UK Property Blog by HIP-Consultant.co.uk

In part 2 of our property conveyancing guide we look at what is involved in the closing stages of the home buying and selling process. You may wish to read Part 1 of the Property Conveyancing Guide here.

Signing the contract

Once your lawyer is satisfied that all of his enquiries have been dealt with; he has seen satisfactory search results and he is in possession of his copy of the formal offer of mortgage you will be invited to sign the contract and various other papers. This will either be in person or through the post. You should also receive a report, often called a “property report” at this stage which will set out any salient points arising from the searches and enquiries.

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What is “conveyancing”? - Simply, it is the legal process of transferring ownership of land and property.

Instructing a lawyer

Once you have decided on a property, made an offer and had that offer accepted it’s time to instruct a lawyer. This can be either a solicitor or a licensed conveyancer. You should try not to pay over the odds for conveyancing work. When obtaining a quote you should be given a fixed fee but ask for a list of any additional fees charged for different aspects of the transaction.

Some firms might charge an extra fee for completing the SDLT1 form for example, even though this will not need to be done in every case. These additional fees can really push up the final bill. An average bill for professional fees only (i.e not including addtional search fees, land registry fees etc) would probably be around £300-£400 at the moment.

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Hidden away amidst the depths of the legislation that came into force in October from the Department of Communities and Local Government (DCLG) has been a clause about Commercial Energy Performance Certificates (CEPC).

The DCLG Guidelines clause is out lined below:-

“Clarifying arrangements for the October roll-out for commercial buildings already on the market which will be similar to those put in place in April and July. This means that any non-domestic building on the market before 1st October and remaining on the market will need an EPC by 1st January at the latest. If it is sold or rented out in the meantime, an EPC must be commissioned and then handed over as soon as is practicable. This measure is intended to make it easier for owners and landlords to comply with the legislation, avoid market fluctuations and is in response to expectations from the industry.”

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You’ve located the house of your dreams, or should we be more realistic here and say you’ve located a property that ticks some of the boxes and has the ‘feel’ you were hoping for you? It’s true what they say; your gut instinct will tell you if it’s the right one for you. However, our emotions can run riot and cloud our judgements so it is essential to lead with your head and not with your heart.

So you’ve made a decision to put an offer in, but where do you start. How much you want the property will very much dictate that first offer, you may well jump in with both feet and give the vendor exactly what they’re asking for, alternatively, you may opt to play it cool and try your luck with a cheeky offer. In the initial stages you may be tempted to offer the ridiculous but do this with caution as you could end up losing credibility with the agent and ultimately lose the sale.

Before you commit to anything think long and hard, this is one of the biggest decisions you are ever likely to make and the road to purchasing a property can be long, hard and costly!

I’ve pulled together some of my thoughts to aid your ‘hopefully’ successful negotiations:-

First and foremost, do your research, look at similar houses on the market and compare prices, are you getting more or less for your money? If the property needs work, reflect this in your offer and let the Agent know why you’ve done this.

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Deciding on ‘the’ house is part of our guide to buying your next home and potentially one of the biggest decisions you are ever likely to make. There are a number of factors to consider, this will differ from person to person but there are key themes than run throughout any search be it for a one-bed flat or five-bed detached.

The pessimist in me would automatically say that we all generally want what we can’t have; however is this always the case?

Let’s consider budget, you’ve made an informed decision that you are able to borrow, make the repayments and continue to live a semi-normal life. You have a limit and you should stick to it.

Secondly you’ve pulled together a list of essential and desirable criteria that your new home must meet, this could be 3 bedrooms, separate garage, land to develop or something as simple as a down stairs toilet. You now know exactly what you want so start the search with this in mind.

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You will have heard of the residential Energy Performance Certificates or EPCs that were instituted last year as part of the Home Information Pack legislation, but did you know that there is a Commercial Energy Performance Certificate that is currently being rolled out?

It is easy to assume that because both the residential and commercial EPC share the same name that they are similar entities and require similar surveys or skills, but nothing could be further from the truth. It is best to think of them as cousins, related in history, but separate families.

When is a Commercial Energy Performance Certificate (CEPC) required? You may not have been aware of it, but Commercial EPCs actually began to roll out this year, coming into force from April 2008. Already all non domestic buildings above 2,500 square metres that are being constructed, sold, major renovations or let will require a CEPC.  By 1st October 2008 this will be rolled out to all remaining commercial properties. As always there are exemptions, such as places of worship, buildings scheduled for demolition or temporary buildings. Anyone involved with any non domestic property should seek expert advice as to whether they need one or not, as there are stringent penalties for non compliance.

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HIP-Consultant.co.uk’s blog is gaining a modest readership from both industry professionals and the genral public a like. Over the coming weeks, months and years we will be opening our doors to guest writers with particular experience, specialism and knowledge in their given field.

We are excited about the prospect and feel it will provide an extra dimension for our readers and an opportunity for our guest writers to showcase and share their expertise.

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