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Property for Sale in Skegness Lincolnshire

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  • A short guide to buying a property
  • What is an ‘in principal’ mortgage letter?
  • Finding a new home
  • Location, Location, Location
  • What lifestyle do you want?
  • Advantages of buying a new home
  • Disadvantages of buying a newly built home
  • The purchase process for buying a property from a builder
  • What to ask the builder before you sign the reservation form
  • Conveyancing:  The Legal Issues
  • Who does the Conveyancing?
  • Title Deeds/Property Deeds
  • Title Plan
  • Shared Access
  • Rights of way and footpaths on your property
  • Restrictive Covenants
  • Making an offer on a property
  • How much should I offer?
  • Stamp Duty
  • When your offer is accepted
  • The Conveyancing Process
  • Thinking of Buying a Property at Auction?

Buying a house

A short guide to buying a property

The following is a concise guide to the process of buying a house in England and the professionals you will need to use.

You can help yourself to lower the stress by following a few simple rules:-

  • Get an ‘in principal’ letter from your mortgage lender first.
  • Instruct a good solicitor.

Buying a house

What is an ‘in principal’ mortgage letter?

Because of the ‘credit crunch’ securing a mortgage deal before you start looking for a new home is essential, for most people a mortgage is the biggest financial commitment.  An ‘in principal’ letter is provided by the mortgage lender stating that they are prepared to lend a certain amount subject to approval of the property.

Buying a house

Finding a new home

After deciding you are going to buy a new home and finding out how much you can afford, it is worth sitting down to consider what you would like from your new home.  The following are all worth thinking about:-

  • Location, Location, Location: The neighbourhood.
  • The house.
  • Leasehold or freehold.
  • Registered or Unregistered property.

Buying a house

Location, Location, Location

Find out about the area you are planning to move to, remember you can change the house but not the neighbourhood so just because you can afford a bigger house in a not so nice area it might not be right for you.  Consider yourself living in the area.  Will you feel:-

  • Safe and secure in the area?
  • Is there a high crime rate?
  • Do the facilities meet your requirements?:
    1. Schools
    2. Shops
    3. Sports and leisure facilities
    4. Public transport
    5. Restaurants and bars
    6. How easy is the commute to work?
    7. How much will the Council Tax be?

Watch out for high crime areas or electrical sub stations nearby or a shared access.  In addition check parking availability.  Choose a property with a light and south/west aspect if possible.

Buying a house

What lifestyle do you want?

Houses come in all shapes and sizes, but some are more suited to the way you live.  Open plan living spaces are great for entertaining but if you need a quiet space which is easy to heat it is probably not for you.  Traditional Victorian and Georgian buildings can offer fabulous spaces but are going to need more maintenance than a new build.  Consider if this home is for life or just a stepping stone; it may be cheaper to extend than move again, is there space to build an extension on the side or in the attic?  How many cars do you have; a double garage is so much easier than having to move one car out of the drive to get to the other behind it in the garage!

A few more important issues to consider when looking for your perfect home include:-

  • Does the garden face south; it is very annoying if the patio is plunged into shade at 4pm in the afternoon by either your own house or the neighbours.
  • Does part of the roof face south; you may want to fit photovoltaic solar panels in the future.
  • How important is parking to you, and how easy is the parking? Parking on the street may seem fine, but when it is raining and you are trying to unload the weeks shopping etc

Buying a new property

Advantages of buying a new home

New homes are built to the latest building standards and benefit from a 10 year warranty.  A new home will probably be better insulated and should require very little maintenance.  You will always be at the end of the buying chain and if you part exchange there is no chain at all.  You may also be able to specify your own features if you buy the house at an early state of construction.

Buying a new property

Disadvantages of buying a newly built home

New homes tend to be more expensive and have smaller rooms.  They are also often closer to neighbouring properties.  High density of most new estates usually restricts the number of parking spaces especially for visitors.  Other issues include:-

  • You may be living on a building site for a while.
  • Your garden may need planting, which can be expensive.
  • New houses often have less character than older houses.

