAYLOR ROSE MW

CHECKING THE CONTRACT

Once the seller’s or developer’s solicitor releases the contract package to

us, we’ll carefully check it, along with the property documentation and

title deeds.

We’ll clear up any queries you have with the seller’s or developer's

solicitors. There may be follow-up enquiries to sort out too.

We will often ask you to sign documents at this stage, so that we can be

prepared as possible in advance. However, you’re not committed to the

purchase until all searches and enquiries are dealt with and you are happy

to go ahead.

If you’re getting a mortgage, we’ll check over the offer from the lender for

you. We’ll also make sure that the seller is happy with the deposit you’re

offering, particularly if it’s less than the usual 10%.


YOUR GUIDE TO CONVEYANCING

EXCHANGE OF CONTRACTS AND COMPLETION

Properties

We’ll prepare a final completion statement showing how much money you

need in order to complete the purchase. You should put this aside so you can

access it quickly. Under anti-money laundering regulations, we may need to

see evidence of where the money came from before we can accept it.

Once the contracts, searches and mortgage offer are all in place and the

deposit is ready to be paid, you can sign the documents (if you haven’t

already) and we can exchange contracts with the seller’s solicitors and agree

a completion date.

Until contracts have been exchanged, neither you nor the seller are legally

bound to go through with the transaction. If you pull out of the purchase

between exchange of contracts and completion, the seller may be able to

keep the deposit you’ve paid, or even sue you for a full 10% deposit if you

paid less than 10%.

Just before the completion date, we’ll request the mortgage money from

your lender and collect the rest of the money from you. This usually happens

the day before completion, at the latest.

Once all the money is with us, we’ll send it to the seller’s solicitors by

electronic bank transfer. It’s difficult to say how long the transfer will take, as

it’s under the control of the banks involved. They’ll phone us to confirm that

it’s arrived, at which point the transaction is complete.


TAYLOR ROSE MW

New build properties

We’ll prepare a final completion statement showing how much money you need in order to

complete the purchase. We’ll need this money from you as soon as we know the completion

date from the developer, so you should put it aside so you can access it quickly. Under antimoney

laundering regulations, we may need to see evidence of where the money came from

before we can accept it.

Once the contracts, searches and mortgage offer are all in place and the deposit is ready to be

paid, you can sign the documents (if you haven’t already) and we can exchange contracts with

the developer’s solicitors and agree a completion date. We’ll talk to the developer’s solicitor

to agree a completion date that works for everybody.

Until contracts have been exchanged, neither you nor the developer are legally bound to go

through with the transaction. If you pull out of the purchase between exchange of contracts

and completion, the developer may be able to keep the deposit you’ve paid, or even sue you

for a full 10% deposit if you paid less than 10%.

Just before the completion date, we’ll request the mortgage money from your lender and collect

the rest of the money from you. This usually happens the day before completion, at the latest.

Once all the money is with us, we’ll send it to the developer’s solicitors by electronic bank

transfer. It’s difficult to say how long the transfer will take, as it’s under the control of the banks

involved. The developer’s solicitor will phone us to confirm that it’s arrived, at which point the

transaction is complete. We’ll call you to let you know, and you can come and collect the keys

to your new home.

Sometimes, new properties aren’t finished by the time contracts are exchanged. In this

situation, the completion date is described as ‘on notice’, which means you can move in as

soon as the house has been inspected and signed off as structurally complete. The developer's

will let you (and us) know the completion date as soon as they can.


YOUR GUIDE TO CONVEYANCING

AFTER COMPLETION

The seller’s or developer’s solicitors

send the signed deeds to us. This

confirms that your property now

legally belongs to you.

We will pay any stamp duty and

receive a certificate from HM

Revenue and Customs confirming

that the Stamp Duty Land Tax

form has been submitted. This

certificate is required to register the

transaction at the Land Registry.

We’ll send you all the necessary

documents once the Land Registry

stages have been completed.

Genuinely the

best service

I have ever

received from a

solicitor. Taylor

Rose MW

exceeded my

expectations.


TAYLOR ROSE MW


YOUR GUIDE TO CONVEYANCING

FREQUENTLY ASKED QUESTIONS

What is Shared Ownership?

