Solicitor
As estate agents we see a number of disappointed buyers who fail to get the property they want (and sellers who lose buyers) due to a number of reasons. The most common of which is the breakdown of communications with all the parties involved in property transactions. The most key party is your own solicitor, please choose wisely!
Listed below are our recommenced elements to check for when employing a conveyancer in London:
1). London Based: This is especially needed if you are buying or selling a London property. It is essential that your conveyancer understands the London property market and specializes in property law.
2). Solicitors ( not just conveyancers): For your peace of mind we would always recommend that you use a solicitor, not just conveyancers. Apart from the fact that solicitors can help you with other business that you may have in the future, you never know what may occur with this transaction. Buying a new home is one of the most important decisions you make. Your choice of Solicitor is equally important.
3). Direct Name & Number: It is essential that you can speak directly to a named contact, and have a direct line to him/her. Communication is the key element of the buying and selling process. In our experience the most property transactions which fail to complete are due to communications difficulties.
4). Meet your solicitor: We would always recommend that you have a solicitor that you can meet. Yugin Robeson have offices in London.
Q: Why should we pay more to use a 'high street solicitor' (such as Yugin & Partners London Conveyancers) whilst we can do it for less with an 'online bucket conveyancer'?
A:
- Email updates
- Direct Contact
- London Based
- Specializes in all areas of Property Law
- Can help you with other areas of Law - e.g. - making a Will
- Fees: We have negotiated some highly competitive lawyers fees with Yugin & Partners London Solicitors - Conveyancers.
Comparing Fees:
Please make sure that you are not paying for 'Indemnity insurance' this is a hidden charge that some conveyancers add. Solicitors should include this within their fee structure and not charge you extra for it.
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What is included:
- Prices exclude VAT & disbursements, but does include all mortgage work.
- We have found that YuginRobesons london Lawyers fee structure is very competitive. Whilst they obviously cannot beat the new generation of 'bucket conveyancerss', you will have piece of mind knowing that you have engaged specialist property solicitors.
- These figures include 'Indemnity Insurance'.
First time buyer purchasing a leasehold property for £175,000.
| Solicitors/Lawyers Fees | £625 |
| VAT: | £109 |
| Disbursements - Land Registry | £150 |
| Disbursements - Local Authority Search | £160 |
| SUB TOTAL ( including VAT): | £1,044 |
| Stamp Duty @ 1% | £1,750 |
| GRAND TOTAL (including VAT) : | £2,794 |
The above table is for illustrative purposes only, please get in contact for a quote relevant to your situation.
Our Experience of Yugin & Partners London Solicitors
Who: Yugin & Partners London Solicitors offer a full service and have have many years experience of conveyancing of both freehold and leasehold property throughout London.
Why: They are based in London, cover and understand the London Market.
Personal Service: Yugin & Partners London Solicitors offer an individual personalize service. You receive a contact name and direct phone line.
Fees: Yugin & Partners London Solicitors are a competitive London Solicitors firm ( NB Solicitors not online bucket conveyancers - see fees and why to avoid bucket conveyancers)
First Hand Experience: Halfapercent recommend Yugin & Partners London Solicitors as they are the solicitors that are used by both of the company directors when moving properties in London. We recommend that you use the solicitors that estate agents use.
Speed and flexibility: In property transactions, speed is often of the essence. We have found that Yugin & Partners London Solicitors are both responsive and commercially minded.
Clear communications: We have found that Yugin & Partners London Solicitors keep the client ('you') and your estate agent ('us' hopefully) up to date in plain English. As well as having a direct line to your solicitor, they will also update you directly by Email.
Banks & Lenders: We have found that Yugin & Partners London Solicitors are on the panel of the majority of Lenders, which can help facilitate the whole moving process.
Yugin & Partners London Solicitors are a full service lawyers practice who have many years experience of London Property conveyancing for both freehold and leasehold property.
Stamp duty is paid by the person who purchases a property (the buyer).
The amount is dependent on the price of the property:
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e.g. Flat bought for £300,000 - Tony Blair receives £9,000. The 'duty' is on top of the asking price.
Please click here for more information about "Stamp Duty Exempt Wards" in England
The Process
Prior to instructing a solicitor, you will have reached an agreement "Subject to Contract" for the sale or purchase of a property, most likely through an estate agent, and you will have probably have started the finance process , usually through a building society or bank.
You then have to instruct a solicitor to do the legal work on your behalf. Legally, nothing can stop the other party may withdraw from the agreement before "Exchange of Contracts" (this is known as Gazumping when the seller withdraws because he has accepted a higher offer from someone else), so most people want to exchange contracts as quickly as possible.
When you instruct a solicitor to buy or sell a house on your behalf the transaction proceeds in various stages that differ according to whether you are buying or selling;
The following things happen at each stage;
Instructions: This is where you tell the solicitor what he needs to know to act on your behalf. If you instruct other firms of solicitors you having to go to their office during business hours to talk to them in person.
Pre-Contract Papers: The sellers solicitor, having taken his clients instructions, prepares a draft contract and sends this with all of the other papers relating to the property (contents, fixtures & fittings, etc) to the buyers solicitor.
Pre-Contract Searches & Inquiries: The buyers solicitor submits searches to the local authority asking about planning permissions and applications, road usage, electricity and water supply etc, to the Land Registry asking about the sellers title, and to such other agencies as may be required (coal board, water authority, environmental etc)
Investigation of Title: When the results to all of these searches are returned then the buyers solicitor will advise the buyer accordingly.
Approve Draft Contract: The buyers solicitor will make appropriate amendments to the draft contract submitted by the seller with the pre-contract papers , bearing in mind the searches.
Exchange of Contracts: This is when a legally binding contract is made. This is the point at which you cannot be "Gazumped" any more! It is also when you fix the day the sale will take place - when you will get the keys, if you are a buyer, or have to move out, if you are a seller. A very important date!
Prepare Purchase Deed: The buyer's solicitor prepares the deed that will legally transfer the property from the seller to the buyer, and he will then send it to the sellers solicitor for approval.
Approve Purchase Deed: The sellers solicitor confirms that the purchase deed is acceptable.
Pre-Completion Searches: This is the stage at which title is formally acknowledged as being acceptable under the terms of the contract, after any further questions that the buyer has about it have been answered. It is also the point at which the buyer's solicitor will have to give a report to the buyer's lender (bank, building society) as to whether the title gives sufficient security for the loan that is being extended.
Completion: The big day! The buyer's solicitor sends the money to the sellers solicitor, who confirms receipt and releases the keys to the buyer. The buyer can walk in and relax (before starting re-decorating etc etc.), and the sellers solicitor confirms the money is in the bank!
Post Completion Matters: The sellers solicitor discharges the sellers mortgage, sends the discharge to the buyers solicitors and the balance of the monies to the seller. The buyers solicitor pays tax on the transfer ("Stamp Duty"), sends the discharge to the land registry to remove the entry relating to the sellers mortgage, and then registers the buyer as the new owner of the property, together with the buyers mortgage.
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