Conveyancing
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Buying and Selling
Transfers of equity
Re-mortgages
Declarations of trust
Transfers of equity
Re-mortgages
Declarations of trust
Conveyancing is the process of transferring, or “conveying”, property – basically buying, selling and re-mortgaging freehold and leasehold property as well as creating new leases.
Residential Conveyancing
“I am committed to excellent client care and service. Moving house is hard work and stressful but I aim to make the legal side of the process as quick, efficient and hassle-free as possible. I am a fully qualified Licensed Conveyancer with over 15 years’ experience and every client and every job is dealt with by me with the support of a small team. I am proud of my reputation for getting on with the job and looking after my clients and I have no intention of letting it slip!”
Michelle Pearson who is a licensed conveyancer with over 15 years’ experience, handles the purchase, sale and re-mortgage of houses and flats including transfers of equity.
Most houses are freehold and most flats or apartments are leasehold, although there are exceptions either way. Although we come across leaseholds and shared ownership schemes regularly, most of the jobs we handle involve freehold property. As well as sales and purchases, Michelle deals with re-mortgages, transfers of equity from one owner to another (often, but not always, following a relationship breakdown) and declarations of trust defining who owns what share in a property regardless of whose names are on the title.
Residential leases, apart from short term “shorthold” tenancies, tend to be for long periods at a nominal rent but with a full “premium” (generally a figure equivalent to the market price as if the property were freehold) payable up front. Buyers should watch out for service charges for things like grounds/gardens, common parts such as entrances and staircases and management of the building. These charges often work out at around £1,000 a year and can vary from one year to the next.
Most houses are freehold and most flats or apartments are leasehold, although there are exceptions either way. Although we come across leaseholds and shared ownership schemes regularly, most of the jobs we handle involve freehold property. As well as sales and purchases, Michelle deals with re-mortgages, transfers of equity from one owner to another (often, but not always, following a relationship breakdown) and declarations of trust defining who owns what share in a property regardless of whose names are on the title.
Residential leases, apart from short term “shorthold” tenancies, tend to be for long periods at a nominal rent but with a full “premium” (generally a figure equivalent to the market price as if the property were freehold) payable up front. Buyers should watch out for service charges for things like grounds/gardens, common parts such as entrances and staircases and management of the building. These charges often work out at around £1,000 a year and can vary from one year to the next.
The new commonhold concept designed for flats is still very rare – and will remain so until the majority of lenders accept them and will give mortgages on them and we lawyers get our heads round them.
Because leaseholds generally are more complex and generate large amounts of paperwork, our fees tend to be slightly higher when dealing with them compared with freeholds. Like most firms, we give fixed price quotations. Give us a call on 01274 608353. We may not be the cheapest but you can be assured of excellent, personal service and advice.
Because leaseholds generally are more complex and generate large amounts of paperwork, our fees tend to be slightly higher when dealing with them compared with freeholds. Like most firms, we give fixed price quotations. Give us a call on 01274 608353. We may not be the cheapest but you can be assured of excellent, personal service and advice.
Joint ownership : joint tenants-v-tenants in common
If you are buying property in joint names you need to decide whether to hold it as joint tenants or tenants in common. Don’t be confused by the word “tenant” – in this context it has nothing to do with leases and renting property. Joint tenancies and tenancies in common are the two ways of owning property in joint names. If property is owned by 2 or more people as joint tenants and one of them dies their share passes to the other(s) automatically. In contrast, if property is owned by 2 or more people as tenants in common their shares do not pass to the others automatically. Instead, their share forms part of their estate and can be given away by Will.
Traditionally, business partners own property as tenants in common so that they can give their share to their family rather than it going automatically on their death to their business partner(s). Couples or families, on the other hand, traditionally own as joint tenants.
Traditionally, business partners own property as tenants in common so that they can give their share to their family rather than it going automatically on their death to their business partner(s). Couples or families, on the other hand, traditionally own as joint tenants.
Stamp Duty Land Tax
Stamp Duty Land Tax (“SDLT”) is payable on any residential property bought for more than £175,000 (this is a temporary threshold to help keep the property market moving in the current economic climate – it used to be £125,000 and may go back to that level in future) and any commercial property bought for more than £150,000 but in every case you have to fill in a complicated tax form. At On Legal, this is in at the quoted price, not an “extra”. The rate of SDLT is 1% up to £250,000; 3% from £250,001 to £500,000; and 4% from £500,001 upwards.
On Legal – On Your Side
16 Wade House Road, Shelf, Halifax, HX3 7PB
Tel. 01274 608353
