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Conveyancing

Conveyancing is the process of transferring ownership between a seller and buyer. This can include both residential and commercial transactions. In England and Wales there are both ‘registered’ and ‘unregistered’ systems of conveyancing.

Under unregistered conveyancing the seller has to show the buyer documented evidence to prove their ownership of the land. Whereas registered conveyancing is when the Government maintains a register of land and transfers take place by notifying the Land Registry of a change of ownership.

Beacon Wealth Legal have achieved the Law Society’s Conveyancing Quality Scheme accreditation mark, which recognises the quality of our firm’s residential conveyancing work; you can be assured that our firm shall handle your transaction in an efficient manner.

Beacon Wealth Legal deal with all aspects of property transactions, including:

Buying & Selling
Leasehold
Buy to Let
Shared Ownership
Gifts of Property
Transfer of Equity

Three main steps of a conveyancing transaction

Pre-contract stage
  • Find a solicitor to act for you as either the buyer or seller in the conveyancing transaction
  • The seller’s solicitor prepares the pre-contract package that includes; draft contract and evidence of the legal title of property
  • The buyer’s solicitors must check documents supplied by the seller and raise any queries
  • Carry out pre-contract searches which enable the buyer to obtain information on the property
  • Be able to confirm that you are able to proceed financially
  • ‘Exchange of Contracts’ represents a point in which a binding contract has been entered into (the buyer will usually pay a deposit)
Post-contract stage
  • The buyer’s solicitor sends a draft purchase deed to the seller’s solicitor
  • The buyer’s solicitor obtains the mortgage loan from the buyer’s lender
  • The seller’s solicitor must confirm the exact amount of money required to discharge his mortgage
  • Completion (money is transmitted to the seller’s solicitor and the deeds are sent to the buyer’s solicitor)
Post-completion stage
  • The seller’s solicitor discharges the seller’s mortgage and sends a receipt to the buyer’s solicitor
  • The buyer’s solicitor must pay stamp duty land tax due on the property
  • The buyer’s solicitor must apply to the Land Registry for the title to be registered

Buying & Selling

Buying a home is an exciting prospect and the right solicitor can help the process run as smoothly and stress-free as possible. Beacon Wealth Legal is experienced in the process of selling, buying and transferring properties.

Whether you are purchasing or selling a family home, flat, investment property or land, you can trust in our expertise to make the whole process easier for you.

Buying or selling a home usually takes two to three months. This process can take longer depending on the chain of buyers and sellers.

Buying & Selling
There are certain things that need to happen before buying or selling a house;
  • Seller must provide an Energy Performance Certificate for the property
  • If using an estate agent, offers must be made through them
  • Once an offer has been accepted it is the seller’s responsibility to draw up a legal contract to transfer ownership
  • An offer is not legally binding until contracts are exchanged
  • Depending on the amount given, the buyer may have to pay stamp duty land tax (if more than £125,000)

Beacon Wealth Legal aim to maintain constant communication with clients throughout the buying and selling process. If you are thinking/in the process of buying or selling your home please do not hesitate to contact us.

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Leasehold

A lease is a private contract between the leaseholder (tenants) and the landlord. The landlord of a leasehold property owns the property and leases it for an agreed amount of time.

The lease also states certain contractual obligations and rights for both parties. After the lease has ended the property is given back to the landlord (owner).

Leasehold

Repairs and Maintenance

Lease holders and landlords have different responsibilities in terms of repair and maintenance of the property. In general the tenants are responsible for the repair and maintenance of (unless specified in your contract):
  • The floor surface
  • Wall plaster and plasterboard
  • Ceiling plaster and plasterboard
  • Glass and windows within dwelling
  • Internal non-structural walls
  • Plumbing and wiring within the dwelling

The Landlord or Management Company is responsible for repairs and maintenance of:

  • Any communal areas
  • Structural and exterior repair

Leaseholder Rights & Responsibilities

As a leaseholder you have certain rights and responsibilities such as:

  • Information about service charges and insurance
  • Landlords name and address
  • Consultation on certain maintenance and running costs
  • Challenge certain charges
If you are a landlord or tenant who requires assistance with your rented property, please do not hesitate to contact us.
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Buy to Let

Buying a property to let out is a direct way to invest in property. This also means that you can obtain a buy to let mortgage. The Financial Conduct Authority (FCA) usually regulates all mortgages, however, they do not regulate buy to let mortgages.

The benefit of a buy to let property is that it can provide a stable income, as well as an accumulation of wealth if house prices rise over time. However, there is also high financial risk involved. It is a good idea to get financial advice before investing in property.

Thinking of a ‘buy to let’ property or in the process of purchasing a ‘buy to let’ property?  For advice and assistance or further information, please do not hesitate to contact us.

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Shared Ownership

Beacon Wealth Legal also covers all aspects of Shared Ownership properties. Shared ownership schemes are provided through housing association. You can buy a share of your home and pay rent on the remaining share.

You are eligible for shared ownership if;

  • Your household earns £60,000 a year or less (£66,000 a year or less in London for a 1-2 bedroom property and £80,00 or less in London for a 3 or more bedroom property)
  • You are a first time buyer
  • You used you own a home but cannot afford to buy one now
  • You rent a council or housing association property
Confused on the issue of shared ownership/ do not know what you are entitled to/ want to know more? For further information, please do not hesitate to contact us.
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Gifts of Property

To gift property you will need a Gift Deed, this allows the transfer of ownership without the exchange of money. Gift of Property is the transfer of property from one person to another (donor to grantor).
A gift can either be;

  • Lifetime gift (gift made and delivered in the donor’s lifetime)
  • Deathbed gift (future gift made in the expectation of the donor’s death)
Gifts above a certain value are taxable and the donor is generally responsible for paying the gift tax. Unsure which type of gift you should leave/whether you should leave a gift at all/want to leave a gift? For further information regarding this, please do not hesitate to contact us.
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Transfer of Equity

A transfer of equity is when someone is added or removed from the title of the deeds e.g. a homeowner adding their husband/ wife. You must also pay stamp duty when adding or removing someone from the deeds. The process of transferring equity can be a complex or relatively simple process depending on your circumstances.

If you have no mortgage on your property and no money is changing hands, then transfer of equity can be quite a simple process (depending on how fast you can provide and return certified documents).

If you wish to transfer equity and you have a mortgage you must first get permission from your mortgage lender.  This is because the names on the mortgage deed need to match the names on the transfer deed.

Beacon Wealth Legal is experienced in this field and will treat each transaction with diligence whether the client is a first time buyer or an experienced property developer; we have the expertise you require. We also offer competitive fees for any of the above transactions and can work within a fixed fee if that is appropriate. If you would like a quote please do not hesitate to contact us.

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