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Conveyancing Solicitors Mansfield

 

Why Choose Banner Jones Solicitors in Mansfield for conveyancing?

  • Our team of local conveyancing solicitors will deal with your quote in a friendly, professional and uncomplicated manner.
  • Your case will be managed by a dedicated in-house solicitor who will deal with your conveyancing matter from start to finish.
  • We offer fixed-fee pricing with no hidden fees.
  • You can arrange an appointment to see one of our Mansfield based conveyancing solicitor’s or the entire process can be done over the phone.

For a free, no-obligation quote speak to our Mansfield Conveyancing Team on 0330 017 6309 or send us an email.

What is the next step in the conveyancing process? 

After we have been instructed to work on your case, we will proceed with the legal side of the property transaction.

You will have the support of your conveyancing solicitor every step of the way, who will guide through the buying and selling process of your property.

We know when you are buying or selling a property, that there’s a huge demand on your time.  Speak to Banner Jones, who will take the hassle out of conveyancing.

Contact our Mansfield conveyancing solicitors for a free no obligation quote on 0330 017 6309 or email us.

Frequently Asked Questions

At what point in the process is it legally binding?

You can withdraw from a sale or purchase up until the point contracts have been exchanged. Any deposits paid after exchange of contract will then by non-refundable. After contracts are exchanged you are then responsible for the property you are buying and should arrange suitable insurance from this date.

How long are local searches valid for?

A local authority search completed for a house purchase is valid for 3 months.

How long does the conveyancing process take on average?

We usually say 4-6 weeks for an average sale or purchase. Queries and concerns can often come out of the local authority searches which need further investigation and sometimes this leads to re-approval from the Mortgage lender. This can add further time into the process.

What happens if we can’t produce certificates for work we’ve had done on the house we’re selling?

You can indemnify the work by taking out an insurance policy. This means that you can not be held liable for any future fault on the work that was done. We can arrange this for you

What is Stamp Duty and how much will I have to pay?

Stamp Duty is a tax levied by HM Government on a transfer of property. For residential property this tax is calculated at 1% for property values between £125,001 and £250,000, 3% for values between £250,001 and £500,000 and 4% for those of £500,001 and over. Duty may also be chargeable on any rental charge (leases only) - this affects both residential and commercial leases where different thresholds are applied.

What is the difference between Joint Tenants and Tenants in Common?

Tenants is Common is where two or more people are entitled to the proceeds of sale in distinct shares - on the death of one, his/her interest will not pass to the survivor(s) but will be part of his/her estate. Joint Tenants are on the other hand 50/50 Co-owners of land - when one of them dies, his/her rights of ownership pass to the survivor(s).

How does Shared Ownership work?

A monthly rent is paid to the landlord in respect of the share you have not purchased.  For the percentage share you buy you will normally require a mortgage.  Certain lenders do not accept Shared Ownership property but the housing association can normally put you in contact with a mortgage adviser who is used to dealing with this type of application.

Who qualifies for Shared Ownership?

To qualify for Shared Ownership you must be in employment and be in a position to raise a mortgage for the part you are buying.  The amount you must be earning will vary depending on property prices and where you want to live.  However, if you have sufficient income to enable you to purchase a home outright then you will not qualify.  Priority is normally given to those in need and those on housing waiting lists but each individual housing association has their own requirements.

What is staircasing?

In the future you can gradually buy a bigger share in the house and in most schemes you can eventually own it outright.  There is no obligation to purchase a larger share but the scheme is designed to be flexible should your circumstances change.

Initially you contact the housing association who will arrange a valuation and will offer you a price to purchase the extra shares.  Any improvements you have made to the property will be disregarded in calculating the price of the further shares.   Once you have completed the purchase your rent is reduced accordingly but your mortgage payments may increase.

Will I have to pay a deposit?

This depends on your finances, but normally yes.  If for example you are renting 50% with a mortgage of 45% then a 5% deposit will be payable.

Will it be leasehold or freehold?

Whether you buy a house or flat your interest in the property will be leasehold because the housing association owns the property and is the landlord.  They will grant a Lease, typically 99 or 125 years, and you will be subject to the terms of the Lease.   Banner Jones would provide you with a full report of your rights and responsibilities under the terms of the Lease during the transaction.

Do I have to arrange buildings insurance?

No.  That is done by the landlord/housing association and part of the rent payable reimburses the cost of the buildings insurance.

Will there be service charges?

Not always.  If the property’s communal areas are maintained by the housing association then yes there will be a service charge.  Some Shared Ownership properties do not have a service charge.

What are the initial costs I will have to pay?

Owning a home can be expensive and you will need to consider things such as re-decoration, utility bills, fittings and furniture and insurance for the contents of your home.

Other costs you must budget for monthly include mortgage repayments, rent on the proportion of the share you do not own, council tax and any service charge (if applicable).

There are also some initial costs involved in buying a Shared Ownership property just as there is when you buy on the open market and these will need to be paid from your own savings.  These include:

  • Stamp Duty - The calculations as to whether you have to pay Stamp Duty is more complicated with a Shared Ownership property.  You can be exempt from paying this if you purchase up to 80% share in the equity.  However, if the value of the percentage share you are buying is over £125,000.00 then you will have to pay Stamp Duty.  We would discuss the options regarding Stamp Duty with you as part of the transaction.
  • Deposit – if required.
  • Survey/Valuation – This is essentially if you are purchasing a property with a mortgage and is normally arranged through your mortgage broker or lender.
  • Legal fees – This covers the work we do to complete the transaction and it will always be a fixed fee. Contact us for a free quote.

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  • Conveyancing Quality

97% of our clients would recommend us to a friend
(Ongoing Client Survey)

The service I received was excellent.

Mrs B, Dronfield

I received excellent service for the purchase of my house

Mrs S,Sheffield

The receptionist staff on both days we visited your office were extremely friendly and the whole experience of dealing with Banner Jones was wonderful

T Howard

The service I received couldn't have been better!

Mrs C, Chesterfield

Karen Askew and Nathan Rodgers did a fantastic job for us. Professional advice, speedy service and competitive pricing. Very happy.

Mr G, Derby

The service was excellent. We were particularly impressed by the swift responses and communication by email. A far superior service than our previous moving experience.

Mr P, Eastbourne

We’re really grateful for the work you did for us. 10 out of 10!

Mr & Mrs S, Bridlington

Very easy to make appointments, very personal service from all people at Banner Jones, my solicitor was very friendly and put me at ease. If I needed a solicitor again, Banner Jones would be the first on my list.

Mr C, Dronfield

Brilliant service, kept well informed all the way through the process. Would definitely recommend.

Miss H, Nottinghamshire

Cannot fault the service, efficient, prompt and cautious. Matters explained very well and clearly. Pleasantly surprised.

Mr & Mrs D, Mansfield

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