Buying, Selling and Remortgaging (Leaflet)

Why do I need a solicitor?

Buying, selling and re-mortgaging are complex legal transactions which the dedicated professionals in the property department at Fraser Dawbarns solicitors can handle on your behalf. We have secured membership to the Law Society’s Conveyancing Quality Scheme (CQS) – the mark of excellence for the home buying process. This ensures you have a lawyer advising you and supporting you through the whole of the home selling, buying and mortgaging process.

How long will it take?

If you’re buying or selling it depends on a number of things. For instance:

• How many parties are involved - how long is the chain?
• Your financial arrangements
• The age and condition of the property
• How straightforward the title deeds to the property are
• The types of searches required

If you’re a cash buyer with no chain, and you are willing to take a risk and decline the usual searches, the transaction could be completed in a week. However, realistically, you need to allow anything from 6 to 12 weeks.

If you’re remortgaging, you should allow 3 weeks from our receipt of your mortgage offer. Rest assured we will keep you updated as your transaction progresses and do everything we can to help you complete the deal on time. 

What will it cost?

Our fees are extremely competitive and we are always happy to provide a comprehensive, no-obligation quote. Remember that you will need to budget for costs such as land registry, stamp duty and transfer fees, in addition to your legal fees. We’ll confirm all these costs upfront so you’ll know at the outset what to expect.

Surveys

We always advise buyers to have an independent survey carried out and can advise on the options available. We may also be able to recommend local independent surveyors.

Buying together?

If you plan to purchase a property in joint names, you will need to speak to one of our lawyers to make sure the title deeds reflect your joint wishes.

Who gets the keys if something happens to you?

The only way to control what happens to your property after your death is to have a Will in place. We advise all clients who are buying or selling property to consider whether any changes need to be made to their current Will or whether they need to have a first Will drawn up. Please ask us for details of the process of making a will; it is not as difficult or costly as you may first think and we have specialist lawyers within Fraser Dawbarns who can make the process straight forward.

Jargon Buster – what does it all mean?

Exchange of Contracts – The moment when the buyer and seller become bound to buy/sell. This is when the date for completion (see below) is usually set. There are financial penalties if either party pulls out after contracts have been exchanged.

Completion – The date when the property legally changes hands. Stamp duty taxes and land registry fees will need to be paid at this time and the Land Registry will be asked to register you as the new owner of the property.

Stamp Duty Land Tax (SDLT) – A tax payable to the government by you on completion of the purchase of a property. This only applies to properties purchased for more than £125,000 (subject to disadvantaged area status).

Redemption - Repayment of your mortgage, if you have one. Mortgage companies sometimes impose a penalty (in the form of a charge) for early repayment (including switching to another lender) within a certain period of time. Check the terms of your mortgage to see if this applies to you. 

Why choose us?

Buying, selling or re-mortgaging property is a big decision, and can be pretty stressful! It’s important that you have the best legal team available at your side.

Fraser Dawbarns is one of the most established law firms in the region with a dedicated team of local property specialists who will guide you through the process, offering friendly, professional legal care that’s personal to you. At Fraser Dawbarns, we promise:

• Advice from a dedicated, qualified property lawyer with local knowledge
• A direct phone line to your lawyer
• A face to face meeting with your lawyer to explain the transaction and your deeds
• To quote a fixed price for your transaction, upfront, with no hidden surprises
• To store your deeds securely, taking care of the important papers - free

We’ve helped thousands of people to move on – so why not let us help you too?