HOME | LOGIN | OUR PEOPLE | CONTACT US | CAREERS | NEWSLETTER




tel: 0845 9011 960

You are in:- Home Page » Blogs

Hot Property


Auctions, Case Tracker, Contract, conveyancer, Conveyancing, Conveyancing Quote, Do your own conveyancing, First Time Buyers, house buyers report and inspection, Property, Property Auctions, Property Market, property owner, Property Report, property searches, purchase, searches, Stamp duty, survey    No Comments

There are a great number of benefits to buying a property at auction such as a quick completion time and often the chance of getting a property at a very cheap price. However, it’s essential that you think carefully about what will happen when buying an auction property. Make sure that you go in with all of the information you need and above all don’t get caught up in the excitement of the auction house!

There’s a lot of things to think about – make sure you do your homework!

Have you seen the property?

Don’t be tempted to make a purchase on a whim if it seems like a bargain. It is so important to view the property first and to also obtain a survey on the house to establish if there are any structural issues which could affect value or your ability to get a mortgage. There could also be a tenant occupying the property which may complicate matters for you, or the property could be located in an area which may make it difficult to sell or rent. Doing your homework first will help you to avoid problems later on.

Do you have the money?

If you succeed at the auction you will need to exchange contracts immediately and pay a deposit there and then. This is usually 10 per cent of the price of the property. You will also be required to complete the purchase within a time limit, usually around 4 weeks from the date of the auction. Once you have exchanged contacts, you are legally bound to buy the property and if you don’t complete within the stipulated period, you may lose your deposit. Be sure you have all your funds available and if you are buying with a mortgage, that you have at least your mortgage in principal in place before you attend the auction. A delay on any of your funds prove a costly mistake.

Have you read the legal pack and spoken to a specialist Conveyancer?

Each property at auction has a legal pack and this contains all the information you would obtain through your solicitor when completing the purchase of a property through the usual channels. You should obtain the legal pack before the auction and ask your Conveyancer to review it for you so they can highlight any difficult areas. This could include title issues and items revealed in the searches which may affect the value of the property and often small print which makes you responsible for the seller’s legal fees or other costs. Being aware of these issues before bidding on a property is critical!

If you want to go ahead – your Solicitor will contact the auctioneers to get the legal pack and give you a report on the contents for a fixed fee. If you then are successful at auction can be deducted from the full legal fee for purchasing of the property.

Get in touch – we’re here to help

If you are interested in purchasing a property at auction and want some legal advice simply call us on 01623 45 11 11 for further information and an instant quote.

Share on Facebook



Beginners Guides, conveyancer, Conveyancing, Conveyancing Quote, Japanese Knotweed, Property, Property Market, Quicker conveyancing    No Comments

What Is Japanese Knotweed?

Japanese Knotweed (Fallopia japonica) has reared its ugly head in the news again lately reminding us all of the terrible problems this weed can cause for homeowners. This troublesome plant is renowned for growing at a ridiculous rate of up to 10-20cm a day during the summer months and is classed as an invasive species in the UK. Left untreated the roots of Japanese knotweed can be considered a risk to the structural integrity of a building, mortgage lenders are very wary of it, prospective buyers may not get a mortgage and it can sometimes make the property unsellable.

It’s A Serious Business!

Due to its fast growing and destructive nature, it is an offence under Section 14(2) of the Wildlife and Countryside Act 1981 to plant or cause it to grow. It is also classed as controlled waste and requires specialist disposal to prevent spreading; substantial fines or even prison sentences can handed to people disposing of the weed irresponsibly if it results in a spread in the wild.

What Happens If You Want To Sell Your Property?

Although it is not illegal to have Japanese knotweed growing in your garden, you are under a legal duty to disclose it when you sell. Not disclosing it would be classed as a misrepresentation and a buyer can take a seller to court for compensation if its proved the sellers deliberately withheld information or tried to hide its existence.

Don’t despair…

If you think your house is affected by Knotweed, it can be treated effectively. It has a large underground network of roots which need to be destroyed to kill the plant using chemicals, although it can take up to five years to be totally eliminated.

