Home ownership can give you and your family a sense of stability and security, as well as giving you an investment for the future. On the other side of the coin, surveys often show that buying (and, indeed, selling) a house can, for some of us, be more stressful than other significant life events.
Here, at hpjv solicitors, we are attuned to both the excitement and stresses of our clients in buying or selling their home. Because we understand that a home means more to you than bricks and mortar, we are here to guide you through each step of the way and to make the process of achieving your dream as stress-free as possible.
We provide a friendly, reliable conveyancing service across Cardiff, Newport, Chepstow and South Wales and are members of The Law Society’s Conveyancing Quality Scheme (CQS), reflecting the high standard of our services.
Our Conveyancing Services
Not only can we help you in buying or selling your home, we can also help you with a wide range of related Conveyancing Services, including:
- Remortgage of existing property
- Buying to let or as an investment
- Purchase of freehold and leasehold
- Transfer of title (also known as transfer of equity)
- Help To Buy Scheme
- New-build purchase
- Equity release
Why choose us?
Here, at hpjv solicitors, Client Care is one of our Core Values: we recognise that each and every client is a unique individual with unique requirements. We pride ourselves in being able to provide a sympathetic, professional and competitively priced service to all our clients, whatever their circumstances or needs.
Our Conveyancing Team has a strong reputation not just for their expertise and professionalism but also their local knowledge and their friendly and approachable manner.
Although we are a local firm with many years of experience of helping clients in Newport and the surrounding area, we do not restrict our business to local sales and purchases. Even if the property you are buying or selling is out of our local area, we are more than happy to help, and, you may well find that our prices are more competitive than prices outside Wales.
You may be a potential purchaser looking to buy a home in Wales in anticipation of the abolition of the Severn Bridge fees. If so, we would be happy to discuss your options with you, including your sale of any existing property outside Wales.
Fixed Fee Conveyancing
We charge Fixed Fees for the work that we do and will give you clear price information right at the very start of your instructions to us.
We are members of The Law Society’s Conveyancing Quality Scheme (CQS) which means that you can instruct us in the knowledge that we meet the required standards of technical expertise to provide quality residential conveyancing advice and client service
What does conveyancing involve?
Conveyancing refers to the legal and administrative work associated with transferring the ownership of land or buildings from one person to another, as well as a variety of other property-related transactions including remortgaging and transfer of equity.
The conveyancing process is commonly handled on your behalf by a professional conveyancing expert, who will ensure that your legal and financial interests remain protected at all times.
How long does conveyancing take?
The conveyancing process typically takes around 12-14 weeks, although there are a number of factors which can affect the time it takes for a transaction to be completed. Such factors could include the type of transaction, type of property and whether there are any delays during the exchange of contracts.
What is the difference between completion and exchange of contracts?
Exchange of contracts is the point where the buyer and seller commit to making the property transaction legally binding.
The exchange will take place between the buyer’s solicitor and the seller’s solicitor, usually over the telephone, where they will agree to the contents of the contract and the completion date. The buyer will then normally be expected to pay up to 10% of the purchase price as a contract deposit.
Completion refers to the steps which confirm the property has successfully changed hands between the buyer and seller.
This includes the seller’s solicitor transferring the purchase money from their bank account to the buyer’s solicitor’s bank account, the ownership of the property being transferred to the buyer and arranging for the keys to be handed over to the buyer.
What is the difference between a leasehold and freehold property?
Leasehold is a method of owning property for a fixed term, but not the land on which it sits. If you own a leasehold property, you will typically have a lease from the freeholder (otherwise referred to as the landlord) which will grant you exclusive use and occupation of the property for a term of years.
Leases typically last for 99, 125 or 999 years, although, unless you are buying a new build leasehold property, you will normally be buying the time remaining on the current lease, rather than signing a new lease. Those who own a leasehold property will normally have to pay ground rent, as well as other annual maintenance fees.
If you own a freehold property, you will have outright ownership of both the property and the land on which it sits. There is no time limit to the period of ownership and you will have responsibility for maintaining the fabric of the building.
Can you buy the freehold of your property?
If you have owned a leasehold property for over two years and your original lease was for a minimum term of 21 years, you will normally be automatically entitled to buy the freehold. Purchasing the freehold to your property means you no longer have to pay ground rent and enables you to take control over the management of your home.
Am I eligible for the Help to Buy Scheme?
You will be eligible for the government-backed Help to Buy scheme as long as you have a deposit of at least 5% for the property you want to buy. The scheme will only be available if you are purchasing a property valued up to £600,000 and if you are buying a property for you to live in.
It must be noted that, in considering your finances, the loan from the lender will not cover the other legal costs which are associated with your purchase.
Is it worth remortgaging my home?
There are a number of reasons why it may be worth considering remortgaging your property, which can include reducing the interest rate on your current mortgage, protecting against possible rate rises and to raise a cash sum by releasing equity from your property.
It is vital that, if you are considering remortgaging, that you first conduct thorough research into how switching to a new deal will affect your monthly payments and the total you will need to repay.
How much stamp duty will I have to pay?
If you buy a property or land over a certain price in England or Northern Ireland, you will be required to pay Stamp Duty Land Tax (SDLT). The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties.
The amount you will pay will depend on where the property you are buying is located, whether it is residential or non-residential and whether you are a first-time buyer. First time buyers will receive tax relief if the purchase price is £500,000 or less and anyone else you are buying with is also a first-time buyer.
We would advise you to take a look at the HMRC website Stamp Duty Land Tax calculator to assess how much tax you will have to pay.
How much Land Transaction Tax will I have to pay?
The Land Transaction Tax (LTT) replaced Stamp Duty Land Tax in Wales from April 2018. If you buy a property or land over a certain price in Wales, you will be required to pay LTT. The current LTT threshold is £180,000 for residential properties and £150,000 for non-residential land and properties.
The amount you will pay will depend on whether the property you are buying is residential or non-residential or if you already own more than residential property. There is currently no tax relief available for first-time buyers in Wales.
We would advise you to take a look at the Welsh government’s LTT calculator to assess how much tax you will have to pay.
Contact Our Conveyancing Solicitors in Cardiff, Newport and Chepstow
Or, to see how much your conveyancing might cost, feel use our free conveyancing calculator.