Conveyancing Advice

The majority of client’s main concern is how long the conveyancing process will take.
Conveyancing solicitors should always do their best to work to your particular time frame, but this is dependant on the particular circumstances of your conveyancing transaction.

Industry statistics would suggest that a standard sale or purchase will take between six to twelve weeks to complete. This may, however, vary.
A remortgage or transfer of equity transaction should take less time but this is not always the case. Please be aware that where other parties such as mortgage lenders are required to execute documentation, then delays are inevitable in most instances.

It is of course possible to complete conveyancing in a shorter timescale. However, all parties must but be committed to these timescales, and in working hard to achieve them.
Complications, such as mortgage finance being arranged, can delay progress and can affect the desired timescale from being achieved.

If your conveyancing is of an extremely urgent nature, you should discuss time saving options with your conveyancing solicitor who should provide you with the appropriate legal advice if you decide to proceed in this way.

Please note that if additional work is required to achieve your expectations your property lawyer may need to charge you extra conveyancing fees. Your solicitor should inform you of such increased legal fees and disbursements.

At Convey Law , we will never be in a position to guarantee that your required timescales will be achieved, no matter how much extra work is undertaken by us. We do however promise to do our utmost to bring matters to a speedy conclusion. Please advise your conveyancing solicitor in writing at the beginning of your sale or purchase if timescales are an issue to you.

Online Conveyancing can be quick and hassle-free

Online Conveyancing can be quick and hassle-free

Every day, thousands of property transactions take place in the UK but not a single one is legally completed without the proper conveyancing process. Whether one is buying, selling, re-mortgaging or leasing commercial or residential property, conveyancing is crucial to ensure that the property is legally transferred from the seller to the buyer. Conveyancing is a legal process and worth while for both buyer and seller. DIY conveyancing can be difficult and time consuming. Therefore, there are several advantages to using conveyancing services. Instead of wasting time with paperwork, fees’, filling out forms and document searches yourself; it is always convenient to approach a professional Conveyancer to handle everything on your behalf. Property conveyancers are the people who can help you with your conveyancing process by thoroughly guiding you throughout the property transaction. Online Conveyancing With the increasing demand for conveyancing, various online conveyancing firms have sprung up to help those who lack legal expertise to complete the legal process of conveyancing. By preparing legal documents, getting them signed by parties involved in transactions, submitting those documents to court and paying necessary taxes and duties on time, online conveyancers help people to avoid the legal hassles and also speed up the conveyancing process. Whether you want to sell, purchase, mortgage/re-mortgage, lease, enfranchise, or transfer residential or commercial property; they help by saving you time and money. Being a professional, conveyancing solicitor, they follow a streamlined process and work with great diligence and proficiency, which ultimately saves you time and money and also speeds up the conveyancing system. Getting help from online conveyancing firms is a good idea to save additional money and time, for the reason that online conveyancing is faster than conventional conveyancing. The best part about online conveyancing is that it provides you conveyancing services at highly competitive prices. Approaching an online firm is fairly easy, but it is advised that you choose the one that is most experienced and offers services that meets your individual conveyancing needs and budget. Although an online conveyancing quote is a quick and simple way of getting several conveyancing quotes, never forget to ask the online conveyancing firm about the hidden costs or additional fees. If you are also involved in any form of commercial or residential property dealing, try to employee the services of any online conveyancing lawyer or firm to take care of the entire conveyancing services from the beginning till the very end. By carrying out good research, you can get cheap conveyancing services with peace of mind.

 

 

 

Sellers drop prices to lure buyers

New sellers have dropped their asking prices by 1.1% to create a national average asking price of £229,767 in a bid to help lure buyers.

It means prices have been reduced by 3.4% in the last three months, according to Rightmove’s house price index for September.

On a regional basis, asking prices declined the furthest in the East Midlands, down 4.4% to £161,603. On an annual basis, prices in the North and the South East saw the sharpest increases, up 4.6% to £151,795 and £298,903 respectively.

Miles Shipside, commercial director for the portal, says: "The double-dippers will be able to point to a clear downward trend, with new sellers dropping their asking prices for three months on the bounce. They can cite tough competition amongst sellers and agents struggling to find proceedable buyers for their record levels of unsold stock."

The number of new properties to have been listed on the portal this month has declined to 26,000 – the lowest volume since April.

The average number of properties for sale per estate agent is now at 79.

The survey follows a poll undertaken by national opinion pollster YouGov on behalf of the Council of Mortgage Lenders, which suggests that 76% of individuals polled have aspirations of owning their own home in the next two years, which is down from the 78% the last time the survey was undertaken in 2007.

