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Conveyancing Moving House Property

Why Do You Need Conveyancing When Remortgaging?

Remortgaging is when you change the mortgage on your property by moving to a new lender. Whether you are looking for a better mortgage deal, you want to refurbish your home, you have other debts to pay off, or your financial circumstances have otherwise changed, we can provide clear, practical advice about the best way to proceed, deal with your bank, building society, or mortgage provider on your behalf, and take the necessary steps towards getting your remortgage finalised.

Our experienced conveyancing team will guide you through the process. Our remortgage solicitors have helped thousands of people remortgage and aim to make the conveyancing process as simple and stress-free as possible.

By using BES Legal Ltd for this process, you have the peace on mind that all the details will be accounted for, protecting you legally and financially, while ensuring the remortgage goes ahead quickly and smoothly.

What Is Involved In Conveyancing For Remortgaging?

There are various steps involved in the remortgaging process that our experienced team of conveyancers take care of for you.

Checks and searches – This includes verifying your identity, money laundering checks, checking the title deed and property searches e.g. checking for any planning, building control or environmental issues affecting your property. Your new mortgage lender will need to see evidence of these checks before releasing funds to you.

Redemption statement – Your conveyancer will give your existing mortgage lender notice that you intend to pay off the outstanding balance on your mortgage and ask for a redemption statement, which details how much you owe, plus any penalties, exit fees or other costs for early repayment.

Reviewing your mortgage offer – When your new mortgage lender has carried out a valuation of your property, they will make a formal remortgage offer and send a copy of this to both you and your conveyancer. Your conveyancer will talk through the details of this offer with you to make sure you are entirely clear what you are agreeing to.

Transfer of funds – When your new mortgage lender is ready to transfer funds, these will be sent to your conveyancer. They will then use the funds to pay off your old mortgage and any fees, then deposit any balance left over into your nominated account.

Land Registry – Once your old mortgage lender confirms that your previous mortgage is paid off, your conveyancer will contact the Land Registry and have them update the title deed for your property with details of your new lender.

Conveyancing For Leasehold Property Remortgages

The conveyancing process for remortgaging a leasehold property involves a few additional steps which your conveyancer will assist you with.

Firstly, they will need to check that the length of time remaining on the lease meets your new mortgage lender’s requirements. Many lenders will be reluctant to offer a mortgage on a leasehold property with 80 years or fewer left on the lease.

Your conveyancer will also need to collect details of your service charges and ground rent from your landlord or their agent, as well as a copy of the property’s buildings insurance documents.

You will also need to provide a copy of your lease (which you should have) to your new mortgage lender. If you do not have a copy of your lease, your conveyancer can request one from the Land Registry.

How Long Does A Remortgage Take?

A remortgage can take a matter of weeks to complete once you have a mortgage offer. The delay normally relates to the time it takes to get your mortgage offer (remember a mortgage in principle isn’t a mortgage offer and you’ll still need to get a mortgage valuation). If your property is a leasehold, there can also be delays with the freeholders providing notice after completion, especially if you haven’t paid your service charges and ground rent.

BES Legal Ltd have extensive experience working with banks, building societies and other specialist mortgage lenders, so we know how they work. Above all we aim to make your remortgage stress-free, without the legal jargon and working to your timescales. To find out how BES Legal Ltd could help with your remortgage conveyancing, please get in touch with our experienced team by calling 0330 124 7474 or emailing enquiries@beslegal.co.uk.


The purpose of this blog is to provide information and discussion. Nothing on this blog should be relied upon as a substitute for legal advice from a qualified solicitor regarding any actual legal issue or dispute. Nothing on this website should be construed as legal advice or perceived as creating a solicitor-client relationship. Please note that we cannot give advice on individual’s situations or problems on this blog.

Categories
Moving House Property

The Conveyancing Process – Buying and Selling

The process of moving home can seem complex and stressful. We have created these straightforward guides to help you understand the process of buying and/or selling, and prepare you for your future property transaction.

The Conveyancing Selling Process

You can also download a PDF copy here.

The Conveyancing Buying Process

You can also download a PDF copy here.


