Do we need a chancel search if we are buying in the parish of Astley?
The conveyancer may suggest a chancel search. Although some parish councils have chosen to exact chancel repairs on the current owners, there is no guarantee that a parish which has not imposed liability will remain liability-free for new owners. For property in the parish of Astley, it is not safe to rely on the historical behaviour of the parish council alone as a guide.
We are purchasing with Chelsea Building Society, is there anything I need to consider?
When arranging a mortgage, legal work must be undertaken in relation to the mortgage. Some lenders are now reducing the size of their 'solicitor panel'. This can mean greater legal costs for property buyers. Homeward Legal, fortunately, can act on behalf of many lenders in the UK.
What can a Rainford conveyancing lawyer advise if the property we are intending to buy is within a St Helens council conservation area that may have ill-suited dormer windows fitted?
The local authority Requisition for search and Official Certificate of Search conducted by your Rainford conveyancing solicitor as part of the conveyancing should determine the existence of suitable permission for any alterations to the building.
How much is stamp duty and land transaction tax?
The Stamp Duty Land Tax (SDLT) is based on a trigger threshold of £125,000, followed by a calculation of increasing percentages against the price bands, which are then added together:
- Less than £125,000 = 0%
- £125,000-£250,000 = 2%
- £250,000-£925,000 = 5%
- £925,000-£1,500,000 = 10%
- More than £1,500,000 = 12%
For example, a house bought for £450,000 will trigger SDLT at £12,500 (£0 for the first £125,000, £2,500 for the next £125,000, and £10,000 for the next £150,000 as the price falls in the first three bands).
I am purchasing a new build property, do we need property searches?
Conveyancing searches are enquiries requested by the buyer's conveyancing lawyer, and refer to issues with the property's title.
Our estate agent has offered a law firm. Must I use this solicitor?
It is commonplace for agents to endorse a solicitor, however, these referrals should be compared against alternatives, such as local solicitors, or firms found online, as there is a risk that an agent may choose the firm which pays to the largest referral fee, not the most appropriate choice.
Who do I give the appliance warranties to if they are being left at the property I’m selling?
If you are leaving what is generally termed ‘white goods’ at the property you are selling, which are still in warranty, the documentation should be given to your solicitor so that any warranties can be given to the buyer’s solicitor as part of the contract.
Note that, should you be leaving any electrical (or other) items at the property, this should be made clear on the Fixtures and Fittings Form (TA10) and agreed as early as possible between you and the buyers, particularly if you want financial recompense in so doing.
Why is it silly to buy a leasehold with less than 99 years to run?
In large part, if a leasehold drops below 90 years, it’s because mortgage companies will not be willing to lend money to purchase the leasehold. They will almost certainly have a stipulation on the length of the leasehold as part of their criteria for lending.
Most buyers are very aware of this and the trend is for an insistence of the sellers to provide an extension back up to the 99-year or 125-year thresholds before considering its purchase. Otherwise, even if you can finance it, eventually you’ll have to consider the legal cost of extending the lease yourself.