What you need to know about buying a property
You have been really kind and helpful from the day I met you. I wish all other solicitors behave and act like you, not just driven by fees. My pleasure to be your client.
Buying a property can feel daunting and stressful at times. This is why, at TV Edwards, we make the process as smooth as possible so you don’t have to worry about the legal side. Buying a property is one of your most important purchases and it is important to pick a Solicitor who will look after your interests but who you also feel comfortable with.
There are numerous different ways of buying a property:
- You might have found a freehold house or a leasehold flat.
- The property might be a new build, or you may be starting out with a shared ownership property.
- Where you are purchasing a flat with a long lease, there could be a Management Company or you could also receive a share of the freehold.
Each transaction will have its own particular aspects and considerations. Whatever the transaction, we have a range of specialist Solicitors who can assist.
There are also numerous ways of financing your property purchase
Whether it’s a standard mortgage, a gift or loan from a friend or relative, your own savings or some combination, we will sensitively guide you through what you need to provide to evidence the available funds.
We act for a full range of clients from first time buyers to experienced property investors and we tailor our service to our individual client, based on your needs and expectations.
There are numerous legal steps involved in buying a property which can feel overwhelming
As soon as you instruct us, we take care of everything on your behalf, communicating with the Seller’s Solicitor, the Estate Agents and your mortgage broker to make sure that we work with everyone to progress the purchase as efficiently as possible. We take care of your mortgage, paying your stamp duty land tax and any other matters which crop up. We talk you through the steps involved at each stage, so you know exactly where we are in the process and what the next steps are.
Sometimes, issues do come up
We carry out a thorough investigation of title so that you are fully aware of any potential issues with the property you are purchasing before the purchase goes through. We talk through and explain any issues with you and advise you on how they should be dealt with. We are proactive and come up with solutions to enable you to progress. We are experienced in all aspects of property law, not just conveyancing so can assist with any other required ancillary matters such as Declarations of Trust and Lease Extensions.
Selling freehold and leasehold properties
Our expert property solicitors exchange contracts for you within your required timescales and are known to do so within 24 hours of being instructed (by attended exchange, subject to all the paperwork being in order!)
We are aware that selling a property can be stressful, whether you are new to the property market or are an experienced property developer. The sale process can be particularly daunting if you are looking to purchase a property at the same time and your transaction is dependent on a chain. Our expert solicitors are here to assist you to ensure that the process runs smoothly, and that the transaction is completed according to your timescale.
Our property solicitors can work to any time frame which is suitable to you to complete the sale of your property.
We can assist with sales of:
- Shared Ownership
- Retirement Properties
- Sales of properties purchased under the right to buy scheme
Many thanks for your impeccable diligence and timeliness. I will recommend you wholeheartedly to others.
It’s important to instruct us
It is important that you instruct us as soon as possible (and ideally before the property goes on the market) to ensure we are prepared to send out a full set of contract papers to the buyer’s solicitors as soon as you have found a buyer.
What if the property is leasehold?
If you instruct us in advance, we obtain the service charge management information pack (which can often delay a sale), obtain the requirement of any landlord for consent (licence to assign) under the lease and arrange for everything to be ready in time. Should you wish to place any deadlines on the buyer to exchange by a certain time frame, this process ensures it will be reasonable do so.
What happens once you instruct us?
Once you instruct us, we promptly carry out all our identification checks, obtain monies on account from you, obtain the title deeds and assist you in completing the relevant property/protocol documents. We then arrange for the contract pack to be prepared.
We contact any lenders with charges on your property to obtain details of the sums outstanding on your mortgage. This ensures there are sufficient monies to pay off the existing loans, so that we can provide the necessary undertaking for payment of those loans to the buyer’s solicitors on completion.
Once you have found a purchaser and your agents have sent us the sales memorandum with details of the buyers and their solicitors, we will make immediate contact with them and issue contracts once they have confirmed instructions.
If you are purchasing a new build property-
When purchasing a new build property you will usually be committing to your purchase before the building work is actually complete. This can be daunting, even if you are an experienced buyer however it doesn’t need to be.
Our experienced property team can guide you through the process and make sure you understand what to expect.
What’s different about buying a new build?
You will usually be asked by the developer to pay a reservation fee to reserve your property upfront. This is often non-refundable if you don’t exchange contracts by a certain date. You should instruct a Solicitor at this stage to make sure you are fully aware of the risks prior to exchange of contracts.
Quite often you will be buying based on a plan of what the property will look like once completed. It is therefore very important that extensive legal checks are carried out and that you instruct a Solicitor with experience in this complexed area so that you are fully protected if anything goes wrong.
There will be extensive and often complicated planning documents to review which can be confusing if you’re not used to them. We will summarise and advise you on all documents in a way you can understand so you know exactly what you’re buying.
If you are purchasing a leasehold flat, you will be granted a new lease of the property and if you are purchasing a freehold house, you will need to enter into a new transfer deed. These are legal documents and will cover all rights and obligations throughout your ownership, so it is important to get the drafting right. It also needs to be attractive to any future buyers and satisfactory for any mortgage lenders. Strong negotiating skills and attention to detail are required.
Developers often impose a strict timeline for exchanging contracts even though there is much more to cover than on a standard purchase. In addition, completion is usually not a fixed date but ‘on notice’ once the building works are complete and you can therefore be expected to complete your purchase at very short notice. You need a solicitor who is on your side, looking after your interests, who is able to work quickly and, if necessary, arrange for the deadline to be extended so that everything is in place before you exchange. The contract needs to be expertly negotiated to cover all eventualities and make sure you and your deposit are fully protected. You don’t want to be tied into a contract indefinitely if the construction work stops or is delayed and you don’t want to be forced to complete without a mortgage offer in place if your mortgage offer expires before the construction works complete.
The property team at TV Edwards will make sure that everything is lined up and ready for a swift exchange and completion and that your interests are protected in the event of any construction delays.
Why choose TV Edwards?
Our solicitors are experts in their field and have combined experience of providing an outstanding level of personal, friendly, and professional service to all our clients. TV Edwards has proudly served the local community over the last 90 years–and continues to do so!
You will have a dedicated lawyer who will know you and your case from beginning to end. Excellent communication is key to a successful and smooth conveyancing transaction. You will have your dedicated solicitor’s direct contact details so that you will easily be able to contact them and be clear as to how your case is progressing. We are also proactive in contacting you to make sure that you are kept up to date at each stage of the process. We pride ourselves on being approachable and always contactable.
Thank so much for all your assistance with this – it would have been even more difficult without your help and advice. It was so reassuring to know that you were dealing with everything and were always available.
I have very much appreciated your quick and precise views given with every step all through.
We could not have asked for a more professional, astute, thorough and personable relationship.