The CML attributes the slide to a substantially lower short-term appetite (42%) for home ownership among adults aged 18 to 24, due to their desire for greater flexibility and mobility in their living arrangements and a lack of affordability.

 

Sellers drop prices to lure buyers

New sellers have dropped their asking prices by 1.1% to create a national average asking price of £229,767 in a bid to help lure buyers.

It means prices have been reduced by 3.4% in the last three months, according to Rightmove’s house price index for September.

On a regional basis, asking prices declined the furthest in the East Midlands, down 4.4% to £161,603. On an annual basis, prices in the North and the South East saw the sharpest increases, up 4.6% to £151,795 and £298,903 respectively.

Miles Shipside, commercial director for the portal, says: "The double-dippers will be able to point to a clear downward trend, with new sellers dropping their asking prices for three months on the bounce. They can cite tough competition amongst sellers and agents struggling to find proceedable buyers for their record levels of unsold stock."

The number of new properties to have been listed on the portal this month has declined to 26,000 – the lowest volume since April.

The average number of properties for sale per estate agent is now at 79.

The survey follows a poll undertaken by national opinion pollster YouGov on behalf of the Council of Mortgage Lenders, which suggests that 76% of individuals polled have aspirations of owning their own home in the next two years, which is down from the 78% the last time the survey was undertaken in 2007.

The CML attributes the slide to a substantially lower short-term appetite (42%) for home ownership among adults aged 18 to 24, due to their desire for greater flexibility and mobility in their living arrangements and a lack of affordability.

 

Tenants warned of rogue landlords

My sister is heading off to Swansea University this month, so any information on this topic is of use. The Guardian has a very informative article on 'rogue landlords' and the various scams that they use to extract money from vulnerable students. I have passed this information on to my sister so that she can be aware of the problems facing students looking for accomodation.

Students are being warned to beware of scams involving privately rented house following research by Shelter showing that up to 1 million people could have fallen victim to "landlord scams" in the past three years.

Shelter found that 2% of those questioned for its survey had fallen victim to a scam involving a private tenancy or landlord, equating to around 1 million people in Great Britain, while 4% knew someone who had either lost money or had problems retrieving their deposit

The survey – published as hundreds of thousands of university students prepare to move into rented accommodation for the autumn term, and based on 2,234 people representative of all British adults – is part of a campaign launched by Shelter this week to raise awareness of the dangers of rogue landlords and con artists.

The charity wants prospective tenants to be aware of the most common rent scams they have uncovered during its investigation. These include:

1. Let and Run:

Con artists break into empty properties and then rent them out as their own to unsuspecting tenants, who hand over large sums of money as a deposit and rent. At that point, the con artists disappear.

2. Duped into Debt:

Extortionate amounts of money are taken for hidden costs without the tenant knowing, such as fees for a tenancy inspection which the landlords "forget" to tell tenants about, immediately putting people into arrears.

3. Receipt Rip Off:

A con artist will ask for funds to be wired to a money transfer service, such as Western Union, as a sign of good faith that a tenant is committed to renting a property. The landlord will ask for proof of receipt and then withdraw the funds using the transfer details.

4. No need for a Deposit:

Rather than asking for a deposit, the landlord will request tenants to provide guarantors. At the end of their tenancy these guarantors can become liable for unnecessary and extremely costly "repairs".

5. Unprotected Deposits:

Some rogue landlords still avoid putting tenants' deposits in a tenancy deposit scheme, withholding it at the end for unfair reasons. Although the tenancy deposit protection scheme was introduced by the government in April 2007, Shelter says withheld deposits are a major issue for tenants, with one in four landlords and one in five tenants admitting they were not aware of the scheme.

Suking Chek, a Chinese student starting university in London, ended up more than £400 out of pocket when her landlord failed to carry out promised repairs to the flat she was renting, making it uninhabitable.

Even though environmental health officers deemed the property unfit to live in and issued a prohibition order on the landlord preventing the flat from being re-let, the landlord stalled for months before returning Chek's deposit and advance rent. They eventually paid but even then withheld over £400.

It is shocking that so many people have fallen victim to these kind of scams but even more astonishing is the fact that these rogue landlords are seemingly able to get away with it scot-free.

With over a million people victims to date clearly there could be scammers in every city up and down the country. They knowingly let people hand over their hard-earned cash in good faith, with the sole intent of stealing it. It is simply not acceptable that people who just trying to secure the basic human need of a roof over their head should end up ripped off.

