Conveyancing Advice

 

 

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Showtime For First Time Buyers

Posted by on Aug 26, 2016 in Conveyancing Advice, Uncategorized | 0 comments

Deals Open To First Time Buyers (FTB)

 

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  1. HBC will contribute £100.00 towards FTB legal costs* (call for more details)
  2. Halifax are offering £1000.00 cashback to qualifying first time buyers*
  3. Nationwide and RBS are offering a similar conditional sum of £500.00*
  4. Also, Clydesdale Bank are offering £250.00*
  5. Remember to check that you are getting the special FTB mortgage rate.
  6. Remember your £3000 available via the Help To Buy Scheme.

All facts correct at time of publishing – Please call for more information*.

 

 

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HBC Property Facts

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Average price by local authority for Scotland

Average price by local authority for Scotland

Average price change by property type for Scotland

Property typeJune 2016June 2015Difference
Detached£246,291£231,9286.2{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35}
Semi-detached£148,303£142,9393.8{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35}
Terraced£118,944£115,2643.2{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35}
Flat or maisonette£104,079£99,0265.1{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35}
All£143,282£136,9234.6{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35}

Annual price change for Scotland over the past 5 years

Annual price change for Scotland over the past 5 years

 

We Are Wanted !

Posted by on Aug 22, 2016 in Conveyancing Advice, Uncategorized | 0 comments

We Are Wanted !

 

 


Conveyancing Fees, Conveyancing Quotes, Property Legal Quotes, Conveyancing Fees to buy a property, Conveyancing fees to sell a property, Commercial conveyancing fees, residential conveyancing fees
Wanted by buyers and sellers in huge numbers. The rewards are significant if you catch one of our deals. Is it our unbeatable fees or the amazing service? Or is that we just offer something different to the usual. So we have published our Official Wanted Poster. Behind the fun we remain committed and focused.

 

Conveyancing Fees, Conveyancing Quotes, Property Legal Quotes, Conveyancing Fees to buy a property, Conveyancing fees to sell a property, Commercial conveyancing fees, residential conveyancing feesA record year for both the huge volume of referred clients, more than ever. A record year for new buyers and better, slicker ways for all our clients to save. Its all good.

 

 

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Conveyancing Fees, Conveyancing Quotes, Property Legal Quotes, Conveyancing Fees to buy a property, Conveyancing fees to sell a property, Commercial conveyancing fees, residential conveyancing fees

 

HBC Examine Fixed Fee Conveyancing

Posted by on Aug 11, 2016 in Conveyancing Advice, Uncategorized | 0 comments

HBC Examine Fixed Fee Conveyancing

Conveyancing Fees, Conveyancing Quotes, Property Legal Quotes, Conveyancing Fees to buy a property, Conveyancing fees to sell a property, Commercial conveyancing fees, residential conveyancing fees

Conveyancing Fees, Conveyancing Quotes, Property Legal Quotes, Conveyancing Fees to buy a property, Conveyancing fees to sell a property, Commercial conveyancing fees, residential conveyancing feesFixed fees and costs

Conveyancing Fees, Conveyancing Quotes, Property Legal Quotes, Conveyancing Fees to buy a property, Conveyancing fees to sell a property, Commercial conveyancing fees, residential conveyancing feesOur quote for fees won’t depend on the value of your property. Our fee quote is not dependent on the price you pay for your new property, or for the price you sell at. We don’t believe in higher solicitors property fees just because the property price differs.

INSTANT CONVEYANCING QUOTE?'Click Here'

Conveyancing Fees, Conveyancing Quotes, Property Legal Quotes, Conveyancing Fees to buy a property, Conveyancing fees to sell a property, Commercial conveyancing fees, residential conveyancing feesConveyancing and property solicitors costs easy to follow

Your conveyancing and property solicitors fees and costs will be narrated and easy to follow. No costs or fees charged by the hour, per telephone call or per letter sent. Your fee quote using our online calculator shows the fees and costs for your property solicitor.

 

Conveyancing Fees, Conveyancing Quotes, Property Legal Quotes, Conveyancing Fees to buy a property, Conveyancing fees to sell a property, Commercial conveyancing fees, residential conveyancing feesConveyancing and property solicitors costs easy to follow

Conveyancing Fees, Conveyancing Quotes, Property Legal Quotes, Conveyancing Fees to buy a property, Conveyancing fees to sell a property, Commercial conveyancing fees, residential conveyancing feesYour conveyancing and property solicitors fees and costs will be narrated and easy to follow. No costs or fees charged by the hour, per telephone call or per letter sent. Your fee quote using our online calculator shows the fees and costs for your property solicitor.

 

Conveyancing Fees, Conveyancing Quotes, Property Legal Quotes, Conveyancing Fees to buy a property, Conveyancing fees to sell a property, Commercial conveyancing fees, residential conveyancing fees

Property Finance

Posted by on Feb 2, 2016 in Conveyancing Advice, Uncategorized | 0 comments

Property Finance

Buying Property & Property Finance Options

Sources of Finance

Finding the finance to buy property today has become a huge undertaking and one which can be complex. Sure your financial adviser can show you the figures and your lawyer will highlight the terms of the contracts. Yet do you really know what you are agreeing to until you are about to buy? Below we have tried to highlight the various considerations you may consider prior to any agreement. Facts to help you ask the right questions of your would be lender/bank.

  • Mortgages & Deposits – Advice on what your Bank will take into account

  • Shared Equity – Shared ownership of the property, what does the other owner have right to?

  • Help to Buy – Funding to help you buy, but what are the draw backs?

  • Bridging Finance Open & Closed – Short term finance, so why is this not the norm?

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Mortgages & Deposits


Covering the vast majority of transactions. Just remember the deposit, your deposit should come from you! Your lenders will get very anxious if they think that you have obtained the deposit from family or friends. Your bank will certainly balk if you take out a loan or use your credit card to pay any deposit. Your lawyers will be asked to advise the them if you provide deposits from any alternative source that is not your savings. If you read the terms of your loan your offer of loan is subject to many conditions.

To this end, we cannot stress enough that you examine your loan terms to ensure that you abide by the terms of your loan. Remember the lenders can refuse to lend or may have to reconsider even lending if you breach any of the terms. This is not a great position to be in on the day you are meant to get the property!

Shared Equity

Shared equity most used to explain that you own the property with another. This could be the case where you you are offered 75{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35} share and a housing association owns the 25{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35} share. Yet is has been the case that the share could be owned by another party such as the builder, or a financier. Obviously you really must look into the rules. Consider the fact that they have the right to do inspections, stop you from letting other stay with you, pets, alteration, the things we see are endless and vary. Yet the most problematic issues are cause by;

1. Your lender may not provide finance if they are not happy with the other party to the deal. You may be asked to cover the costs when you buy for ALL the expenses of the other party and for that matter each time to remortgage or even try to sell.

2. What happens if the other party goes bankrupt? Who do you now share your property with? This may not be such an issue if its a housing association or local authority but it is worth considering.


Again we are probably guilty of painting a rather bleak picture but we think that its best that you have all the information prior to any decision.

