I am taking a lease, do I need to carry out all the commercial searches? How much does commercial conveyancing cost? Explain the process of renting a commercial property? Do I need to pay VAT on my commercial property acquisition? What should I be aware of when taking a commercial lease? What are the solicitors fees for buying a house? How long will conveyancing take? I’m selling my home, do I need an HIP? I need to obtain bridging finance who do I contact? Will freehold rentcharge make it harder for me to sell? I want to extend my lease but my landlord is missing. What should I do? Explain the process of a remortgage? How much does it cost to draft a Tenancy Agreement? What is residential conveyancing? What Are The Options If I am Personally Insolvent? What Should I Do If My Business Seems Likely To Become Insolvent? How Can I Reduce The Risks Of Insolvency? What Is Insolvency? Protect your property from fraud Buying Off Plan and Preparing For Completion How will Brexit affect the housing market? How do I revalue my house before remortgaging? (remortgage revaluation) Is remortgaging a good idea? How long does remortgaging take? How much will remortgaging cost? What is involved when remortgaging a property? What is Re-mortgaging? Do you offer fixed price conveyancing? I am concerned about my loved one’s capacity to manage their own affairs. What can I do? What is the difference between an Enduring Power of Attorney, a Lasting Power of Attorney and a General Power of Attorney? How long will it take to obtain Probate? I have a Will. Why will my estate still need to go to Probate? How much inheritance tax will I pay? I want to disinherit someone. Can I do this effectively? How can I protect my children’s inheritance but still provide for my spouse? We are common law man and wife. Do I still need a Will? Won't my spouse inherit everything automatically? How long will an employment tribunal last? Will I be cross examined during an employment tribunal? How much will this service cost? Is there a limit to the advice that you will proceed within this scheme? Advice when remortgaging What types of Equity Release are available? Is the Equity Release market regulated? What is a home reversion plan? What is a lifetime mortgage? Why should I extend my lease? How long do I have to wait before I have the right to extend my lease? Seller has never paid rentcharge? I wasn’t aware that my property had freehold rentcharge. Freehold rentcharge for my neighbour’s property. Will I have to pay for both? How do I know if the property I am purchasing has a freehold rentcharge? Can a new rentcharge be created? Equity Transfer, do I need to speak to my mortgage lender? Cheap residential conveyancing in Manchester I'm looking for a trusted conveyancer in Manchester I’m selling my home and don’t have a mortgage I’m buying a house, do I need a solicitor? What is involved in conveyancing? Are there any other fees? What will my Conveyancing Solicitor do? When should I instruct a solicitor? What do I need to be aware of when taking out bridging finance? What is a legal charge? What is a facility letter? What is the process of obtaining bridging finance from the borrowers perspective? What is the process of a bridging finance loan from the lenders perspective? What documentation do we prepare for bridging finance companies? Are there any time limits for bringing a harassment claim? I feel that I have been harassed at work what should I do? Is there a time limit for bringing a claim? Do I have to work for my employer for a certain number of years before I can bring a discrimination case? I feel that I have been discriminated against what should I do? What will it cost me to have advice in relation to a compromise/settlement agreement? What are the Memorandum & Articles of Association? What is the difference between shareholders and directors? Who can set up a limited company? What are the advantages of trading as a limited company? What information do I need to set up a limited company? Should I take a lease on in my personal name or my company Do I have to pay Stamp Duty Land Tax on my lease? I am buying a piece of land for development purposes, what do I need to be aware of? What are capital allowances? Do I need employment advice when purchasing a property subject to tenancies? Advice on buying a property at auction? How long does commercial conveyancing take? What’s involved in a commercial property purchase? What is an HIP? Can I get access to the property before completion? When do I get the deeds to my house? What happens when we complete? How long between exchange and completion? Do I have to pay the deposit on exchange? When do I pay the deposit? What happens at exchange of contracts? When do I pay the Estate Agent? What are disbursements? How to Get on the Property Ladder Understanding Stamp Duty and Stamp Duty Land Tax (SDLT)

I am taking a lease, do I need to carry out all the commercial searches?

We normally advise clients to carry out the following commercial searches on a commercial lease:

– Local search;
– Drainage and water search;
– Environmental search;
– Coal search;
– HS2 search;
– Chancel search;

We do however appreciate that commercial searches are very expensive however, we would never recommend anyone to enter into a commercial lease without at least carrying out a commercial search.

The searches would reveal the following matters:

Local search
This search is carried out at the council. It will reveal matters such as the planning history of the property; whether or not any works have been done to the property which building regulations approval was required for; whether the property abuts the adopted highway; whether or not there are any financial charges registered against the property by the local council.

Drainage and water search
This search will reveal if the property is connected to the mains drains and water; it will reveal if there is a surface water drainage charge.

Environmental search
As a Tenant, you may become liable for any on site or off site contamination. The costs of remediating the ground can be very expensive and as such you should carry out an environmental search to see the extent of any liabilities.

Coal search
We would recommend a coal search, if the property falls within a coal mining area. This search would basically check to see if the property is at risk of subsidence.

HS2 search
A lot of the country will be subject to compulsory purchase orders, for the new HS2. It is therefore strongly advised to carry out this search to see if the property you are about to lease falls within this area.

Chancel search
We would recommend this search, it will reveal if the property you are taking a lease of falls within an area which, could have a potential liability to contribute to the repair of the church chancel.

PLS Solicitors specialise in advising on the complex area of commercial property. We offer a friendly, efficient and effective legal advice on any area of commercial property.

Get in touch for a free conveyancing quote or advice, without obligation.

How much does commercial conveyancing cost?

We always try and price all our conveyancing, however occasionally it is not possible to do this. In order for us to provide you with an accurate quote for a commercial property acquisition we need to know the following fundamentals:

– What is the purchase price?
– Are you purchasing with a commercial mortgage?
– Is the property freehold or leasehold?
– Is the property located on an Estate where an Estate service charge is levied?
– Is the property being purchased subject to leases?

PLS Solicitors specialise in advising on the complex area of commercial property, especially Commercial Conveyancing. We offer a friendly, efficient and effective legal advice on any area of commercial property.

Get in touch for a free conveyancing quote or advice, without obligation.

Explain the process of renting a commercial property?

1. Find a property which you like. Then speak to your accountant who will advise you initially about whether you should take on the commercial property lease in your name or in the name of a limited company.

2. Negotiate the heads of terms with the landlord or the landlords surveyor. Heads of terms normally comprise the following items:
a. Landlord’s details
b. Tenant’s details
c. Guarantor’s details
d. Property details
e. Length of term of the lease
f. Details of the rent and any rent review dates
g. Whether or not a rent deposit deed is required
h. Details of services to be provided by the Landlord and details of any payments required pursuant to a service charge
i. Details as to who is to insure
j. What the permitted use of the property is to be
k. Whether assignments and under leases are permitted
l. What the nature of the repair obligations are
m. Whether structural and internal alterations are permitted
n. Details of any works the tenant’s is doing prior to taking on the lease.
o. Details of any works to be carried out by the landlord prior to taking on the lease
p. Details of who the solicitors acting for the Tenant are, and the details of the solicitors acting for the landlord.

3. You should contact us during the negotiation of the heads of terms and send a copy to us prior to finalising it so we can advise on anything you need to consider. We cannot advise on things such as whether the rent you are paying is fair or not, however where we can try and add value we will attempt to assist.

4. Once the heads of terms have been agreed you should sign them. A copy of the heads of terms will then be sent by the letting agent acting for the Landlord to the Landlord’s solicitors and then Tenant’s solicitors.

5. We will send you our client care letters for signing and if required advanced payment of costs form, which you will need to sign and return back to us.

6. The Landlord’s solicitors will then email to us the following documents:
a. The draft lease;
b. Evidence of the Landlords legal title to the property;
c. Replies to standard commercial property enquiries;
d. If require any rent deposit deed and licence for alterations.

7. We will then consider and amend the lease to make it tenant friendly and submit it back to the landlords solicitors, and we will also if required we will also submit for searches.

8. There will be a lot of drafts and amendments of the lease between the Landlords solicitors and the Tenants solicitors, until the lease is in the approved form.

9. Once the lease is in the approved form we will send you a full report on the terms of the lease you are signing up to; together with the lease for signing and if required any rent deposit deed and also licence for alterations.

10. Once you return the signed lease to us and made any payments required for the first quarter or months rent, we will then call the landlords solicitors and date the lease.

11. Once the lease is completed, we will send a copy to you for your records and then send the lease to our commercial property post completions team to register the lease at the Land Registry and submit any stamp duty land tax payable on the lease.

PLS Solicitors specialise in advising on the complex area of commercial property. We offer a friendly, efficient and effective legal advice on any area of commercial property.

Get in touch for a free conveyancing quote or advice, without obligation.

Do I need to pay VAT on my commercial property acquisition?

The general rule is that for “new” commercial premises in essence commercial premises, built within the last 3 years, then yes you do need to pay Value Added Tax on the purchase price.

For commercial premises in excess of 3 years old, the seller, normally has to make an option to tax the property, they will normally do this if they need to re-coup the Value Added Tax on their purchases.

If you are buying a property which is subject to leases and in general terms (although there are a lot more rules to satisfy) the seller has made an option to tax the property, and you have made an option to tax, then the purchase may qualify as a “Transfer of a going concern” which in essence means you will not pay VAT.

The liability to pay, VAT on commercial premises is an extremely complex area, and in that regard, we would strongly advise you to speak to your accountant.

PLS Solicitors specialise in advising on the complex area of commercial property, especially Commercial Conveyancing. We offer a friendly, efficient and effective legal advice on any area of commercial property.

What should I be aware of when taking a commercial lease?

There are some pitfalls to avoid when taking a lease of a commercial property. We set out below some things to be aware of:

Rent.
It is very important that you consult a valuer prior to agreeing your lease so that you can ensure that the rent that you are paying is market rate.

Rent review frequency.
Again, it is very important that you consult a valuer prior to agreeing the rent review frequency, so you can ensure that the landlord is not trying to take unfair advantage of you. Most, landlords will try and argue for an upwards only rent review clause which means that the rent can only be reviewed in an upwards only direction. We would advise you to ask for this clause to be on an upwards and downwards basis, so if the rent is being reviewed downwards then you can also benefit from that.

Term of the lease.
If you are entering into a longer term lease, you should consider negotiating with the landlord in order to secure a tenant break clause. A break clause allows you to terminate the lease provided that you adhere to certain conditions prior to serving the break notice and also on the break date. You should never serve a break notice without legal advice.

