Whether you're a layman looking to understand your own transaction or a lawyer needing assistance with a client's conveyancing our step by step sale and purchase guides will lead you through the process while our mini guides will break the whole thing into manageable chunks and give a deep insight into the key issues and stages. Leasehold, freehold, unregistered, registered – we've got it all covered.
Need help with a remortgage or transfer of equity / deed of gift? Our guides will walk you through the process and highlight some of the common pitfalls. Mortgages and transfers can be very simple procedures but complex issues can sometimes arise and mistakes are easily made. These guides will help you deal with them.
So you want to have a go at your own conveyancing? First you should read about the risks, then if you're still happy to proceed, our guides will take you through each stage of the process telling you what to look out for and helping you avoid falling into expensive traps. Our subscription service will give you access to all of the documents you should need for your conveyancing and we can even supply you with the Land Registry Official Copies you'll need. Our general guides will cover all the obstacles you are likely to face and offer a practical solution. Have a look at our sale and purchase guides too.
A big part of the conveyancing process is the conveyancing searches. This section tells you all about them. What they are, how and when to order them and how to interpret the results. Each search has its own guide and you'll see they are separated into Standard (should be done in every case), Regional (area specific) and Optional (not essential but often useful tools for the would be purchaser). All buyers should beware that when you buy a property, the law assumes that you have seen the information that would have been revealed by searches whether or not you have actually carried them out, so you buy the property subject to the results.
Using a conveyancer to handle your conveyancing will greatly reduce the risk to you and sometimes, particularly if you are taking out a new mortgage, you will have no choice but to instruct a conveyancer. The good news is it doesn't have to break the bank. Get a free, instant quote here. We can also help with quick easy quotes for other moving related services.
Are you looking for the documents you'll need for your conveyancing transaction? Or official copies of the title or other documents from Land Registry. We can help you. Follow the links below.
I have a joint shared ownership with my sister jointly. our share is only 25%. she has raised it, she wants to buy me out but am not 100% on my calculations. I moved out of the property in 2013 and she has solely been paying the mortgage and rent. my room is been used by her daughter. we purchased the property at £180000 of which 25% we raised. we took a loan of £36000 and deposit with legal fees etc was £5000. just looking on zoopla the current value is around £250000 which could be more.
my question is, is it right to work out the equity on current value or on the value as it was in 2013? or if you could help with the calculations please.
It depends on what was agreed when you bought the property. If you just purchased as joint tenants or as tenants in common in equal shares then you are entitled to 50% of any equity in the property as at now. You work out the equity by finding out what the property is worth on the open market, taking off the housing association's share and deducting what is owing on the mortgage. This figure is then split in two. Ignore the legal fees etc when the property was purchased and any payable when you transfer the property now as these should be dealt with separately and split equally.
So for example if the property is now worth £250,000 then your 25% share is worth £62,500. From this deduct the outstanding mortgage debt. Whatever is left is the equity which should be split 50/50 (unless as I say you agreed something different when you bought the property).
There is a moral (and more importantly a legal) argument to say that your sister should be entitled to some credit for the fact that she has been paying the mortgage on her own for a period. You haven't said whether the transfer is amicable or whether you have fallen out but either way you would do well to reach an agreement between yourselves as if you put this in the hands of solicitors the arguments as to who gets what can become very complicated and expensive and you could both end up spending all your equity in legal fees. It would be useful for you to find out what was owing on the mortgage at the date you stopped contributing and what is owing now so you can see what percentage of the original loan your sister has paid off on her own.