Buying a new property

The purchase process for buying a property from a builder

House builders often place strict limits for exchanging contracts, usually from reservation to exchange in 28 days.  If you already have a mortgage in principal letter and a solicitor this should be an easier process than buying an older property.  You will need to make your selection of the builder’s options and extras as early as possible.

On or before the completion date your builder will give you a home demonstration, you should inspect your home for any defects.

  • For hot water and any leaks under the sink plus fill the sink and check the overflow does not leak.
  • The dishwasher, check for water leaks.

After you move in if you have any problems you should follow the builders’ customer care procedure.

Buying a new property

What to ask the builder before you sign the reservation form

You must ask the builders the right questions before you sign the reservation form.  House builders have a legal obligation not to make misleading or false statements.  Ensure you ask about discounts, part exchange, the location of social housing, the completion date and what specifications and choices are available.  Useful information includes the level of Council Tax, postal address and postcode and the site manager’s professional credentials, who is responsible for walls, fences and boundaries and any adjacent public spaces.

Conveyancing

Conveyancing:  The Legal Issues

What is Conveyancing?
Conveyancing is the term used to describe the process of legal and administrative transfer of ownership of land and buildings from one owner to another.  The process of Conveyancing starts after an offer has been accepted and the buyer and seller have exchanged solicitors’ details.

Conveyancing

Who does the Conveyancing?

You can use a solicitor or licensed conveyancer or even do it yourself.  But the risks and time involved usually outway the savings and the mortgage lender will usually insist on a solicitor performing the task. 

Conveyancing

Title Deeds/Property Deeds

The deeds are very important.  Your solicitor should explain any unusual details within the deeds.  They will detail any limitations, legal obligations or restrictions that come with the property such as not keeping chickens.

Conveyancing

Title Plan

The title plan shows the following details:-

  • A unique Title Number.
  • The scale the plan is drawn to, usually 1:1250 for urban areas and 1:2500 for rural areas.
  • The administrative area the property is in.
  • The direction of North.
  • Black lines indicate structures such as buildings, walls and fences.
  • Red line indicating the general boundary.

Conveyancing

Shared Access

Neighbouring homes can share an access such as a driveway or the hall and stairs in flats.  It also covers cases where access is gained to other property via your property.  You should know details of any shared access including who is responsible for maintenance.

Conveyancing

Rights of way and footpaths on your property

It is possible that some rights of way and footpaths can run across private property including gardens.  It can be very costly to get a right of way removed.

Conveyancing

Restrictive Covenants

The Title Deeds of new homes will contain restrictions, most of these are limited to the time until the development is fully constructed and sold.  The restrictions can include parking commercial vehicles, caravans and trailer boats on the property.  Alterations and extensions may not be permitted without written permission of the house builder.

Other restrictions have no time limit and can restrict land use, preventing for example the operation of a business from the property or erecting an extension.  These can seriously damage the resale value of the property.

Conveyancing

Making an offer on a property

Before making an offer on a property ask a few questions:-

  • Check the house is worth the price you are willing to pay.  You can use the Land Registry to compare the selling prices of houses that have sold in the same area.
  • Remember that other factors affect the value of two similar houses such as location or quality fittings.
  • Check if the property is freehold or leasehold.
  • Agree on a list of the fixtures and fittings which are to be included.

Conveyancing

How much should I offer?

There is not a fixed price for properties.  Savings can be made by using the right strategy during the negotiations.  The opening offer is very important, usually it is a figure below the asking price depending on market conditions.  The price may be adjusted later depending on the survey results.

Conveyancing

Stamp Duty

If the purchase price is above £125,000.00 you will have to pay Stamp Duty, the amount varies depending on the purchase price.

There are a variety of factors to take into account when negotiating.

