Buying Residential Property

Solicitors for Residential Property HS Legal Solicitors handle remortgaging, equity property transfers, leasehold and freehold conveyancing, equity release schemes, and re-mortgaging of residential properties. Call us on 01206500181 or contact us online and we will call you.

Regardless of the type of property law transaction, purchasing a residential property can be a daunting undertaking. We take tremendous pride in ensuring that your transaction is executed with utmost efficiency and minimal stress.

We have a hospitable conveyancing team available to provide answers to any inquiries you may have. We do not believe in a "team" approach, in contrast to other law firms, and instead believe that our personalised service is more beneficial to you. You should be able to speak to your Solicitor each time you contact us so that any questions you have can be answered straight away.

Legal Considerations Regarding the Purchase of a Property

There are numerous legal considerations that may affect the property when purchasing a home.

Legal advice with respect to the acquisition of residential property:

• The Process of Purchasing Property
• Searches of Properties
• Legal Aspects to Consider
• Tax Concerns

The Process of Purchasing Property

The day the balance is paid in full and the occupants vacate the premises is referred to as the "completion date." In order to facilitate the financial preparations and scheduling of the move-in date prior to the completion date, a mutually agreed-upon agreement is reached regarding the price, date, and the necessary completion equipment.

This is formally accomplished via document and is known as "exchange of contracts." Both parties are permitted to withdraw from the transaction without consequence until that date.

Additionally, prior to purchasing a house note:

• The seller's liability is limited to exercising reasonable care for the property.
• A portion of the purchase price is due to the sellers' solicitors. This "deposit" will likely be forfeited should you fail to complete for any reason. It is therefore crucial that you are certain you will complete prior to our exchange.

Searches of Properties

For your and your lender's protection, we are obligated to conduct searches on the property you intend to purchase. These consist of:

• The local land charges register contains a comprehensive record of all obligations that landowners owe to the local government or authority. After the completion of a search, an official search certificate will be issued to you.
• Other records of the local government, including rights of way, road construction proposals, and planning decisions. You should determine the scope of the search and, if possible, conduct a personal search or consult the internet. Typically, it is the most time-consuming aspect of the transaction, excluding the acquisition of the mortgage offer.
• Water and drainage services to the property specifying whether or not a private or public sewer receives the wastewater.
• The environmental search examines the property's location in relation to potential hazards, such as flooding and subsidence, as well as contaminated land.
• A planning search that is discretionary and provides information on nearby phone mast locations, local planning application specifics, and general area data, including council tax bands and local amenities.
• An elective chancel inspection can determine whether the property is susceptible to a potential liability for chancel repairs, which pertain to the upkeep of the local church.

We will be able to proceed with the exchange once we have received affirmative responses to the aforementioned inquiries. Until then, we require the funds to fund the deposit that is due on the exchange.

Legal Considerations in Property Purchase

Purchasing a home is likely an opportune moment to reconsider matters pertaining to the will and inheritance tax in general. We have a specialised team available to provide guidance on these matters; doing so may prevent any complications in the future.

Tax Considerations For The Purchase Of A Residence

If the property appreciates in value prior to your eventual sale, you may be liable to pay Capital Gains Tax on the discrepancy between the purchase price and the property's cost to acquire, improve, and sell, adjusted for inflation. You are exempt from paying any capital gains tax on the house if it serves as your primary residence. However, it is important to note that individuals are limited to having a single main residence.