 

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Help to Buy

Help to buy tend to be the most reported, but for the legal and financial systems the most complex. Unfortunately due to the very political nature of the governments ‘Help to Buy’ schemes. they can time to set up with multiple lawyers representing the interests of … well you, the seller, the bank and the government. You may also have the institution administering the loan wanting its say. All amount to a huge level of documents to be approved by all and signed by ALL concerned. Yip you’ve guessed it …. who pays? Well anyone who says to you that there is no extra costs is painting a poor picture. Yet due to the political nature of ‘Help to Buy’ your lender may have less concerns that they may have for shared equity. In regards to costs they tend to vary dependent on who administers the governments loan terms and who they use as the lawyer.

 

To help you, we only use lawyers who have an extensive working knowledge of the processes, so providing you with accurate time scales and information is guaranteed and on hand.

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Bridging Finance

Bridging Finance is effectively a loan given to you and paid back on the promise of a future event. For instance, if you wish to buy today but you need funds from the sale of your house, yet it is not due to be sold for another month, you can apply for finance to bridge the gap between the dates, i.e. ‘bridging finance’. Now the difference between ‘open and closed bridging is as follows.

Closed Bridging

This is where you have a concluded contract and therefore you have a fixed date and sum due to you in the future. This type of bridging tends to be more accessible and cheaper than open bridging. Closed bridging is the term used where, most commonly you have a concluded contract to sell your house in a future date. It is therefore easy for your lender to see how you are paying back the short term bridging loan. Your lawyers shall have to undertake several obligations on your behalf to the lender and complete the applications showing the viability of the funding.

Open Bridging

Open bridging is not so readily available. Only a few main stream banks will undertake this kind of finance. Open bridging tends to be where you have not sold your property yet but are trying to. It is commonly known that is is very expensive and can take considerable time for you, your lender and your lawyer to complete all the documents. So please ensure that you leave plenty of time to set this up. You can imagine that taking a loan out based on paying it back when you eventually sell has its stresses, but the facility is there and people can apply if needed. Each lender has very differing criteria for open bridging and not every lender will readily help.

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SELF BUILD PROPERTY

Posted by on Feb 2, 2016 in Conveyancing Advice, Uncategorized | 0 comments

SELF BUILD PROPERTY

SELF BUILD PROPERTY

WHAT TO EXPECT

Building your own home is a dream prospect for most people. Designing your own home on the perfect piece of ground – in house building terms, what couldn’t be more appealing? But let’s think facts and avoid the nightmares of landlocked plots, inadequate services and difficult neighbors.

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THE FUN STARTS HERE.

The fun bit: choosing the plot; sitting down with your architect to design; and watching your dreams become a reality as construction starts. Why spoil it with lawyers? Well, you’ll want to make sure that the plot actually belongs to you; that the boundaries are where you think they are; you have the rights to build there; you have access to the plot; you can connect to drains and sewers, you can lead water and other services over adjoining land; there isn’t a problem with other developments; the mineral rights aren’t unusual; and of course that your mortgage lender is happy that your lawyer has checked all of this (and more) out.

Don’t worry! Our lawyers have extensive experience with this. They’ll know where to look and what to watch out for on your behalf.

You’ll also need to think about lending, should you need it. The most common way is to receive your loan funds in tranches, where you receive some of the mortgage funds after each stage of completion of construction.

Who is doing the building? Make sure that your contractor is properly endorsed professionally. Recommendations by family and friends are useful, but always make sure you receive multiple quotes from different builders to compare costs.

But most importantly of all – make sure you contact us before you begin! Don’t leave it until you’ve started to find out you have an expensive problem that could have been addressed at the beginning. Call us if you’d like some free advice or if you are about to start building!

WORKING ACROSS THE WHOLE OF SCOTLAND

…As the prices fluctuate due to regional or very specific local issues we pride ourselves in keeping you the client in the best position to buy or sell. Conveyancing in Scotland has become more complex and huge amounts of money can be gained or lost dependent on having the right team to support and represent you.


With the support of our professional advisers and business partners we can keep you in the best position regardless of where your conveyancing transaction is within Scotland. Our Solicitors can call out to visit you and we can even arrange for some local financial advice or estate agent if you require a wider appreciation of the local market you are selling or buying in.

No matter where you are wishing to buy your property in Scotland your Scottish Conveyancing Solicitor can be there for you. With home or work place visits and local advice we can ensure that your legal position is secured and your interests are fully represented. Ensure you appoint the best team to represent you.

We have built on the comprehensive legal service by organising home of work place visits. Local knowledge is never lost and is one of our great benefits regardless of where in Scotland you are buying, selling or transferring. Why not have the full service, and at a reasonable cost. We have built or service on providing results without loosing site of how important keeping the conveyancing fees to a level where you the client can get a great service without the high end legal costs.

CALL AND SEE HOW WE MAKE THE DIFFERENCE TO CLIENTS

With the support of our professional advisers and business partners we can keep you in the best position regardless of where your conveyancing transaction is within Scotland. Our Solicitors can call out to visit you and we can even arrange for some local financial advice or estate agent if you require a wider appreciation of the local market you are selling or buying in.

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PART EXCHANGE PROPERTY ADVICE

Posted by on Feb 2, 2016 in Conveyancing Advice, Uncategorized | 0 comments

PART EXCHANGE PROPERTY ADVICE

PART EXCHANGE PROPERTY ADVICE

Clients considering a part exchange property are often directed to use a lawyer chosen by the Builder/Seller. The law allows you to instruct a lawyer of your own choosing, not just one recommended to you by the builder/seller. We are sure that they will provide you with the approved legal advice required, yet seeking your own lawyer, independent from the builder/seller has its own benefits. Buying a new build property has its own set of legal rules. It can never hurt to seek a few legal opinions before you sign or bind yourself to any contract. Agreeing to buy a new build or signing up to a builders part exchange contract is no different.

ALL INITIAL LEGAL ADVICE REQUESTED IS FREE AND GIVEN TO YOU WITHOUT ANY OBLIGATION.

HBC-First-HomeIn short, seek some advice, it only takes a few minutes to discuss and at the end of our chat if you decide to go with the builders chosen solicitors we wish you all the best.

PART EXCHANGE A FEW FACTS TO CONSIDER

Although part exchange can be viewed as a process in its own right, it is basically a sale and purchase in the same contract. To this end many people can get confused.

The missives in a part exchange are normally issued by the builders solicitors. They will detail the usual clauses covering what is being sold for how much and what is the remedy if the contract is breached. The missives themselves can seem overly complex due to the fact that clauses for your sale and your purchase can be mixed. If you try and keep in your mind that some clauses will cover the sale of your house to the builder and others shall cover the purchase from the builder you cannot go wrong.

The search costs, are dependent on the terms set down by the builder. In many cases the builders do not pay for any searches. (A fact detailed in our Guide to Conveyancing) You can if timed correctly cut back on the costs by combining some of the searches to cover both, but you will still have to purchase the basic searches.

One of the issues your own solicitor must consider is to ensure that your builder is also bound into the transaction. Although this seems self evident you must remember that the formal offer produced by your builder can in some cases highlight the best position for them not you. So before you sign anything ensure that you have discussed it with your lawyer. Ensure that your own interests are covered.