Contact a specialist

If you discover your property is affected , you will need to contact a Japanese Knotweed specialist who will be able to assist with a Management Plan. This plan can be submitted to Mortgage Lenders and Valuers and often assists in gaining lending that may otherwise have not been offered. In addition, on advice from the Institute of Chartered Surveyors many larger lenders have relaxed their rules as some evidence suggests that surveyors have been unsure of how to assess the risk of Japanese knotweed, resulting in inconsistent valuations.

Get In Touch 

If you have question about this issue or would like a Conveyancing quote – please give our specialist team a call on 01623 45 11 11.

Share on Facebook



Barratt Homes, Case Tracker, Change conveyancer, Change solicitor, Contract, conveyancer, Conveyancing, Conveyancing Quote, Do your own conveyancing, First Time Buyers, help to buy, help to buy ISA, House Prices, management companies, Property, Property Market, Property Report, signing contracts, Uncategorized    No Comments

When Would You Need To Pay A Management Company?

Some properties may have extra land surrounding them, such as a shared access, a park or just a simple piece of additional green land, which makes the surrounding area look more attractive. These areas are often maintained by Management Companies and you may be asked to pay a fee to help look after these areas. When you are buying or selling a property we may need to do some extra legal work, there may be some extra fees and delays to get this information in order.

Who Is Responsible?

The question which you may not always consider is who is going to be responsible for the maintenance and upkeep of this extra piece of land? The local authorities are reluctant to carry this out as they are already responsible for the upkeep of most roads and public spaces and therefore developers often outsource this responsibility and the cost to Management Companies.

The cost of the administration of these Companies and the works they have to carry out in order to maintain these extra pieces of land are usually shared between all the owners of the properties who use or benefit from these additional areas of land. This is usually referred to in the deeds of your property as a “rent charge”, “service charge” or an “estate rent” is another term used.

How Do You Find Out If you Have To Pay Extra Charges?

Often these extra charges will not come to light until your Solicitor is sent the deeds to the property, which could be a few weeks into the sale or purchase. The Solicitor acting for you and the Management Company may charge you extra fees for carrying out the additional work involved in the Conveyancing process and also after you’ve completed your sale or purchase. Your Solicitor will be working hard to get the right information from the Management Company as without this it can cause you delays.

Be Informed – Ask Questions And Give Information

If you’re buying – make sure you ask the current owner or the estate agents if there is any communal land which they pay extra fees to a Management Company for. This will then avoid any problems along the way of purchasing a new property.

If you’re selling – give this information to the buyer and estate agents. Also, get in touch with the Management Company as soon as the sale is agreed to pay for the Management Pack, which answers a list of queries your buyer’s Solicitors will need to know in order to avoid any delays.

Get In Touch

We have an experienced and specialist Conveyancing team used to dealing with all of the bit and bobs that happen in the Conveyancing process. We’d be happy to answer any questions you may have. If you’d like a quote for moving house then visit www.fidler.co.uk or call us on 01623 45 11 11.

Share on Facebook



Conveyancing, Conveyancing Quote, Deposit, First Time Buyers, help to buy, help to buy ISA, Property, Property Market, Quicker conveyancing    No Comments

What is a Help to Buy ISA?

A Help to Buy ISA is a new type of ISA which have been created to help first-time buyers save for a deposit for their home. As you are busy saving for your deposit you’ll receive a helping hand from the government to boost your savings amount and help you to get onto the housing ladder. The government will add a generous 25% on to your savings, up to a maximum of £3,000 on savings of £12,000 (this is per first time buyer. So, if you and your Partner both open an account you could receive up to £6,000 on top of your own savings).

Find out more and get organised!

As soon as you decide you want to start saving for your first home you need to set up an ISA account with your bank. This means you start saving as soon as possible as the more money you save the more you will benefit from the scheme.

