Residential Conveyancing – Thame

Buying or selling a property can be both an exciting time in your life but also a stressful one. Our specialist Property solicitors work with you to ensure that the transaction proceeds as smoothly and stress free as possible. Whether you are a first time buyer or adding to your property portfolio, we will be with you every step of the way.

Please visit our main Residential Conveyancing page for a full overview of the process of buying or selling your property.

We will provide you with a no obligation quote, tailored to your needs. We have no hidden costs and do not charge any extra fees for acting on behalf of your lender.

It is always difficult to estimate when a matter will complete.  However, we anticipate the timescale for a property purchase is likely to be in the region of 8-10 weeks from receipt of instructions, any requested payment on account and satisfactory ID (and please note we need these in order to commence any work) and on the basis you promptly provide us with further instructions when required along with any other documentation/information that we may request/require as part of the transaction. For a sale we estimate it will be 6 – 8 weeks from receipt of instructions. If you instruct us, we will let you know if this timescale is likely to vary to a significant degree. We shall do our best to achieve your required timescale but our ability to do so may be affected by matters outside our control, such as delays in receiving required documentation, onward chains, information and/or responses from other parties.

Whether you’re remortgaging to get a better deal, to consolidate debts or to release some equity in your home, we can assist you in making the transaction as stress free as possible.

Lightfoots are proud to be on the Solicitors Panels for all major lenders and most smaller and specialist lenders too. We are therefore able to act for both you and your lender to ensure the transaction proceeds smoothly and swiftly.

What is the Process?

The remortgage process is usually a lot quicker than a sale or purchase. The following steps will be undertaken:-

• Initial Instructions – We will take your initial instructions, carry out ID and Anti Money Laundering Checks and ask you to provide us with details of the property and any current mortgage/charge on it.
• We will obtain a redemption figure from any current lender and check for any early repayment fees.
• We will check the Title to the property to ensure it meets your new lender’s requirements. This includes the Lease and the term of years left on it if the property is Leasehold.
• Some lenders may require us to carry out searches on the property including a Local Authority Search and Environmental Search. Most lenders are happy to accept an Indemnity Insurance Policy in place of searches. We will notify you of your lender’s requirements.
• Your new Mortgage Offer will be sent to us, including the results of the Lender’s valuation. We will review the offer and report to you on it. We will at this stage ask you to sign the Mortgage Deed.
• Once we are satisfied that the property is suitable for the lender to lend against, we will report to them and ask them to release the mortgage funds. These usually take at least 5 working days to be released from requesting them.
• Once funds have been released, we will pay off any existing mortgage, together with any legal fees and disbursements. Any balance due to you will be sent to you that day.
• We will apply to the Land Registry to ask them to amend the title to reflect the changes and will send you a copy of the updated title once received from them.

It is always difficult to estimate when a matter will complete.  However, we anticipate the timescale for a remortgage is likely to be in the region of 6-8 weeks from receipt of instructions, any requested payment on account and satisfactory ID (and please note we need these in order to commence any work) and on the basis you promptly provide us with further instructions when required along with any other documentation/ information that we may request/ require as part of the transaction. If you instruct us, we will let you know if this timescale is likely to vary to a significant degree. We shall do our best to achieve your required timescale but our ability to do so may be affected by matters outside our control, such as delays in receiving required documentation, and information and/ or responses from other parties.

It may be necessary to change the ownership status of a property, without selling it. This is known as a Transfer of Equity.

What is Equity?

Equity is the value of the property less the sum due to any lender that holds a charge on the property.

When would a Transfer of Equity be used?

A Transfer of Equity can be used in a number of situations including:-

• Removing an ex-partner from the title to the property
• Adding a new partner onto the title to the property
• Change the percentage of shares that one or more co-owners hold
• Buying out one or more co-owners
• For tax purposes

What is the Process?

• You will be required to undertake our standard Identity and Anti Money Laundering Checks which can all be done on our handy app from the comfort of your own home.
• Your lawyer will review the title to your property to check for any charges or restrictions which may affect the transaction.
• A Transfer Deed will be prepared and sent to the existing and new owners to sign in the presence of a witness.
• If the value of the transaction is over £40,000, then a Stamp Duty Land Transaction Return will be needed and Stamp Duty may be payable.
• If there is a mortgage currently on the property, unless this is being repaid on completion of the Transfer, the Lender will be required to provide their consent to the Transfer of Equity.
• The Transfer Deed will be registered at the Land Registry to update the Title Deeds with the new ownership status.

It is common to Transfer Equity and Remortgage a property at the same time. Please see our guide to remortgages above.