Repairing obligation.
You need to be very careful here, to ensure that you pay attention to the extent of the repairing obligation. Some, landlords will ask for you to “put and keep the property into good and substantial repair and condition”. You should be aware that a repairing obligation of this nature is stringent and could badly affect you when you come to vacate the property. You could be served with a large schedule of dilapidations.

Service charge.
You should consider agreeing with the Landlord a “fixed” service charge where the service charge will be the same all the time, or a “capped” service charge, which would be a ceiling over which the service charge payments could not exceed.

Assignments and underletting.
You should ensure that your lease allows you to assign and underlet the property with or without the landlords consent. In the event that you wish to move premises, but your lease has still some time left to run, the ability to assign or underlet your property is useful.

Rent suspension.
You should ensure that there is a clause in the lease which states the rent will be suspended in the event that the property suffers damage by an insured risk.

Damage by an insured risk
You should ensure that your repairing obligation omits you from the liability to repair in the event that the property is damage by an insured risk.

Schedule of condition.
You should try and limit your repairing obligation by way of reference to a schedule of condition. A schedule of condition, is basically a photographic schedule with wording confirming the extent of the direpair of the property at the time you take a lease of it. The lease will normally state that you are not liable to put the property into any better a state of repair and condition than is evidenced by the annexed schedule.

Rights granted.
If you are taking a lease of part of a property, it is essential that you make sure that you have appropriate rights granted to access the property though the common parts of the building; rights of car parking; rights to store bins; rights of support and also rights to enter other parts of the building in order to carry out works to your property.

What are the solicitors fees for buying a house?

We are regarded as one of the fastest in the industry. Get in touch and we’ll email you an inclusive fee for acting on your behalf.

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

How long will conveyancing take?

It is very hard to give a precise timescale as to how long a purchase will take to complete, as a lot of the time we are dependent on third parties such as your mortgage lender, and how quick the sellers solicitors take to respond to any enquiries which we raise.

Normally we believe 4 to 6 weeks is a good indication for a normal conveyancing transaction. However, we cannot guarantee timescales due to the third party involvement.

On average we find that if you are purchasing a leasehold property a further two weeks is sometime incurred over and above the timescale above. The reason for this is that sometimes the Management Company’s take quite some time to respond to management company enquires.

We would also say that if you are purchasing using the governments Help to Buy scheme that a further two weeks over and above the timescale mentioned above, is needed, because the Help to Buy Agency require certain prescribed periods of notice to be given before exchange and completion.

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

I’m selling my home, do I need an HIP?

HIP’s are no longer required in England and Wales.

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

I need to obtain bridging finance who do I contact?

If you realise you need bridging finance we would strongly advise you to contact an Independent Financial Advisor or mortgage broker. If you do not know have an IFA or mortgage broker acting for you, then please contact us and we will put you in contact with some of the lenders whom we work with.

PLS Solicitors specialise in advising on the complex area of residential property law. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

 

Will freehold rentcharge make it harder for me to sell?

Not necessarily. It is unlikely to be affected as the payments are so small that the valuation of the property is unlikely to be reduced.
We specialise in advising on the complex area of residential property law, especially Freehold Rentcharge. We offer a friendly, efficient and effective legal advice on any area of residential property law.
Get in touch for a free quote or advice from PLS Solicitors, without obligation.

I want to extend my lease but my landlord is missing. What should I do?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice . This will mean that your lease can be extended by the Court.

However, you will be required to demonstrate that you have made all realistic attempts to trace the landlord. In some cases an enquiry agent may be advantageous to carry out a search and to produce a report which can be used as evidence that the landlord is indeed missing.
We specialise in advising on the complex area of residential property law, especially Lease Extensions. We offer a friendly, efficient and effective legal advice on any area of residential property law.
Get in touch for a free quote or advice from PLS Solicitors, without obligation.

Explain the process of a remortgage?

When you are remortgaging the following steps are taken:
1. Once your mortgage broker has found you a suitable mortgage product, he will ask you for details of your solicitor;
2. You should contact us at this stage and we can provide you with a fee quotation for acting;
3. Once you accept our fee quote we will then send to you our client care letter; terms of business letter; anti money laundering information for signing;
4. Although you are not selling the property, we will still require you to complete online the law society’s property information forms so that we can ensure that we have details of all works you have done to the property and relevant certification for works carried out;
5. Your mortgage broker will then key in our details into your new lenders system;
6. Once we have received your signed client care letters, we will then submit for searches or if your lender accepts it, carry out a no search insurance policy. We will also check that you have supplied us with all certification for works done to the property and we will also check the legal title to your property;
7. When we receive your mortgage offer, we will have checked that the property is good and marketable from a secured lending perspective;
8. We will then contact your existing lender for the amount they require to release the charge registered against the property;
9. Once we have the redemption figure from your current lender we will write to your new lender confirming the property is good and marketable;
10. We will also carry out pre-completion searches in favour of your new lender;
11. We will then receive the funds in from your new lender and pay your existing lender the amount required to redeem their mortgage and pay any balance back to yourself;
12. Once we have completed we will then transfer your file to our post completion team who will register the new legal charge in your new mortgage lenders favour and send to both you and them the up to date office copies showing the registered charge.
We specialise in advising on the complex area of residential property law, especially Remortgaging. We offer a friendly, efficient and effective legal advice on any area of residential property law.
Get in touch for a free quote or advice from PLS Solicitors, without obligation.

How much does it cost to draft a Tenancy Agreement?

It really depends on the complexity of the agreement but our standard fee is £175 plus VAT.
We specialise in advising on the complex area of residential property law, especially Renting a Property. We offer a friendly, efficient and effective legal advice on any area of residential property law.
Get in touch for a free quote or advice from PLS Solicitors, without obligation.

What is residential conveyancing?

Residential Conveyancing is the legal process of purchasing or selling a house. Most people use solicitors to act for them on a house sale or purchase, because they are not sufficiently familiar with the process. In addition if you are purchasing with a mortgage, your lender will require a solicitor to be appointed to act for and on their behalf.
At PLS Solicitors, we are always happy to talk to clients who have any initial queries concerning the process. Please visit our frequently asked questions of our website, for further details about the process.
PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.
Get in touch for a free quote or advice from PLS Solicitors, without obligation.

What Are The Options If I am Personally Insolvent?

If the situation is hopeless, the obvious option is bankruptcy.

An alternative is an individual voluntary agreement (‘IVA’) with your creditors — similar to a CVA (see 9), except that the contract is between the individual who owns the business, and all of their creditors. At least 75% by value of the creditors who vote at a meeting must agree to it. Secured creditors will still be able to enforce their security. As with a CVA, a licensed insolvency practitioner must be appointed to supervise the process.

You will have a better chance of avoiding bankruptcy if you take action before a creditor tries to force you into bankruptcy. It can sometimes be possible, however, to reach a voluntary arrangement even after a bankruptcy order has been made and to have the order cancelled.

If you owe less than £15,000, the total value of your assets (excluding any car worth less than £1,000) is no more than £300, and your disposable income (after tax, national insurance contributions and normal household expenses) is no more than £50 per month, you may be able to apply to the court (online) for a debt relief order – although there are other conditions too. This stops creditors from enforcing their rights against you for (usually) a year, while you try to sort your affairs out.

What Should I Do If My Business Seems Likely To Become Insolvent?

The worst thing you can do is to bury your head in the sand. If you are a company director, you should certainly not just resign – you have a duty to take every step you can to minimise the loss to creditors of your company, and resigning could put you in breach of that duty.

You stand a better chance of reaching a successful resolution if you take action as soon as you identify a potential problem, instead of letting things drift until the business is in crisis. A licensed insolvency practitioner can advise on the best course of action and may offer a free initial consultation.

If long-term prospects are good, you may be able to arrange additional financing: for example, by taking out a new loan, factoring your debts, chasing customers who owe you for prompt payment, or selling non-essential assets. You may also be able to negotiate a compromise agreement with your creditors – for example, by offering revised payment terms – particularly if you make your creditors aware that the alternative may be the delay and cost of insolvency proceedings with the risk that the creditors will receive less or nothing at all. Investigate the alternatives which may be available to you (see 9 and 10), and if appropriate take steps to negotiate a voluntary arrangement (or apply for an administration order) before creditors instigate legal action against you.

If your prospects are poor, you may have little option but to cease trading. Beware of creating ‘preferences’ when paying creditors (see 7).

If you allow your limited company (or a limited liability partnership) to continue trading with no reasonable prospect of avoiding insolvency, you may be held liable for ‘wrongful trading’ if it does, in fact, become insolvent. This means you could become personally liable for the company’s debts (as well as being disqualified from being a director). This personal liability can apply even if you did not know there was no reasonable prospect of avoiding insolvency – it is sufficient if you ought to have known. This makes it vital to keep close tabs on the financial state of your company’s business at all times, so you spot any potential financial problems as early as possible. If you do, it is essential to seek specialist advice as soon as possible.

How Can I Reduce The Risks Of Insolvency?

You can reduce the risk of becoming insolvent by ensuring that your business is soundly financed and keeping good control of your cash flow. These are issues you should discuss with your advisors and your bank.

Building a good relationship with creditors — for example, your bank — can help to reduce the risk that they will instigate proceedings against you if your business does run into financial difficulties. The bank (and other creditors) can be more supportive if you keep them informed and have a good previous record of prompt payment.

You must also make sure you know what is happening in your marketplace. You can soon find your business in trouble if:

  • your marketplace is shrinking
  • you are losing business to new competitors
  • a supplier gets into trouble
  • your failure to adopt some technological advance makes your products or services less attractive

Choosing an appropriate business structure will help to reduce the potential consequences should you become insolvent in the future.

A limited company offers the most protection against personal bankruptcy should the business run into difficulty: as a director and/or shareholder you will not usually be personally liable for the company’s debts unless you have given a personal guarantee or you have acted improperly. This offers you much greater protection than operating as a partnership, as partners are personally liable for the debts of their partnership if things go wrong. Taking out Directors and Officers Liability insurance can provide a further degree of protection for directors of a limited company – although the limitations on the cover provided, and the cost of premiums, often make this unattractive for smaller companies.

Alternatively, if you wish to operate as you would in a partnership, but want the benefit of limited liability for the partners, trading as a limited liability partnership (‘LLP’) can help to reduce the degree of personal risk. An LLP is a corporate entity whose members only have to contribute a pre-determined, limited amount if the LLP is wound up, but the management of which can be organised so it ‘feels’ like a partnership – for example, so that all the owners have an equal right to participate in day-to-day management. It is a particularly appropriate trading vehicle for professional practices that are unable, or do not wish, to incorporate as a limited company.