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The main issue for many clients is getting the statement of account as early as possible. Given the amount of incentives, builders costs and factor charges it takes time for the builder to issue a statement of account for the transaction. As such your own solicitor may not be in a position to advise you of the final bill until the builder issues their own statement.

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Lifetime Mortgages

Posted by on Feb 2, 2016 in Conveyancing Advice, Uncategorized | 0 comments

Lifetime Mortgages

LIFETIME MORTGAGES

MORTGAGES WITH A DIFFERENCE

These are less usual mortgages that are also sometimes called equity release mortgages. The idea is that you borrow money without making monthly payments. Instead, repayment with interest is usually made when you sell the property or upon the death of the owner.

 


HBC1-New-Logo-200x200There are more issues to understand with lifetime mortgages and more often than not, your lender will want your lawyer present when you sign on the dotted line. Your lawyer will need to explain the legal details to you, so don’t be fooled by anyone claiming that they can advise you over the telephone to cut costs.
Our lawyers always meet up with clients who wish to arrange lifetime mortgages. One reason for this is that many clients who choose this form of lending are at a later stage in life, and we like to make sure they understand everything before committing.

Our lawyers will also visit you in your own surroundings to make sure you are comfortable and at ease asking questions. So if you have spoken to your financial adviser and you think that this type of mortgage is for you, give us a call and we’ll help you through the process.

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WORKING ACROSS THE WHOLE OF THE UK

…As the prices fluctuate due to regional or very specific local issues we pride ourselves in keeping you the client in the best position to buy or sell. Conveyancing has become more complex and huge amounts of money can be gained or lost dependent on having the right team to support and represent you.

With the support of our professional advisers and business partners we can keep you in the best position regardless of where your conveyancing transaction. Our Solicitors can call out to visit you and we can even arrange for some local financial advice or estate agent if you require a wider appreciation of the local market you are selling or buying in.

No matter where you are wishing to buy your property your Conveyancing Solicitor can be there for you. With home or work place visits and local advice we can ensure that your legal position is secured and your interests are fully represented. Ensure you appoint the best team to represent you.

We have built on the comprehensive legal service by organising home of work place visits. Local knowledge is never lost and is one of our great benefits regardless of where you are located. Why not have the full service, and at a reasonable cost. We have built or service on providing results without loosing site of how important keeping the conveyancing fees to a level where you the client can get a great service without the high end legal costs.

CALL AND SEE HOW WE MAKE THE DIFFERENCE TO CLIENTS

With the support of our professional advisers and business partners we can keep you in the best position regardless of where your conveyancing transaction is within Scotland. Our Solicitors can call out to visit you and we can even arrange for some local financial advice or estate agent if you require a wider appreciation of the local market you are selling or buying in.

 

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Benefits to HBC'Click Here'

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For A Domestic Property Quote'Click Here'

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For A Commercial Property Quote'Click Here'

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Help to Buy and Shared Equity

Posted by on Feb 2, 2016 in Conveyancing Advice, Uncategorized | 0 comments

Help to Buy and Shared Equity

Help to Buy & Shared Equity – What is it?

 

With the Shared Equity Schemes, a shortage of savings will not stop you from getting your dream new build home.

Shared Equity is really a type of shared house purchase.

You buy the property with a normal mortgage from a bank and with a government interest free loan.

You enter into an Agreement with the government which facilitates the future repayment of the government’s loan – usually occurring on the sale of the property.

For example, if the government provides you with 20{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35} of the purchase price – it will be entitled to receive back 20{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35} of any future sale.

 

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The Help to Buy scheme in many cases requires just a 5{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35} deposit and a mortgage of up to 75{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35} of the value of the property. So you pay just 80{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35} of the purchase price now, and the remaining 20{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35} is provided by a Government equity loan.

 

The important bits:

  • You need a minimum deposit of 5{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35}.
  • Available for eligible new builds up to the value of £400,000.
  • Available to both first-time buyers and those already on the property ladder.
  • You must live in the property and it must be the only property you own.
  • Your mortgage must be a repayment mortgage.
  • The government equity loan is interest free for the term of the loan which could make your monthly mortgage repayments lower.
  • At any time you can repay the government’s equity share.

 

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Are you a First time Buyer?

The LIFT Schemes – Shared Equity exclusively for First Time Buyers

The two LIFT Schemes help first-time buyers on modest incomes to buy a home.

In England the Government releases tranches of funding, while in Scotland £70 million funding for the Schemes in the financial year 2015-2016. It Is always worth keeping in contact to ensure that when the funds are released you secure the deal before others do.

 

LIFT Open Market Shared Equity

  • Any first time buyer can apply.
  • The Government are providing substantial extra funds to increase eligibility.
  • You take a stake of between 60 and 90 per cent with the rest of the balance being a government loan provided through a social landlord who assesses your application.
  • Purchase price limits are set in accordance with the region where you want to buy.

 

LIFT (Or Others Scheme) New Supply Shared Equity

  • The New Supply Shared Equity Scheme assists first-time buyers to purchase a new build home either a builder or from a Housing Association or a Housing Cooperative.
  • The Government gives grants to registered bodies to help them build new homes.
  • You can get details of low cost initiatives available within your local authority from HBC.

 

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Interested? Just ask HBC

We can use all of our expertise to help you secure your new home. Just contact our Property Team on 0800 13 13 413 and we promise to keep it as smooth and as uncomplicated as possible, every step of the way.

 

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Land Boundary Disputes

Posted by on Feb 2, 2016 in Conveyancing Advice, Uncategorized | 0 comments

Land Boundary Disputes

Land Boundaries

 

If you are seeking advice on a boundary Issue there are several factors you will require to appreciate.

Plans and The Registers

1. The legal extent of any property, by this we mean the actual land registered under your ownership can vary from what you are actually using. This can be as simple as the fence being in the wrong location or over the use of land successive owners consider that they own it.

2. The Registers plans can differ. If unregistered the plans can be very vague and in some cases there may not be a plan but a description based on objects or building which have long since gone. If Registered the plan can lack in precise sizes and details. They most probably will not tell you if the wall is on your land or another’s.

3. Property descriptions may in some cases help and they may detail the land features, walls fields etc.

Now for the real issues.

1. Boundary issues are not by their nature criminal and as such the police will most probably not take action. Yet if the problem also breaches any criminal laws this may change the situation.

2. There are Land Courts and Tribunals set up to deal with disputes. Unfortunately they are very very expensive and slow.

3. Normal civil court action may be the best way forward, the use of interdicts to stop any real time events. Yet this will be expensive.

4. Negotiation and Mediation tends to be the first port of call, but not always successful.

In many cases we have found that the dispute arose due to conflicting information and as such seeking legal advice to help both parties understand who is legally right may be a start. Our specialist legal teams are always on hand to help and answer your questions. It may be that you just wish us to prepare a boundary report or help find a solution to avoid expensive court action. If you think we can help please call.

Conveyancing Before You Buy

Posted by on Feb 2, 2016 in Conveyancing Advice, Uncategorized | 0 comments

Conveyancing Before You Buy

Conveyancing Before You Buy

WHAT TO THINK ABOUT

WHAT HAVE I FORGOTTEN?