  • Are there any other interested buyers?  If there are others interested you may prefer to offer the asking price before you get into a bidding war.
  • How keen is the seller to get a quick sale?  For a quick sale they may accept a lower offer if you have a mortgage in principal letter and a solicitor ready to act.
  • How long has the property been on the market?  If the seller is having difficulty selling then a lower offer may be accepted.  Ask if the price has been reduced since the property first went on the market.
  • Timing, demand for houses is highest in spring and summer therefore you often will get a better deal during the depths of winter.

You can also improve your negotiating position by:-

  • Not having a property to sell.
  • A mortgage in principal letter will show the seller you have the ability to pay the price you are offering.

Conveyancing

When your offer is accepted

Once the seller accepts your offer it has to be made formally in writing and subject to terms and conditions.  Your offer will be ‘subject to contract and survey’, this means that you are not legally bound to complete the sale until a satisfactory survey has been completed and signed contracts have been exchanged.  Also specify the fixtures and fittings to be included and if applicable any work to be completed on the property.  Request the property to be taken off the market to reduce the chances of gazumping.

Conveyancing

The Conveyancing Process

  1. The draft Contract; this is drawn up by the seller’s solicitors stating the particulars and conditions of sale including the details of the accepted verbal offer.  This draft can/will be altered by both sides in the coming weeks.
  2. Preliminary enquiries; the standard pre-contract enquiries are sent by the buyer’s solicitor to the seller’s solicitor requesting information such as any boundary disputes, restrictive covenants and rights of way.
  3. Property Information Form; is a document which is sent to the seller to complete then sent to the buyer, the buyer should check it tallies with the agreed verbal agreement, including fixtures and fittings.
  4. Title Documentation; the buyer’s solicitor reviews the Title Deeds and confirms that the seller actually owns the property.
  5. Local Search; this checks for any Planning Permissions that may have been applied for relating to the property.
  6. Draft Contract approved; once the draft Contract is approved by both sides it is ready for both parties to sign.
  7. Formal mortgage offer; at this point, if a mortgage is required, then a formal offer is required from the lender.
  8. Arrange for completion; all parties (estate agents, solicitors, buyers and sellers in the chain) arrange an agreeable date for the completion.
  9. Exchange; both the seller and buyer sign the Contracts and copies are exchanged by their solicitor.
  10. Completion; on this day funds will be transferred and transfer of ownership takes place.

Thinking of Buying a Property at Auction?

Contact Dale and Co. Solicitors for free independent legal advice before you bid!

  • Your target market
  • Timing your sale
  • Remove the mess and personal touches
  • A quick freshen up never hurts!
  • No time to redecorate?
  • The Garden
  • Before a potential buyer views your home – Checklist
  • Showing the viewer around the house
  • I have more than one offer, which buyer should I choose?
  • Accepting a buyers offer on my house
  • Exchange of Contracts
  • Getting to Completion
  • Where are my Title Deeds?
  • Who pays Stamp Duty?
  • When do I have to move out?
  • Do I have to pay Capital Gains Tax?

Selling: Home tips

Your target market

If you want to sell your home as quickly and painlessly as possible you first need to know who is most likely to buy your house.  Try tailoring the space to match possible buyers without putting off others; if you think a professional couple might be best suited to your house then ensure there is space for an office desk but ensure the second bedroom is a bedroom.

Selling: Home tips

Timing your sale

Traditionally the best time to sell a house is February, March and September.  During these months demand often outstrips supply so selling is quicker and prices are at their highest.

Selling: Home tips

Remove the mess and personal touches

Remember people want to imagine themselves living in the house.  Remove anything which you do not need on a daily basis and put it in the attic, so ornaments and photos and clutter have to go.  In addition if you can move large pieces of furniture into storage then it may be a good idea as spacious rooms are more appealing.  Hallways should have no coats, boots or other clutter and bathrooms should not have personal items on display.  Ensure the toilet seat is down and don’t forget to iron the bed sheets!

Selling: Home tips

A quick freshen up never hurts!