If your business structure offers some degree of protection, for example, you operate through a limited company or an LLP, you should also try to avoid giving personal guarantees to lenders such as banks. These are contracts under which you promise, personally, to make up any shortfall if your company or LLP cannot itself repay the money it owes its bank. If you must give a personal guarantee, negotiate to limit the amount it covers and how long it will last. Where several people are giving guarantees, try to avoid ‘joint and several’ liability which could make guarantors liable for all of a debt rather than just their share. In practice, however, it may not be possible to raise bank finance without giving a personal guarantee, and banks may not be willing to vary their standard guarantee terms.

Finally, as a director it is essential to keep a close eye on the company’s financial position. As well as improving your chances of avoiding insolvency in the first place, this will reduce the likelihood that you will be held personally liable for wrongful trading (see 15), or be disqualified as a director, if the company does become insolvent.

What Is Insolvency?

You are insolvent if you cannot pay debts when they become due (either now or, because of some contingent liability of the business, in the future) or if your assets are worth less than your total liabilities. The first is sometimes called ‘cash flow insolvency’ and the second ‘balance sheet insolvency’.

Having a profitable business is not, in itself, a guarantee that you will not be insolvent. cash flow problems — for example, if customers fail to pay money they owe you, or if you over-invest in equipment — that mean you cannot pay your debts as they fall due could mean you are insolvent, even though the business is healthy otherwise.

The consequences of failing to take the proper steps once your business becomes insolvent can be dire and could affect you personally whether you are a sole trader or a director of a company. It is essential that proper advice is taken from a professional specialising in insolvency, at as early a stage as possible, to ensure that you minimise your personal exposure. Blindly trading on in the hope that you will be able to turn the business round may prove very costly to you personally if it does not work and you actually make the position worse.

Protect your property from fraud

Your property is probably the most valuable asset you own so it’s important to protect it from the risk of fraud. Read this handy guide on how to protect your property from fraud

Buying Off Plan and Preparing For Completion

Preparing for Completion

Speak to a financial advisor before you do anything:

You won’t be able to get a mortgage offer until about six months before completion, however it depends on which lender you use. A financial advisor will give a good steer as to what can be borrowed and when you should begin the formal application process. You should speak to a financial advisor to make sure that you will be able to procure a mortgage when the time comes.

Decide what your aims are:

Are you looking to live in the property or is it an investment?  If it’s an investment, are you looking for a solid rental yield or long-term capital growth, or both?

Find an appropriate development and then select the right apartment:

There are a huge variety of locations and price points available.

Pay your deposit:

Once you have agreed a price, you will need to pay your reservation deposit which takes the property off the market and goes towards the purchase of the property. You will also need to fill out a reservation form and appoint a solicitor. If you do not have a solicitor, there is often a suggested solicitor who is familiar with the specific process for that development, which can make exchanging contracts simpler.

Let the solicitors do their job:

The exchange process usually takes around 3-4 weeks.

Time to exchange:

You will usually be required to put down 10 per cent of the purchase price (minus your reservation fee already paid). Depending on the development, there may be further staged payments due before completion.

Watch and wait:

Now you can sit back and watch the building going up, and your property being constructed. The developer will often send updates during this period to let you know how construction is progressing.

Get your mortgage sorted:

After you have exchanged, check with your financial advisor when you should start your formal mortgage application process. It depends on the lender but generally it is around six months prior to completion.

Completion:

When your property is ready, you will be sent a completion notice telling you how long you have to complete on your purchase – usually about two weeks. You just need to let your mortgage company know and your solicitor will do the rest. You will be able to collect the keys on the day of completion.

The Benefits of New Build Homes

New build homes are appealing to home buyers for a number of reasons:

Many people like the fact that they will be the first to live in the property

Repairs and redecoration costs should be minimal for the first few years

Buyers can often select fixtures and fittings to tailor the property finish to their taste

New properties usually come with guarantees. As well as NHBC’s 10-year warranty, other companies provide warranties and insurance for new homes, such as BLP’s housing warranty insurance

Homeowners can enjoy lower running costs and energy bills

Always…

Compare the new build home you are looking at with similar “old” properties in terms of value, space and rental value in the local area. Check the price per square foot, and compare it with the resale market so you understand the extent of the premium you will be paying.

Negotiate with the developers. Find out what other properties on the site have been sold for on Zoopla or Rightmove. There can often be deals to be done at the end of their financial year, or when there are only a few properties left to be sold.

Shop around for good deals. Many developers offer incentives to differentiate them from other local developers, such as free furnishings, a car parking space, or by paying your legal fees or stamp duty. If you can’t negotiate money off the price, the offer to pay your stamp duty is probably the best freebie to take up as it will probably save you the most money, but be aware that any incentives offered by the developer over about 5% will impact on how much your lender is willing to hand out.

How will Brexit affect the housing market?

With less than two weeks to go until the UK referendum, there seems to be a vast uncertainty of the effect Brexit will have on the property market.

The Royal Institution of Chartered Surveyors (RICS) has looked at what the impact is currently and also assesses what the outcome of a leave and a stay vote might be.

It points out that its recent residential market surveys indicate a chronic shortage of housing across the UK. Residential investment transactions in the residential sector have slowed and limited house buying transactions across the house price spectrum.

‘This is not unexpected as there’s usually a slowing of residential transactions before any national poll. After an election vote we typically see the residential sector recover and bounce back as stability and confidence returns,’ the report says.

‘Should the UK opt for a Brexit, we could assume that uncertainty could linger while the UK Government negotiates new trade deals and relationships with the EU and third countries,’ it adds.

The analysis report explains that the lower to middle priced property market is, in the main, directed by domestic participants so the uncertainty has had less impact on demand and house prices at this end of the market when compared to the higher end.

However, a significant number of higher end properties, particularly those in London and the south east, are purchased by EU and non-EU individuals and the report suggests that a Brexit could see less demand for higher end properties from these individuals, thus relieving pressure in demand for higher end residential areas. ‘We can, therefore, suggest house prices could decrease in the immediate to short term,’ the report states.

It also suggests that there could be an effect on student accommodation. There was over $6.5 billion of investment in the UK student accommodation sector in the first three quarters of 2015. ‘Changing higher education enrolment rules could deter international students thus affecting demand for student and PRS accommodation,’ it adds.

‘However, the outcome of Brexit could provide an alternate effect. The No result of the Scottish referendum saw the housing market recover immediately with little effect, so with this in mind we would expect the UK to follow suit if the vote is to remain in the EU.

It has also been suggested that leaving the EU could lead to a devaluing of the pound, which would increase import costs, this could then lead to prices rising and inflation jumping which could force the Bank of England’s hand to increase mortgage interest rates. Supporters of a recut say that this is just scare mongering but then ofcourse they would say that – make sure you have your say and vote on June the 23rd!

To find out more information visit the EU Referendum website.

How do I revalue my house before remortgaging? (remortgage revaluation)

Your lender will have a panel of valuers, who will provide a remortgage valuation for your property. They need to be on the lenders panel.

Is remortgaging a good idea?

Whether or not re-mortgaging is a good idea, is not something we can provide advice on.

This is something you need to obtain specific advice from a mortgage broker or independent financial advisor.

How long does remortgaging take?

On average from receipt of a re-mortgage offer from a lender, the re-mortgage normally takes 2-4 weeks from the receipt of the offer from the lender. This can vary, from lender to lender, and in particular their requirements, there is no hard and fast rule, however 2-4 weeks is a good estimate.

How much will remortgaging cost?

A re-mortgage will not be as expensive as an acquisition, as the process is simpler.

The solicitor, does still need to review and vet the legal titles, together with carrying out the re-mortgage process.

The amount of the re-mortgage will also dictate the price, due to the increased professional indemnity risk we are taking.

We will also need to see if the lender accepts a no search insurance policy.

Our re-mortgage solicitors, here at PLS Solicitors, would be more than happy to give you a fixed fee quote for acting.

What is involved when remortgaging a property?

When you re-mortgage property, it is likely that your initial point of contact will be a mortgage broker.

Most clients tend to re-mortgage when their fixed term mortgage comes to an end. They tend to re-mortgage before the variable rate comes into force under their original mortgage.

It is best to approach a whole of market mortgage broker who is not tied to any particular lender, so they can get you the best mortgage rates.

Once you have found a lender, and you are happy with the rates they are providing, they will ask you to sign a copy of their mortgage offer, and ask you to nominate the solicitor who will be acting on yours and the lenders behalf. That solicitor must be able to act on behalf of the lender as well. So in essence they must be on the Lender’s panel of solicitors.

We would hope that you nominate PLS Solicitors, to act on your behalf.

If you do, then the lender will write to us, with their solicitors instructions.

We will then send through to you our client care letters, together with a property information form for you to complete and return.

Once we are in receipt of the signed client care letters, we will then download the official copies of the register of your legal title from the Land Registry and review the legal documentation and will also check through your property information form to check that no further covenants have been breached.

Provided that this is the case, then we will check the council of mortgage lenders handbook to see if the lender whom you are re-mortgaging to accepts a no search insurance policy. If they do, then we will put the policy in place. If they don’t then we will commission the required searches.

We will at this stage, contact your existing lender, for the redemption statement, i.e. the amount you are required to pay the existing lender for them to discharge their mortgage.

We will then request the funds from the new lender, and put in place pre-completion searches to protect their charge.

Once we receive the funds from the new lender, we will send those to the old lender and redeem the charge.

We will then proceed to register the charge at the Land Registry, and send your new lender a copy of the title information document showing the new charge registered.

What is Re-mortgaging?

Re-mortgaging, is the process of replacing your existing mortgage when you purchased the property with a new mortgage with a different provider. The theory is that as you have already purchased the property, the process of a re-mortgage should be far simpler, as there are no contracts for sale, transfer and reports on the legal title which are needed. The timescale therefore for a re-mortgage, should be far quicker and hopefully stress free.

Here at PLS Solicitors, we are used to acting for clients when they come to re-mortgage from their existing lenders to new lenders. As we are on all mortgage lenders, panel we are sure that we will provide you with a reliable service, to complete your re-mortgage in as fast and stress free a way as possible.

Do you offer fixed price conveyancing?

Where possible we do try and offer fixed price conveyancing.

In certain situations it is difficult to offer fixed price conveyancing and in those situations, we will offer a fixed price and then provide you with a menu of additional fixed price fees which if incurred will apply to the transaction.

The menu of fees will be sent to you with our client care letters so you will have full transparency of what those fees are.

As a firm we will always give you a full breakdown of costs together with a list of any potential additional fees which could be charged through the transaction.

We will also, where possible, provide you with written confirmation of any additional fees which will be charged.

There is no “one size fits all” fee for a quote on a sale and purchase as the amount quoted varies depending on prices paid or sold and whether the property is leasehold or freehold.

