Conveyancing Tips
Buying or selling a property can be a complex process. We have collated our top conveyancing tips and by following these tips, you will reduce any complexities and make for a smoother transaction. When obtaining quotations for conveyancing solicitors’ fees, be sure that everything has been included – as well as the solicitor’s fee, there are…
View Article Drafting commercial property leases
Dealing with a wide variety of matters, including details of parties, definitions and interpretation, operative clauses, schedules, provisos, and signatures, a commercial property lease is a document which protects your position when renting a commercial property. A binding contract, signing a lease on a property is a significant financial commitment; as a business owner it…
View Article Help to Buy Transactions
The Government created Help to Buy scheme was created to assist everyday people in taking the steps to buying their next home. Whether getting on to the housing ladder or move up it, Help to Buy provides the ability to buy a new-build or existing home priced with as little as a 5% deposit. Launched…
View Article Inheritance tax planning
Calculated on the value of your estate when you die, and the value of assets you have given away or put into trust during the previous seven years, Inheritance tax (IHT) can be reduced or even eliminated entirely if planned for correctly. The Wills and Probate solicitors at Bannister Preston Solicitors LLP can assist in…
View Article Leasehold Property & Extensions
A leasehold property is one which is owned for a fixed pre-agreed period of time, with a legal agreement set with the landlord (or freeholder) to define how long your ‘lease’ will be valid. Once this period comes to an end the ownership of the property defaults back to the landlord. During your period of…
View Article Remortgages & Equity Release
Understanding Equity Equity release is the process of releasing the owned value in your home to provide a cash lump sum, which can them be either used for further home improvements, holidays and more. Equity is defined as the percentage share you own in the value of you home. For example, if your property is…
View Article Right to Buy transactions
The government back ‘Right to Buy’ scheme (RTB) allows eligible council and social housing tenants to purchase their homes at a discounted rate. As the rules and laws differ slightly across jurisdictions the service benefits from the inclusion of a residential conveyancing solicitor to ensure all legal formalities are fulfilled, and the transactions proceeds as…
View Article Shared Equity/Ownership Transactions
What is shared ownership? Shared ownership, also known as Co-ownership and equity sharing, involves the sharing of a single property between multiple owners. This may also result from various types Home Ownership scheme including equity loans (such as Help to Buy), or leasehold schemes. At the end of the agreed period Co-owners usually have a number…
View Article Stamp Duty Land Tax
Stamp Duty Land Tax (SDLT) is the tax owed to the HMRC after the purchase of a freehold, leasehold, or shared ownership property. It’s important to have this payment sorted promptly (within 14 days of completion of the sale) to avoid a penalty charge. The amount of tax is calculated based on a percentage of…
View Article The Conveyancing Procedure
Once we have been instructed, our conveyancing solicitors will issue you with our Client Care Letter which will set out the terms of our engagement and will set out our initial requirements and will enclose a Property Information Form, Fittings and Contents Form and Leasehold Information Form is applicable. Whilst we await for you to…
View Article Transfers of Equity & Ownership
A transfer of equity/ownership is a transaction in which legal ownership of a property changes hands, often resulting from a change in circumstances. Typically more straightforward than a sale or purchase, involved parties have prior knowledge of the property, diminishing the need for a contract. Examples where Transfers of Equity/Ownership apply include: Court order Cohabitation…
View Article