If you are looking for conveyancing solicitors whether in Manchester or across the UK then JMS are here to help. More information about our services can be found below.
A qualified and experienced solicitor will take responsibility for your conveyancing and you will be given their direct telephone number and email address as a contact point. They will always be available to discuss your case and will be involved in your transaction from start to finish. In the event you are unable to speak to anyone when you call, for whatever reason, your call will be returned at the very earliest opportunity.
We use a fixed fee system. When you contact us for a quotation, we will give you an exact charge for legal fees and searches. You do not have to be concerned that you will be charged every time you wish to speak to your solicitor. You can also rest assured that the fee we quote to you is competitive, and more importantly, is the fee you will actually pay!
We are confident that the services we offer, coupled with the competitive fees we charge, are second to none.
This is one of the most common questions. The answer depends on a number of factors such as how long the chain is, whether others in the chain have existing or new mortgages to obtain and how quickly information is provided by the other side.
Our aim is to have everything ready as soon as possible so you can move as soon as all parties in the chain are ready. We regularly undertake work for a variety of investors where time is of the essence. A purchase instruction received on the Monday can be completed within the week where all parties and their solicitors work together to achieve this.
The business generated by existing satisfied clients and their family/friends counts for a large percentage of all our new business. Please click here to read some of the endorsements we have received from satisfied clients.
In the last budget the Labour Government introduced SDLT relief for first time buyers. Those who qualify will not have to pay SDLT on residential properties in England and Wales costing up to £250,000 until March 2012.
HM Revenue and Customs have strict criteria as to who qualifies as a first time buyer. To qualify as a first time buyer you must NOT have ever:
HM Revenue and Customs definition of a first time buyer is "a person who has not acquired a freehold or leasehold interest in residentital property in the UK (except a lease with less than 21 years to run) or an equivalent interest anywhere in the world." Also you "must intend to occupy the property as your only or main residence". Therefore you cannot claim relief on second homes, investment or buy-to-let properties.
The penalty for those trying to exploit the system who do not qualify is up to £5000.00 as well as the SDLT payment.
Moving home or property can present you with a lot of legal terminology that you may not have encountered before. At JMS Solicitors we try and make this the least of your worries with jargon busting of some common terms below:
Chain:
This is where the buyer and the seller are dependent upon other buyers or sellers to complete a move in order for them to move.
Completion date:
The date when all transactions relating to the purchase/sale of a property are completed. Only when all contracts have been exchanged can you set a date to move. Trying to push for an early completion date to hurry up the legal process can often lead to frustration, especially if you are involved in a chain and therefore dependent on other parties processes.
Completion statement:
A statement provided by the legal team acting for the buyer/seller detailing monies to be paid by the buyer/seller. The statement includes the property purchase/sale price plus all other costs.
Conditions of Sale:
The terms by which the buyer/seller determine their rights.
Contract:
The legally binding agreement specifying all of the detail of the property purchase or sale. The contract is a legal commitment from both the buyer and seller to the transaction. The seller's legal team draws up two copies of the same contract, and each party signs their own copy. When both parties are ready to legally commit, the two contracts are exchanged.
Conveyancer:
The Property Lawyer who manages all of the matters arising from the purchase/sale of a property. This can also be a Licensed Conveyancer or a Solicitor.
Conveyance:
The legally binding document that transfers the rights to land or property.
Council for Licensed Conveyancing:
A regulatory body for the conveyancing industry.
Deeds:
Legal title document which provides ownership held by the mortgage lender, e.g. Bank or Mortgage Company. Released on full repayment of the loan.
Deposit:
Often the deposit is thought of as the part of the purchase price that the buyer is putting down him/herself (i.e. usually the difference between the amount of the mortgage and the purchase price). When the legal team talks about the deposit they are talking about the money that is handed over to the seller's property lawyer upon exchange of contracts. Often these two amounts are not the same.
Disbursements:
Fees paid by the legal team on the buyers behalf such as stamp duties, land registry charges and search fees.
Easement:
A right given to the property owner over an adjoining property (e.g. right of way).
Exchange of contract:
The signing of the contract by the buyer/seller. This is the point that both parties are committed to the transaction.
Fixtures and Fittings:
A list of the items at the property being sold which are either included or excluded from the agreed price.
Freehold:
Ownership of the land on which property is built.
FSA:
The financial Services Authority is an independent government body concerned with consumer protection in the financial market.
Gazumping:
When the seller accepts a higher price offer from another buyer after the initial offer has been accepted.
Gazundering:
When the buyer lowers their offer after the sale has been agreed.
Indemnity insurance:
Insurance taken out by conveyancing firms to cover losses to clients arising from errors or fraud in dealing with their matters.
Land Registry:
The official body responsible for recording the ownership of land.
Land registry fees:
Fees paid via the legal team on the buyers behalf to register the ownership of property with the Land Registry. Fees as of 6th July 2009:
Value of property £0 - £50,000 Fee = £50, £50,001 - £80,000 Fee = £80, £80,001 - £100,000 Fee = £130, £100,001 - £200,000 Fee = £200, £200,001 - £500,000 Fee = £280, £500,001 - £1,000,000 Fee = £550, £1,000,001 and over Fee = £920
Lease Options:
Until recently Lease Options have been more widely used in the Finance Sector to trade in shares, land and commercial property. More property investors and buyers have utilised this facility in the residential market to benefit landlords and tenant buyers.
Leasehold:
The ownership of property for a specified period in return for a rental payment subject to terms and conditions.
Licensed Conveyancer:
A Licensed Conveyancer is a specialist property lawyer, someone who is trained and qualified in all aspects of the law dealing with property. Licensed conveyancers are sufficient to secure adequate protection for consumers and that the conveyancing services provided by such persons are provided both economically and efficiently.
Mortgage:
A loan to help you buy a property. The mortgage is attached to the title deeds to prevent the property being sold without paying it off in full.
Mortgage Deed:
The legal charge to the mortgage lender until such time as the loan is repaid.
Mortgage Fees:
Normally charged by a legal team for acting on behalf of your bank or building society.
Redemption Fee:
A penalty which can be incurred by your existing mortgage lender if you pay off your mortgage early or you move to a different mortgage provider.
Searches:
A method of checking matters that may affect the status of the property. Local Authority Searches cover items such as road maintenance, planning applications etc. The search covers the property not the surrounding area.
Stamp duty:
A government tax payable by every buyer of a property. Rates are currently as follows:
Residential land or property SDLT rates and thresholds*
Purchase price/lease premium or transfer value up to £175,000 (until 2 Sept 2009) - Zero, over £175,000 to £250,000 - 1%, over £250,000 to £500,000 - 3%, over £500,000 - 4%
Non-residential land or property rates and thresholds*
Purchase price/lease premium or transfer value (non-residential or mixed use)rate up to £150,000 - annual rent is under £1,000 - Zero, up to £150,000 - annual rent is £1,000 or more 1%, over £150,000 to £250,000 - 1%, over £250,000 to £500,000 - 3%, over £500,000 - 4%
*correct Apr 2009. There are circumstances where the property or buyer may qualify for stamp duty relief, e.g. disadvantaged areas, charities, registered social landlord (check www.hmrc.gov.uk for comprehensive details and current rates and threshold)
Structural survey:
A survey giving details about the property’s structure.
Subject to contract:
A provisional agreement between the buyer and the seller that is not legally binding.
Transfer document:
The final document that transfers the property from the seller to buyer.
Valuation Survey:
A survey to allow a property value to be determined for mortgage purposes.