Is your head buzzing with ideas yet? We’ve outlined our checklist below to help you through the thinking part of the moving process. Don’t worry, they might not all apply to you, but it will help you remember the little things to make your move that little bit easier…

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Our checklist has both serious and lighter notes to it. It’s no secret that moving home can be a challenge, but remember that you’ll most likely only do this a few times in your lifetime. For many people a house is a home with many memories. It is important that on your moving day you try to take time to enjoy the moment and the excitement of such a big event. You’ll be busy, but that’s the nature of a home move!

When buying:

  • Organise your survey and mortgage;

  • Contact Conveyancing Lawyers for your solicitor;

  • Organise your removal specialists;

  • Calculate your deposit and have it ready;

  • Arrange buildings insurance for your new home;

  • Check out the utility suppliers;

  • Work out the stamp duty if applicable;

  • Enroll the kids at school if moving far afield;

  • Arrange your new doctor and dentist; and

  • Have a takeaway number ready for your first meal while unpacking!

When selling:

  • Obtain your title deeds;

  • Get a repayment figure from your mortgage lender;

  • Instruct a reputable estate agent;

  • Contact Conveyancing Lawyers for your solicitor;

  • Organise your removal specialists;

  • Take your utility meter readings;

  • Be sentimental – take a picture of your home before you leave;

  • Arrange for storage or follow the purchase advice above;

  • Settle any outstanding bills that come to your address; and

  • Do a final head count to make sure the kids and pets have come with you!

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MORTGAGES & BANKS

RULES THAT BIND US ALL

If you use a lender or bank to help buy your property brings its own unique set of rules that you must be aware of. The first thing you must be aware of is that your appointed lawyers most probably also act for your bank. Is this an issue? Well it can in many cases complicate matters, for instance

Your bank or lender will ask your lawyer to confirm many areas. Despite the fact that your bank or lender has stated that they will provide funding, they ask your lawyer to ensure other details before sending the funds. For example, but not exclusive….

1. If your financial situation changes

2. If the purchase price changes

3. If any party to the purchase changes

4. If you are receiving any of your deposit from another person

5. If you have deviated from any of your agreements or circumstances that you discussed with your bank

6. If ALL the paperwork for the property is in place (no exceptions)

7. If ALL the searches have been completed and are all ok.

8. Your identity has been confirmed.

9. And finally and possibility that all the conditions of the loan including all the conditions of the Council of Mortgage Lenders Handbook(CML) have been adhered to.

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Caution !


If ANY issue arises your lawyer must report this to your lender and then the lender will decide if they still intend to loan the funds. The further problem is that in some cases reaching a decision from many lender can take several weeks. This again can cause massive stress and pressure for both you and your lawyers who are chasing, but ultimately waiting on an answer from the lenders.

 

Correct Building paperwork and the CML Rules

The fundamental issue surrounds the issue of having ALL the correct paper work in place to show that the works done were done will all approvals in place. Having say, 9 out of 10 of the deeds if not enough. You may be happy with the documents, the builder and have lived with the alterations for years yet this is not enough. Any UK lender will insist that before they provide any money to buy or remortgage any property the deeds must be in place. This is a non negotiating position set down by lenders under their unified Council of Mortgage Lenders (CML) Rules. You can imagine that if your potential purchaser cannot get a loan over your property they it will have limited value. To compound this there may be alterations to the property which predate your ownership and are out with your knowledge.

The easiest way to check all is well is to examine any survey or home report your valuer will be using to sell your property. Check that you have in place all the documents to cover any works they highlight, and if in doubt let us help you piece the documents together before any issue arises.

CALL AND SEE HOW WE MAKE THE DIFFERENCE TO CLIENTS

With the support of our professional advisers and business partners we can keep you in the best position regardless of where your conveyancing transaction is within Scotland. Our Solicitors can call out to visit you and we can even arrange for some local financial advice or estate agent if you require a wider appreciation of the local market you are selling or buying in.

 

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Alteration Documents

Posted by on Feb 2, 2016 in Conveyancing Advice, Uncategorized | 0 comments

Alteration Documents

Property Alterations

BENEFIT OR DEAL BREAKER?

ALL IN THE DETAIL

Alterations to your property should have both a financial and living standards benefit. Yet what started as a grant plan can be a deal breaker when it comes to selling or even refinancing the property.

The fundamental issue surrounds the issue of having ALL the correct paper work in place to show that the works done were done will all approvals in place. Having say, 9 out of 10 of the deeds if not enough. You may be happy with the documents, the builder and have lived with the alterations for years yet this is not enough. Any UK lender will insist that before they provide any money to buy or remortgage any property the deeds must be in place. This is a non negotiating position set down by lenders under their unified Council of Mortgage Lenders (CML) Rules. You can imagine that if your potential purchaser cannot get a loan over your property they it will have limited value. To compound this there may be alterations to the property which predate your ownership and are out with your knowledge.

The easiest way to check all is well is to examine any survey or home report your valuer will be using to sell your property. Check that you have in place all the documents to cover any works they highlight, and if in doubt let us help you piece the documents together before any issue arises.

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Conveyancing Missives & Contracts

Posted by on Feb 2, 2016 in Conveyancing Advice, Uncategorized | 0 comments

Conveyancing Missives & Contracts

CONVEYANCING MISSIVES & CONTRACTS

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ALL IN THE DETAIL


The basis of all property transactions is set in a binding contract, otherwise known as the missives. Many people make the mistake of thinking that the deal is done when in fact the parties are still negotiating the deal. When negotiating either party can walk away. In the absence of any pre-contract deposit or agreement, neither party

would hold liability. Yet when is the contract binding? This is an issue that you must really check with your lawyer. Do not make the assumption or take anyone’s word for it as contracts are slippery at best.

Avoiding the contract !

So you have a contract and one party is in breach (not sticking to the deal) or attempting to get out of a contract? Even after contracts are concluded many lawyers place conditions within the contract which allow their clients to withdraw without cost if specific conditions are not met. The most general conditions tend to be around the searches over the property, coal reports, debt and insolvency and in many cases if the property is badly damaged. Again we must stress that you check with your conveyancing lawyers as not every contract is the same.

Shakespeare’s Advocate

The final throw of the dice is when the creative lawyer uses a legal gray area in the contract. Highlighted in Shakespeare’s Shylock – Merchant of Venice. Unfortunately this approach being less cut and dry is more use full as a line of argument if the parties go to court to settle the deal. This, in our opinion is never a very equitable path and negotiation or mediation may prove a better remedy.

Court Action.

Over the years very few people tend to seek court action to enforce domestic contracts. Given these facts and costs involved we always urge clients to check and double check that they have all in place. Funds, documents, bank details and always work with your lawyer to ensure that things happen when they need to. Secondly, sellers ensure that all documents are in place and you help progress all the questions put to your lawyers by the purchasers. If purchasing ensure that all your funding is in place and you have clear instructions from your bank and your valuer.

In all cases your lawyers work with you providing the expert advice and as such we urge you to call your conveyancing Lawyers if you have ANY legal questions.

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AM I THE OWNER?

 

ALL IN THE DETAIL

So you have sold or have bought a property, and you want to know if the deal is done. The Land Registers (both in England and Wales or Scotland) is a government body who hold a public register of who owns land and who holds a security over that land. But when do I own the land !!!

