Residential Property Guide
A GUIDE TO SELLING YOUR HOUSE
STEP 1
We will need to locate the title deeds. If you have a mortgage these will usually be held by the mortgage lender and if there is no mortgage then these will usually be held by you. We will take a copy of the title deeds and send them to the buyer’s solicitors. This will prove that you own the property and provide them with other information about the property.
STEP 2
You will need to complete two forms, one about the property and the other about the fixtures and fittings in the property. If the property is leasehold then there will be an additional form to complete. If you need any assistance in completing these forms then you should contact us for help.
STEP 3
The next step is for us to prepare the contract. This will give details of the buyer the seller and the property and will be sent to the buyer’s solicitor for approval. We will then have to wait for the buyer’s solicitor to raise any further queries about the property before we proceed.
STEP 4
Once the buyer and seller are ready the moving date is set (this is known as the completion date) and then we exchange contracts. Exchanging contracts simply means swapping the contracts signed by the buyer and seller and receiving the deposit from the buyer. Once this is done neither party can withdraw from the transaction without incurring great costs.
STEP 5
Completion is usually two to six weeks after exchange of contracts and on this day the buyer’s solicitors transfer the remaining money to us and once this is received we instruct the estate agents (or whoever is holding the keys) to release the keys. Completion has then taken place and the title deeds are sent to the buyer’s solicitor and any remaining money (after the estate agents fees and our legal costs and any other outstanding fees are paid) will be sent to an account instructed by you. (Of course if you are also purchasing a property then these monies will be used for the purchase which assuming is in a chain, will be sent over the same day to complete the same day).
A GUIDE TO BUYING YOUR HOUSE
STEP 1
The first step is to contact the seller’s solicitor and to obtain an information pack (legally known as draft papers) from them. This will include a draft contract, information about the property, information about the fixtures and fittings in the property (what they intend to keep, what they intend to leave you and what they will offer to sell you,) and the title deeds proving that the seller actually owns the property.
STEP 2
We will then put in our local search. This is a search done of the local authority to ensure, for example, that there are no roads or other proposals affecting the property, or breaches of planning or building laws. There may also be a number of other searches which may need to be done depending on the property and its location. These include a drainage search, environmental search and mining search.
STEP 3
If you require a mortgage then we will need a copy of the mortgage offer and a copy of the survey report. We work very closely with a mortgage broker who we can put you in touch with on request.
STEP 4
We will go through all the above information and prepare a report for you detailing any important information and giving you a copy of any important documents that we feel you should be aware of.
STEP 5
Once the buyer and seller are ready the moving date is set (this is known as the completion date) and then we exchange contracts. Exchanging contracts simply means swapping the contracts signed by the buyer and seller and sending the deposit to the seller. Once this is done neither party can withdraw from the transaction without incurring great costs.
STEP 6
Completion is usually two to six weeks after exchange of contracts and on this day we transfer the remaining money to the seller’s solicitor and the keys are released. This is your official moving/ownership date.
STEP 7
We then have 28 days to pay the relevant amount of stamp duty (see useful info for the scale of stamp duty) and then register the new owner’s details with the Land Registry.
A GUIDE TO REMORTGAGING YOUR HOUSE
STEP 1
The first step is to get the title deeds from your current mortgage lender.
STEP 2
We will then need to put in our Local Authority search and any other relevant searches as this is a requirement of all mortgage lenders and although these were done at the time of your purchase, these searches will be out of date.
STEP 3
Once the searches have come back and assuming there are no problems with these, we will then arrange a completion date. This will be the date when the old mortgage is redeemed and the remaining balance (less our fees) is transferred to you.
STEP 4
Once completion has taken place we will notify the Land Registry so that they can amend there records accordingly and once we receive the title deeds back from them, these will be sent to the new lender
USEFUL INFORMATION
STAMP DUTY SCALE
PURCHASE PRICE (£)
|
STAMP DUTY % |
| 0 – 120,000 |
0% |
| 120,001 – 250,000 |
1% |
| 250,001 – 500,000 |
3% |
| 500,001 + |
4% |
LAND REGISTRY REGISTRATION FEE
PURCHASE PRICE (£)
|
LAND REGISTRY FEE (£) |
0 – 50,000
|
40 |
| 50,001 – 80,000 |
60 |
80,001 – 100,000
|
100 |
| 100,001 – 200,000 |
150 |
| 200,001 – 500,000 |
220 |
| 500,001 – 1,000,000 |
420 |
| 1,000,001 + |
700 |
EXAMPLE OF COSTS FOR A £200,000 PURCHASE
Please note that the details given below are a guide only and do not include Soni & Co’s fees for representing you or other small disbursements
DETAILS
|
PRICE (£) |
Deposit
|
20,000
(this is generally 10% of the purchase price but can be more or less depending on what mortgage you have arranged) |
| Local Search Fee |
200
(this fee varies from Local Authority) |
| Stamp Duty |
2,000
(1% of 200,000) |
| Land Registry Fee |
150 |
| TOTAL |
22,350 |
The above information is intended as a guide only and so please feel free to contact us with any further questions of queries or discuss your personal circumstances
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