Buying & selling your home

Buying & Selling Your Home


Buying & Selling Your Home :

Mortgages

If you are purchasing a property it is likely you will need a mortgage to help fund the purchase. Once you have a mortgage offer and have had an offer accepted to buy a property, your mortgage provider will want to check that there are no problems with the property or the title. They will insist on a solicitor dealing with this for them.

We are on many of the mortgage lender panels which means that as well as helping you on your purchase we will also act for your lender in putting their mortgage in place on your new home. This means that the lender does not have to instruct their own separate solicitor saving you both time and money. We can also provide a conveyancing service for a remortgage if required.

If you need to secure a loan against your home, or you co-own a home which is being used as security you will need to take independent legal advice. Our specialists will help you to understand the risks involved in this type of arrangement.

If you are an occupier of a property, but not party to the mortgage, we can provide you with the advice you will need on whether you have an interest in the property and the effect of the mortgage on any interest you might have. You may be required to sign a deed of consent or postponement so that the lenders rights are ahead of yours.

Occasionally a lender will require another person to guarantee the loan. The role of the guarantor is to stand in the place of the borrower should the borrower default on the loan. If you have agreed to act as a guarantor we will take the time to help you understand the risks involved and the options available to you.

If you are loaning someone money to purchase a house, you should have a loan agreement drawn up by a solicitor. Our property experts will explain the implications of lending the money and will draft declarations of trust if appropriate.

If your home is being repossessed because you have breached your mortgage conditions. The lender could bring possession proceedings. If this is the case Hart Brown’s expert property team can help to negotiate with your lender to find possible solutions.

To discuss your mortgage issues with a specialist property call or email us today.

 

Fees: 

When mortgaging your freehold or leasehold property, provided that matters proceed in the normal course, the costs that you can expect are as follows:

Our legal fees

Minimum fee: £954 including VAT at 20%

Average fee: £1,074 including VAT at 20%

Our fees are calculated based upon the price and complexity of matters that affect the property.

You can also expect to pay the following additional costs:

Estimated local search fee: £264 including VAT at 20%

Land Registry fee for copy title: £3.60 including VAT at 20%

Land Charges Registry search fee: £4.80 including VAT at 20%

Land Registry search fee: £3.60 including VAT at 20%

Landlord’s notice fee (estimated): £180 including VAT at 20%

Land registration fee*

Funds transfer fee to repay existing mortgage: £39.60 including VAT at 20%

Funds transfer fee to remit the net balance to you: £39.60 including VAT at 20%

* These are available to view on the Land Registry website which you can access by clicking here. 

What work do our fees cover? To:

  • obtain and check title to the property;
  • carry out any necessary searches and check these;
  • review replies given to enquiries in connection with the property;
  • for a leasehold property, review the lease, freehold title, and management information;
  • obtain an initial redemption figure if there is an existing mortgage;
  • consider our instructions from your lender and advise you on your mortgage offer;
  • set up completion and send the certificate of title to the lender;
  • obtain a firm redemption figure at the completion date;
  • prepare a completion statement and obtain any balance monies required;
  • carry out Land Registry and Land Charges Registry searches;
  • complete the re-mortgage and account to you for any balance monies;
  • redeem the existing mortgage and obtain evidence of discharge;
  • give any notice of charge required under your lease; and
  • register the mortgage at the Land Registry.

How long can you expect this to take?

The average time frame is between 3 and 5 weeks.

who to contact


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"I would say a big thank you to David Knapp and his team as our instruction was of an urgent nature and their efforts ensured that the purchase of our property was completed well within our required timescale."

David Knapp. Partner and Head of Residential Property