We tend to have scale fees depending on the value of the property and what is required i.e. whether it is a re-mortgage quote; transfer of equity or a sale and purchase.

For a free no obligation quote please email info@pls-solicitors.co.uk or call 0844 8111 410.

I am concerned about my loved one’s capacity to manage their own affairs. What can I do?

In most cases the answer to this question is to have their capacity assessed by a qualified health professional and a formal written statement obtained.

If it is found that they do indeed lack capacity then an application to the Court of Protection to have someone appointed as their Deputy will be necessary.

Deputyship applications are heard by the Court of Protection and can be complex, time consuming and expensive. A detailed analysis of the person in question’s assets, current and future needs and medical evidence are required. As an example, the Court sets a set minimum fee for solicitor’s costs for a Deputyship application at £850.00 plus VAT, there is also an application fee of £400.00 at the outset and an appointment fee of £125.00 payable to the Court once the application has been finalised. Due to the amount of work involved with an application in a majority of cases the solicitor making the application will ask to have their costs assessed by the Court.

Most importantly for you and your family at a time of great distress an application will usually take between four and six months to be considered; all the while no one is entitled to deal with your loved ones assets, make decisions regarding any business interests that they have or their health and welfare.

However, if they are deemed to have the requisite capacity the best solution is to create a Lasting Power of Attorney (“LPA”) while they remain in good health. LPA’s are generally cheaper, less complicated and can be used as soon as they are registered with the Office of the Public Guardian and will be available to be used should their capacity deteriorate at any future date.

PLS Solicitors specialise in advising on the complex area of family law, especially Wills, Trusts and Probate. We offer a friendly, efficient and effective legal advice on any area of family law.

Get in touch for a free Wills, Trusts and Probate quote or advice, without obligation.

What is the difference between an Enduring Power of Attorney, a Lasting Power of Attorney and a General Power of Attorney?

Enduring Powers of Attorney (“EPA’s”) were a fore-runner to Lasting Powers of Attorney (“LPA”). EPA’s enabled you to chose a person (“Attorney”) to look after your affairs in the event that you lost the capacity to manage them yourself and were strictly limited to the your financial affairs. EPA’s can no longer be made after 1st October 2007, however, if you made an EPA before that date, it will still remain valid and can be used by your appointed Attorney to manage your business affairs.

LPA’s were introduced by the Mental Capacity Act 2005 to replace EPA’s as it was felt that the old EPA regime could possibly leave Donor’s vulnerable to unscrupulous Attorneys.

There are two different types of LPA: property and affairs LPA and health and welfare LPA. Each type covers different decisions and there are separate application forms for each. You can choose to make both types, or just one. You can have the same attorney for both, or you can have different attorneys.

The main difference between the old EPA regime and LPA’s is that an LPA must be registered with the Office of the Public Guardian before it can be used whereas an EPA can be used from the moment it is signed and is only required to be registered once the Donor loses capacity. Health and welfare LPA’s can only be used once the Donor has been deemed to have lost capacity to make such decisions for themselves.

General Powers of Attorney (“POA”) are limited to only dealing with financial affairs and will cease to be effective in the event that the Donor of loses capacity.

PLS Solicitors specialise in advising on the complex area of family law, especially Wills, Trusts and Probate. We offer a friendly, efficient and effective legal advice on any area of family law.

Get in touch for a free Wills, Trusts and Probate quote or advice, without obligation.

How long will it take to obtain Probate?

It will normally take between four and twelve weeks to obtain the Grant of Probate.

The average estate should usually be administered within 12 months of the date of death. However, more complex estates, particularly those involving the administration of ongoing trusts or gifts to minor beneficiaries can take a number of years to come to completion.

PLS Solicitors specialise in advising on the complex area of family law, especially Wills, Trusts and Probate. We offer a friendly, efficient and effective legal advice on any area of family law.

Get in touch for a free Wills, Trusts and Probate quote or advice, without obligation.

I have a Will. Why will my estate still need to go to Probate?

Death freezes the deceased’s assets and most organisations such as building societies, banks and other financial institutions will not allow them to be dealt with unless the person wishing to do so can prove that he or she has the appropriate authority. The only acceptable evidence of such authority is usually in the form of a sealed Grant of Probate issued by the High Court. In addition, if the estate also involves property the Land Registry will not allow the property to registered in the name of the beneficiary or for the property to be transferred to a new buyer by the estate without production of a Grant of Representation.

PLS Solicitors specialise in advising on the complex area of family law, especially Wills, Trusts and Probate. We offer a friendly, efficient and effective legal advice on any area of family law.

Get in touch for a free Wills, Trusts and Probate quote or advice, without obligation.

How much inheritance tax will I pay?

Inheritance tax (“IHT”) is currently taxed at a rate of 40% on any amount over the current threshold of £325,000. A reduced rate of 36% is payable if the estate qualifies as a result of a charitable donation.

Since the pre-budget statement of October 2007, married couples and registered civil partners can now effectively increase the available threshold on their estate on the death of the second parter – up to as much as double the available threshold (currently equivalent to £650,000).

There are also a number of exemptions available even on estates that would otherwise be over the threshold limit when passing assets that do not attract IHT. These include:-

– Spouse exemption
– Charity exemption
– Potentially exempt transfers
– Business, agricultural or National Heritage reliefs

PLS Solicitors specialise in advising on the complex area of family law, especially Wills, Trusts and Probate. We offer a friendly, efficient and effective legal advice on any area of family law.

Get in touch for a free Wills, Trusts and Probate quote or advice, without obligation.

I want to disinherit someone. Can I do this effectively?

Generally, under the law of England and Wales, you are free to leave your estate to whomever and whichever proportions you wish. However, under the Inheritance (Provisions for Family and Dependents) Act 1975, there are many different people who can potentially make a claim against your estate if they feel you have not made adequate provision for them.

These are:

– Your spouse or civil partner, or former spouse or civil partner, unless the divorce settlement says otherwise,
– Your children and anyone who has been treated as a dependent child of the family,
– Anyone who has lived with the deceased for more than two years,
– Anyone who was financially dependent on you immediately before your death.
– If you decide to disinherit someone who falls within any of the above categories of potential claimants, it is possible that they or their representatives will make a claim against your estate. Such claims can take a number of years to reach a conclusion, cost tens of thousands of pounds in legal fees and have a devastating effect on family relationships.

It is therefore of vital importance to consider the potential financial and emotional costs on your beneficiaries before making a final decision to disinherit someone.

PLS Solicitors specialise in advising on the complex area of family law, especially Wills, Trusts and Probate. We offer a friendly, efficient and effective legal advice on any area of family law.

Get in touch for a free Wills, Trusts and Probate quote or advice, without obligation.

How can I protect my children’s inheritance but still provide for my spouse?

With second (and subsequent) marriages becoming increasingly common it is not unusual for clients to be concerned about the possible consequences of leaving their entire estate to a surviving spouse.

A typical scenario where this may be an issue would be a married couple who have two children together. They also have a child each from a previous marriage. When making their wills each may be concerned that the survivor may be more inclined to favour their own three children over the deceased’s oldest child – their stepchild, especially if there is a history of inter-family conflict.

The solution which enables the client to provide for the surviving spouse while at the same time ensuring the estate reaches their ultimate intended beneficiary is the use of an immediate post death interest trust.

What this means is that the surviving spouse is left a “life interest” in the whole of the deceased’s estate. This includes the right to the income generated by the estate and the use of any estate asset, such as the family home, but only during their lifetime. After their death the trust assets pass to the ultimate beneficiaries who in most circumstances would be the children.

PLS Solicitors specialise in advising on the complex area of family law, especially Wills, Trusts and Probate. We offer a friendly, efficient and effective legal advice on any area of family law.

Get in touch for a free Wills, Trusts and Probate quote or advice, without obligation.

We are common law man and wife. Do I still need a Will?

Unfortunately there is a common misconception that by virtue of living together for a specific period of time co-habiting couples can acquire rights over each others property similar to those of married couples/registered civil partners so in this regard there is no such legal concept as common law man and wife.

The only way for co-habiting couples to adequately provide for one another on death is to make a valid will setting out specifically the assets to be left to a survivor.

PLS Solicitors specialise in advising on the complex area of family law, especially Wills, Trusts and Probate. We offer a friendly, efficient and effective legal advice on any area of family law.

Get in touch for a free Wills, Trusts and Probate quote or advice, without obligation.

Won't my spouse inherit everything automatically?

Not necessarily. If you do not have a valid Will, even if you are married/in a registered civil partnership, when you pass away you will classed as intestate and your estate will be distributed in accordance with the rules of intestacy.

Any assets held jointly as joint tenants between the deceased and a surviving joint owner will pass automatically by survivorship whereas joint assets held as tenants in common or in the deceased’s sole name will form part of the estate.

Married partners or civil partners inherit under the rules of intestacy only if they are actually married or in a civil partnership at the time of death. So if you are divorced or if your civil partnership has been legally ended, you can’t inherit under the rules of intestacy. But partners who separated informally can still inherit under the rules of intestacy.

If there are surviving children, grandchildren or great grandchildren of the person who died and the estate is valued at more than £250,000, the partner will inherit:

– All the personal property and belongings of the person who has died, and
– The first £250,000 of the estate, and
– A life interest in half of the remaining estate. This means that if you are entitled to the life interest, you cannot get rid of or spend that part of the estate. You can, however, have the benefit of it during your lifetime.

If the estate is worth more than £450,000, there are no surviving children, grandchildren or great-grandchildren, but there are surviving parents, the partner will inherit:

– All the personal property and belongings of the person who has died and
– The first £450,000 of the estate with interest from the date of death and
– One-half of the remaining estate.

If the estate is worth more than £450,000, there are no surviving children, grandchildren, great-grandchildren or parents, but there are surviving brothers, sisters, nephews or nieces, the partner will inherit:

– All the personal property and belongings of the person who died and
– The first £450,000 of the estate with interest from the date of death and
– One-half of the remaining estate.

PLS Solicitors specialise in advising on the complex area of family law, especially Wills, Trusts and Probate. We offer a friendly, efficient and effective legal advice on any area of family law.

Get in touch for a free Wills, Trusts and Probate quote or advice, without obligation.

How long will an employment tribunal last?

This depends upon the case, usually a matter which only concerns unfair dismissal could be dealt with in a day. Generally cases which include discrimination take longer. The average is between 1-4 days depending upon the number of witnesses.

PLS Solicitors specialise in advising on the complex area of employment law, especially Employment tribunals. We offer a friendly, efficient and effective legal advice on any area of employment law.

Get in touch for a free quote or advice on Employment tribunals from PLS Solicitors, without obligation.

Will I be cross examined during an employment tribunal?

