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Auctions, Beginners Guides, Boundary Disputes, Contract, conveyancer, Conveyancing, Conveyancing Quote, First Time Buyers, flipping, full structural survey, help to buy, help to buy ISA, Property Auctions, Property Market, property owner, Property Report, property searches, Quicker conveyancing, restrictive covenants, searches, signing contracts    No Comments

When we talk about ‘flipping’ we’re not talking abut pancakes! We mean buying a fixer-upper to do up and ‘flip’  (do it up and sell it at a higher price to make a profit) to boost your savings. But it’s important to remember that you have a lot to think about before you go ahead and buy a property to ‘flip’. There may be some obstacles in your way…

Do You Need Planning Consent?

If you’re planning to extend then you should check before you buy that you can get the planning consent you need for the work you want to do.  Often small extensions and conservatories don’t need planning consent, but if some extension works have already been done or your planned extension is large then you will still require planning consent from the Local Authority.  It’s always best to check this before entering into any Contract, especially if your purchase is based on being able to extend. You should also think about the costs of applying for planning consent.

If the property is a listed building, a conservation area or in an area where development rights have been restricted, then there may be even more hoops to jump through!

Building Regulations – Do You Know What Needs Sign Off?

Structural work to a property needs to comply with building regulations. There are costs of getting your plans approved from the Local Authority and extra costs for building inspectors to sign off the work once it’s completed. You’ll also need a Completion Certificate which legally confirms that building regulations rules have been complied with. As well as extensions you also need a building regulations certificate of compliance for electrical installation, gas installations, new double glazing, removals of chimney breast, removals of internal (supporting) walls and re-roofing.

What Are Restrictive Covenants? 

Even if you have the planning consent and the building regulations you need, you could still be prevented from extending or altering the property under a Restrictive Covenant. A Covenant is a legal promise in the Deeds to the property which can be enforced by a developer, a council or even owners of neighboring properties.  A Covenant can apply to modern or very old properties.

Covenants can prevent new owners making any changes to the property and owners can be sued for doing something that breaches it. It’s common for there to be a Covenant about adding a new building or extending or altering any existing building on the property without the consent of the original developer. Failure to apply for consent under the Covenant could result in the owners being taken to court, being forced to pay a fine, having to return the property to its original state or delays selling the property. Your Conveyancer who will be able to tell you whether there is any risk of breaching a Covenant in the property.

If You Have Questions About ‘Flipping’, Don’t Get In A Flap – Get In Touch 

If you’re a first time ‘flipper’ or are thinking of buying a property that have a Restrictive Covenant, then we can help you. Simply call 01623 45 11 11. For more about our Conveyancing services or an instant quote visit our website.

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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.

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Beginners Guides, Case Tracker, Contract, conveyancer, Conveyancing, Conveyancing Quote, First Time Buyers, help to buy, leasehold, Leasehold Conveyancing Quote, Probate, Property Market, property searches, sale, searches, signing contracts, Uncategorized, Wills    No Comments

Happy New Year to you! Thinking about the year ahead?

As we step into a New Year, it can be a time of reflection. After
celebrating and spending time with family over Christmas, you might be
thinking about what the future will hold.

Should your New Years Resolution be to get your affairs in order?

Regardless of your age, planning ahead and putting your wishes in place will
provide peace of mind for you and your loved ones. That will certainly lift
those January blues, when the highs of Christmas are over. Creating a Will
or a Power of Attorney may seem like an odd way to shake away the January
blues, but you could be ensuring the future of your loved ones – whatever
your wishes, will be granted.

Could 2018 be the year that you buy your dream home?

Maybe you’ve been thinking of moving house and 2018 might be
the year to take action. Once you find that perfect property, we can
certainly help you with the legal side of things. Our specialist,
Conveyancing team will look after the legal (and sometimes stressful) side
of your move. We work to get things moving for you, whilst you can get on
with packing your boxes and choosing your wallpaper! Our experienced and
award-winning Conveyancing team will manage everything from searches,
deposits and signing contracts, to Exchange and final Completion. Fidler &
Pepper have a dedicated team and we’ll keep you updated 24/7 with our
secure, online case tracker.

Need a helping hand or a chat with one of our team?

If you’d like to get your affairs in order or have plans to buy, sell or
remortgage your property then come and see one of our specialist team.
Alternatively, you can give us a call on 01623 45 11 11 or visit www.fidler.co.uk

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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.

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searches    No Comments

All we are hearing about at the moment is floods. Not only is this affecting residentialproperties but also lots of businesses properties. Flooding can cause serious damage to your business I would always advise that if you are buying a commercial property that you consider obtaining a search that provides you with flood information.
An environmental search will tell you a lot about the property but it will also tell you if the property is located in an area that has suffered from flooding in the past. If the property has a history of flooding this could stop you from obtaining insurance for the property and it could also damage your business, clients/customers not able to attend, staff not being able to get to the property, stock and the building itself being damaged.

I therefore cannot stress enough that if you have concerns about flooding please ensure that before you buy a property that you obtain the appropriate search

If you do decide to buy a commercial property please contact me for a fixed price commercial quote, I would always be happy to act for you. My contact is 01623 448302  or climb@fidler.co.uk

 

Christie Limb

Partner

Fidler and Pepper

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