Make sure you know the limits of the scheme

  • The government boosts your savings by 25% (i.e. a bonus of £50 for every £200 you save)
  • You can save up to £200 per month
  • The maximum bonus you can claim is £3,000 so to get the best bonus you would need to save £12,000
  • The house you purchase must cost a maximum of £250,000 (or £450,000 in London)

 

When you have found a house to buy…Tell us you hold a HTB ISA as soon as possible. Our initial information forms will ask you about this

  • Complete the forms we send you

Once we are aware you wish to take advantage of the scheme, we will send you a form to complete giving us information about your ISA account and asking for your authority to apply for the bonus on your behalf.

  • Go to your bank to close the account before completion happens (we will talk to you about this)

Your money will be sent to another account for you. You will need to instruct your bank that you wish to close the account and they will transfer your savings into another account of your choosing. They will then provide you with a closing statement.

  • Provide us with the closing statement

We need to submit this to the government website to prove to them the amount of savings you had in your ISA.

We will submit your signed authority form and closing statement to government website with a request for funds a few days before you complete your purchase and you will receive a letter from the government, through us, confirming the bonus has been approved and is being transferred to us.

  • We will ask you for your deposit less the sum we expect to receive from scheme

Don’t worry if this means you have less than a 10% deposit. Most sellers will agree to a lower deposit in these circumstances. You will receive statements from us showing the bonus sum we expect to receive.

  • We receive the HTB Bonus before completion and use this towards the purchase price.

 

If you are a first time buyer and you’re interested in a Help to Buy ISA…

We have a specialist team who have processed hundreds of Help to Buy ISA’s and would be happy to help you with any questions you may have. Simply call us on 01623 45 11 11.

Share on Facebook



Beginners Guides, Case Tracker, Change solicitor, Contract, conveyancer, Conveyancing, Conveyancing Quote, DIY Conveyancing, Do your own conveyancing, First Time Buyers, Property, Property Market, property owner, Property Report, property searches, Quicker conveyancing, sale, searches, signing contracts    No Comments

House with key icon

So, your Conveyancer keeps twittering on about ‘exchanging’ and ‘completing’ but, what is exchange? What happens on completion?  Let’s face it all you want to know is when you get your keys right?  So what are we actually talking about?

Exchange

When your Conveyancer talks about exchange they are referring to the legal ‘exchange of contracts’. In simple terms this procedure legally secures the purchase or sale. It is called an exchange because each Conveyancer has one signed copy of the contract which they exchange with each other. Both Conveyancers agree to the terms in the contract verbally over the phone and confirm the date of legal completion. Your Conveyancer is legally obliged to send to the sellers Conveyancer your 10% deposit at this stage, although in practice this rarely happens and is just held by your Conveyancers on a promise it will be sent with the rest of the purchase monies on completion. Your Conveyancer may call you to get your verbal authority to exchange for you on the day and afterwards you will need to make sure that your buildings insurance for your new property is in place from the date you move in. Make sure that you are absolutely sure before you exchange contracts as if you fail to ‘complete’ after you have exchanged contracts you will lose your 10% deposit.

Completion

This is the day you have been waiting for. It’s the day you get your keys. On the day of completion (or generally the day before) your Conveyancer will have received the money from your lender if you are having a mortgage and will send this money plus any other money due from you to your seller’s Conveyancers by way of a telegraphic bank transfer. This transfer can take anything from a few minutes to a few hours to reach the seller’s Conveyancers bank account. Once they have received the money then completion is deemed to have taken place and usually keys can be released to you at your estate agent, or from the seller directly, soon after. However the contract will often state that the sellers can take until 2pm to move out and arrange for a key hand over if they need more time.

The final part…

While you’re unpacking we carry on working on your file and will pay stamp duty and then apply to the Land Registry to transfer the property in your name. It might be a few weeks until you hear from us again when we send you the deeds to your new home.

Need help with your conveyancing?

If you would like a conveyancing quote, more information or to see our frequently asked questions then please visit our website or call 01623 45 11 11 and speak to one of our experienced team.