When your transaction (date of entry) has happened your lawyers shall submit to the Registers the deeds showing what changes have been made to the property, (owners, loans created or removed, shares in the ownership etc). The deeds and the application are date stamped and this secures your application at that date. Although the actual amendments cane take from a few weeks to several years your date in which the new owners (etc) change will start from the original date stamp when submitted.

For many owners this seems hard to accept and they expect written proof that they own the property within a few days. Unfortunately the time Registers take is their decision and their decision alone. Your lawyers merely submit the deeds and like you await Registers to do there work. As a government body they have no real complaint procedures or methods to speed matters up and as such there is no rule as to what is a priority.

Several factors will affect the registration process.

 

1. Has the property been registered before or is this a ‘First Registration’ ?

2. Is the property being split off from a larger area (split title or New Build)?

3. Is the title complex with many burden deeds, competing boundaries etc?

If you have any questions please call your lawyers or Registers but please note that once sent for Registration your lawyers has no control over the process.

 

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SO, WHAT DID I BUY?

REGISTRATION AND OWNERSHIP

Was it the house, just a building, an area of ground or a little piece of the country? The answer is probably all of these things. Starting from the ground up you own the area of ground outlined on the plan on the Land Register. Think of it as an area on the flat (sometimes hilly) surface of the earth. You own this and the publication of this on the Land Register ensures that everyone else knows that you own it. Now you’re starting to think that you’ve paid a lot of money for that area of ground, aren’t you. So where’s the value?

Well, first of all, remember that there is a finite amount of ground available that has to go around everyone in the country. Generally, the more people that want your ground then the more valuable your ownership is. We’ve all heard the maxim ‘location, location, location’ – and it’s true that the value is often derived from where the property is. For example, it’s often more expensive to buy property in central London than more provincial areas.

Secondly, it’s likely that the area of ground you bought has a house on it. The size of the area of ground and the size of the property itself has a direct influence on price as you’d expect. If you look at a survey report you’ll see that as well as stating the value of the property, the surveyor will also estimate the rebuild cost of the property. Sometimes the actual value of the property will be many times the rebuild costs or vice versa, usually depending on the demand for the area.

Thirdly, the property may have influence on surrounding properties. For example, there may be servitude’s that add value or areas of shared ownership. This is especially true for flatted homes, where often the area of ground the flats are built on is shared in equal proportions between the owners.

Finally, the real value is only what you are prepared to pay for. To a certain extent, this makes the value less about money and more about, well, more sentimental matters.

Of course, there are plenty of so-called ‘house doctors’ who will recommend you paint your home magnolia and mono-block your driveway to increase the value of your home. These recommendations may also be helpful when it comes making your home more appealing to achieve the best price, but beauty is in the eye of the beholder…

CALL AND SEE HOW WE MAKE THE DIFFERENCE TO CLIENTS

With the support of our professional advisers and business partners we can keep you in the best position regardless of where your conveyancing transaction is within the nation. Our Solicitors can call out to visit you and we can even arrange for some local financial advice or estate agent if you require a wider appreciation of the local market you are selling or buying in.

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Advice For First Time Buyers

Posted by on Feb 2, 2016 in Conveyancing Advice, Uncategorized | 0 comments

Advice For First Time Buyers

FIRST TIME BUYER ADVICE

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5 facts to consider:

Like most things in life you can try and understand the whole process yourself or you can rely on help from others. In truth we tend to do a bit of both, but the real issues are won or lost on the accuracy of the information that we rely on. The main services that you will have to deal with are as follows;

1. Estate Agents

2. Lawyers

3. Surveyors

4. Banks

5. Other Sellers/ Buyers

 

Points to consider.

 

1. Estate Agents: “who do they work for…”

HBC-First-HomePaid to be friendly and helpful but you must consider who they really work for, you or the seller. Paid by commission on the value to offer, the higher the offer the more they make. What makes the price increase? Pitching one buyer off against another, setting closing dates, the use of enthusiastic buyers vs some who may not even offer. One fact is true the more you openly love the property, the more you let the estate agent agent know what your budget the more you will pay. Always remember that thousands of pounds can be saved or overpaid dependent on the nature of your relationship with the sellers estate agent. Also remember that they do this on a daily basis you don’t. We always advise that you avoid doing the negotiations yourself but leave this to your representatives, your lawyers. They will no doubt do this on a daily basis. The facts remain that the use of an expert property lawyer at this stage can save you thousands of pounds and in a way pay for your legal costs.


2. Lawyers: “…what do I need a lawyer for?”

Closing-Dates-StampAppointing a solicitor is never easy as you have a huge variety to choose from. What should I look for? This is where we may seem controversial, yet ask yourself what do I need a lawyer for, what is the real purpose. Your lawyer is there to do more that give you cheap fee. The is there to ensure that when you spend epic money you are protected and your investment is ‘as safe as houses’. Like any other good professional some are more focused in a particular area. Some are keener to ask the difficult questions, some will be more negotiate with a sharper focus from day one. Again remember saving a few thousand pounds at negotiation stage far outstrips any legal fee. Asking the right questions in this buyer beware process can save you thousands of pounds when you come to sell. Our advice is spend less time questioning the fee and consider asking questions about the service, the help and the proven track record. Who will look after your investment best?

3. Surveyors : “…look beyond the paper report.”

Like most contracts you enter there are caveats. Some times its not very clear who the surveyor is really working for, consider loyalties. Were they appointed by you? Were they appointed by your bank, the seller, Estate Agent or your financial adviser. Did you pay them direct or through another or added to your financial product. Independent professional advice is a must when buying. Always remember that there are huge commercial pressures at play here and it wouldn’t be the first time things are missed. To keep you straight always deal direct with the surveyor or for that matter any other party. When checking the property do more than a cursory glance, look for signs of damp, water damage, cracks, ask about alterations and then challenge your surveyor about his findings, look beyond the paper report. Call the surveyor!

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4. Banks : “…never assume things are in progress…”

We all have heard the stories about how had it is to get funding to buy a property. In this regard we always advise clients to stay on top of the lending process NEVER assume that things are in progress. The banks will obtain reports , deeds, documents, ask your lawyer to report on matters they may even appoint there own surveyor or lawyers. So always take it that until you have your loan paper in your or your lawyers hands that is not agreed that you will get your loan. To aid the progress return all the documents and deeds as fast a possible and ALWAYS call to ensure that they have them. Again never assume that things are in hand. Mail rooms, differing teams and call centers, long gone are the days of dealing with your local branch. In may cases your own branch or financial adviser has not power to give you accurate advice once the process starts. Unfortunately computers were meant to streamline services but in this case they may not have. Our advice is keep pushing and checking (in a friendly way) , never assume that things are progressing and keep your lawyer up to date about the progress.

5. Other Buyers / Sellers : “…your lawyer should always be independent…”

Its unavoidable, you will come across other people trying to buy the same house as you and for that matter other people trying to get as much for their property. Always remember to keep your ‘cards close’. Remember that your lawyers can always do the hard negotiations to help diffuse any awkward face to face conflicts. Its easy to avoid the pointed questions by having to think about things. Its nice to be helpful but always remember that everyone has their own motives and your success at getting your ideal property for a good price tends not to be one. Contact your lawyers before even going to view your first property or talking to an estate agent. Unfortunately many people will have a chat with an estate agent to start with, worse still they may even use the Lawyer that the estate agent points them towards! A good lawyer is your best ally, your lawyer should always be independent from others and you should always have a chat with them BEFORE YOU START.