Yes, it is usual for a witness to be cross examined in employment tribunal proceedings. At PLS we ensure that you are fully prepared for the tribunal process.

PLS Solicitors specialise in advising on the complex area of employment law, especially Employment tribunals. We offer a friendly, efficient and effective legal advice on any area of employment law.

Get in touch for a free quote or advice on Employment tribunals from PLS Solicitors, without obligation.

How much will this service cost?

There are two other facilities the cost of service. The first is the advice; this depends upon the number of employees have and the turnover.

The second part of the services is the insurance premium which depends upon a number of factors. Generally speaking the premiums are surprisingly low as insurers takes the view that if you are getting advice from a solicitor that the chances of a claim on much lower.

PLS Solicitors specialise in advising on the complex area of employment law, especially Employment protection insurance. We offer a friendly, efficient and effective legal advice on any area of employment law.

Get in touch for a free quote or advice on Employment protection insurance from PLS Solicitors, without obligation.

Is there a limit to the advice that you will proceed within this scheme?

No, in fact we are different from many of our competitors as we actively encourage clients to get in touch so that we can identify problems at an early stage. In our experience, workplace issues become problematic when they are not dealt with straight away.

PLS Solicitors specialise in advising on the complex area of employment law, especially Employment protection insurance. We offer a friendly, efficient and effective legal advice on any area of employment law.

Get in touch for a free quote or advice on Malpractice by Company Directors from PLS Solicitors, without obligation.

Advice when remortgaging

We would strongly advise you to use a whole of market mortgage broker. These brokers are not tied into a particular lender, so they genuinely look for the best deals for you rather than the lender who they are tied to.

Please also ensure that you supply to us full details of any works you carry out to the property together with appropriate planning and building regulations documentation. It is also useful for you to check the deeds, your solicitor provided to you on completion of your property purchase in case you have the benefit of any indemnity insurance policies which will assist.

We specialise in advising on the complex area of residential property law, especially Remortgaging. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

What types of Equity Release are available?

There are two types of equity release scheme available in the market, with several variations on each. One is a lifetime mortgage. The other type of equity release scheme is a home reversion plan.

We specialise in advising on the complex area of residential property law, especially Equity Release. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

Is the Equity Release market regulated?

Many lenders signed up to Safe Home Income Plans (SHIP), a voluntary code of conduct that provides a number of guarantees.

The market is also now regulated by the FCA.

We specialise in advising on the complex area of residential property law, especially Equity Release. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

What is a home reversion plan?

With a home reversion plan you can sell a percentage of your home to a reversion provider and will be given a lump sum in return. You will continue to live in your home as normal until both you and your partner die, after which your home will be sold and the loan will be repaid to the lender. Any money that is left over from the sale of your house will be passed onto yours or your partner’s estate.

We specialise in advising on the complex area of residential property law, especially Equity Release. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

What is a lifetime mortgage?

This form of equity release on property is essentially a loan consisting of the full value of your home. You will not have to pay interest on the loan while you are alive and you can use the money you gain from it in any way you like. After both you and your partner have died your home will be sold and the full amount of your loan plus interest will be deducted from the sale.

We specialise in advising on the complex area of residential property law, especially Equity Release. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

Why should I extend my lease?

A lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease drops and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. At times it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties.

We specialise in advising on the complex area of residential property law, especially Lease Extensions. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

How long do I have to wait before I have the right to extend my lease?

Assuming you are a qualifying tenant in all other respects, you have the right to extend your lease once you have been the registered owner of the flat for two years. You do not have to have lived there, just owned it.

We specialise in advising on the complex area of residential property law, especially Lease Extensions. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

Seller has never paid rentcharge?

I am about to purchase a property and the seller was not aware that the freehold property had a rent charge and therfore has never paid it. What can I do?

When acting for a buyer we will check if payments are up to date and have been paid. If they have not we can arrange with the sellers solicitors for the arrears to be paid before or on completion. If there rentcharge has not been paid for several years nor demanded we will ask or a deduction of 6 years of rentcharge as claims more than 6 years are statute barred. Therefore this will cover you should the rentcharge be requested from yourself.

We specialise in advising on the complex area of residential property law, especially Freehold Rentachrge. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

I wasn’t aware that my property had freehold rentcharge.

Many rent owners are unaware of the rentcharges owed as of their age and many do not collect the rent as it is a small sum.

We specialise in advising on the complex area of residential property law, especially Freehold Rentachrge. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

Freehold rentcharge for my neighbour’s property. Will I have to pay for both?

You can be asked to pay the full amount of the rentcharge however we can make an application on your behalf to apportion the rentcharge or in essence it is split between the owners of each of the properties.

We specialise in advising on the complex area of residential property law, especially Freehold Rentachrge. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

How do I know if the property I am purchasing has a freehold rentcharge?

At PLS we will obtain all the relevant information and check to see if the property or Land is affected by freehold rentcharge. We will make you aware if it is and ask the seller to provide up to date receipts of the rentcharge being paid.

We specialise in advising on the complex area of residential property law, especially Freehold Rentachrge. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

Can a new rentcharge be created?

Very unlikely since august 1977 as the Rentcharges Act 1977 prevented the creation except in limited cases.

We specialise in advising on the complex area of residential property law, especially Freehold Rentachrge. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

Equity Transfer, do I need to speak to my mortgage lender?

Yes you do and we would always ask that you speak with them prior to instructing us as they may have their own individual requirements.

We specialise in advising on the complex area of residential property law, especially Residential Conveyancing and Equity Transfer. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

Cheap residential conveyancing in Manchester

PLS Solicitors offer cheap, residential conveyancing. Our prices are some of the most competitive in the country. We’re also very fast and offer some of the best service around.

So if you’re looking for fast, comprehensive and most importantly cheap residential conveyancing in Manchester, PLS Solicitors are one of the best around.

We specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

I'm looking for a trusted conveyancer in Manchester

We are a CQS registered law firm, which means that we have attained the Law Society’s accreditation for quality in conveyancing. The application process is arduous and every year we need to complete a re-accreditation process. The Law Society, look into feed back from clients, complaints to the ombudsman, Professional Indemnity claims.

We are also part of the country’s elite association of conveyancing called the “Conveyancing Association”. This is a panel of elite conveyancer round the country who have clubbed together, to create this association in order to shape and change the conveyancing market.

PLS Solicitors are definitely a trusted conveyancer in Manchester.

Within our residential and commercial conveyancing department our solicitors alone have more than 100 years combined conveyancing experience behind them.

Each of those solicitors are assisted on their files by legal assistants, who all have a minimum of 3 years residential conveyancing experience (some with over 25 years), and each team of 2 conveyancers has a further member of support staff to assist them.

PLS Solicitors are currently 39th out of the country’s top 100 law firms in terms of conveyancing volumes. We complete on approximately 200 transactions per week, therefore all our systems and staffing are geared towards dealing with this large volume. The majority of our work comes from non-paid referrals which stands as a testament to the good job which we do for our clients and referrers.

We believe we offer a fresh approach to the property sector. Our directors are heavily involved in how cases are processed and have a genuine interest in ensuring their clients receive a first class service at all levels.

All team members have been through our in-house training programme which is led by the directors, to ensure the teams not only know what to do but also understand the importance of why they are doing it.

In addition Paul Butt visits our offices at least twice a year to deliver in house training and seminars to our solicitors and assistants. Paul is widely regarded as one of the leading authorities in Commercial and Residential Property. He is the author of a number of College of Law textbooks as used by students prior to their qualification into the legal profession. He is also the former author of the Which Guide to Renting and Letting. He has been lecturing to the legal profession on property matters for over 25 years, hence his reputation as one of the leading experts in this field.

The Firm consults with David Berkley QC and also Joseph Shammah on matters of risk and compliance. David Berkley QC is an appointed district judge and a recorder. Joseph Shammah is the former senior partner at Shammah Nicholls LLP, Manchester, and presently acts as a consultant for Linder Myers Solicitors. Joe has been Accredited by CEDR since November 2005, was Appointed to the CEDR Solve Mediator Panel in August 2006, and the CEDR Solve Direct Panel in April 2008. Joe’s career spans 35 years as a Commercial Litigator, Senior Partner, Head of Litigation, and 5+ years as a Mediator. The Firm finds the advice of Mr Shammah and Mr Berkley extremely beneficial for dealing with risk issues to the Firm and also installing the correct risk management procedures throughout the Firm.

PLS Solicitors specialise in advising on the complex area of commercial property, especially Commercial Conveyancing. We offer a friendly, efficient and effective legal advice on any area of commercial property.

Get in touch for a free conveyancing quote or advice, without obligation.

I’m selling my home and don’t have a mortgage

If you are selling your property and there is no mortgage, unfortunately the conveyancing process is still very similar and the fact you don’t have a mortgage won’t, necessarily make it any quicker.

If you are selling the property with a mortgage all we need to do is to contact your mortgage lender, and obtain a redemption statement from them. We then send those monies to redeem the legal charge.

PLS Solicitors specialise in advising on the complex area of commercial property, especially Commercial Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property.

Get in touch for a free conveyancing quote or advice, without obligation.

I’m buying a house, do I need a solicitor?

Solicitors are needed to carry out the legal process of buying a house. Most solicitors will also be on the panel for your mortgage lender, so they will also act for the lender as well as you.

Unfortunately, conveyancing solicitors over the last few decades have received bad press. We are pleased to say here at PLS we set up in practice during the tough global recession, so all our process have been designed to stand out from the crowd. When we set up PLS Solicitors we did extensive market research into issues which clients faced in the residential conveyancing market, and we attempted to create all our system in such a way so as to, avoid the pitfalls that many conveyancing solicitors went down in the past.

PLS Solicitors specialise in advising on the complex area of commercial property, especially Commercial Conveyancing. We offer a friendly, efficient and effective legal advice on any area of commercial property.

Get in touch for a free conveyancing quote or advice, without obligation.

What is involved in conveyancing?

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

The conveyancing process is quite different depending on whether you are buying or selling a property. On a purchase the sequence of events in residential conveyancing are as follows:

Once you have had your offer accepted on the purchase of a house, you should call or email us asking for a fee quotation.

We will provide you with a full fee quotation. You should check the quotation and then confirm that you are happy to proceed. Once you have accepted our quote, you should then call your Estate Agent with our details so they can send through to us the memorandum of sale.

PLS Client Care Centre will then send through to you, your client care letters; terms of business; purchase details form and advanced payment of search fees. You will need to return these documents back to us either by way of email, in the post or you may upload these forms to our online portal.

We will then check through your signed paperwork and raise with you any queries which are required due to our own internal and external compliance requirements.

