“It was the best of times, it was the worst of times” – Charles Dickens
You may have seen a national bank quoting Charles Dickens in its new marketing campaign. Today’s current political and economic climate is definitely uncertain but no more so than in the property market. The question of course is whether the forthcoming general election will give us any more certainty.
The property market in our corner of SW London has over the last few years been hit hard. Properties are taking longer to sell as buyers are more cautious and mortgage lenders have tightened their lending practices. This has led to transactions becoming slower and causing more headaches.
Conversely, some clients are taking the view that now is a good time to buy as in some cases lower sale prices have meant lower stamp duty land tax (SDLT) and they don’t have to borrow as much as perhaps they once did.
If you are considering buying or selling it is vital you get the best professional advice from the outset and contrary to popular opinion your solicitor should be a great help and support to you throughout the process!
Get ahead of the market
Traditionally buyers and sellers only instruct their solicitors once an offer has been made and accepted. However, it is highly advisable to obtain legal advice as soon as you have made the decision to put your property on the market or are looking to purchase, as this can speed up the conveyancing process.
In a sale this would involve preparation of a full contract pack which would allow for ample time to check there are no issues that may cause delays.
Types of problems that can arise include; legal title issues; lack of documentation for planning, and lack of building control certificates and compliance certificates (such as FENSA, electrical works and HETAS certificates). There could also be issues associated with breach of restrictive covenants. A solution will generally be possible, but the sooner these issues are addressed the better.
If you are selling a leasehold property it may be prudent for your solicitor to obtain the management pack which should contain all the relevant information the buyer will need.
Managing your budget
In recent years the Government has made major changes to SDLT including the imposition of an extra 3% duty on second properties. Your solicitor should be able to assist you in calculating your likely liability which will form an important part of the budgeting for your move. Mortgage calculators can also be useful tools in estimating your overall costs and financial commitments.
Does local experience help?
Good connections with other professionals in the Kingston, Teddington and Richmond areas such as estate agents, surveyors and estate management companies will make it easier for your legal team to identify key market issues which will assist you in making your decision to proceed with the sale and purchase.
Good communication is key
Whilst the process is in full swing, having good lines of communication can reduce stress and hasten progress. You should agree with your solicitors at the outset what form of communication suits you best. You should be kept informed of the progress of the transaction at every stage, with a regular point of contact who will respond quickly by telephone and email. There should be experienced and dedicated assistants who will support and understand every step of your transaction.
Moving home can be a daunting prospect but by instructing the right solicitors you will receive the right legal advice and support and avoid a lot of the stresses and strains.
If this sounds like the right approach for you, and you would like advice on any residential property transactional work please contact our partner Rachel Stewart on 0208 394 6532 or email enquiries@russell-cooke.co.uk. russell-cooke.co.uk
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