 

 

 

  • Always deal direct with those you rely on.

  • Never appoint on the basis of price alone.

  • The Estate Agent works for the other side.

  • Keep negotiation pleasant even if you are getting upset.

  • Talk with your lawyer before you speak with the estate agent.

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Worried about buying a house and the risk of flooding?

Posted by on Mar 3, 2014 in Conveyancing Advice | 0 comments

Worried about buying a house and the risk of flooding?

Risk of Flooding?

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We’ve all watched the news this year and the sad sight of people losing their homes to flooding. For many families and businesses, the difficulties will go on for months as even after the water has gone, the repair work will begin. There are many reasons for flooding and heated debate as to how this should be alleviated, but what can you do before buying to ensure that you are not likely to face this risk to your home and family?

If this is a concern you will wish to know more about the potential risk of flooding for your own property or a property you are interested in buying. Here at HBC Conveyancing we can provide full flood reports shown the risks (if any). It’s simple for you to find out the answer – just call our team and give us an address or area and within 30 minutes we can email you a full report (with the hard copy to follow in the post). Increasingly the risk of flooding from surface run off, rivers or sea/loch side and coastal areas play a vital role in the value of the property and the ability to obtain insurance.

Our reports shall provide historical maps showing detailed levels with statistical information as well as risk factors you best be aware of when taking your next decision.

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New Build & Part Exchange Conveyancing

Posted by on Mar 1, 2014 in Conveyancing Advice | 0 comments

New Build & Part Exchange Conveyancing

New Build & Part Exchange

Be careful who you are referred to for your legal work

Often when you engage with estate agents and other advisors, you will find that they will refer you to their own chosen solicitor. This is often on the promise of cheap fees, an understanding of the particular case or some other nebulous reason.

The truth is that there is sometimes a hidden cost that you end up paying for, often without knowing. Don’t always rely on these third parties pointing you in the right direction as they aren’t always truly independent and have your interests at heart.

By cutting out the middleman, you’ll undoubtedly save your own money and receive the same services at a lower rate when you “go direct”.

That’s where HBC Conveyancing come in. We don’t pay anyone for your business and you’ll only ever pay for services you receive. We don’t have anyone telling us to charge more money for business referrals, so you be assured that your case will be dealt with in a totally transparent and cost sensitive manner.

Clients buying new build property are often directed to use a solicitor chosen by the Builder/Seller. The law of Scotland allows you to instruct a solicitor of your own choosing, not just one recommended  to you by the builder/seller. We are sure that they will provide you with the approved legal advice required, yet seeking your own lawyer, independent from the builder/seller has its own benefits.  Buying a new build property has its own set of legal rules. It can never hurt to seek a few legal opinions before you sign or bind yourself to any contract. Agreeing to buy a new build or signing up to a builders part exchange contract is no different.

Please remember that all initial legal advice requested through HBC is free and given to you without any obligation.

In short, seek some advice, it only takes a few minutes to discuss and at the end of our chat if you decide to go with the builders chosen solicitors we wish you all the best.

 

 

 

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A Scottish Conveyancing Guide

Posted by on Feb 28, 2014 in Conveyancing Advice | 0 comments

A Scottish Conveyancing Guide

A Scottish Conveyancing Guide

As guide to Scottish Conveyancing, HBC have designed each Guide to Scottish Conveyancing to tell you what you would normally pay to find out. We have included Guides to Purchasing and Selling (Scots Law) and will bring you more Specialist Guides to equity and asset protection soon

A Guide Scottish Conveyancing

HBC-New-Logo-200x200Buying and Selling Property in Scotland -Guide to Scottish Conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing

In Scotland properties are offered for sale in a number of ways:-

guide to scottish conveyancing  guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing  guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing

 

 

Offers Over

This option tends to be the one which is used by most sellers. As a guide to Scottish conveyancing the seller may hope to achieve a final sale price that exceeds the offers over figure. This can lead to confusion for a prospective purchaser to know exactly what they might require to pay for a given property. This has been simplified by Home Reports which provide a valuation of the property prior to offer being submitted.

Offers around/in the region of

As a guide to Scottish conveyancing  this option may mean that the seller is willing to accept less than the quoted figure. This may be the case if the property has been valued under the price the seller is asking for, or if the seller is looking for a quick sale.

Fixed price

The seller is indicating that they will accept a particular figure, but it is worth noting that this is not a legal obligation on the seller, and also offers can be still be made.

Once you have found a property and as a guide to Scottish conveyancing, then it is important to contact your solicitor so that either a ‘note of interest’ can be made (which lets the estate agent know you are interested in the property), or so your solicitor can put in an offer for you.

The offer will consist of the amount of money you want to pay for the property and also what you would like to be included in the property. For example, moveable items such as curtains, cookers or carpets; and fixed items, for example wardrobes. Your preferred date of entry would also be included.

What happens next
HBC1-New-Logo-200x200 If the property is going to a closing date, this means there is more than one interested party. Offers are then sent to the estate agent by your solicitor at a specific time on a certain day. Once all the offers have been received by the estate agent and as a guide to Scottish conveyancing they will, after speaking to the seller, contact the successful buyer’s solicitor and verbally accept the offer. The successful offer need not be the highest value offern as there is no legal duty to accept the highest or even any of the offers.

 The seller’s solicitor will then issue a qualified acceptance and exhibit the property titles and any associated papers to the buyer’s solicitor. There is no legally binding contract at this point.

The conveyancing matters will then be dealt with by the solicitors.  As a guide to Scottish conveyancing the buyer’s solicitor will examine the title and plans and ensure that the property belongs to the seller, reports will be ordered and checks will be made. Any certificates will be collected and any planning permissions for alterations obtained. The buyer will receive a copy of the title deeds to satisfy themselves that this is the property they are buying.   When the buyer’s solicitor and the seller’s solicitor have agreed the terms of the qualified acceptance on your instructions, they will conclude missives, again on their client’s instructions.  This is the ‘Concluding Missives’ that buyers and sellers look forward to, and is now a binding contract for both parties.

On the date you get your property

 Once the date of entry arrives the buyer’s solicitor will exchange funds with the seller’s solicitor and the keys are released to the buyer. So please have your mobile ‘phone charged!

 

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Guide to Scottish Conveyancing

Below is the advice given by The Law Society of Scotland

Solicitors can ease the strain and help to avoid the pitfalls of the complete house-buying process, from noting interest in a property to concluding the deal. Their local knowledge can also be useful in helping you find a property.For a more detailed description of the process, please download our Buying a property information sheet.

The first step

A solicitor can ‘note interest’ in a property you like. This shows you are interested in the property and want to be kept informed of developments, such as the fixing of a closing date for offers.