Before Exchange of Contracts
1. We receive the initial paperwork from the sellers’ solicitors being the contract for sale; title information document; replies to Transaction forms.
2. We then check through all these documents.
3. We draft a report on title and raise enquiries with the sellers, solicitors.
4. We send the sellers solicitors our enquiries; a draft transfer and our pre-completion requisitions for response
5. We will also at this point send you a draft report on title together with the contract and the transfer deed with completion statement and draft legal invoice.
6. We will also at this point submit for your legal searches.
7. When the Search results come in your report will be amended and further enquiries raised as necessary
8. When we receive the Mortgage offer we will check it, and then do you a mortgage advice letter to you, explaining the terms of the mortgage.
9. We will also send out to you an amended report on title in track changes so you can see the differences between this and the last report, together with a request for your deposit
10. We will send to you SDLT forms in draft for signing at the same time.
11. When we receive your deposit, we will receipt the funds and then exchange contracts. At this point you will then be contractually bound to complete the purchase of the property.

Pre-Completion
1. We’ll carry out pre-completion searches agains the property being, a K16 Bankruptcy Search and also an OS1 search
2. We’ll submit a certificate of title to to the Lender requesting monies the day before legal completion
3. We’ll send you a completion statement, before completion and ask you to transfer the completion monies to us the day before completion.
4. Once we hold all the completion monies we will then CHAPS transfer (a same day transfer) to the sellers solicitors.
5. The Seller’s solicitors will then confirm receipt of the completion monies and will release the keys with the Estate Agent.
6. We’ll then date and complete the mortgage deed and lodge the SDLT form at HMRC and pay any SDLT due.

Post completion
1. Following legal completion, our dedicated post completion team will send to the Land Registry the appropriate form together with the cheque for registration to register you at the Land Registry. We tend to use the electronic form of registering the property, so that you benefit from reduced fees.
2. Once, we have received the completed registration form back from the Land Registry, we will send to the you a copy of the title information document confirming that you own the property.
3. We will then, send your physical file to archives.

If you are selling your property, the process is slightly different. We will carry out the following for you:

Once you have accepted an offer to sell your property, you need to contact us either via filling out our online enquiry form or calling us. We will then email you our fee quote for acting on your behalf.

Once you have accepted, our quote, our Client Care Centre, will email you our client care letters and also upload the forms on our portal for you to complete. The documents, will be our client care letter; terms of business; sale details form; property information forms and fixtures fittings and contents forms.

If the property is leasehold we will ask you for the managing agents details and submit a request to them asking them, for their costs for a standard leasehold information pack.

Pre-exchange
We will prepare and submit to the buyers solicitors a contract bundle for approval which will consist of the following:

If the title is registered
– The draft contract;
– Evidence of your title to the property in the form of official copies of the register and title plan (including official copies of any documents referred to on the registered title);
– An official copy of any registered lease; and

If the title is unregistered:
– A land charges search against the seller and any other appropriate names;
– An official search of the index map;
– Evidence of title by way of what is called “an epitome of title”.
– Replies to the Fittings and Contents Form.
– Planning permission and/or building regulation consents;
– Completion certificates where any alterations or additions to the property have been carried out by you.
– Required consents (e.g. under restrictive covenants).

In relation to leasehold property:
– Replies to the Leasehold Information Form;
– Replies to enquiries made of the landlord/managing agents (where available) with accompanying documentation including three years’ management accounts, a ground rent receipt, a buildings insurance policy with an up-to-date schedule and information about any required Deed of Covenant or other consent to assignment, etc.;
– Official copies of the freehold and intermediate titles;
– A copy of the seller’s share certificate for any landlord/management company where appropriate.
– A deed of covenant or licence to assign if required;
– We will obtain redemption statement from the bank and supply this to you
– We will liaise with you in order to answer additional enquiries on the legal title.
– Once the buyers solicitors have confirmed they are happy with the legal title you are selling we will then agree a completion date and exchange contracts.
– The buyers solicitors will send us the deposit on exchange of contracts which will normally need to be held in our account until completion.

Pre-completion
– We’ll send you a completion statement which will, generally be the purchase price, less the legal invoice less the agents invoice, less the mortgage redemption figure. When we receive the completion monies we will date and complete the transfer deed and dispatch the completion documents including the transfer to the buyer’s solicitor with any agreed undertakings.
– We’ll send sufficient monies to pay off your mortgage.
– We’ll, pay the estate agent’s or property seller’s commission and send to you the balance of the sale proceeds.

Post completion
– We’ll provide the buyer with the form of discharge from your lender as soon as it is received.
– We’ll, put in place any indemnity insurance needed.

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

Are there any other fees?

In addition to legal fees the following fees also apply:

Search fees; Land registration fees and depending on the amount you are purchasing for, you may also have Stamp Duty Land Tax to pay.

Please note if you are purchasing a leasehold flat, there may be charges for the transfer of the lease into your name to be paid to the management company; charges for certificate of compliance from the management company and charges for receipting any deeds to be entered into by the management company. We cannot confirm what these are without reviewing the legal title to a leasehold flat first.

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

What will my Conveyancing Solicitor do?

On a purchase, we will carry out the following work for you:

1. Review the legal title to the Property and submit the legal searches.
2. Review additional and standard enquiries sent to us from the sellers’ solicitors.
3. Amend and negotiate the contract for sale.
4. Approve the form of transfer/lease.
5. Provide you with a full report on the title to the property and if required also do the same for your mortgage lender.
6. Register you with legal title at the land registry and completing SDLT forms.

On a sale, we will carry out the following work for you:

1. Prepare the contracts for sale
2. Deal with additional and standard enquiries raised by the buyers solicitors
3. Deal with redeeming any existing monies you owe to your mortgage lender and send you any balance remaining.

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

When should I instruct a solicitor?

You should instruct a solicitor once you have had an offer accepted on either your sale or purchase. We are happy to receive instructions prior to you agreeing the sale or purchase, so at least when your offer is accepted you have our details to hand to provide to your Estate Agent.

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

What do I need to be aware of when taking out bridging finance?

There are a lot of bridging finance companies in the market. You need to research the market thoroughly so as to ensure that the rates you are obtaining are competitive.

The rates bridging companies vary a lot so you do need proper advice.

As the rates through short term lenders tend to be higher, we would strongly suggest that you already know your “exit stratergy” i.e. how you will pay off the bridging finance.

You should also check carefully for any break costs or early redemption penalties which the bridging company may charge you for terminating the bridge.

PLS Solicitors specialise in advising on the complex area of residential property law. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

What is a legal charge?

This is the form used by a lender which is signed by way of deed and registered at the Land Registry so as to protect the lender’s interest in the property for funds it has provided by way of loan.

PLS Solicitors specialise in advising on the complex area of residential property law. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

What is a facility letter?

A facility letter is a letter from a lender to you confirming that they intend to make £x available to you, subject to you satisfying their conditions. These conditions are normally called “conditions precedent”.

PLS Solicitors specialise in advising on the complex area of residential property law. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

What is the process of obtaining bridging finance from the borrowers perspective?

1. Once you have secured your bridging finance, the bridging finance company will give you a facility letter to sign and return to them. You should send us a copy of the facility letter so we can advise you on the terms of it.

2. Once you have signed and returned the facillity letter, the solicitors acting for the bridging finance company will email us a copy of their schedule of requirements and request a costs undertaking for their fees.

3. You will need to put us in funds, in order that we can give the costs undertaking to the bridging finance solicitors practice, and we will then respond to the schedule of requirements.

4. once the company acting for the bridging finance company are happy with the title to the property, they will then send to us the legal charge for signing which we will advise you on.

5. We will then confirm to the solicitor acting for the bridging finance company that we are holding the signed legal charge and facility letter. They will then proceed to advance us the funds.

6. Once the funds have been sent to us we will date the legal charge and send this to the solicitor acting for the bridging finance company, so they can register it at the Land Registry.

PLS Solicitors specialise in advising on the complex area of residential property law. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

What is the process of a bridging finance loan from the lenders perspective?

When we act for the lender the process is normally as follows:

1. The lender will instruct us using their pro forma instruction letter. They will normally email this to us together with a copy of the signed facility letter from the borrower and the valuation report.

2. We will then email to the borrowers solicitors our schedule of requirements, and a request for a costs undertaking for our fees.

3. The borrowers solicitors will then reply to the schedule of requirements which we will proceed to consider and raise further enquiries as necessary.

4. Once we have satisfied ourselves as to the legal title we will then issue to the Borrowers solicitors the legal charge for signing.

5. We will then send a report on title to the bridging finance company certifying that the property is good and marketable and that the assumptions from the valuer remain correct.

6. We will then send the borrowers solicitors a completion undertaking letter for them to sign which in effect is an undertaking from them to us that they will do certain things, such as use the loan only for the purpose of the property acquisition.

7. Once we have received a scanned and emailed copy of the borrowers legal charge, the signed facility letter, any signed guarantees and the completion undertaking letter we will then contact the bridging finance company to obtain the funds.

8. once we are in receipt of funds we send these to the purchasers solicitors in order that they can complete the purchase of the property.

9. The borrowers solicitors will send us a copy of the legal charge following completion. We will then register the legal charge at the Land Registry and send the bridging finance company the title information document evidencing the registration.

PLS Solicitors specialise in advising on the complex area of residential property law. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

What documentation do we prepare for bridging finance companies?

We act for numerous bridging finance companies. These companies approach us at different stages.

Some already have have all their precedent documentation assembled and merely ask us to act for them, in certifying title, whereas others come to us right at the start of their new business.

When a new bridging finance company ask us for assistance, the first thing we advise them on is with regards to regulations and approvals.

Once the company has been appropriately authorised we will then go off and create their precedent documentation. A full suite of bridging finance documents which we would create, will normally have the following:

– Facility letter for a corporate borrower;
– Facility letter for an individual borrower;
– Legal charge for a corporate borrower;
– Legal charge for an individual borrower;
– Written resolutions for corporate borrowers;
– Debenture;
– Guarantee for an individual;
– Guarantee for a corporate;
– Deed of priority;
– Board minutes;

PLS Solicitors specialise in advising on the complex area of residential property law. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

Are there any time limits for bringing a harassment claim?

The rules relating to time limits for these types of claims is fairly complex. In order to avoid missing time limits the best advice is to speak with one of the team at PLS as soon as possible as for the reasons mentioned above you do not want to appear to be accepting of the unwanted conduct.

PLS Solicitors specialise in advising on the complex area of employment law. We offer a friendly, efficient and effective legal advice on any area of employment law.

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I feel that I have been harassed at work what should I do?

We understand that it is very difficult for an employee to alert their employer to issues such as harassment. Often it can be the case that the person to whom you are complaining knows the harasser very well.