A coat of magnolia paint is an effective way of smartening up a home quickly.  New light carpets are also loved by potential buyers, (no big patterns).  Other quick fixes which can make all the difference include:-

  • Paint the front door.
  • Replace the bathroom fittings with a new set of matching chrome fittings.
  • Replace kitchen door handles or even the kitchen doors and drawer fronts.
  • Ensure all light bulbs are working and matching.
  • Replace old curtains with new light coloured curtains or wood blinds.

Selling: Home tips

No time to redecorate?

If you have not got time or simply prefer not to redecorate, ensure your house is clean.  Especially kitchens and bathrooms.  You may consider using professionals to clean carpets, windows and the oven.

Selling: Home tips

The Garden

The front garden is the first impression and the back garden is often seen as an extra room.  Both should be tidy, with the grass cut and children’s toys hidden away in the garage.  Make the garden look like a great space for relaxing or entertaining.

Selling: Home tips

Before a potential buyer views your home – Checklist

First impressions count.  If more people like a property then it is likely to sell faster.  Here is a checklist of great little things you can do to make the best possible impression.

  • Clean the house, if you can. 
  • Get pets out of the house and ensure there is no evidence of hair.
  • Get some cut flowers for the kitchen and hallway tables.
  • Turn lights and heating on.
  • Air the house.  Do not smoke or cook any food such as curry.
  • If you have parking, make sure there is space for the potential buyer to park.
  • Put some coffee on.

Selling: Home tips

Showing the viewer around the house

Leave this to the agent if possible.

If not, let a family member show viewers round.  Do not crowd or clutter!

Selling: Home tips

I have more than one offer, which buyer should I choose?

Your agent will be able to help.  Listen to their advice as the highest offer may not be the best offer.  Press for as much information regarding the buyers circumstances as possible, the key points are as follows:-

  • How is the buyer financing the purchase of your property?
  • Cash buyers are the best. 
  • Most buyers are going to need a mortgage, ask to see the ‘in principal letter’ from the mortgage lender.
  • First time buyers tend to need more help and can slow down the conveyancing process – but do not have another property to dispose of.
  • If the buyer needs to sell a property, it should be under offer before you take your own property off the market.
  • Find out how long the chain of houses which need to be completed first is.  A forward chain can complicate your sale.

Selling: Home tips

Accepting a buyers offer on my house

Your estate agent is the middleman between the buyer and you.  You should not contact the buyer directly.  Ask for the offer to be made in writing and ensure that the agent has all the background information on the buyer’s ability to move quickly.  Compromise on both sides is key to securing a deal.  Market conditions, how much the buyer loves your property and completion all dictate the amount a buyer is prepared to offer.  You need to consider how quickly you need to move, the present market conditions and the size of your moving budget.  Carpets and curtains are unlikely to fit your next home so use them as bargaining tools to maintain the asking price while giving the buyer something extra.  Once a price has been agreed your solicitor will send a draft Contract to the buyer’s solicitor who will conduct the preliminary searches.  You will need to agree on a date for a survey to be done on your property by a surveyor, a date for exchange of contracts and a proposed date for completion.

Selling: Home tips

Exchange of Contracts

The exchange of contracts can only occur when the following criteria have been met:-

  • Preliminary enquiries completed following receipt of a draft contract.
  • Evidence of a good title is confirmed.
  • Any specific issues are highlighted in the Title to the property.
  • Local search queries are completed.
  • Any fixtures and fittings to be included in the sale are agreed.
  • The buyer’s mortgage offer is confirmed.

Once the Contracts have been signed by both parties (i.e. the buyer and the seller), a deposit of usually 10% of the purchase price will then be transferred by the buyer’s solicitor to the seller’s solicitor when Contracts are exchanged.  [A completion date is then agreed between all parties.]

Selling: Home tips

Getting to Completion

Usually the faster you get to completion the greater your chances of a successful transaction.  Many of the factors which determine the speed of the transaction are out of your control, but selecting a good solicitor and estate agent will help, by ensuring the buyer is in a position to purchase your house when they make an offer.  On completion the residual monies, usually 90% of the purchase price, will be transferred from the buyer’s solicitor to the seller’s solicitors’ account.  Once your solicitor confirms the money has cleared in your account they will infirm you to release the keys – congratulations you have sold a house!

