Helping Innovate Property (HIP) – Blog, Housing Market News and Articles

Buying a new build property is an exciting prospect, offering the opportunity to own a home with modern designs, advanced technology, and minimal initial maintenance requirements. However, the process is not without its complexities and potential pitfalls. Prospective buyers need to be diligent and informed to ensure their investment is sound. This blog post outlines key considerations and cautions for anyone looking to purchase a new build property in the UK.

Conveyancing is a critical aspect of the property transaction process, involving the legal transfer of property ownership from one person to another. Despite its necessity, many individuals find the conveyancing process to be time-consuming and fraught with delays. This blog post aims to explore the reasons behind the lengthy duration of conveyancing in the UK, shedding light on the various factors that contribute to the extended timelines often experienced.

There may be some instances whilst you are living in your home that you want to know the boundaries of your property. You may be looking into an extension on your home or you may have some extravagant landscape gardening in mind. It is important that you understand the rules behind property boundaries in the UK to avoid any property boundary disputes.

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.

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 property 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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A transfer of equity is a transaction where legal ownership of a property changes hands but at least one of the original owners remains on the title. For example where a couple transfer it into the sole name of one or other of them or a person is added to the title.

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You’ve recently discovered that your house is sitting on top of a mine; or you’ve known all along but you’ve never really been concerned about it, but now, your house is starting to sink – what do you do? Sadly, this isn’t just the stuff of nightmares, this is something many people have had to face and will have to face in the future. With so many mines in use and disused across the UK (171,000 coal entries are recorded, but it is thought that there could be more), houses are sinking all the time, but would you know if this was happening to you and what can you do?

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These days most properties are registered at Land Registry. In fact any property that has been sold or mortgaged since 1999 will have to be (unless a solicitor has made a mistake somewhere along the line). If you are selling a property that is registered at Land Registry then you don’t need to produce the title deeds, in fact these will not be sufficient. Instead you will need to produce Official Copies of various documents held by the Land Registry in respect of your property.

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When buying a property which is leasehold, it will be registered with one of two classes of title – absolute leasehold or good leasehold. Ideally you will want the property to have absolute title however in the event that it is good leasehold this needn’t be a deal breaker. You may be able to insure against the risks which it presents or you may be able to upgrade to absolute title.

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Generally when buying a property the sales particulars will tell you whether it is leasehold or freehold. If the property is a flat or maisonette however, you will sometimes see it described as “share of freehold”. This can be confusing to many buyers. Does it mean they will be getting a freehold flat with no lease? Does it mean you will be your own landlord? In fact it is just a term invented by estate agents to try and make a leasehold property seem more attractive.

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When the owner of a property dies all of his assets, including any land he owns pass either in accordance with his will or if he has not left a valid will, to his next of kin in accordance with the rules of intestacy.

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