Our approach therefore is to draft a grievance on your behalf which ensures that the employer does the right things in handling your grievance to minimise stress.

PLS Solicitors specialise in advising on the complex area of employment law. We offer a friendly, efficient and effective legal advice on any area of employment law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

Is there a time limit for bringing a claim?

Yes the time limit for bringing a claim is three months from the last act of discrimination. What constitutes a last act of discrimination is often the source of argument between the parties. It may often be argued that the last act of discrimination is when the employee is dismissed or when the employee feels that they have to resign as a result of the treatment they have received from the employer.

PLS Solicitors specialise in advising on the complex area of employment law. We offer a friendly, efficient and effective legal advice on any area of employment law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

Do I have to work for my employer for a certain number of years before I can bring a discrimination case?

There is no set period of service required in order for you to bring a discrimination case. If you feel that you have been dismissed by your employer as a result of having one of the characteristics listed above then you are likely to have a case for automatic unfair dismissal.

PLS Solicitors specialise in advising on the complex area of employment law. We offer a friendly, efficient and effective legal advice on any area of corporate law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

I feel that I have been discriminated against what should I do?

It is important to obtain advice quickly. There are a number of time limits which apply and if you do not bring tribunal proceedings within a period of three months from what is described as the “last act of discrimination” you may lose the opportunity to bring a claim.

PLS Solicitors specialise in advising on the complex area of employment law. We offer a friendly, efficient and effective legal advice on any area of corporate law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

What will it cost me to have advice in relation to a compromise/settlement agreement?

In most cases the settlement agreement will contain a clause which agrees a payment or contribution towards your legal fees. So, generally speaking you will not have to pay anything at all.

However, if you would like to use our increased offer service then we will be able to provide a quotation based upon the circumstances. It may also be the case that we can agree to work on a no win no fee type basis in which we will only charge a fee if we can increase the offer.

PLS Solicitors specialise in advising on the complex area of employment law, especially compromise agreements. We offer a friendly, efficient and effective legal advice on any area of employment law.

Get in touch for a free quote or advice on compromise agreements from PLS Solicitors, without obligation.

What are the Memorandum & Articles of Association?

These are statutory legal documents that define how the company is regulated and what protocols it must follow in its day to day business.

From October 2009 a limited company can choose to adopt the Model Articles of Association. The Model Articles where brought in under the final implementation of the Companies Act 2006. The new articles present a clear and concise framework that enable the directors to coordinate meetings, issue shares and pass. The documents are drafted in plain English and easy to understand

PLS Solicitors specialise in advising on the complex area of corporate law, especially company formation. We offer a friendly, efficient and effective legal advice on any area of corporate law.

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What is the difference between shareholders and directors?

The directors are responsible for the day to day running of the company and ensuring it meets its responsibilities and deadlines. The shareholders own the company and have the right to vote on many issues. The extent of ownership and level of voting rights are based on the percentage of issued shares they own. An individual can be both a director and shareholder of a company.

PLS Solicitors specialise in advising on the complex area of corporate law, especially company formation. We offer a friendly, efficient and effective legal advice on any area of corporate law.

Get in touch for a free quote or advice, without obligation.

Who can set up a limited company?

Any individual of any nationality may register a limited company subject to a few conditions:

1. They are not an undischarged bankrupt
2. They have not been restrained by court order
3. They are not subject to UK government restrictions

PLS Solicitors specialise in advising on the complex area of corporate law, especially company formation. We offer a friendly, efficient and effective legal advice on any area of corporate law.

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What are the advantages of trading as a limited company?

1. Perhaps the most attractive benefit of trading as a limited company is the aspect of limited liability. Essentially this protects the personal assets of the officers should the company run into financial difficulties.

2. Many of the costs and administrative requirements associated with running a limited company are now not much more than those of a sole trader or partnership. Limited companies also instil added confidence in suppliers and creditors; many large organisations will only conduct business with limited companies.

3. Finally, the ownership of a limited company can easily be divided up through the sale of shares. The shares can be further used as a means of generating capital.

PLS Solicitors specialise in advising on the complex area of corporate law, especially company formation. We offer a friendly, efficient and effective legal advice on any area of corporate law.

Get in touch for a free quote or advice, without obligation.

What information do I need to set up a limited company?

To set up a limited company you will need the following information:

– A unique name for your Company
– A Registered Office address
– At least one Director willing to accept the duties and the responsibilities that go with the post
– At least one Shareholder willing to buy a single £1 share in the company. They can also be a director or secretary.
– One Secretary (optional)
– Key information for each director, secretary and shareholder: town of birth, eye colour and Mothers maiden name.

PLS Solicitors specialise in advising on the complex area of corporate law. We offer a friendly, efficient and effective legal advice on any area of corporate law.

Get in touch for a free quote or advice, without obligation.

Should I take a lease on in my personal name or my company

You need to take advice from an accountant on this point to see which method is tax efficient. You should be aware that if you take a lease on in your personal name it will mean you are personally liable for the rents and as such the Landlord could sue you personally and petition for your bankruptcy in the event that you fail to pay the rent. With a limited company, you can hide behind what is called the “corporate veil” so you have the benefit of what is knows as limited liability as a company is viewed as a separate legal entity to you.

Most Landlords will insist on you entering into either a rent deposit or personal guarantee in the event that you enter into a lease through a company.

PLS Solicitors specialise in advising on the complex area of commercial property. We offer a friendly, efficient and effective legal advice on any area of commercial property.

Get in touch for a free conveyancing quote or advice, without obligation.

Do I have to pay Stamp Duty Land Tax on my lease?

Stamp Duty Land Tax is payable on commercial leases in certain circumstances. Whether or not Stamp Duty Land Tax is payable on a commercial lease depends on what is known as the “Net Present Value”. There is an extremely complex method of calculation to ascertain what the “Net Present Value” of a lease is. Therefore HMRC have created a very easy to use calculator in order to determine this.

PLS Solicitors specialise in advising on the complex area of commercial property. We offer a friendly, efficient and effective legal advice on any area of commercial property.

Get in touch for a free quote or advice, without obligation.

I am buying a piece of land for development purposes, what do I need to be aware of?

If you are purchasing a property for development purposes you need to inform us.

When you are purchasing a land for development purposes we need to be involved right from the very outset.

We will normally advise you to do enhanced searches such as way leave searches; BT searches; gas searches; common land searches. The reason being is it is essential to work out where services run. As you will be developing the land this information will be vital to your contractors.

It is also important to work out if the seller is trying to claim back any uplift in the value of the property should you obtain planning permission. This is sometimes referred to as “overage” or “planning clawbacks”. The seller will try in certain situations to retain an uplift in the value of the property should you obtain planning. It is extremely important to consult with us, as soon as you find out that this will be the situation. You need to consider the following:

– What is the “trigger event”;
– How long is the planning clawback period to last for;
– How will the seller secure their interest in an uplift in value;
– How will the uplift be determined and who by.

We will also need to do a detailed analysis as to whether your development proposals will breach any restrictive covenants on the property for example there could be a covenant not to build more than 2 residential dwellings on the land. Just because there is a covenant on the property does not necessarily mean that you cannot carry out your development proposal. You can:

– Seek a pre-planning restrictive covenant indemnity policy;
– Try to negotiate a deed of release with the person with the benefit of it;
– Apply to the Lands Tribunal to have it removed;

We can also assist you with the entering into and negotiation with planning obligations to the local council through a section 106 agreement. Once again you really need expert advice on section 106 agreements, to see that the council have the power to do what they are requesting and also how the section 106 will bind future owners.

We will also assist and advise on any section 104 agreements with the relevant water undertaker and also section 278 and section 38 agreements with the local council, over how the roads will eventually become highways maintained at the public expense.

PLS Solicitors specialise in advising on the complex area of commercial property. We offer a friendly, efficient and effective legal advice on any area of commercial property.

Get in touch for a free conveyancing quote or advice, without obligation.

What are capital allowances?

The law concerning capital allowances is changed from April 2014. You therefore need to consult carefully with your accountant.

In essence, there are tax savings to be had on a commercial property purchase where capital allowances have never been claimed.

Some people refer to capital allowances as simply, if you could turn your building upside down, everything that didn’t fall out would be a capital allowance. Clearly, it is not as simply as that, and we would advise you need to speak to your accountant on this area.

PLS Solicitors specialise in advising on the complex area of commercial property. We offer a friendly, efficient and effective legal advice on any area of commercial property.

Get in touch for a free conveyancing quote or advice, without obligation.

Do I need employment advice when purchasing a property subject to tenancies?

Generally if you are purchasing a property subject to leases, you should take employment advice as service contracts for maintenance of the common parts and also lettings could fall under TUPE regulations, meaning you can’t simply terminate the contracts following the acquisition.

PLS Solicitors specialise in advising on the complex area of commercial property. We offer a friendly, efficient and effective legal advice on any area of commercial property.

Get in touch for a free conveyancing quote or advice, without obligation.

Advice on buying a property at auction?

We would advise any one purchasing a property at auction to be very cautious.

We are aware of several circumstances where people have successfully bid for a property at auction and the auction gravel have been knocked down to them. We would like to highlight the following risks when buying a property at auction:

1. When the gravel is knocked down to a successful purchaser it is a binding exchange of contacts. Your solicitor cannot make any enquiries as to the property once you have exchanged.
2. You will not have chance to get the property surveyed in most circumstances and we would always advise a full structural survey.
3. In auction contracts there are usually provisions in the contracts to catch the un-wary such as clauses obliging you to pay the sellers legal costs, to redeem outstanding arrears of service charges and to pay the seller an uplift in the purchase price in years to come in the event successful planning is granted, this is sometimes called a planning clawback clause.
4. Normally you only have 28 days and sometimes less to complete from the day of the auction.
How can you avoid pitfalls when purchasing a property by auction:

1. If you are going to make a bid, make sure you have spoke to your accountant to find out in which vehicle you should purchase the property, i.e. either an individual name or company name.
2. You should speak to your bank to ensure that you have an offer in principle from them should you be successful at the auction and that they have confirmed to you that they can hit the completion deadline.
3. You should contact us prior to going to the auction and ask us to prepare a pre-auction report on title for you. This will tell you if the property is good and marketable and we will also cover off any issues such as uncommon conditions in the contract for sale. We can also raise enquiries with the vendors solicitors prior to the auction.
4. We would advise you to speak to the auctioneer to see if you can arrange for a surveyor to attend the property to give you a full structural survey prior to the auction.
5. Auction packs normally only contain a local search so you should instruct us to carry out further searches prior to the auction date.

PLS Solicitors specialise in advising on the complex area of commercial property, especially Commercial Conveyancing. We offer a friendly, efficient and effective legal advice on any area of commercial property.