Selling a house FAQ’s

Where are my Title Deeds?

If you have a mortgage, you Bank or Building Society may hold your Title Deeds.  The Title Deeds are your proof of ownership of the property and your solicitor will need to send a copy to the buyer’s solicitor during the initial stages of the conveyancing process.  At Dale & Co Deeds are stored for free.

Selling a house FAQ’s

Who pays Stamp Duty?

The buyer pays Stamp Duty; the amount is dependant on the purchase price.

Selling a house FAQ’s

When do I have to move out?

On the completion date, which will be agreed mutually by all parties via your solicitor.

Selling a house FAQ’s

Do I have to pay Capital Gains Tax?

If you are selling your main home you do not usually need to pay Capital Gains Tax.  Your solicitor will advise you on this.

  • House Sale Solicitors - Dale and Co. Solicitors Lincoln - UK Conveyancing Solicitor
  • Your contract package and transfer
  • Completion

House Sale Solicitors - Dale and Co. Solicitors Lincoln - UK Conveyancing Solicitor

Contact us for conveyancing fees as soon as you decide to sell a property. We will advise you fully to help you anticipate your moving house costs. We can even help you find an estate agent.

Your contract package and transfer

The second stage of selling your property. Once a Buyer has been found for the property we produce a Contract Package which includes copies of the title deeds and the contract. This is sent to the buyer’s solicitor so that they are fully aware of all details of the property.

When the buyer is happy with the Contract package and search results and has finance organised, the contracts can be signed by both parties and a completion date agreed.

The contacts are exchanged and become legally binding. The buyer will pay the deposit. If you are buying a property this deposit can be used towards your purchase.

Next we will approve the transfer deed. You need to sign this document before completion so that the title to the property can be transferred to the new owner.

Completion

The final stage of your property sale. On the completion date the remaining money is paid by the purchaser and we forward the title deeds to their solicitor. With the proceeds we will pay any outstanding balance from the sale – such as our fees, Estate Agents fees and any mortgage outstanding. Any remaining money will be returned to you or used towards a purchase.

  • Remortgaging with Conveyancing Solicitors in Lincoln

Remortgaging with Conveyancing Solicitors in Lincoln

Remortgaging enables you to switch mortgage if you find a better deal or to change the length of your mortgage term. This can make substantial savings and can allow you to borrow more money. 

The remortgaging process itself is usually straightforward but can be costly, so you will need to carefully consider your options before switching lender. Conveyancing, surveys and any redemption or reservation fees need to be taken into account. 

Research your new mortgage carefully and contact Dale and Co. Solicitors Lincoln Conveyancing Team to discuss the necessary legal arrangements.

  • Transfer of Equity with Dale and Co. Solicitors - Conveyancing Solicitors in Lincoln
  • Mortgages and Transfer of Equity

Transfer of Equity with Dale and Co. Solicitors - Conveyancing Solicitors in Lincoln

The difference between the value of a property and the amount left outstanding on its mortgage is known as equity

Equity can be transferred when an owner (or joint owner) of land or property wishes to transfer their ownership to someone else, for example through divorce proceedings or as a gift. It is advisable that a Solicitor is instructed for a Transfer of Equity to ensure that any liabilities are disclosed. 

Contact the Dale and Co. Property Conveyancing team for a Transfer of Equity quote.

Mortgages and Transfer of Equity

If a mortgage will continue after the transfer, permission must be obtained from the lender.
This can be a good time to reassess your mortgage and check that you have the best deal. Your lender may require you to attend an interview or write a letter to explain the reason for the transfer. They may need proof that the amended owner(s) can afford to pay the mortgage and can issue conditions to the change, which your Solicitor will ensure are carried out. A mortgage lender has absolute discretion to approve or refuse a Transfer of Equity request.