Buying or Selling a Property with King and Co Solicitors
Getting advice
Moving home is always an exciting prospect, but without the help of a solicitor it can also be a legal minefield. All King & Co's solicitors are qualified in property law and are there to help you avoid potential problems and to protect your interests at every step, from making an offer to getting the keys to the door.
This is a guide to the services you can expect from King and Co Solicitors when buying or selling a property or moving home.
Instructing King & Co
Ideally you should contact us as soon as you think about buying or selling a property.
Costs
Charges can vary depending on the value of the property and will depend on the type and difficulty of the sale. You should bear in mind that you may have to pay more for a more experienced solicitor, so the cheapest quote is not always your best option. Remember that if you are buying you will also need to pay a variety of other expenses such as stamp duty, VAT, Land Registry fees and other search fees.
What King & Co will need from you
Once you have instructed one of our solicitors, we will ask you for a variety of details and documents. These could include:
- some personal identification;
- the price of the property;
- any factors that may influence the exact time you want to buy or sell the property (for example: to coincide with school holidays); and
- how you are planning to pay for the property (if you are buying).
We will also need to know whether:
- you have applied for a mortgage;
- you plan to carry out work on the property;
- you are buying with someone else;
- the seller is buying another property; and
- you have a property to sell.
The seller's solicitor
The seller's solicitor, will supply a draft contract and a copy of the title deeds to the property. With these will be a form listing the fittings and contents which will be included with the property. You will need to check this list carefully. (From 1st June 2007 an Energy Performance Certificate will also be included in what will be known as a Home Information Pack).
Searches
The buyer's solicitor (and also the seller's from 1st June 2007) will make various searches, including enquiries with the local authority. These can help to reveal any planning issues affecting the property, such as road improvements and details of any planning permission granted on the property. King & Co may also carry out flooding, mining and contaminated-land searches if necessary. If any of these searches show matters of concern, we will let you know.
Leasehold properties
If the property is leasehold (particularly a flat), there will be detailed lease terms and conditions. King & Co will need to check these carefully and will also make enquiries with the landlord's solicitor or the managing agents of the property about what service charges and management costs will have to be paid.
Survey advice
If you are buying and applying for a mortgage, your mortgage lender will need an independent valuation of the property. Usually they will appoint their own surveyor to do this, but you will have to pay for it. Remember that this is a valuation and not a survey.
Even if you are buying without a mortgage you should consider appointing your own surveyor (possibly the same person as the valuer) to carry out a survey on the property as it is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey reveals that building work is needed, you should tell King & Co as this may allow you to renegotiate the price.
If you are selling you could include a Home Condition Report in the Home Information Pack.
Mortgage deed and terms
A buyer's mortgage lender will also need a mortgage deed. Buyers should read the mortgage deed, offer letter and mortgage conditions very carefully. King & Co if acting for a buyer will explain them to the buyer.
Signing the contract
King & Co will then report back to you on all the investigations they have made for you so far. If you are still happy to go ahead, we will finalise the terms of the contract and explain it to you. You then need to sign the contract and, if buying, provide the deposit money - usually between 5% and 10% of the purchase price.
Exchanging contracts
This is the crucial moment of the agreement between the buyer and the seller. King & Co and the other side's solicitor exchange contracts so that you have the contract the other party has signed and they have the contract you have signed. If you want to withdraw from moving after this stage, you may have to pay financial penalties. The solicitors will also set the date for completing the sale at this stage.
Final balance
Between exchanging contracts and completion, the buyer's solicitor will take the mortgage money from a buyer's lender and the rest of the money from the buyer. This will include costs, VAT, Land Registry fees and stamp duty (if any). At this stage a buyer's solicitor will carry out final searches and make arrangements with the other side's solicitor for paying off any existing mortgages on the property. The buyer's solicitor will also prepare the transfer deed and send it to the seller's solicitor for signing.
Completion
This is the final stage in the conveyancing process when the buyer's solicitor hands over the money to the seller and the keys are released. A buyer's solicitor will pay the stamp duty and Land Registry fees and register the buyer's ownership at the Land Registry. This registers the interest of your mortgage lender and records a buyer as the new legal owner of the property.
Related legal matters
Buying or selling a property may introduce other related legal matters. For example:
- if you are buying a home with someone you are not married to, you may need to enter into a 'declaration of trust' to set out what share of the property each person owns;
- if you do not have a Will, you should consider making one; and
- if you do have a Will, you may need to update it.
- if you might be abroad during the transaction you should consider making a Power of Attorney
In all cases King & Co can offer you legal advice as part of a complete professional service.
If you would like to discuss buying or selling a home with one of the solicitors at King & Co, please contact either of our Cambridge or Cottenham offices.