Buying or selling a house or flat should be an exciting time, and our Residential Conveyancing Team is here to help. All too often home buying and selling gives rise to frustration and stress due to delays, caused by title difficulties or other complexities, for example, where another party in the chain is not as far advanced as you are.
However, at Warren’s, our experienced Team in the Private Client Department will keep you fully informed on the progress of your transaction and work with you to quickly and efficiently overcome such difficulties, with a view to completing your transaction as quickly as possible.
Conveyancing Clients who are not married to each other, or who are not in a Civil Partnership
It is important in such transactions, to provide for what each partner’s share will be in the property that they are buying. They may not, for example, be providing the same amount of capital to the purchase; or may be contributing different amounts in respect of mortgage repayments or other outgoings. It may well be the case that parents are assisting financially with the purchase.
Sadly, relationships do break down, and it is therefore essential to set out from the beginning, what each partner’s (or party’s) share in the property will be.
This can be effected by the drawing up of a Trust Deed, setting out what such shares should be, and Warren’s will be happy to advise on this and draw up the necessary Trust Deed.
Transfer of Equity (the value of the property after any mortgage or loan has been paid off) to someone else
This can occur, for example, when a person has recently married or entered into a Civil Partnership and wishes to put their partner’s name on the title; when partners have decided to separate, or perhaps, to assist with tax planning.
Warren’s can assist you by advising you upon this and upon the advisability of a Trust Deed, as well as taking care of the conveyancing aspect for you.
Re-Mortgaging is where an existing loan is paid off by taking out a loan from another lender, for example, to obtain better interest rates or longer term repayment.
Here at Warren’s, we can offer practical advice in respect of the re-mortgage that you are considering and act for you in respect of the conveyancing that may follow.
As time passes, the time left on a lease decreases and mortgage lenders will not lend on short leases, which makes such properties difficult to sell.
Once a lease has less than 80 years left to run, the Freeholder (the Landlord), is entitled to payment of what is termed a marriage fee. If your lease is approaching the 80 year period, you need to act quickly. Warren’s can assist you in obtaining an extension to your lease where a lease extension is sought.
Conveyancing and Divorce or Separation
Married couples or couples in a Civil Partnership, very often own their home as what is termed ‘Joint Tenants’.
People can either own property as ‘Joint Tenants’ or as a ‘Tenants in Common’.
The difference is that ‘Joint Tenants’ each both own the whole of the property so that if one dies, the property automatically belongs in its’ entirety, to the survivor, whereas ‘Tenants in Common’ each own an individual share in the property that can be left in a Will, for example, to somebody other than the surviving partner.
It is therefore important for couples who are Joint Tenants, who are involved in or contemplating divorce proceedings, to change from being Joint Tenants to Tenants in Common, (as well as to also make a Will to ensure that the person they wish to inherit their share in the property, does so).
Warren’s can assist with making these arrangements.