Get in touch for a free conveyancing quote or advice, without obligation.

How long does commercial conveyancing take?

Commercial conveyancing normally takes 6-8 weeks from receipt of the contract documentation from the sellers solicitors.

PLS Solicitors specialise in advising on the complex area of commercial property, especially Commercial Conveyancing. We offer a friendly, efficient and effective legal advice on any area of commercial property.

Get in touch for a free conveyancing quote or advice, without obligation.

What’s involved in a commercial property purchase?

When you purchase a property the process will be as follows:

1. Once you have agreed the heads of terms with the seller you should then call or email us for a fee quotation.
2. Once we have sent you the fee quotation you should then confirm that it is approved and we will send you our client care letter; terms of business together with our purchase details forms.
3. You should complete all these forms and send them back to us.

Pre-exchange
1. We will receive from the sellers solicitors the following:
a. Draft contract for sale;
b. Copies of leases if it is a sale subject to leases;
c. Replies to commercial property standard enquiries;
d. Copies of the registered title of the seller
2. We will then review these documents and raise enquiries of the sellers solicitors. We will also begin to prepare your report on title and submit for searches.
3. As and when we receive replies to enquiries we will continue to amend our standard report on title together with details of the search results.
4. If the property you are acquiring is subject to leases, we will also draft you reports on leases and make enquiries of the tenant concerning the lease.
5. We will then report to you on the title and certify it as good and marketable.
6. When we receive your mortgage offer, we will then do a letter to you advising you as to the terms of the mortgage and also request your deposit.
7. When we receive your deposit we will contact the landlords solicitors and proceed to exchange contracts with a fixed completion date.

Between Exchange and completion
1. We will send to you the transfer deed for signing which is the deed which will vest the property into your name.
2. We will also send you a completion statement advising you how much you need to deposit with us in order to complete.
3. We will also send in a report on title to your bank requesting the monies for the day before legal completion.
4. We will carry out our pre completion search known as an OS2 and also a bankruptcy search known as a K16.

Completion
1. Once we have all the monies in our client account we will send the sellers solicitors the completion monies and agree to date the transfer deed.
2. The sellers solicitors will then send to us the transfer deed and any rent authority letters addressed to Tenants if you have purchased a commercial property subject to leases.

Post completion
1. We will then send the transfer deed to our post completion department. They will proceed to submit to the Land Registry the transfer deed together with the legal charge for registration.
2. Once registered we will receive what is known as the title information document which we will then proceed to send to you and your lender.
What searches do I need?

We normally advise clients to carry out the following commercial searches on a commercial property purchases.
– Local search;
– Drainage and water search;
– Environmental search;
– Coal search;
– HS2 search;
– Chancel search;
– Flood search;

We do however appreciate that commercial searches are very expensive however, we would never recommend anyone to enter into a commercial lease without at least carrying out a commercial search.

The searches would reveal the following matters:

Local search
This search is carried out at the council. It will reveal matters such as the planning history of the property; whether or not any works have been done to the property which building regulations approval was required for; whether the property abuts the adopted highway; whether or not there are any financial charges registered against the property by the local council.

Drainage and water search
This search will reveal if the property is connected to the mains drains and water; it will reveal if there is a surface water drainage charge.

Environmental search
As a purchase, you may become liable for any on site or off site contamination, even though you did not cause the damage. The costs of remediating the ground can be very expensive and as such you should carry out an environmental search to see the extent of any liabilities.

Coal search
We would recommend a coal search, if the property falls within a coal mining area. This search would basically check to see if the property is at risk of subsidence.

HS2 search
A lot of the country will be subject to compulsory purchase orders, for the new HS2. It is therefore strongly advised to carry out this search to see if the property you are about to buy falls within this area.

Chancel search
We would recommend this search, it will reveal if the property you are purchasing falls within an area which, could have a potential liability to contribute to the repair of the church chancel.

PLS Solicitors specialise in advising on the complex area of commercial property, especially Commercial Conveyancing. We offer a friendly, efficient and effective legal advice on any area of commercial property.

Get in touch for a free conveyancing quote or advice, without obligation.

What is an HIP?

A “HIP” is a Home Information Pack. They are no longer required in the UK. However they used to contain, the title information, replies to enquires, searches and the Energy Performance Certificate. They used to cost circa £400 plus  VAT.

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

Can I get access to the property before completion?

You can certainly ask the seller if they will consent to this. Most Seller’s will refuse for building insurance reasons. However, if they do agree they will ask you to sign a key undertaking, which basically gives you the keys to the house to carry out minor works.

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

When do I get the deeds to my house?

Following legal completion your file is transferred to our post completion department.

Our post completion department, proceed to complete the relevant Land Registry forms and then submit to the Land Registry your documents to register you with title and also register your lenders mortgage agains the property.

he Land Registry then complete the registration of your property and update their records. Due to recent Land Registry cut-backs the Land Registry can take as long as 14 weeks to register your title with them.

Once they have registered you with legal title, they will then send to us what is known as a Title Information Document (or TID) and we will then send a copy of the same to you.

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

What happens when we complete?

On your purchase we request your funds and the funds from your lender the day before legal completion. We carry out some pre-completion searches and then send by way of same day electronic transfer those funds to the sellers solicitors. The sellers solicitors confirm receipt of the funds and then call the Estate Agents authorising them to release the keys to you.

On a sale, once we receive the monies from the sellers solicitors, we pay off any loans and mortgages on the property and send the balance to you. We call the Estate Agent and inform them that they can then release the keys to your buyers.

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

How long between exchange and completion?

It is up to the seller and the buyer to agree the period between exchange and completion.

Normally the period is 2 weeks, however you can agree the next day or 8 weeks after exchange for example. The decision really lies with the seller and the buyer, however you are strongly advised to inform your solicitor of the agreed date.

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

Do I have to pay the deposit on exchange?

In most circumstances it is normal to pay a 10% deposit on exchange.

However in certain circumstances a lower deposit can be agreed with the purchaser. This is particularly in cases involving Help to Buy and also sale and purchase transactions where there is a chain in a conveyancing transaction and the deposit is coming up through the chain.

In some circumstances it is even possible to pay no deposit. However these cases are few and far between.

You should note that if you are purchasing a property and you fail to meet the contractual completion date, and as such you are served with a notice requiring you to complete, then a normal contract for sale will oblige you to top up any lower deposit you have paid to 10 per cent.

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

When do I pay the deposit?

You need to pay your deposit on exchange of contracts. We therefore recommend that you transfer the deposit to your solicitor about 10 days before exchange if you are sending the solicitor the money by way of cheque.

The seller’s solicitor normally holds the deposit in their client account, until completion. This way of holding a deposit is known in the conveyancing market as a “stakeholder” deposit.

The seller’s solicitors can, also hold the deposit on an “agency basis”. What this means is that the deposit can be automatically given to the seller on exchange, who can then spend it immediately.

What happens at exchange of contracts?

At exchange of contracts the buyers solicitors calls the sellers solicitors and in the majority of situations exchange by way of Law Society formula B. What this means is that the buyers solicitors calls the sellers solicitors to confirm that they hold their clients signed part of the contract and a full 10% deposit and if the sellers solicitor agrees to exchange with them and date the contract, then they both exchange, and the buyers solicitor undertakes to put in the post, first class the contract and solicitors account cheque for the 10% deposit.

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

When do I pay the Estate Agent?

We will pay your Estate Agent once we have received the purchase monies from the purchasers solicitors and they have confirmed the funds are released to you.

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

What are disbursements?

Disbursements, are out of pocket expenses which we incur on your behalf to a third party, whilst conducting your sale or purchase. Examples of disbursements are your search fees, your land registry fees and your CHAPS payment fees (same day electronic transfer of funds fees).

PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.

Get in touch for a free quote or advice from PLS Solicitors, without obligation.

How to Get on the Property Ladder

I have worked in the legal field for several years now but now I am buying my first home I have taken a more personal interest in the conveyancing process.

Being a First Time Buyer can be daunting and there is lots of contradictory information out there. Buying a house is a big step and probably the most money you will part with in your lifetime, but there are positives aspects of being a First Time Buyer and things that can help you on the path to buying your first home.

There are some advantages to being a first time buyer in this current economic climate:

  • interest rates are at their lowest for more than 30 years
  • first time buyers are more appealing to sellers because they are not in a chain – so you are not part of a long list of people all dependent on each sale in a chain going through on time
  • first time buyers are sought after by mortgage lenders

Calculate the Costs

As a first time buyer, you will have many one-off initial costs including:

  • a deposit
  • Stamp Duty Land Tax if your property costs over £125,000
  • surveyors’ fees
  • lenders fees and charges
  • Land Registry fees
  • removals/or moving in charges
  • Solicitors fees

You will need to make sure that you have considered these costs before you decide to buy.

How to find the right mortgage

Most mortgage lenders will require a deposit of at least five to ten per cent of the value of the property you wish to buy. As the price of property increases, the deposit can become expensive. You may want to consider asking family or friends for financial help. There are many types of mortgages available and some are targeted specifically at first time buyers. An independent mortgage broker can help find the best mortgage to suit your own circumstances.

Find the Right Solicitor

Before you move, your solicitor will ensure that everything is in order with the property you want to buy. This is a vital part of the process and can highlight issues that you otherwise wouldn’t have been aware of. Any complications are best discovered at this stage so you are fully informed of what you’re getting for your money before it changes hands.

If you are a First Time Buyer and would like a quote for Legal Services, contact PLS Solicitors today on 0161 941 7449.

Understanding Stamp Duty and Stamp Duty Land Tax (SDLT)

Stamp duty was first introduced in England in 1694. Duty had to be paid on newspapers, pamphlets, advertisements, playing cards, dice, hats, patent medicines, perfumes, insurance policies, gold and silver plate. stamp duty was largely abolished in the UK from 1 December 2003.

The Finance Act 2003 introduced The “stamp duty land tax” (SDLT) this was a new tax in land transactions and largely replaced Stamp Duty. SDLT is a form of self-assessed transfer tax and is generally payable on the purchase or transfer of property or land.

Here at PLS Solicitors, once completion has taken place we will file a tax return on your behalf via the HMRC online portal. This is the quickest and most efficient way to file a return, if tax is not payable a return must still be made. This must be received by HMRC within 4 weeks of the transaction completing otherwise a penalty may be issued. The penalty is for failure to provide the return on time and not for failing to pay the tax. Once we have inputted the required information we immediately receive a Stamp Duty Land Tax certificate which will then be used to register you as the new owner of your property. Without this certificate it is impossible to register a change in the ownership of the land. Please refer to Our Guide to Conveyancing under the section “completion of your move” to see where the filing of the SDLT certificate ranks in the conveyancing process.