Information about the property

Sellers must provide a home report for buyers. These include a single survey (which gives the condition and value of the property), an energy report (which contains a house’s energy efficiency rating and carbon dioxide emissions) and a property questionnaire (which includes general information such as a property’s council tax band, factoring arrangements, the existence of any local authority notices and information about alterations that have been made).A surveyor instructed by the seller will provide the survey contained in the home report pack. In many cases this will be sufficient for an interested party to submit an offer. However the potential buyer may have to commission another survey at the request of a mortgage provider or if the original survey was carried out some time ago. Your solicitor can provide further details and advice.

Arranging the loan

There are many types or mortgages available, which can be confusing. Some solicitors can offer advice on what is best for you and then arrange the loan.

Making an offer

A formal offer to purchase in Scotland is a complicated document containing a number of clauses for your protection. Your solicitor will prepare and sign this document for you and give guidance on offer price and other conditions.

Negotiating the purchase

Further negotiations are likely after an offer has been accepted, for instance, the date of entry, details of additional items included in the sale and issues such as permits for alterations.

Checking and transferring ownership

Your solicitor can advise on any ‘title burdens’, or conditions that must be obeyed by the owner, such as common repairs, rules on keeping animals or uses for the property. A new title deed will then be prepared and signed by the seller, transferring the title into your own name.

Other matters

Your solicitor will be able to give you advice about other important matters, such as insuring the property and its contents and drawing up a will, which is highly recommended. Also, he or she can provide you with a quotation for the cost of the house-buying process, including legal fees.

Selling a property

Most solicitors can handle the sale of a property from start to finish, including advice on advertising and the conveyancing. It is best to consult a solicitor even if you are selling a property yourself.

Home reports

Sellers are required by law to provide a home report for buyers. These include a single survey, an energy report and a property questionnaire. Your solicitor can provide further details and advice.

Negotiating the sale

Your solicitor will negotiate the selling price and other matters – such as the date of entry – before negotiating and accepting any offer to purchase on your behalf. This exchange of letters signed by the solicitors is referred to as ‘missives’. Once their terms are finally agreed, there is a concluded and binding contract.

The paperwork

Further checks have to be carried out by solicitors after an offer has been accepted, for instance, in relation to building work or repairs. Then new title deeds can be drawn up transferring ownership of the property. Your solicitor can take care of all this, while also collecting the money from the sale, arranging to discharge and repay your existing mortgage if you have one and, if necessary, arranging for the surplus to be put towards the purchase of your new home.

After the sale

Your solicitor will also be available for advice after the deal has been completed. guide to scottish conveyancing  guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing

 

As guide to Scottish Conveyancing, HBC have designed each Guide to Scottish Conveyancing to tell you what you would normally pay to find out. We have included Guides to Purchasing and Selling (Scots Law) and will bring you more Specialist Guides to equity and asset protection soon

A Guide Scottish Conveyancing

Buying and Selling Property in Scotland -Guide to Scottish Conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing guide to scottish conveyancing

In Scotland properties are offered for sale in a number of ways:-

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Offers Over

This option tends to be the one which is used by most sellers. As a guide to Scottish conveyancing the seller may hope to achieve a final sale price that exceeds the offers over figure. This can lead to confusion for a prospective purchaser to know exactly what they might require to pay for a given property. This has been simplified by Home Reports which provide a valuation of the property prior to offer being submitted.

Offers around/in the region of

As a guide to Scottish conveyancing  this option may mean that the seller is willing to accept less than the quoted figure. This may be the case if the property has been valued under the price the seller is asking for, or if the seller is looking for a quick sale.

Fixed price

The seller is indicating that they will accept a particular figure, but it is worth noting that this is not a legal obligation on the seller, and also offers can be still be made.

Once you have found a property and as a guide to Scottish conveyancing, then it is important to contact your solicitor so that either a ‘note of interest’ can be made (which lets the estate agent know you are interested in the property), or so your solicitor can put in an offer for you.

The offer will consist of the amount of money you want to pay for the property and also what you would like to be included in the property. For example, moveable items such as curtains, cookers or carpets; and fixed items, for example wardrobes. Your preferred date of entry would also be included.

What happens next
 If the property is going to a closing date, this means there is more than one interested party. Offers are then sent to the estate agent by your solicitor at a specific time on a certain day. Once all the offers have been received by the estate agent and as a guide to Scottish conveyancing they will, after speaking to the seller, contact the successful buyer’s solicitor and verbally accept the offer. The successful offer need not be the highest value offern as there is no legal duty to accept the highest or even any of the offers.

 The seller’s solicitor will then issue a qualified acceptance and exhibit the property titles and any associated papers to the buyer’s solicitor. There is no legally binding contract at this point.

The conveyancing matters will then be dealt with by the solicitors.  As a guide to Scottish conveyancing the buyer’s solicitor will examine the title and plans and ensure that the property belongs to the seller, reports will be ordered and checks will be made. Any certificates will be collected and any planning permissions for alterations obtained. The buyer will receive a copy of the title deeds to satisfy themselves that this is the property they are buying.   When the buyer’s solicitor and the seller’s solicitor have agreed the terms of the qualified acceptance on your instructions, they will conclude missives, again on their client’s instructions.  This is the ‘Concluding Missives’ that buyers and sellers look forward to, and is now a binding contract for both parties.

On the date you get your property

 Once the date of entry arrives the buyer’s solicitor will exchange funds with the seller’s solicitor and the keys are released to the buyer. So please have your mobile ‘phone charged!

 

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Guide to Scottish Conveyancing

Below is the advice given by The Law Society of Scotland

Solicitors can ease the strain and help to avoid the pitfalls of the complete house-buying process, from noting interest in a property to concluding the deal. Their local knowledge can also be useful in helping you find a property.For a more detailed description of the process, please download our Buying a property information sheet.

The first step

A solicitor can ‘note interest’ in a property you like. This shows you are interested in the property and want to be kept informed of developments, such as the fixing of a closing date for offers.

Information about the property

Sellers must provide a home report for buyers. These include a single survey (which gives the condition and value of the property), an energy report (which contains a house’s energy efficiency rating and carbon dioxide emissions) and a property questionnaire (which includes general information such as a property’s council tax band, factoring arrangements, the existence of any local authority notices and information about alterations that have been made).A surveyor instructed by the seller will provide the survey contained in the home report pack. In many cases this will be sufficient for an interested party to submit an offer. However the potential buyer may have to commission another survey at the request of a mortgage provider or if the original survey was carried out some time ago. Your solicitor can provide further details and advice.

Arranging the loan

There are many types or mortgages available, which can be confusing. Some solicitors can offer advice on what is best for you and then arrange the loan.

Making an offer

A formal offer to purchase in Scotland is a complicated document containing a number of clauses for your protection. Your solicitor will prepare and sign this document for you and give guidance on offer price and other conditions.

Negotiating the purchase

Further negotiations are likely after an offer has been accepted, for instance, the date of entry, details of additional items included in the sale and issues such as permits for alterations.

Checking and transferring ownership

Your solicitor can advise on any ‘title burdens’, or conditions that must be obeyed by the owner, such as common repairs, rules on keeping animals or uses for the property. A new title deed will then be prepared and signed by the seller, transferring the title into your own name.

Other matters

Your solicitor will be able to give you advice about other important matters, such as insuring the property and its contents and drawing up a will, which is highly recommended. Also, he or she can provide you with a quotation for the cost of the house-buying process, including legal fees.