Many tenants have also fallen foul of non-refundable booking fees. While this is not technically a scam, the money involved can be considerable for those losing out.

The private rented sector has increased more rapidly than any other tenure, with 3m households renting privately and predictions that one in five people will be living in the sector by 2020. Increasing property prices and small – or no – salary rises mean that many aspiring homebuyers have been priced out of the market for the forseeable future.

Not only is it vital that people who are renting watch out for these kinds of tricks, but the government must also clamp down on rogue operators who are exploiting the system and taking advantage of people who simply need a home.

 

Is is a good time to go for a tracker mortgage?

"Will they? Won't they?" is a refrain that has recently been resonating in homes nationwide: whether the Monetary Policy Committee at the Bank of England will raise base rate or not.

The bargain base rate – left unchanged again at 0.5 per cent in August's meeting, the 17th month in a row – has made mortgages more affordable for many.

In particular, trackers that follow base rate have become more attractive given the historically low rate.

For example, for those borrowing 80 per cent of their property's value, Nationwide offers a two-year tracker, priced at 3.88 per cent (base rate plus 3.38 per cent). Elsewhere, the Post Office has a lifetime tracker priced at 3.89 per cent (3.39 per cent over base rate).

However, the longer base rate has stayed at 0.5 per cent, the more jittery those seeking trackers have become.

After all, signing up to either of these deals may look good today but, if base rate were to climb to 4 per cent over a period of five months, say, a 7.38 per cent mortgage rate would cause serious financial harm.

On the face of it, tracker-rate products look incredible value at present, In more normal times, we would recommend a tracker rate is still affordable with a 1 per cent rise factored in, but now we recommend a 2 per cent rise is planned for.

Last week, the Policy Exchange went as far as to warn base rate could hit 8 per cent by 2012 because of inflation. However, says Melanie Bien at Private Finance, the consensus is for a slower increase in base rate: "Interest rates are at all-time lows so there is only one direction for rates to go."

One alternative, is to consider a tracker with a "switch to fix" option on offer at lenders including Woolwich, Nationwide and RBS. This allows you to jump ship into one of the fixed rates without incurring a penalty.

 

What does your property lawyer do?

Conveyancing literally means transfering a property title from one person to another. In essence it is the legal process of buying and selling property. Who does the conveyancing? Property conveyancing by law must be done by a property solicitor or licensed Conveyancer. One lawyer cannot act for both parties, as this would cause a conflict of interest so therefore both the buyer and seller will have their own representation.

 

What is the distinction between a Licensed Conveyancer and a Solicitor?

 

Solicitors are regulated by the Law Society and normally practice all areas of law, including conveyancing.

Licensed Conveyancers are regulated by the Council for Licensed Conveyancers and specialise only in conveyancing. Most Licensed Conveyancers are Solicitors who have converted to Licensed Conveyancer status. The processes and consumer protection standards are the same for either type of firm.

 

 What do they actually do?

 

Basically the Conveyancer is purely acting in your best interest in the property sale or purchase. They make sure that all the terms and conditions of the sale contract are reasonable and that the financial information is all as it should be. The process for what they actually do differs as to whether they are acting for the buyer or the seller

 

What is the process?

 

The seller's Conveyancer will first request a copy of the land registry entry for the property being sold. These are called office copies. A contract will then be prepared for the sale by your solicitor, incorporating the land registry plan and details, before forwarding it to the buyer’s solicitor. The buyer’s solicitor will send for the searches from a range of bodies, one being the local authority, and will assess the contract for sale which has been received from the seller's lawyer.

 

Additionally, if the buyer is borrowing money on a mortgage then the solicitor will need to receive a copy of the formal mortgage offer and be satisfied that the buyer has sufficient funds available to complete the transaction. If there are items in the contract for sale that the buyers solicitor is not happy with, then they will raise a query with the other seller's solicitor.

 

Once all of the queries have been resolved, the searches have been received, and proof of funds achieved, then both parties will be in a position to exchange contracts. Exchange of contracts is the point of no return for both parties and is a legally binding agreement for that Seller to sell and the Buyer to buy the property. At any time up to this point, either party can withdraw from the process without any penalty other than any monies they have spent on surveys, mortgage application fees etc. At exchange of contracts a completion date is normally agreed when the transfer will be finalised. On the day of completion the monies are transferred between the parties and ultimately, the keys are handed over.

Rental Property Checklist

Renting a property should not be jumped into lightly; there are many factors to be considered. Even though you are renting, the property will be your home for a period of time. The checklist below will help you ascertain whether it is right for you, balance out the location, condition and cost of living in the desired property.

