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Transfer of Equity in London

A transfer of equity occurs when a property owner wishes to change the legal ownership of the property. Reasons include marriage, divorce and tax planning.

Homeward Legal's solicitors offer expert legal assistance with your transfer of equity.

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Remortgage Solicitors London

Homeward Legal's panel of solicitors carry out remortgage conveyancing for London clients every week.

We strive to complete your remortgage legal work quickly, so that you benefit from your new mortgage deal as soon as possible.

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Conveyancing in London Q & A's

Profile photo of Lorraine Imhoff

By

Ask Lorraine a question lorraine@homewardlegal.co.uk

Updated: 26/11/16

Conveyancing and the London Property Market

At the time of writing (29/05/13), the London property market is continuing to buck the national trend with continued growth in asking prices.

The average price of a house in the capital is reckoned to be over £500,000. Camden, Westminster and Kensington, three of London’s largest Burroughs, have seen increases to the point where an average house will cost in excess of £1m.

As a result, property journalists continue to speculate bout a bubble set to burst, this being a standard headline month in month out for about 10 years. It may well be that a degree of artificiality underpins the market (as a whole) with the government backing lending to the tune of £130bn and along with other schemes such as ‘Help to Buy’.

However, being based in London and having years of intimate knowledge of the market, Homeward Legal’s ears are very close to the ground.

What is clear is that demand massively outstrips supply and current economic turmoil seems to be exacerbating this disparity.

The situation might change rapidly of course, but with over 500 London clients buying a month through Homeward Legal, we can (anecdotally) report continued home buyer bullishness.

Homeward Legal has a national focus with offices throughout the UK. Despite this we frequently advise clients that it is not necessary to visit your solicitor’s offices as the conveyancing process can usually be completed by phone post and email.

The one exception to that is London as the pace of the market and the peculiarities with dealing with local authorities, managing agents and high concentration of leasehold should necessitate choosing a lawyer with local knowledge.  Solicitors based outside London tend not to have enough exposure to the London Market to offer the best and most pragmatic advice.

With our headquarters based in London, Homeward Legal attracts a disproportionate number of London based clients. As a result we have an excellent working knowledge of the idiosyncrasies of buying and selling in London such as leasehold and short leases.

Q.

How do we find the cheapest London conveyancing quote?

A.

Both high-street and online solicitors offer theoretically 'the cheapest conveyancing quotes'. However extra fees will be included in the small print. Third party costs, termed disbursements, to be paid ought to be defined on the quote Any costs listed in terms and conditions should be fair and reasonable. Homeward Legal quotes offer a clear statement of your legal fees for a standard conveyancing transaction.

Q.

Would the residential property's fixtures and fittings form include things such as cupboards?

A.

Usually, fixtures are fixed to walls, floors or ceilings and fixtures are easier to detach or remove. Early agreement of a list of fixtures and fittings will avoid later disputes, confirming what will be sold with the property.

Q.

Which London lenders do you work with?

A.

Homeward Legal's panel of solicitors are on all lender panels, wherever they are based. This includes some of the more select lenders, as well as those panels with restricted terms of membership such as HSBC or Nationwide.

Always make sure your chosen solicitor can act for your mortgage lender, as delays can occur if they are not.

Q.

I need to exchange contracts on the conveyancing process on a leasehold flat within 6 weeks - are you fast solicitors in London ?

A.

We believe that our proactive CQS solicitors always take a highly active method to fulfilling the conveyancing work for clients We only allocate you to firm who attempt to communicate through the whole of the buyer and seller property chain . In addition Homeward Legals property lawyers are chosen because they implement speed focused land registry integrated and technology systems to complete on the property sale fast.

Q.

With recent flooding and the Met Office warning of more intense rainfall in the future, is historical data enough to predict flood risk to a London property?

A.

Flood searches conducted by your solicitor should include a more thorough and informative Landmark flood search, if the risk identified in standard searches is found to be significant.

If you are still concerned, speak to a local resident or regional flood-damage repair specialist for more information, such as Revival Co, 105 Amblecote Rd, London, SE12 9TR Tel: 020 8851 6454.

Q.

I am buying a property in a disadvantaged area - how do I go about claiming stamp duty relief?

A.

Unfortunately, the Government scheme offering disadvantaged area stamp duty relief came to an end on 06/04/13 with the start of the 2013/14 tax year. This means that if your property 'completes' on or after this date, no stamp duty exemption may be claimed even if you qualified under all other criteria.

If you are yet to claim relief and your purchase completed before this date, you should seek further guidance at HMRC website. You have until 5/05/14 to make a claim after which time claims will not be considered.

Q.

When is it appropriate to instruct a conveyancing solicitor?

A.

In the majority of situations, instructing as soon as possible is wise. Instructing a solicitor early for a sale can mean that documents can be prepared earlier, considerably accelerating the whole process, whereas if you are buying you can shave days off the process by having the details of your instructed solicitor ready when you make an offer.

Q.

Is there a risk that residential property built on a London ex-industrial site might be built on contaminated soil?

A.

Extensive measures are taken by local councils in and around London to identify and resolve soil contamination. Environmental search results will give details on known contaminants, including metals and others such as groundwater contaminants like hydrocarbons.

 
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