If I’m renting out rooms in my house, do I need to appoint a solicitor?
No, you don’t, because there is no legal imperative for you to do so. However, it’s not as straightforward as simply leasing out a room to a renter because there are certain provisions that must be met in order to protect you as the renter and the person renting the room.
This depends on the room and where it is in the property, state of the plumbing, insurance, and a number of other factors. You’ll also need to draw up a tenancy agreement to ensure demarcation and rights for both parties. While you won’t necessarily need a solicitor involved, it’s worth contacting a letting agency who will have the experience and knowledge to ensure you have everything in place. Be aware that any advice you seek from professionals may come with a fee, so it would be worth shopping around first.
What’s the difference between exchange of contracts and completion?
When you exchange contracts, this means that you are agreeing to all the terms drawn up within the contract made between you on one side of the transaction, and the opposite party on the other side. It is from this point that you are legally obliged to go through with the transaction (unless you want to be subject to financial and/or legal penalties).
The completion of contracts is the point where you officially take over ownership of the property, receive the keys and can move in. All monies are transferred between the various parties and the conveyancing solicitor contacts the Land Registry to register the change of ownership to you.
Confused by the jargon in conveyancing? Let Homeward Legal's straightforward and clear service help guide you to as early a completion as possible. Try our online quote generator or call us on 0800 038 6699.
Do you have low cost solicitors that manage auction conveyancing in Lambeth?
Our company do frequently carry out work for buyers at auction. We strongly suggest bidders to formally instruct a qualified property conveyancing lawyer well before the actual auction for a detailed review of the property's legal title. Immediately following the property auction date your now prepared conveyancing solicitor is fully prepared for finishing the conveyancing within a month as conventionally required .
The estate agent has put forward a conveyancing whom they usually use. Is it a good idea to instruct this firm?
Estate agent recommendations are a common practice route to find a solicitor. These referrals should be thoroughly considered, as the agent may prefer to suggest the firm which pays to the largest referral fee, not the best solicitor for your needs.
Is contaminated land a problem for houses in Lambeth?
Several contaminants can lessen the value of residential property in Lambeth, and factors like sand or gravel pits will be detailed in an appropriate search.
Should I get my short lease extended before selling?
Buyers are becoming increasingly wary of buying leaseholds with less than 90 years to run because, first, the cost of increasing a leasehold is becoming far more expensive, and, second, mortgage companies are becoming increasingly reticent to lend money to buy leases that have dropped below the 80-year mark (indeed, this will be one of the criteria that they set to ensure their investment is protected).
As a result, buyers will often insist that the leasehold be extended back up to the 99-year or 125-year typical thresholds before going ahead and buying it. So, as the current leaseholder, you will almost certainly be expected to do the legal work required to extend the lease to a level that buyers will be happy with.
To complete on our £ 129,000 residence purchase ASAP, can we organise a fast conveyancing transaction?
Firstly, a faster move is key is to employing a proactive solicitor. There are a number of tasks you as the buyer can do to get moving sooner, such as, encouraging your solicitor to carry out searches promptly, promptly completing and return any forms and arranging any finances require to complete the purchase.