The purpose of this blog is to provide information and discussion. Nothing on this blog should be relied upon as a substitute for legal advice from a qualified solicitor regarding any actual legal issue or dispute. Nothing on this website should be construed as legal advice or perceived as creating a solicitor-client relationship. Please note that we cannot give advice on individual’s situations or problems on this blog.

Categories
Moving House Property

Gifted Deposits and How It Can Affect You.

A gifted deposit is any amount that somebody (usually the bank of Mum or Dad) gives a home buyer towards their deposit or gifts them the entire deposit.

More and more people are relying on gifted deposits to get a mortgage, but what does this mean for you?

Here at BES Legal Limited, we ask for proof of funds covering three months to see where the deposit is coming from and to ensure that this amount has been in your account for at least three months. During these three months, if we see that any significant amounts have gone into your account then we ask for a trail to be seen such as bank statements to show that an amount has been transferred from your savings account into your main account.

However, if this amount is a gift from anyone else then please note that Anti-Money Laundering laws require us to do the following:

A signed statement will be obtained from the gift donor: The purpose of this statement is to ensure that this amount is a non-repayable gift and the person has no interest in the property. This is directly sent to the gift donor once you provide us with their contact details.

A Bankruptcy Search will be carried on the gift donor: This will be done on completion and then £2.00 will be added to your bill.

Obtain certified photographic ID and proof of address from the gift donor.

An ID check on the gift donor: This will be £10.00 plus VAT and be completed as soon as the ID is received.

Obtain a source of funds: This must show that the gift amount has been in their account for at least 3 months, if not then we must see a trail of where it came from.

At BES Legal Limited, for gifted deposits, there is a cost of £50.00 plus VAT for doing all the above work.

Different lenders have their own rules and requirements regarding the gifted deposit. We report this gift to the lender and ask them to confirm whether they are happy to proceed with the purchase. Some lenders also require their own statements to be completed by the gift donor. Therefore, if you are getting a gift towards your purchase please let us know as soon as possible so that we may carry out the above steps and allow the lender time to respond back to us in time for your transaction to not be delayed.

If you have any further questions, please do not hesitate to contact our conveyancing department on 0330 124 7474 or send us an email.


The purpose of this blog is to provide information and discussion. Nothing on this blog should be relied upon as a substitute for legal advice from a qualified solicitor regarding any actual legal issue or dispute. Nothing on this website should be construed as legal advice or perceived as creating a solicitor-client relationship. Please note that we cannot give advice on individual’s situations or problems on this blog.

Categories
Moving House

Japanese Knotweed: What To Do And What Not To Do

Japanese Knotweed is prevalent in many areas of the UK. What should you do if you discover Japanese Knotweed on your property? How do you make sure a property you are buying isn’t affected?  Here are some helpful pointers to make sure you are clear on how to handle this inconvenient invader.

What is Japanese Knotweed and why is it such a problem?

When Victorian engineers were designing our railways, they imported Japanese Knotweed into Britain to hide, or possibly even stabilise, railway embankments. Japanese Knotweed is typically known for colonising volcanoes in Japan and is now known to be a significant problem across the country.

It spreads quickly and can grow up to 10cm a day between April and October with the roots extending up to three metres deep and up to seven metres laterally.  It is strong enough to crack tarmac, block drains, undermine foundations and invade homes. Its presence can be enough to cut a property’s value by up to 20% or prevent a mortgage lender approving a loan. It is estimated to be the cause of circa £170 million of home repairs every year and the government estimates that the costs of eradicating it across the UK would be £2.6 billion.

How do I identify Japanese Knotweed?

Mature Japanese Knotweed canes can be identified by their distinctive purple speckle and stand as high as three metres tall. This is when they are fully grown by early summer. Towards the end of summer clusters of small white flowers appear, which are loved by insects for their nectar. In Autumn, the leaves wither and fall off and the canes die and go brown. The rhizome is the part of the plant that is submerged under the soil. It has dark brown bark and under this external layer, is orange or yellow.

Japanese Knotweed - BES Legal LTD
An example of Japanese Knotweed

How close is it to me?

Five years ago, the Environment Agency commissioned a new app to track Japanese Knotweed, using the crowd-sourcing principle. More than 20,000 people have now downloaded it, and their data has pinpointed over 6,000 knotweed locations.

