On the completion date, the following will occur: The purchase price is completely paid off to the seller’s conveyancer; If there is a mortgage, the mortgage lender sends the mortgage money; If you are the seller, your mortgage is paid off from the money received from the buyer’s solicitor; When the monetary transaction is complete,… Read more »
This is the name given to the set of documents that prove the ownership of a property. Nowadays an Office Copy Entry (OCE) is the only document that is considered a Title Deed and it is conclusive on ownership of properties. It is only if a property is unregistered that we require the original Deeds.
A freehold property is one which is owned permanently by a person. There are very seldom any lengthy restrictions and usually an owner can do what they like with freehold properties, subject to planning permission and other legal requirement.
A leasehold property is one where there is limited ownership for example a person can have a property for 99 years only or 125 years and some leases are as long as 999 years. These are generally flats and maisonettes. They have a lengthy document called a ‘lease’ which states in detail what a person… Read more »
The Transfer Deed (TR1) is the legal document which transfers the ownership of the property from the seller to the buyer. The Transfer Deed must be signed in the presence of independent witness, such as a neighbour or friend, who must state their full name and address next to the client’s signature. If you would… Read more »
The redemption statement shows how much is still owed on the client’s existing mortgage, and any other loans the client is paying off. If the client has taken any other loans which are not included in the redemption figure, the client must inform his conveyancer immediately. Failure to do so could result in the conveyancing… Read more »
The Office Copy Entry (OCE) is the title document issued by the Her Majesty’s Land Registry which reveals details of the current proprietor together with information as to description of the land/property and details of any rights over the land and/or for the benefit of the land (as well as any financial charges). This is… Read more »
If you take legal action against the seller, it is likely to be a long, drawn out and expensive process. The better option would be to direct your conveyancer to write to the seller’s conveyancer and inform them that they should arrange to have the unwanted items removed or that you will arrange it but… Read more »
Couples who are married or live together may purchase property as Joint Tenants. This means that in the event of the death of one person, his or her share of the property automatically passes on to the other. If you purchase the property as Tenants in Common, in the event of the death of one… Read more »
Book your removals company only after you finalize the moving date when exchanging contracts. Until contracts are exchanged the moving date is not set in concrete and if for some reason it changes after you have made the booking you will lose your money.