 

The outside

Does the outside of the property appear to be in good condition?

Does the property seem secure? Are external doors secured? Is there an entry-phone system and burglar alarm?

Is there a garden? Who is responsible for the maintenance of the garden?

What is the area like? Are your preferred amenities and transport links within easy reach?

Are there any potential nuisances?

What are the neighbours like?

Has the property ever been burgled or damaged?

Are the locks of good quality and secure?

 

The inside

Is it in good condition? Are there signs of damp, flaking paint or infestations of any kind?

Do repairs need to be carried out? Are there any broken items of furniture?

Is there central heating? Do all the radiators function properly?

Is it properly insulated? Is there double glazing?

Is there enough storage space for your belongings?

Is there any sign of dodgy wiring, loose wires or faulty plugs or lights?

Do kitchen appliances such as washing machines/dishwashers work?

Are there enough kitchen cupboards and work surfaces?

Are pots, pans and kitchen equipment in good enough condition to use?

Are the bedrooms adequately heated? Are there curtains?

Check the bathroom(s) and make sure taps are not leaking. Does the shower work properly?

Are the sealants around the bath and shower intact?

Are you allowed to change the decoration in the property?

Are there enough electrical and telephone points and are they in the right places for your needs?

Does it have broadband or wi-fi?

 

Safety measures

Have all appliances had safety checks (PAT tested)? Is the paperwork available to view?

Do the downstairs windows (if any) have locks?

Is there a burglar alarm?

Is there a safety blanket and fire extinguisher in the kitchen (required by law)?

Is there a Landlord's Gas Safety Record available to view?

Do the furnishings comply with the latest fire safety regulations (1989 Fire and Furniture Regulations)?

Are there carbon monoxide detectors present?

Are there enough smoke alarms? Do they work?

Is there an easy means of escape in the event of a fire?

 

Financial concerns

How much is the rent and what is included?

What other bills are there and what are you liable to pay for?

How much of a deposit is required? What are the conditions for the landlord deducting money from the deposit?

What are the estimated running costs of the property?

Can you comfortably afford the rent on top of the deposit and running costs?

 

General considerations

If anything needs to be repaired, you will have to ask the landlord in writing

If the landlord agrees to make repairs, get it in writing

Double-check the inventory before you move in

Get a copy of the tenancy agreement and make sure you fully understand it

Get (and keep) your own signed copy of the tenancy agreement

Can you ask previous tenants about their experience of the landlord and the property?

Check and note all meter readings on the day you move in.

 

Is The House Dip Healthy?

I am terrified to pick up the paper or switch on the news, are we facing housing market Armageddon????

According to Nationwide, the market has stalled.House prices falling 0.9% in August, but are still £3,000 up on the start of the year.

Are we all over reacting, prices rose at a heart fluttering pace only to come back down again, perhaps this is all just a healthy correction.

Nationwide said the average home is now worth £166,507 and the property market appeared to have stagnated following the past year's surprise rally in house prices.

Annual property inflation has slipped back to 3.9%, after hitting a recent peak of 10.5% in April, while over three months house prices are flat.

The building society said that while the market was easing, house prices were unlikely to fall rapidly as they did in 2008, with the evidence instead pointing to a period of stagnation which would improve affordability.

Recent market trends remain consistent with an unwinding of the supply-demand imbalance that drove up prices for much of the last year.

As more sellers have returned to the market, buyers have a greater selection of properties to choose from and more bargaining power with which to bid down asking prices.

There is little evidence of distressed selling, however, with the Council of Mortgage Lenders' second quarter figures showing another drop in mortgage arrears and possessions.

At present the trend for price decline is likely to remain modest.

A run of downbeat news emerging from the property market has led to renewed forecasts from some economists that prices will fall once more.

Howard Archer, chief UK economist at analysts IHS Global Insight suggests prices will be 10% lower than their mid 2010 levels by the end of 2011. His forecast was echoed this week by Andrew Goodwin, senior economic advisor to the influential Ernst & Young ITEM Club, who said annual price falls of between 3% and 5% will be seen over the next 12 months, before house price stabilise.

However, economists and property watchers agree that the effects of a slowdown will be felt differently across the UK. The threat of spending cuts and public sector cutbacks is more likely to affect areas outside London and the South East and hit them harder.

Meanwhile, in the more buoyant capital and commuter areas, good properties in desirable locations are likely to prove most resilient.

Last year, there was a major disconnect between the property market and the economy. House prices rose at a rate that was simply unsustainable and a degree of correction was always on the cards.