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The importance of choosing a good conveyancing solicitor

Your solicitor will conduct a range of tasks on your behalf, whether you are buying or selling, or both. General tasks include: Drafting and reviewing sale or purchase contracts; Dealing with Land Registry; Managing the collection and transfer of funds; and Providing legal advice and recommendations. If you are buying a property your solicitor will also carry out additional tasks including: Conducting searches on the property (these can include Local Authority search, Environmental search etc.); and Managing Stamp Duty charges and payments to HMRC. Here are some tips you should…

How do solicitors exchange contracts?

Contracts are usually exchanged by both solicitors/conveyancers reading out the contracts over the phone (which is recorded by both of them) to make sure the contracts are identical. The contracts are then immediately sent out by them to one another in the post. This is known as “exchange”. If you are in a chain, your lawyer will do the same thing. However, they will only release the contract to the lawyer acting for the party on the other side if all the other people in the chain are happy to…

Buying a property at auction

The main attraction of buying at auction is that you avoid the conventional drawn out process of purchasing a property. A variety of properties can be purchased at auction including residential, commercial, plots of land and freehold investment properties. When preparing for auction it is important to consider the following points: Contact the relevant auction house and request their catalogue. Most auction houses hold regular auction sales with a catalogue printed some weeks in advance. You can also subscribe to catalogue mailing lists. Most auction houses now publish online catalogues…

Stamp Duty Land Tax reform

In the final Autumn Statement before the general election next year, the Chancellor, George Osborne has announced an overhaul of Stamp Duty Land Tax (SDLT). At present, stamp duty is calculated as a percentage of the whole property with an increased rate triggered by being only a pound over the relevant threshold. The new measures introduced with effect from 4 December 2014 fundamentally change the way in which SDLT rates will be applied to the purchase price of properties. The new stamp duty rate will be calculated as follows: 1.…

10 things to consider before purchasing a home

1. Choosing your solicitor and other professionals Becoming a homeowner for the first time or buying a house is a financial and emotional decision that requires the experience and support of a team of reliable professionals including a solicitor, an estate agent and possibly a lender and a range of other individuals. Appointing a team as soon as possible is key to the transaction. 2. Finance Working out what you can afford can help you plan and make a decision on a property purchase quickly. A pre-qualification letter (agreement in principle)…

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