We understand the law can be daunting We make it as accessible as possible for our clients. contact us on 01689 88 50 30 To Request a free initial enquiry
Q. How long do you keep our personal data?
A. After completion, we keep clients documentation for at least six years.
Q. What is Conveyancing?
A. Conveyancing involves the legal work for transferring property or land from one owner to another, for example the legal title. Conveyancing encompasses buying property, selling, lettings and re-mortgage, whether it is for residential or commercial purposes.
Q. What are Disbursements?
A. Disbursements are legal expenses incurred during the conveyancing process.
Purchasing a property breakdown includes:
- The HM Land Registry Fees
- Stamp Duty Land Tax
- Local Authority Search
- Drainage Search Fee
- Environment Search
- Chancel Search
- Priority Search
- Bankruptcy Search (Per Person)
Selling a property breakdown includes:
- Priority Search
- Bankruptcy Search (Per Person)
- Office Copy Entries (including plan)
Q. What does the Conveyancing process involve, and how long does it take?
A. This depends on several factors:
- How long both parties react to the situation and provide the relevant information required.
- Do they need a mortgage? – Parties cannot exchange unless both parties have their mortgage offers.
- The length of the chain transaction – depending on the number of transaction at once will determine how long the process will be.
If there are no problems with the legal aspects, this process should be completed within at least six weeks depending on the individual's financial and legal situation.
- Freehold maximum six weeks process.
- Leasehold minimum six weeks process.
Ducat Law Limited ensures that we work with our client's transaction and requirements as swiftly and efficiently as possible.
Q. How are the fees charged for an asset transaction?
A. The fees are charged based on each transaction and property, not based on each client. For example, a client decides to sell a property and buy a property. Despite the fact that this requirement is from one client, we charge two separate fees for the service as it is based on the property and the transaction made. This is the same scenario if a client decides to sell two properties. The client would still be charged for two separate fees.
Q. What are the fees for Freehold and Leasehold?
A. Solicitors fees are fixed with no hidden charges. In addition, there is the disbursement expense fee which varies depending on a purchase or sale transactions of a property.
There will be an additional £100 for Leaseholds. There are no additional fees for Freehold.
Q. If one or both parties decide to withdraw from the transaction, do we get a penalty fee?
A. Depending of the terms of engagement, if there are no financial and legal fees taken place between the solicitor and the client then no charges are made. There are no penalty fees charged after transaction either, but they would lose their legal fees and other expenses which cannot be recovered by the other party.
Q. When will it be best to arrange for removal?
A. It is best to arrange for a removal after the contract has been exchanged. This is because if you decide to move before the date – the date is not confirmed as it may change after the booking. This may result in losing some money.
Q. Do I need to arrange a survey of the property?
A. The mortgage lender should have arranged a surveyor to examine the property for a basic valuation of the client's investment. However, you may arrange for another survey to examine in more details as well as for a peace of mind.
It is ideal to arrange for a survey on the property to highlight the potential damages and the wear and tear, typically for older properties. In such cases, the seller is not liable for any of the damages and therefore the buyer is responsible for the repairs after the exchange.
Q. Check list for purchase or sale on a property.
A. Both actions required the following two stages.
1. Sales Agreed (Fill in form, survey type, building insurance with lender, deposit, inform council for potential development on neighbouring land).
2. Exchange of Contracts (Hire removal, contact utilities company, if you want your existing home telephone number – it is important to inform your seller not to disconnect otherwise you will be charge to reconnect, also gas appliances. Collect new property keys, and contact all the companies that endure in your lifestyle that you are moving to amend your details – doctor, bank, insurance company etc.)
Legal stages of purchase and sale on a property.
A. 1. Purchase transaction
- Purchase agreed – search local authority to find additional information about the property of interest on your behalf and charges you a Local Authority Search fee as part of the disbursement expenses. Also checks the title of the property and raises questions about the packaged information received on your behalf, as well as mortgage offers and deal with any problems revealed.
- Exchange of contracts – hand over the deposit to the seller's lawyers. Prepare a final completion statement for your approval and the deed of transfer and mortgage deed – arrange to sign. Final searches to check for debts and bankruptcy. Collect any outstanding funds required.
- Completion – Received deeds and arrange for payment of any Stamp Duty to the Inland Revenue. Prepare and send off the application to HM Land Registry to register your ownership. If property mortgaged send the deeds to the lender.
2. Sales transaction
- Sale Agreed – obtain title deeds and return information forms. Prepare and send out a package of legal information and sign a contract for sale. Request a settlement figure for your mortgage and any other secured loans. Liaise with all the relevant parties and discuss the completion date. Receive the deposit from the exchanged contracts and prepare the final accounts and statement for approval. Collect any outstanding funds required. Approve the Deed or transfer and arrange for signature. Pay off existing mortgage at current property and notify the HM Land Registry. Prepare a final statement for your approval and hand over the deeds and balance of money.
Q. Can I transfer my current mortgage cover across to the new property?
A. No. You need to make a new mortgage application for the new property even though the mortgage product and service offered stays the same with the same lender.