View the full map at http://www.planttracker.org.uk/map/knotweed where you can zoom into your area. So far, the results show a particular concentration in South Wales, Midlands, London, Scotland’s central belt and Cornwall – where the plant was also introduced by Victorians into ornamental gardens.

Map of Japanese knotweed - BES Legal LTD
Map of Japanese knotweed.

What should I do if I have Japanese Knotweed on my property?

Japanese Knotweed is extremely difficult to treat because the roots or rhizomes spread rapidly underground and can regenerate from tiny amounts of material. There are strict regulations which control its disposal. The Knotweed must be treated at the root and by cutting it down.

Digging it out of the ground can just spread it terribly,” warns Stephen Hodgson, the chief executive of the Property Care Association (PCA).”If you’ve got it in your garden, either leave it alone or treat it properly.

The advice is as follows:

  • Do not try to dig it up: Tiny root fragments can regenerate into another plant
  • If you cut down the branches, dispose of them on-site. Compost separately, preferably on plastic sheets
  • Do not take it to your local council dump. It needs specialist waste management
  • Do not dispose of it in the countryside. This is against the law
  • Do not spread the soil – earth within seven horizontal metres of a plant can be contaminated
  • Take advice from the Invasive Non-Native Specialists Association (INNSA) or the Property Care Association (PCA) on local removal contractors. Many treatments don’t work

 

In an experiment being conducted in South Wales, thousands of plant lice were released in the summer of 2016, in the hopes that they would help destroy some of the knotweed along river banks. Scientists hope the insects, brought from Japan will stunt the superweed, allowing native species to flourish. However, it is still recommended to seek professional advice on how to eradicate it to ensure that the plant does not get out of control or spread to adjoining properties. Professional knotweed treatment involves injecting the plant with industrial-strength weed killer -Glyphosate.

David Layland, the joint managing director of Japanese Knotweed Control, based in Stockport, says it is the only thing that works. “Once we inject into it, it transfers into the root system pretty quickly, and then it binds with the roots. Over time, it rots away into the subsoil.”

Professional treatment is costly, starting at about £2,500, and going upwards to £30,000 for a major infestation.

Am I liable for knotweed spreading to adjoining properties?

You must deal with Japanese Knotweed straight away.  If you fail to do so, then you could be faced with a substantial claim from an adjoining landowner.  This claim could be not just for the costs of removing the knotweed from the adjoining property but also for the decrease in value of the adjoining property.

In the recent case of Smith v Line where knotweed was found by the Smiths on the property, they had acquired from Ms Line. When they discovered the knotweed, the Smiths acted to remove the knotweed from their land and, having successfully eradicated it from their property, requested Ms Line to take action to prevent it spreading back onto their property as it was growing close to the boundary.  Ms Line refused, and the judge granted an injunction requiring Ms Line to get a reputable contractor to treat the knotweed on her land and ordered her to pay the Smiths’ costs.

Similarly, in the case Williams v Network Rail, two homeowners in South Wales were awarded £15,000 to compensate them for knotweed which had spread into their gardens.

These cases highlight the possibility of further claims being made more frequently in the future.Japanese Knotweed - BES Legal LTD

What should I do if I am buying a property?

Where sellers of existing properties are aware that the property or garden is, or has been, affected by Japanese Knotweed, they must declare it on the property information form (known as a Form TA6) as part of the conveyancing process.  However, developers and builders are not obliged to complete this property information form and if you are buying from a developer or builder then you should make sure your solicitor requests specific enquiries are written to confirm both the current and the historic knotweed position. A buyer should always get a survey of the property carried out and should ensure that the survey includes the garden and, where possible, gardens of adjoining properties.

Can I get insurance against Japanese Knotweed?

Whilst most buildings insurers do not ask about Japanese Knotweed, they may not cover any treatment so check your buildings insurance policy carefully to see if it is covered.  A mortgage lender may also not be willing to lend if the buildings insurance policy won’t cover knotweed.

