Moving House

• Buying and selling

• Renting and letting

• Re-mortgaging

• Buying a council house

• Buying and selling

Moving house can be an exciting prospect, but dealing with the legal transactions can also be a complicated and stressful experience, and needs the attention of an experienced lawyer.

For further advice on any of the following issues, please contact your nearest Foys office or email us by clicking on this link ruby.bridges@foys.co.uk. Or complete the form which can be found in the enquiry section of this web site.

Buying and selling

When the seller’s Solicitor receives details of the sale, he will obtain a list of any fixtures and fittings that will be included in the sale along with details of any items which the buyer has agreed to buy separately. A completed form giving details of boundaries, disputes with neighbours and such like will also be prepared. He will prepare an initial contract that will be sent to the buyer’s Solicitor for approval. The buyer will normally instigate a house survey at this stage. The buyer’s Solicitor will make a Local Authority search, and where appropriate a mining search, a drainage search and an environmental search. If a mortgage is being obtaining, it is normal for the buyer’s Solicitor to act on behalf of the lender. This Solicitor will check that the title deeds do not contain anything which could adversely affect the lender, and that the conditions within a mortgage offer are complied with.

The buyer and seller will then sign their respective contracts. A date for completion will be agreed and the Solicitors will exchange the contracts. This is when the buyer and seller become legally bound to continue with the transaction. The buyer will normally pay a deposit at this stage, unless he has a sale which is to be completed at the same time. In this case the Solicitor will use the deposit received from the buyer of that property.

The buyer’s Solicitor will request the mortgage money from the lender. The buyer’s Solicitor will prepare a deed which must be signed by buyer and seller, to transfer the property into the buyer’s name. On the day of completion, the buyer’s Solicitor will deliver the balance of the purchase money to the seller’s Solicitor, who will use this money to pay off any existing mortgage balance, the estate agent’s fees, any outstanding disbursements, such as land registry fees and stamp duty and his own fees. The remainder of any money will be passed to the seller. The seller’s Solicitor will send the title deeds to the buyer’s Solicitor and will organise the release of the keys to the property.

Finally, the buyer’s Solicitor will register the change of ownership at the Government Land Registry and, after completion of the change of ownership, will send the title deeds to the mortgage lender if there is one, or will retain them if requested by the buyer.

Renting and letting

When a property is rented, whether from a private landlord, the Local Authority, or a housing association, it is vital that the correct tenancy agreement is entered into, to ensure that both the landlord and tenant understands their rights and obligations.

Foys has many years of experience in preparing tenancy agreements for landlords and tenants. Our lawyers will consider all aspects of the tenancy, including, but not exclusively:

• Whether it is for a fixed period, or a ‘periodic’ tenancy, i.e. one which runs from week to week, or month to month, for example.
• The amount of notice required to sever the tenancy, and whether there is to be a break clause, which allows the tenant to leave before the end of a fixed period tenancy or permits the landlord to cancel the tenancy.
• Whether it is a single or a joint tenancy.
• The rent and what is included in it. Its fairness and when it can be increased.
• The deposit and how it can be used, i.e. can deductions be made for unpaid rent.
• Responsibility for repairs.
• Making improvements to the property.
• Passing on the tenancy and subletting.
• The right to buy the property.

Re-mortgaging

It is currently very popular to re-mortgage a property in order to take advantage of more competitive mortgage rates that are on the market. Re-mortgaging is rather like moving house, but the process is less complex. However, there are a number of legal issues that need attending to.

The Solicitor will obtain the deeds for the property from the existing lender and the mortgage offer from the new lender. The mortgage offer will give details of the lender’s requirements and the Solicitor will advise upon which searches are necessary. These may include local, drainage, mining, environmental and bankruptcy searches. Some lenders will accept an indemnity insurance policy in place of the local search, which will cost less, and if existing mining and drainage searches are obtained with the deeds, these may not be necessary either. Once the Solicitor has received the new mortgage advance the existing mortgage is redeemed and the new mortgage registered at the Land Registry. The deeds for the property are then sent to the new mortgage lender.

Buying a council house

This is commonly referred to as a ‘Right to Buy’, and is a less complex version of a house purchase – please see above. There is no ‘contract’ involved, but there is a document which transfers the property from the Local Authority to the buyer which requires checking by the Solicitor. If a mortgage is being obtained in connection with the purchase, the Solicitor will obtain the searches, including, local, drainage, mining, environmental and bankruptcy searches. The Solicitor will register the change of ownership at the Government Land Registry. Once this has been done the deeds will be sent to the mortgage lender.

Paying for our services

We offer a fixed fee service for all of our domestic property matters, generally based on the value of the property you are buying, selling, re-mortgaging or renting.
For a quotation or further advice and assistance please contact your nearest Foys office or email us by clicking onto this link ruby.bridges@foys.co.uk.

Foys Solicitors is Authorised and Regulated by the Solicitors Regulation Authority SRA No 00048529