We specialise in the following property matters:-
- Property Sales and Purchases (both freehold and leasehold)
- Shared Ownership
- Transfers of Equity
- Equity Release/Lifetime Mortgages
- Lease Extension/Collective Enfranchisement
- Declarations of Trust
- Assured Shorthold Tenancies
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Our team specialises in all types of residential sales and purchases of property ranging from the first time buyer to the multi-million pound transaction. As part of the service we will carry out all the usual searches (Local Authority search, drainage search, environmental search and chancel repair search). We will check that the title to the property is good and marketable and will provide you with a full written report on the property you are purchasing. We will prepare the necessary contracts, Stamp Duty Land Tax Returns and transfers on your behalf. We will deal with the registration of your title and mortgage at the Land Registry or deal with the redemption of your mortgage if your are selling your property.
Our aim is to make the transaction as stress free as possible by providing you with regular communication throughout the transaction.
Many individuals have mortgages where the interest rates are fixed for a certain period o time. Once that time has expired, it is not unusual for the homeowner to look to remortgage their property. Remortgaging is a process whereby you take out a new mortgage, usually with a new mortgage company, and repay your old mortgage.
If you can’t afford to buy your first home, there are government schemes which can help.There are two types of home buy scheme to help you buy a new build property, firstly an equity loan, where the government assist with a loan towards the purchase price and no fees are payable for five years.Secondly, there is shared ownership. Here, you buy a share in the property (usually between 25% and 75% of the full value). The Housing Association owns the remaining share and you pay rent on that share. Shared ownership properties are always leasehold. As and when you can afford to buy more of the property (known as “Staircasing”) the share that you own goes up, and the rent that you pay goes down. There is no obligation to buy a further share at any time during your ownership. Ellis Jones are pleased to be included on the Spectrum approved solicitors panel. This covers Western Challenge, Signpost and Medina Housing. We also work closely with Radian which includes Swaythling Housing Association, Windsor, and Drum Housing.
This is the process by which a property can be transferred from sole name to joint names or vice versa and often this process is required as a result of a matrimonial settlement. Mortgage companies need to consent to a Transfer of Equity and will usually need to be incorporated in the transfer document itself. If the Transfer is made pursuant to a Financial Order within divorce proceedings then there is usually no Stamp Duty payable on the Transfer.
This is the process by which homeowners release capital which is tied up in their property to supplement income or savings.
Lifetime mortgages are a special type of mortgage where there are no repayments but the interest on the mortgage accumulates until the mortgage is repayable and it is usually a kind of debt that the borrower or the borrower permanents residing in a care home.
Subject to satisfying certain qualifying criteria, lease flat owners who have owned their property for a period of 2 years are entitled to a lease extension of 90 years plus the unexpired term of the existing Lease. There is legislation which sets out the process by which the flat owner can acquire the new Lease. A premium will be payable for the new lease and this premium is usually calculated by the qualified surveyor.
Collective Enfranchisement is the process by which flat owners can apply to their Landlord to purchase the freehold of the block of flats in which they live. Certain qualifying criteria apply in respect of the building and the leasehold owners who are entitled to participate in the purchase. There is legislation which sets out the procedure which should be adopted when acquiring the freehold.
Where unmarried couples (and in certain situations married couples) purchase properties jointly it may be necessary to have a Declaration of Trust in particular where the parties have made unequal contributions to the purchase price.
If you have purchased an investment property with a view to subletting, we can produce the Assured Shorthold Tenancy on your behalf.