Selling a property

Most solicitors can handle the sale of a property from start to finish, including advice on advertising and the conveyancing. It is best to consult a solicitor even if you are selling a property yourself.

Home reports

Sellers are required by law to provide a home report for buyers. These include a single survey, an energy report and a property questionnaire. Your solicitor can provide further details and advice.

Negotiating the sale

Your solicitor will negotiate the selling price and other matters – such as the date of entry – before negotiating and accepting any offer to purchase on your behalf. This exchange of letters signed by the solicitors is referred to as ‘missives’. Once their terms are finally agreed, there is a concluded and binding contract.

The paperwork

Further checks have to be carried out by solicitors after an offer has been accepted, for instance, in relation to building work or repairs. Then new title deeds can be drawn up transferring ownership of the property. Your solicitor can take care of all this, while also collecting the money from the sale, arranging to discharge and repay your existing mortgage if you have one and, if necessary, arranging for the surplus to be put towards the purchase of your new home.

After the sale

Your solicitor will also be available for advice after the deal has been completed.

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Specialist Title Insurance

Posted by on Jan 27, 2013 in Conveyancing Advice | 0 comments

Specialist Title Insurance

Specialist Title Insurance

In some transactions the Titles can highlight grey areas. Areas in which the buyer is happy to accept but the buyers lender has a very fixed view of risk. This can be in the form of a slight boundary discrepancy, an access issue which although not set in stone has been been peacefully used for years. Usually they are all easily fixed but they might take time or lots of money. In both cases there may not be enough time to fix the title before the date of entry and without a fix the purchasers lender will not allow the loan funds to be used to buy the property, the ‘perfect storm’.

HBC can arrange for Specialist Title Insurance to cover the risk of any dispute or secondary claim. Insurance that Lenders are happy to accept. HBC can prepare the legal documentation, affidavits and information to be collected to prepare the applications. The Title Insurance will be set up to fully cover the value of the property, it will cover successive new buyers and finally satisfy the risk profile of the purchasing lenders to allow the mortgage funds to be used and the property to be purchased.

These specialist policies have been used for years to cover an endless variation in title and property defects. Many are used and are held with the titles to ensure that any new buyer is covered, others are used as a stop gap to let the purchase go ahead and the transaction complete on schedule. After the date of entry and if requested our legal teams can undertake a full legal solution to the issue, if that is what the purchaser requests, but again we must stress that it is not required.

Given the huge variation of scenarios that this can cover it is pointless to go into every issue. As such if you have any questions or if you just wish to talk through a possible issue just call us and ask. We can put you through to our Specialist Legal Teams who can as usual provide FREE legal advice to help you along the way.

 

Growth in Perth property values continues

Posted by on Nov 28, 2012 in Conveyancing Advice | 0 comments

Growth in Perth property values continues

ROS reports that growth in Perth property values continues

Published 21/11/12 by the Registers of Scotland (ROS)

“Property prices in Scotland’s newest city are now at their highest ever level despite drops in other areas of the country. The latest official statistical report from Registers of Scotland highlights trends in the Perth housing market over the past five years.

The City of Perth Report details the fluctuations in average prices since 2007. Over the period, values rose by 5{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35} with the current average price for a property in the Fair City £141,947. The figures are compiled by looking at all residential sales in Perth postcode areas, including those that do not involve a mortgage.

Of the four categories of property analysed in the Report, semi-detached homes in Perth have gained the most in value over the five-year period. Average prices have increased by 4.6{76c9c899818d6e3bb8cf28d2225ffd6ee16a179cd0963e1abb46f824648b6a35}.

Head of Commercial Services for Registers of Scotland, Rhona Mackay remarked: “Perth became a city in March 2012, and these statistics take us to the end of the financial year 2011/2012. In the five years leading up to achieving city status, average property prices dipped to coincide with the wider economic downturn, however they went on to recover and for the past two years have been higher than at the property market’s peak in 2007.

“Our Report tracks the performance of properties by postcode area. From the figures we can see that homes in PH2 7 have increased the most in average value over the five-year period. Brompton Terrace has proved to be Perth’s highest value street, with six sales of between £500k and £1m since 2007.

“However, the number of properties changing hands paints a different picture. Volumes have not recovered and remain at less than half the quantity being sold in 2007/2008, regarded as the peak year of the market. This echoes the national trend of decreasing volumes.””

see the full article at http://www.ros.gov.uk/public/news/news_releases/perth_city.html

Understanding the conveyancing process

Posted by on Sep 7, 2012 in Conveyancing Advice | 0 comments

Understanding the conveyancing process

Understanding the conveyancing process

BBC reports that consumers fail to understand the real value and legal complexities of conveyancing. Conveyancing remains a mystery to most buyers and sellers and the article discusses some of the common issues faced by both client and solicitor. the inherent risks taken by your solicitor can total hundreds of thousands of pounds and by using a solicitor, you are fully protected and indemnified from these risks – something that clients often do not realise.

BBC reports September 2012:

Conveyancing – the process in which solicitors check information before a house sale – is often grudgingly paid.

It forces the consumer to place their trust, and money, in the hands of a professional when they may not always understand the work involved. It is a situation referred to by economists as information asymmetry, and the result of such a knowledge imbalance for the consumer is often a sense of being ripped off.

Usually costing between £500 and £800, conveyancing allows a solicitor to check the building is a safe buy, and investigate any extraordinary factors.

“People don’t understand what we do, but it’s much more than just chatting to another solicitor,” says Jonathan Smithers, chair of the Law Society Conveyancing and Land Law Committee.

Smithers helps his clients through the conveyancing process as they buy and sell homes.

“Conveyancing involves lots of checking and cross checking. It is about risk analysis and giving a service which is bespoke to each client.”

The fee is based on the solicitor’s time, though the value of the property can play a part. More expensive properties can take more time and carry more risks.

http://www.bbc.co.uk/news/magazine-19438088

Alterations to Properties

Posted by on Jul 5, 2012 in Conveyancing Advice | 0 comments

Alterations to Properties

Alterations to properties… the facts

The two main considerations must be split between the structural integrity and the effect on the value of your property.

Whether buying or selling, any structural alteration must be looked at in detail.  For example if alterations have been made to the property most lenders (Banks and Building Societies) will not provide a loan to buy the property unless sufficient checks and certification is in place.

The documents are in various categories

1. Planning , Building Warrants, Completion Certificate.

2. Letter of Comfort*.

3. Indemnity Insurance Policy to cover specific works**.

All works must be structurally sound and if you are in doubt HBC can organise an full qualified engineers report to back up the letter of Comfort or Indemnity Policy. The sufficiency of documentation will depend on the buyers lenders criteria (usually set out in the CML Handbook).

In summary the works may have been undertaken in a professional manner and structurally sound but if the bank / building society or their solicitor do not see the correct paperwork the property is potentially unmortgageable and as such could be almost be un-sellable.

Here at HBC we work closely with engineers, specialist lawyers and architects to provide fast, cost effective solutions to even the most problematical of alterations. If you have any questions just call us on the usual number and we can provide FREE advise on how best to move forward.

Thanks