Indemnity insurance cover can be taken out to provide protection for buyers and mortgage lenders if Japanese Knotweed is discovered.  This will generally only be available if no knotweed has been discovered on your property or if it has been successfully treated in the past. This insurance could cover the cost of a survey report to confirm the presence of knotweed, the cost of treatment, repair of any damage caused and could also extend to defending any legal proceedings in the event of any third party being affected.

If you have questions relating to buying or selling a property affected by Japanese Knotweed, please contact our conveyancing team on 0330 124 7474 for advice.


The purpose of this blog is to provide information and discussion. Nothing on this blog should be relied upon as a substitute for legal advice from a qualified solicitor regarding any actual legal issue or dispute. Nothing on this website should be construed as legal advice or perceived as creating a solicitor-client relationship. Please note that we cannot give advice on individual’s situations or problems on this blog.

Categories
Moving House

Moving Home Checklist

Moving home is statistically one of the most stressful things you can do in life. We understand moving home can be a stressful and trying time. That’s why we’ve put together a comprehensive moving home checklist.

2 Months Before You Move

  • Obtain a floor plan of your new home and create an inventory. Having a floor plan of your new home which details room dimensions will enable you to decide what items of furniture and personal belongings are to go where in the property and whether the furniture will fit. The inventory is useful information to provide your removal company with.
  • Establish a file for all moving papers and receipts. A by-product of moving home is paperwork. Expect lots of it and have a filing system in place which makes it easy to store and fine those important documents.

One Month Before You Move

  • Choose a removal company and pencil in the expected date of completion for your move. The expected date of completion will be advised by your solicitor. During the conveyancing process, dates are subject to change. The British Association of Removers is a great place to search for reliable movers. The database has details of many removal companies around the UK including their insurance cover and references from previous customers.
  • Speak to your employer about potential time off work and the required notice you must give. You may want a few days off work either side of your moving date to get everything ready for the move and to get settled into your new home.
  • Start to think about running down your food cupboards and frozen food.
  • Order and start collecting boxes, labels, tape, bubble wrap and any other materials you’ll need to pack up your house. When packing, organise and label the boxes, marking what rooms you intend them to go in. If using a removal company, they may be able to supply you with packing supplies.
  • Request the fixture and Fittings Form from your solicitor filled out by the seller so you can see what is being left at the property.
  • Start packing non-essential items and least used rooms.
  • Notify the relevant companies and organisations of your expected moving date and new address. Here’s a handy list of who to contact:
  • Gas company
  • Electricity supplier
  • Water provider
  • Telephone and internet provider
  • Council Tax office
  • Insurance companies
  • DVLA
  • TV licensing
  • Schools and employers
  • Banks and building societies
  • Credit card companies
  • Doctor and dentist surgeries
  • Newspaper and magazines subscriptions

2 Weeks Before You Move

  • Finalise arrangements with your removal company. Confirm arrival times and work out a route for your moving day. Consider the route for the removals truck and if there are any low bridges or weight restricted areas.
  • If you have children or pets, arrange for someone to look after them during the move.
  • Notify friends and family that you are moving to.
  • Visit the Post Office and arrange for your post to be forwarded (you will be charged a fee for this service).

1 Week Before You Move

  • Empty and defrost the freezer
  • Cancel local services you receive and settle outstanding bills. e.g. newspapers, gardeners, cleaners, window cleaner
  • Put important items and documents in a plain, sturdy box for safe keeping. e.g. passports, driving licenses, house deeds, wills, insurance papers, jewellery and cash.
  • Finish as much of your packing as possible so you have everything ready to go. Make sure you do this methodically and do not forget about belongings in the loft, shed and garage. Cross-reference boxes to rooms.
  • Gather together keys for your current property

1 Day Before You Move

  • Walk around your house for a final, thorough check – take your time doing this to ensure you leave nothing.
  • Pack a bag of essentials for yourself and family members so you have your toothbrush, pyjamas, washbag and towels handy. Also put together a bag of food essentials to get you through the first day.
  • Put together a mini-toolkit including a sharp knife for opening boxes on arrival.