Share on Facebook



Beginners Guides, Buy to let, Change conveyancer, Contract, conveyancer, Conveyancing, Conveyancing Quote, Deposit, Do your own conveyancing, First Time Buyers, Property, Property Market, property owner, Property Report, property searches, Quicker conveyancing, Stamp duty    No Comments

hollow-out-alphabet-colored

We know that moving house can be a stressful time and there is a lot of information to take in and understand. Our experienced conveyancers have pulled together a quick A-Z reference guide of the most common conveyancing terms to help you through the process.

A-AGREEMENT

The legal document you sign to agree to sell or buy the house. But do not worry nothing is set in stone until Exchange of Contracts. See below.

B-BREACH OF CONTRACT

Is if either party pulls out once Contracts have been exchanged.

C-COMPLETION DATE

The day you move out of your old home and get the keys to your new one!

D-DEPOSIT

This is usually 10% of the purchase price, which we require to be paid to us to Exchange Contracts.

E-EXCHANGE OF CONTRACTS

This is the day you DO NOT look back as you are legally tied into the deal!

F-FIXTURES AND FITTINGS FORMS

A list of things the seller has agreed to leave you.

G-GAZUMPING

Where another buyer puts a higher offer in than yours.

H-HOME BUYERS REPORT

A Survey that we would strongly advise you have carried out on the property. BUYER BEWARE!

I-INDEX MAP SEARCH

This is a search carried out to see if a property is registered at the Land Registry.

J-JOINT TENANTS

Means your share in the Property if you passed away would automatically pass to the surviving owner.

K-KNOW HOW

This is the trust you can put in us to know how to do the job.

L-LAND REGISTRY OFFICE COPIES

These are your deeds showing your ownership of the property and are held electronically by HM Land Registry.

M-MORTGAGE DEED

The document you sign to confirm you will pay your mortgage payments to the mortgage company during the term of your mortgage.

N-NEGATIVE EQUITY

When the amount you owe on your mortgage exceeds the value of the Property.

O-OCCUPIERS CONSENT

The signing of a Deed by a person living in the property who is not the owner confirming that they will move out on completion of a sale or if the mortgage company takes possession of the property.

 P-PROPERTY INFORMATION FORM

The document the seller fills in which asks lots of questions about the property, such as boundaries, alterations to the property, legal rights, utilities details.

Q-QUASI EASEMENT

Is a general legal right over land, it could be something which is used for the benefit of the property, such as right of way, drainage etc.

R-REDEMPTION FIGURE

The amount owed on your existing mortgage.

S-STAMP DUTY

Tax which has to be paid to the Inland Revenue on the purchase of a property.

T-TRANSFER DEED

The document which is sent to the Land Registry on completion and registers the property in your names.

U-UNILATERAL NOTICE

Where someone else has registered an interest on the title deeds to your property.

V-VENDOR

Another term used for the seller.

W-WAYLEAVE AGREEMENT

A deed entered into by Service Providers to install piping or cabling over or under the property for your use of electricity, water etc,

X-MARKS THE SPOT

We always mark where we require you to sign deeds and documents with an X.

Y-YOU

As our client YOU are important to us and we will ensure we do our very best.

Z-ZZZZZZZZZZZZZZZZZZZZ

Sleep easy while we make Conveyancing a stress free experience for you!

If you would like a conveyancing quote please call 01623 45 11 11 or visit our website for more information. Have a look at our frequently asked conveyancing questions or to see a guide to how the conveyancing process works.

Share on Facebook



Commercial, commercial property, Property, purchase, Uncategorized    No Comments

development land

When we are acting for developers who are purchasing a piece of land quite often mines and minerals will have been excepted.

If the mines and minerals are excepted this means that someone else has the rights to mines and minerals in, on or under the land. The risk to the developer is that the owner of the reservation of mines and minerals may allege that the foundations of any development may amount to trespass.

If you identify that the land if subject to any such reservations then the first step is to get as much information as possible about the reservation top see how they affect your planned use, such as at what depth of the mines and minerals that are reserved.

