When it comes to one of the biggest investments of your life, with hundreds of thousands of pounds at stake, never take risks in instructing cheap, understaffed, overworked conveyancers or conveyancing solicitors who have insufficient resources to get you moved in Enfield. Don’t forget Enfield property prices can go up as well as down, especially the risk of rising mortgage interest rates or even mortgage offers being pulled. The way to avoid your risk of loss is to very careful to instruct the best conveyancers or conveyancing solicitors in Enfield. Otherwise you risk having the double conveyancing costs of starting afresh with a new buyer or seller if your first move falls through (39.8% with other conveyancers nationally).
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The London borough of Enfield is a ceremonial county in Greater London, England, United Kingdom. It has a population of around 333,794.
The neighbourhood areas of Enfield include:
The town of Enfield is home to three English Heritage Blue Plaques and it has a great history of armaments manufacture.
Some of the major attractions in the London Borough of Enfield are:
The conveyancing process in Enfield, Greater London involves three stages that you may want to be aware of. The steps are as shown below.
Both parties form a contract immediately they agree on a specific price for the property. At this stage, any of them can opt-out of the deal since this stage is not legally binding. At this stage, none of the parties will incur financial penalties when they decide to pull out of the deal.
The buyer of the property is permitted to partner with the conveyancer and perform checks on the property on sale. The conveyancer should do the following searches;
Both parties agree to sign, and exchange contracts after the checks are finished, and each of them is satisfied and joyous. Upon the signing of the contract, it is now considered legally binding. This means that anyone who opts out of the deal will face financial penalties.
The completion stage is where the transaction is considered official. The conveyancer will now transfer the property deed to the Land Registry, and the seller can leave the property for the buyer to occupy.
The time taken varies according to many factors that may be involved in the conveyancing process in the Enfield area. Ideally, it is expected to take 12 to 14 weeks to finish the conveyancing process in Enfield, London. However, this period starts immediately when you instruct the conveyancer.
The process involves unforeseen issues that might arise anytime. If there is a property chain, delays might be experienced due to the issues bound to arise along the conveyancing process. The conveyancer will let you know when there are delays and will offer options that you can consider.
Your conveyancing solicitor in Enfield carries out various checks on behalf of the seller or buyer. These checks are aimed at making sure you will learn of any underlying issues that might need your attention. These are the searches performed during the conveyancing process;
The conveyancer carries out the searches plus others that are not listed above, depending on the location and the property type involved.
You can always get a free initial telephone consultation with our conveyancers in Enfield, Greater London by calling us on tel:0208 370 3877
You can also get an online quote for our conveyancing services. Besides, you can chat with us on our website.
Our team of experienced property lawyers will go through the initial stages with you. Once your file is opened, you can now rest as the conveyancer assigned to you takes over the conveyancing process.
Stamp duty is a simple government tax imposed on the buyer of the property. Note that everyone is liable for the full stamp duty rate. However, there might be some exemptions. In case you are not aware of stamp duty rates, our conveyancing lawyers will help you calculate them for you.
First-time property buyers may get an exemption from stamp duty. However, the conveyancer will send you a quote that details the tax estimate. Also, property that is under a particular rate can be exempted from the full rate. If you intend to purchase property that is worth millions of pounds, you should be ready to pay more in taxes.
Also, you should note that the stamp duty tax becomes payable once you instruct your conveyancer to fill the forms. Make sure you make the payment right before completion and have the right certificates to avert any fraudulent buyers who might claim illegal ownership of the property.
Stamp duty completion fees depend on your conveyancer. How much you will be expected to pay is clearly outlined in their terms of service. However, if the fee is not contained in the terms, you are free to ask.
The completion form has more than seventy different questions. In most cases, property buyers do not have all the time on earth to go through all the queries and give quality answers. This is why a conveyancer comes in handy. Note that incorrect filling of the form can lead to a penalty. Thus, it would help if you let your conveyancer complete the form on your behalf.
Freehold is a term that refers to land ownership. A piece of land can either be freehold or leasehold. However, do not worry about the term because the conveyancer will help you understand everything that you have never heard before.
Leasehold refers to temporal property ownership. Typically, the freeholder gets full property ownership immediately after the lease agreement lapses. Leasehold only applies to flats but not the regular houses.
The HMLR Land Registry clearly defines a deed as a legal document showing property ownership. This document may have rights and benefits that can affect the property.
Some buyers may not be in a position to pay a 10 % deposit when buying property. This is usually because they are probably buying the property on a 95 percent mortgage. This scenario could also result from the buyer getting less money up the property chain. For the property owner, a reduced deposit of 10 percent will be paid. Typically, the deposit can be 5 percent on average.
The contract indicates that if the buyer of the property is unable to complete the deposit, a step is followed where the seller keeps the 10 percent from the buyer. The seller should now pursue a claim in case the buyer does not honor the 10 percent deposit. This usually occurs through a litigation lawyer. In most cases, a failed completion does not happen. However, you should be aware that the process might involve risks that may arise at any time. That is why you should always work with an experienced conveyancer to help you throughout the entire process.
The property exchange period depends on the conveyancer you have chosen to work with. Besides that, the time of the year and property chain are other factors that can affect the time taken for the property exchange.
Usually, the process can take 3 to 4 months. However, this period can still go up to 5 months from the moment you contact our conveyancing lawyers. If you are working with us, the property exchange period will be shorter. Note that we are committed to making sure you move into your new property sooner than you think. That is why we are ready to make it happen in just two months.
A mortgage offer is a result you get after applying for a mortgage. The offer contains details about the state of your mortgage application. It lets you know if you have qualified for a mortgage and also shows the amount you have qualified for. Besides, it also contains the terms of the loan and other important details that you will need to go through before you accept the offer. Your conveyancer can help you understand the details contained in the mortgage form.
Our conveyancing services are availed to all clients with a range of flexible prices. Our fixed conveyancing fee in Enfield is something that clients love, and we are proud to have offered our conveyancing services to many happy clients. In some cases, you might incur extra expenses that might result from fees for HM Land Registry charges and the various conveyancing services. Note that the searches are different depending on the type of property involved.
Our experienced team of conveyancing lawyers in Enfield will give you details about any extra costs that you will incur. You will also be notified of the reasons that led to the additional fees.
Disbursements are the extra costs that might happen in the course of the conveyancing process. As stated above, the registration of the land and the various property searches are the main cause of additional costs. Besides, it would help if you also liaised with the conveyancer to learn more about the impact of Capital Gains and Stamp Duty taxes which might still cause additional costs to your property transaction.