At any time during Conveyancing transaction up to the point that contracts are exchanged both the buyer and the seller are free to withdraw from the transaction. They can do so without incurring any penalty and they do not need to give any reason.
Failure to Complete Following Exchange of Contracts
April 25th, 2013 HIP-Consultant.co.uk Posted in Property Conveyancing, Property Market Comments Off on Failure to Complete Following Exchange of Contracts
Choosing High Street Solicitor or Licensed Conveyancer
February 19th, 2013 HIP-Consultant.co.uk Posted in Property Conveyancing, Property Market 1 Comment »
In most areas of the law, a person has to be a solicitor or barrister to practice on his or her own. Anyone can carry out legal work in the employment of a solicitor (though not all legal work) but only solicitors and barristers can own their own firms or be partners in law firms (under recent developments, a Legal Executive can also be a partner but at least one of the other partners must be a solicitor).
Your House is Sitting Over a Mine – What do you do?
October 4th, 2012 HIP-Consultant.co.uk Posted in Land Registry, Local Authority Searches, Property Market Comments Off on Your House is Sitting Over a Mine – What do you do?
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?
Failed Completion in a Chain of Property Transactions
September 12th, 2012 HIP-Consultant.co.uk Posted in Property Conveyancing, Property Market 1 Comment »
Exchange of contracts is the point in a conveyancing transaction when everybody becomes legally bound to proceed to completion. Failure to complete once exchange has taken place can lead to heavy penalties on the defaulting party. Conveyancers are well aware of this of course and as a result will ensure that everything is in place for completion before exchange so that their client does not end up in the position of having to default. Nonetheless, occasionally there will be circumstances beyond their control.
Conveyancing Transactions with Exchange and Completion Deadlines
September 3rd, 2012 HIP-Consultant.co.uk Posted in Property Conveyancing 1 Comment »
Buyers and sellers almost always want conveyancing transactions to go through as quickly as possible. Sellers are keen to get their money and buyers are keen to move in. There are some occasions however where there is a more serious deadline, where either buyer or seller could suffer loss if the deadline is not met.
Do you really have to move home on a Friday?
August 31st, 2012 HIP-Consultant.co.uk Posted in Property Conveyancing, Property Market Comments Off on Do you really have to move home on a Friday?
If you are moving home, you will probably want to complete your purchase or sale on a Friday. It is a perfectly reasonable desire, as it allows you the weekend to move in, so you have to take less time off work. This will generally fit in with what everyone else in the chain wants and probably 80% – 90% of conveyancing sale and purchase completions do take place on a Friday.
What Happens to Your Property When You Die
August 21st, 2012 HIP-Consultant.co.uk Posted in Legal, Property Conveyancing 2 Comments »
Despite the ready availability of wills and will writing services, most people in the UK, about 70% in fact, die “intestate” (without a will). People may make their wishes know to family and friends and hold on to a romantic notion that those wishes will be respected, so that there is really no need to go to the expense of having a will prepared. Unfortunately, this is all too often not the case. Many people put off writing a will because they find it morbid, a reminder of their mortality, however you should bite the bullet and get it sorted, especially if you own your home.
Understanding Money Laundering Requirements in Conveyancing Transactions
July 18th, 2012 HIP-Consultant.co.uk Posted in Legal, Property Conveyancing, Property Market 5 Comments »
Under the Proceeds of Crime Act 2002 solicitors, along with other professionals, are under a legal obligation to take reasonable steps to ensure that their firms’ client accounts are not used by criminals for the purpose of laundering money earned through illegal activities.
How will going Bankrupt affect my Home?
June 19th, 2012 HIP-Consultant.co.uk Posted in Financial Products, Legal, Property Conveyancing 4 Comments »
Bankruptcy is a frightening process; especially when there is a risk you might lose your home. It is difficult to get good advice. Your creditors are naturally looking for the options which will allow them to recover the maximum debt and you are unlikely to have money to pay for independent professional advice.
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Selling Your Property – What Land Registry Documents Do I Need
May 1st, 2012 HIP-Consultant.co.uk Posted in Land Registry, Property Conveyancing, Property Market Comments Off on Selling Your Property – What Land Registry Documents Do I Need
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.
Leasehold Property Classes – Good Leasehold
April 4th, 2012 HIP-Consultant.co.uk Posted in Land Registry, Legal, Property Conveyancing Comments Off on Leasehold Property Classes – Good Leasehold
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.