If land that you are planning to develop has rights to mines and minerals reserved then there are a number of ways to address the matter:-

1. obtain indemnity insurance, the indemnity insurance will not remove the reservation but it would mean that if a claim is made for trespass and /or access for works then a claim for losses can be made under the policy;

2. that you contact the minerals owner to ask whether they would be minded to sell their rights. Any approach to the owner of the mines and minerals should be considered seriously beforehand as once you make contact with the owner you will be prevented from obtaining indemnity insurance.

If you are a developer and have a question on mines and minerals then please do not hesitate to make contact with Christie Limb on 01623 663244.

Share on Facebook



business, business purchase, Buy to let, Commercial, commercial property, Property    No Comments

income tax

 

Tax Tax Tax

 

Completing your tax returns? This time of year always brings to light the amount of tax that you are paying. If you are looking at pension and tax efficiencies then I urge you to consider investing in a commercial property via a pension scheme such a SIPP (self invested personal pension) or a SSAS (small self administered scheme).

 

There are a number of tax benefits for investing in a property by a SIPP and SSAS including:-

 

– growth is free from CGT

 

– tax relief at the individual or company’s highest rate

 

– rental income received by a pension scheme attracts no UK income tax

 

– on retirement 25% of the pension fund can be paid as a tax free lump sum

 

– on death before retirement the whole payment under the pension fund could be paid as a tax free lump sum i.e. no inheritance tax

 

If you need any advice on commercial property please call Christie on 01623 663244.

 

Share on Facebook



Buy to let, Commercial, commercial property, Conveyancing, Landlord, Property, property owner    No Comments

buy to let

 

With the increase in stamp duty on the horizon for residential buy to lets you might want to now consider investing in commercial property as buy to let. The benefits of buying as commercial buy to let over residential include the following:-

– generally commercial property generate higher rental income;

– a commercial lease provides the landlord with greater protection and swifter enforcement provisions;

– commercial tenants are generally required to meet the insurance costs of the property and also all of the repairs;

– the term for commercial leases are usually for longer avoiding the landlord agents fees for re marketing and also solicitors fees for drafting new leases;

– the rent reviews provide for the rent t remain the same or are upwards only

– it is possible to claim capital allowances on commercial properties

 

If you are thinking of buying a commercial property to let then please contact me on 01623 663244 or email climb@fidler.co.uk, I would be happy to assist  with the transaction.

 

 

 

Share on Facebook



Lease, leasehold, Leasehold Conveyancing Quote, Property, Property Market    No Comments

What is a leasehold property

blog image high rise flat

A leasehold property is different to a freehold property as rather than buying the actual property what you are buying is a lease to live in the property for a number of years.

 

The lease will details all the areas that you own but generally you will not own common areas such as stairs, common gardens etc as these will still be owned by the freeholder. The freeholder is the person who owns the title to the property and this will be your landlord.

 

The landlord will often employ a management company who will handle the day to say running of the common parts, such as maintenance of the communal gardens, the decoration of the common parts like the stairs.

 

On buying a leasehold property the buyer will enter into a lease of the property with the landlord and this will clearly detail what property you are going to be able to occupy and what rights you have over the common areas.

 

The purchase of a leasehold property is generally more complicated than a purchase of a freehold property as there are extra documents to consider including the lease.

 

Your solicitors will

 

– check the lease and ensure that the terms are correct for example they will check the mortgage term and see if the length of term is appropriate and if not advise you on whether the lease should be extended.

 

–         check the terms the lease to ensure that none of the obligations are too onerous

 

–         check that the rent is fixed and easy to establish

 

–         ensure that there are appropriate provisions for insurance. As you will have the right to occupy the property it will be important that the insurance provisions for the whole building are appropriate

 

–         check that there are appropriate rights granted for the enjoyment of the property such as rights of access, rights of support and protection

 

–         check that there are no unreasonable restrictions in the lease

 

It is important that you seek specialist advice when buying a leasehold property and at Fidler and Pepper we have a specialist leasehold team. If you are thinking of buying a leasehold property then please click here to obtain an online quote and also feel free to call on 01623 451111 if you have a questions.

 

 

Share on Facebook




Powered by WordPress Entries RSS Comments RSS