Conveyancing In Botany Bay Q & A's
What kind of research regarding the uncertain risk of possible flooding around Enfield will my conveyancing solicitor in Botany Bay report back on?
A key step in the legal due diligence procedure of buying a property involves your solicitor carrying out environmental searches that offer specific information with regard to Botany Bay flood risk area.
Can you confirm how to circumvent paying HMRC stamp duty?
Stamp Duty Land Tax (SDLT) is usually due on residential property over 125,000 pounds. Homeward Legal strongly advise against any form of stamp duty reduction scheme, as such schemes are often uneconomical and , if a scheme is challenged, you can be fined up to 100% of the amount owed, in additional to the tax itself.
When in the conveyancing process do I need to instruct a solicitor to act for us?
In the majority of situations, the earlier, the better, as the legal work can start very early in the process. Prompt instruction of a conveyancing firm for a sale can mean that paperwork can be prepared, even before a buyer is found, whereas if you are buying you will the details of your Botany Bay solicitor ready when you make an offer.
The internet is full of an abundance of manuals all about how to do DIY conveyancing e.g. House Buying, Selling and Conveyancing. Do we have to use conveyancing solicitor in Botany Bay ?
There are absolutely no arguments why a buyer cant go down that route and carry out the legal and technical work without the help of an instructed lawyer in Botany Bay.
The truth is however that a lawyer is in charge of a huge number of tasks ranging from chasing any missing replies/clarifications to enquiries or ensuring warranties are transferable which require training. More importantly do it yourself conveyancers are taking risks without appropriate insurance which practicing legal firms are required to get.
How does a Help to Buy scheme work for me?
This government-sponsored scheme aims to assist homebuyers with three ways of purchasing a property:
- Help to Buy ISA - if you are a first-time buyer and don’t own any other property (anywhere in the world), and you don’t have another cash ISA opened in the same tax year, when you buy your first home, the solicitor will apply for the government bonus on your behalf when closure of your Home to Buy ISA used to buy the property is confirmed.
- Help to Buy: Equity Loan - if you have no other property and are buying a newly-built home, the government will provide 20% of the cost of the house (up to a maximum of £600,000), leaving you with the saved 5% deposit and a 75% mortgage to cover the remainder. This is open to current homeowners and first-time buyers, and the home cannot be sublet nor can it be used in a part-exchange deal.
- Help to Buy: Shared Ownership - if your household earns less than £80,000, you could be eligible for this scheme, which allows you to buy between 25% and 75% of the home’s value, while the government pays the remainder on which you would then pay rent.
(information retrieved from HM Government’s Help to Buy website on 16 April 2019).
Contact the Money Advice Service, the government’s Help to Buy website, or your local ‘Help to Buy’ agent for more information.
What are the issues if buying a loft conversion in a Enfield planning authority conservation area ?
Part of the due diligence for buyers includes making enquiries of Enfield local authority to determine conservation area status and the appropriate formal approval for changes. .
Is contaminated land a problem for many residences in Botany Bay?
Many of contaminants could irreparably damage property in Botany Bay. Contaminants such as pollution incidents will be detailed in an appropriate search.
Does your company advise on auction conveyancing in Botany Bay?
Homeward Legal is familiar with residential property auction protocols. Quite often specialist auction lots for example building land, are purchased at property auctions which tend to require additional examination. Lawyers therefore recommend buyers at auction to instruct an experienced solicitor well in advance of the date of the auction for a thorough investigation. After the day of bidding your chosen solicitor is wholly geared up to quickly completing the transaction inside a month as typically required .