With shared ownership, a house or flat is intended to be owned partly by the buyer and partly

by a developer or housing association. The buyer would pay rent on the share they do not

own. Sometimes, the share owned can be increased by buying more of it, and then paying less

rent. Mortgage providers will lend for shared-ownership properties, but there are strict

criteria. The mortgage must also be approved by the developer or housing association.

What are Restrictive Covenants?

Restrictive covenants are legal promises to do (or not do) certain things on a property. They

are usually set up by the former landowner or developer. Restrictive covenants are very

important as they bind whoever owns the property, even if that person was not the original

person entered into the covenants. You need to consider how they will affect your use of a

property, and make sure you get permission in writing for anything that needs it.

How long will my transaction take?

It will ultimately depend on the type of transaction being dealt with, but most transactions

should go through to exchange within 8 to 12 weeks from receipt of the draft contracts on a

purchase. If you are selling as well as purchasing, or purchasing from the bottom of a large

chain of transactions then this timescale will be dependent on the whole chain being ready,

but we aim to have everything ready as soon as possible.

What is meant by a deposit?

A deposit is a down payment on the purchase of a property. Many buyer's pay a deposit of

10% of the purchase price, and get the rest from a mortgage lender. Sometimes deposits are

less but this is agreed between buyer's and seller's on an individual basis. Deposits are usually

offered to the seller or developer when contracts are exchanged. The money is either paid on

exchange or held by the buyer’s solicitor and passed over, along with the mortgage money, on

completion. Deposits have to come from buyer's own resources – in other words, not from a

mortgage secured on the property or other loans.

In some situations, buyer's can lose their deposit if they pull out of the purchase after

contracts are exchanged.

What is exchange of contracts?

Exchange of contracts is where the seller or developer and buyer formally commit to the sale

and purchase and a completion date is agreed. The two solicitors send each other contracts to

buy and sell the property, and the arrangement is then legally binding. Contracts are not

exchanged until both the seller, developer and buyer are definitely ready to go ahead. After

this point, neither side can pull out without suffering a financial penalty.


TAYLOR ROSE MW

Why is conveyancing for a new build different from an ordinary purchase transaction?

New-build transactions involve the sale/purchase of a completely new property. Usually,

the developer owns the whole site and is selling it bit by bit, in the form of housing plots.

Sometimes, they use a slightly different conveyancing procedure from the normal one, to

make it easier to deal with a large number of sales at the same time.

What is 'completion on notice'?

'Completion on notice' is where a fixed completion date is not available, usually because the

property is still being built by the developer. Normally, the developer will be able to give an

estimated date for when the property will be built. They will also provide a 'termination date',

which is the latest date when they can finish the building.

What are Deeds?

‘Deeds’ themselves actually dematerialised in the early 2000’s so what you will be sent will be

a copy of the electronic register held by the Land Registry which will be updated to show the

property in your name following successful registration. Copies of the register are sometimes

accompanied by documents received from your seller, including building regulation and

planning documentation relating to your new property.

What are property searches?

If you are purchasing with the aid of a mortgage, we will carry out property searches on behalf

of you and your lender. These searches give more of an insight in to the property you are

purchasing, for example, environment and flood risk factors, water and drainage connectivity,

and local authority factors such as planning, and building regulations, highway queries as well

as any Land Charges issues which may impose financial charges on your property. Please note

this is not an exhaustive list.

What is Chancel Repair Liability?

Land in England and Wales was historically owned by the Church and properties falling within

certain areas today may still carry a liability to pay towards the cost of the repair of the

Chancel of the Parish Church. If the property you are purchasing falls within one of these

areas, you could be asked to make a contribution towards maintenance and repair. A search

can be undertaken to determine of any liability exists, and an indemnity policy can be put in

place where there is an unknown risk.


For more information about Taylor Rose MW or if

you would like to instruct us, please get in touch:

W: www.taylor-rose.co.uk

E: info@taylor-rose.co.uk

T: 020 3988 5588

Version 5.0

Authorised and regulated by the Solicitors Regulation Authority, SRA No. 623604

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