Following on from our recent blog about the most common conveyancing questions, we looked at some of other less common questions we get asked when people are preparing to move house.
1. Do I need a Conveyancing Solicitor when I’m a cash buyer?
The answer is, yes. The same principles still apply whether it’s cash or mortgage. You will need the local searches, contracts and to have the estate registered correctly.
2. Can I sell my property privately or via the Internet?
There is nothing stopping you selling your property privately or through one of the many internet sites available. However, if you are selling via a property website, check very carefully on the cost. If you are also using a traditional estate agent as well, you may end up paying the agent a fee even if the agent does not sell the property. It’s important to know the terms of your agreement with your estate agent.
3. Do I need a Conveyancing Solicitor when I’m buying a house privately?
Once again, yes! You will still need to make sure the estate is registered correctly and all of the appropriate searches have been carried out.
4. I’m buying for a builder who has given me 28 days to exchange contracts. Can this be done?
Your builder’s solicitor will usual pre-package the legal work, and often the developer will allow you to exchange contracts conditionally once the sale of your own property has gone through. The best advice is to talk to your solicitors as soon as possible to agree a timetable for exchange.
5. How can I make savings on stamp duty?
It is possible to apportion the price between the bricks and mortar and the fixtures and fittings. There are a number of rules, but the basic one is that any apportionment has to be an accurate reflection of the true price of the items involved.
6. Do I have to pay Capital Gains Tax on a property?
If you sell a house that is your main place of residence, you are exempt from Capital Gains Tax. If you are a landlord, or own more than one property, speak to your accountant. They will be able to help you understand what Capital Gains Tax you need to pay.
7. Do I need to pay a 10% deposit when I exchange?
Sometimes, but not always. Although the contract provides for 10% of the purchase price to be paid on exchange, sellers can often agree a lower deposit. It’s a matter that is up for negotiation, but worth asking about. You can also usually use any deposit you receive on a sale as part payment of your deposit on your onward purchase. Once again, talk to us, and your solicitor will be able to advise you on the best way of minimising your deposit. It is only on odd occasions the deposit is sent to the seller’s solicitor.
8. Can I rent out or let the property I am buying?
If you are buying with a mortgage, you must get a buy to let mortgage. If you own a leasehold property, you have to check the terms of the lease to make sure that letting is permitted. Once again, any problems or queries about this, come and talk to us.
9. I have plans to extend the house I am buying, can I go ahead?
Not always. There are sometimes restrictions in the title deeds which prevent extensions or require consent of another landowner. If the extension you want is large, you will require local authority planning permission and any structural work will also need approval under the building regulations. Some areas are designated conservation areas with special planning restrictions. If you are planning major renovations, you should speak to your solicitor before you commit yourself to a purchase. Your conveyancing Solicitor can run searches and find out what you can and can’t go ahead with.
For any more conveyancing and house buying enquiries, call us today at Harold Stock & Co Solicitors.