Moving Day

  • Record all utility meter readings for water, electricity and gas. Record meter readings in your old property and your new property when you arrive. We recommend taking a photo of the meters with your mobile phone
  • Leave details for your buyers about rubbish collections, recycling schemes, milk deliveries and if you can, instruction manuals for any appliances and heating systems that you are leaving behind.
  • When you leave, ensure all windows and doors are locked.
  • Account for each item on your inventory – check for any damaged and missing items only sign the documentation from the removal company once you are happy
  • Place moving and other important documents in a safe place where they won’t get disturbed – in the bath is quite a useful place!
  • On arrival at the new property do a walk around and re-familiarize yourself with your new home. Turn on the heating and run the hot water – ensure you know how to use it.

After You Have Moved In

  • Re-arrange local services you would like to receive. e.g. newspapers, gardeners, cleaners, window cleaner.
  • Leave feedback reviews for your solicitor! It is lovely when our team’s hard work is recognised. Your feedback helps others to know we are here and gives them confidence in our services.

Moving to a new house is exciting but it can also be challenging, and we know there’s a lot to think about! We hope this checklist has mapped out the sort of things you should consider in the countdown to you moving home. If you want to print off this checklist, you can view or download it by using the button below. Happy moving!

A copy of the moving home checklist is here.


The purpose of this blog is to provide information and discussion. Nothing on this blog should be relied upon as a substitute for legal advice from a qualified solicitor regarding any actual legal issue or dispute. Nothing on this website should be construed as legal advice or perceived as creating a solicitor-client relationship. Please note that we cannot give advice on individual’s situations or problems on this blog.

Categories
Moving House

10 Legal Terms First-Time Buyers Should Know

Buying a property is an exciting time however it can be stressful too, especially when you are a first-time buyer. The number of factors involved in purchasing your first home can feel overwhelming. To ensure important information is understood, it is important that as a first-time buyer, you are familiar with some of the legal terms used throughout the process.

Conveyancing

The term refers to the legal process of transferring ownership of a property from the seller to the buyer.

Leasehold and Freehold

These terms refer to the different types of property you can buy. With a freehold, you are buying the property and the land it is built on. Leasehold means you buy the property but only a share of the land it is built on. Houses are almost always freehold and flats are normally leasehold. Maintenance charges will be paid to a management company for the upkeep of communal areas on leasehold properties.

Contract

The legal agreement entered into by the seller and buyer of a property.

Surveys and Searches

A survey is an inspection commissioned by a buyer and carried out by a surveyor to report on the physical condition of a property and to highlight any repairs that are required.

A survey for valuation is a report paid for by the buyer but is carried out on behalf of a lender to ensure that the value of the property is sufficient to cover the mortgage. Buyers should not rely on this type of inspection to confirm the physical condition of the property.

Search is a term used to describe documents showing any adverse factors affecting a property (e.g. new developments being planned close by or environmental issues in the vicinity). Obtaining searches is part of the conveyancing procedure conducted by your solicitor.

Disbursements and Legal Fees

Disbursements are the costs which your solicitor pays on your behalf – such as Stamp Duty – and legal fees are what you pay for the solicitor’s time.

Note: First-time buyers do not pay Stamp Duty on properties worth up to £300,000.

Title Deeds

A legal document that sets out the rights and liabilities of the ownership of a property.

Exchange of Contracts

The point at which the buyer and seller exchange the signed, legally binding, contracts for the purchase and sale of a property. At this point the buyer will pay the deposit and both the seller and buyer become committed to complete the transaction.

Completion

The finalising of the sale when all the money changes hands and the purchaser acquires the legal right to the property. The property is now ‘sold’, and the buyer can collect the keys to their new home.

Flying Freehold

A flying freehold is formed when part of a property overhang and is supported by a different freehold property or land.

Covenant

Covenants are obligations and restrictions that are attached to a property. All covenants should be discussed with your Solicitor and Conveyancer.

If you would like to discuss purchasing as a first-time buyer in further detail, please contact the team on 024 7622 0707 or alternatively email enquiries@beslegal.co.uk.


The purpose of this blog is to provide information and discussion. Nothing on this blog should be relied upon as a substitute for legal advice from a qualified solicitor regarding any actual legal issue or dispute. Nothing on this website should be construed as legal advice or perceived as creating a solicitor-client relationship. Please note that we cannot give advice on individual’s situations or problems on this blog.