1. Why do I need a Solicitor?
hpjv solicitors is a Law Society Conveyancing Quality Standard accredited firm, evidencing that we meet the robust standards of competence, risk management and client service levels.
Solicitors will check the title, conduct searches, correspond with all the varied parties involved in the transaction, report to you on the title as well deal with the requirements of your mortgage lender. We will also handle the transfer of funds on completion, including Land Tax submissions and registering your ownership of the property with HM Land Registry.
2. How much will this cost me?
We will offer you a quote which will depend on a number of factors, including: Purchase price, source of funds, whether you own any other properties, whether the property is in England or Wales etc. We will keep you updated of any unforeseen costs which may arise.
3. Are you no sale, no fee?
No. In the unfortunate event your matter aborts, our fee will be based on the amount of work carried out up until that point. Unfortunately, costs such as searches and Land Registry documents already obtained cannot be recouped.
4. How long will the process take?
On average, purchases can take from 12-14 weeks to complete once solicitors are instructed. This is not a guaranteed timescale however. Things may progress more smoothly, though a number of factors can also increase the work required on your file and draw out the process such as: Leasehold matters, chains, new build properties etc.
We will, of course, endeavour to complete your purchase in as timely a manner as possible.
At the end of the process we will draft our report on title outlining information in relation to the title and the outcome of our investigations raised in relation to title, property forms and search results. This report on title will also include the contractual documentation for you to sign in anticipation of exchange of contracts.
5. Do I need a survey?
Conveyancing solicitors and the property search companies do not physically inspect the property.
We advise you to instruct a surveyor to investigate the structure and services at the property and report to you on any issues and/or identify any works required so you decide whether to proceed with your purchase or enter into negotiation with the seller on price to for works to be done.
6. Do I need Searches?
Searches explained:
Local authority search – contains any planning and building regulations data relating to the property including any breach or enforcement proceedings, the existence of any Compulsory Purchase Orders and Tree Preservation Orders and whether the road accessing the property are private or publicly maintained
Drainage and water search – shows connections to mains, sewers and drains and if a public sewer runs within the boundary of the property.
Environmental search – reveals any environmental issues and planning and energy infrastructure, which may be detrimental to ownership of this property such as contamination and flood risk.
We will order these for you to obtain essential information about the property which can be influential in your decision to go ahead with the purchase. These can range from local authority searches, environmental searches, drainage & water searches, coal & other mining searches etc. Lenders will insist on these.
7. I’m buying with someone else, what should we consider?
You will have to decide how you wish to hold your interest in the property. There are multiple options available to you which can be discussed in more detail with your solicitor. In brief:
As joint tenants, each owner owns the whole of the property and upon the death of one party the surviving owner is left owning the whole of the property regardless of the deceased’s will.
Alternatively, as tenants in common, you can choose to hold the property in equal or unequal shares as well as choose to leave your share to a 3rd party in a will.
Please note that buying in joint names may have implications for the rate of Land Tax payable if your co-owner already owns another property.
8. Will I get first-time buyers’ relief?
England & Wales have different systems of taxation so this will depend on where you buy. There is no First-Time Buyers’ Relief in Wales. First-Time Buyers’ relief will apply until the end of March 2025 in England.
Please note that all owners must be first-time buyers to claim relief. You will not be eligible if your co-owner has already bought property even if you haven’t.
9. What is the difference between exchange of contracts & completion?
Once we are holding your signed contract documents and deposit monies, we can agree the date for completion. We can then proceed to exchange of contracts, which is the process undertaken between the conveyancing solicitors where the contract terms are agreed and completion date is legally binding
Completion is when the purchase money are sent by the purchase solicitors and once received by the sellers’ solicitors you will collect your keys as the new owner of your property. Please note that the timescales involved depend on the banks’ transfer times but we will keep you updated throughout the day.
10. What happens if the purchase doesn’t complete?
Both the buyer and the seller are free to withdraw up until exchange of contracts. At this point both seller and buyer will be legally bound. If, after exchange, the purchase does not complete on the date agreed, the party not at fault will be entitled to compensation and may even be able to withdraw completely.
