Purchasing Freehold Solicitors Enfield, Finchley, North London and Hertfordshire

Main Issues

The main issues involved in a freehold purchase include

• Checking that the contract for the purchase is fair and reasonable and accurately reflects your instructions and advising you upon its suitability
• Advising on and submitting appropriate searches and advising you of the results
• Checking and advising on the sellers title (i.e. insuring that the seller has the right to sell the property and has advised of any rights benefitting and any obligations or restrictions which affect the property
• Raising appropriate enquiries before contract and advising you on the replies
• Agreeing to a completion date and exchanging contracts on the purchase which commits you to the purchase of the property at a specific price on a specific date
• To obtain the deposit payable on exchange of contracts from you
• To consider the planning history of the property for the last twelve years. Please note that unless specifically requested we will not carry out any investigations or obtain planning permissions for any works carried out before then
• Preparing a transfer document and arranging for this to be signed
• Ensuring that the title of the property complies with the requirements of the mortgage lender; submitting a certificate of title to the Mortgage lender; and obtaining the mortgage money to enable completion of the purchase to take place
• Preparing your completion statement and advising you of the balance required in order to complete the purchase
• Preparing the form for submission to H.M. Revenue and Customs along with the stamp duty land tax due
• Completing the registration of your purchase

Objectives

We will:

• Advise on any covenants, rights or reservations that may affect you
• Ensure that the title to the property you are purchasing is good and marketable
• Advise on the terms of the contract and that:
  • It complies with your instructions
  • It’s fair and reasonable
  • Places no abnormal obligations on you

Complete the purchase and register your ownership with the Land Registry subject to the mortgage

Time Frame

Property matters can sometimes reach exchange of contracts and completion quickly but based on our experience normally we would hope to be able to complete your transaction if you are in a chain, within ten weeks. This time scale is not fixed as it depends on other parties being prepared, willing and able to work to them. Completion dates are normally a matter of negotiation between the seller and the buyer shortly before exchange of contracts, via the agents.

Quoting for your Transaction

We will send you a quote for costs and disbursements together with a Client Care bundle. Our charges are fixed and there may also be expenses we incur directly on your behalf (disbursements; which includes things such as search fees and land registry fees).   Value of added tax at the current rate will also be added to our costs.

The estimate we send you assumes that the transaction proceeds smoothly. Certain issues may result in having to revisit the estimate as the matter proceeds. This could include things such as

• Problems with the title of the property
• Problems with the boundaries of the property
• Unexpected issues raised in searches
• Problematic or incomplete documentation supplied either by your lender or yourself

Mortgage Issues

The above list is not intended to be exhaustive but should any such issues arrive we’ll provide you with a revised estimate at that stage and explain the reasons why the estimate has needed to be revisited.

If your transaction does not proceed for whatever reason we will still charge you fees and disbursements for the work we have carried out to that date.

Stamp Duty Land Tax (SDLT)

We are not accountants and we therefore cannot give detailed advice as to your SDLT liability. In order to complete the registration at the Land Registry (and to comply with any mortgage requirements) we are however required to submit an SDLT form to the Land Revenue and obtain a receipt from them. In order to achieve the completed registration we will complete the form and submit it based on the full purchase price, taken into account any additional properties you have disclosed to us. We will assume that your interest in the property is solely residential and we will not advise as to any potential reliefs or exemptions.

We therefore recommend that you take advice from an accountant or a tax specialist as to the level of SDLT liability prior to exchange of contracts.

Other aspects of conveyancing which are available

• Variations on the conveyancing process
• Assisting in negotiating terms before the contract is prepared
• Variations on the terms of the contract
• Variations on searches on a purchase
• Option agreements
• Claw back agreements
• Private mortgages or loans
• Bridging loans
• Wills
• Declarations of trust
• Beneficial interest in property
• Joint ownership
• Cohabitation agreements
• Licenses
• Leases
• Tenancy agreements
• Boundary issue

Extent of Retainer

We will only deal with the legal aspects of this transaction. We do not advise on any other matters relating to the property.

We are not:-

• Qualified to give investment advice
• Independent insurance advisors or brokers
• Or where we offer to obtain or provide an insurance policy this is solely based on legal requirements and no advice is given in respect of the premium or whether cheaper policies are available elsewhere
• Accountants or tax specialists. We can give you an amount regarding the stamp duty land and tax which will be payable on a transaction but we cannot advise you in respect of your tax implications
• Generally able to visit the property unless specifically requested to do so (for which we will charge an additional fee) it is there for you check the plans provided by us in respect of the property to ensure they accurately reflect the property on the ground
• Able to confirm that the structure of the property is safe and satisfactory and complies with all planning permissions and building regulations consents
• Able to advise you as to whether the purchase price of the property is fair and reasonable
• Surveyors and cannot advise on both general and specific issues arising from your survey
• Is going to transfer any utilities, phones, council tax for you. This must be done directly with the relevant authority or utility providers
• Removal experts