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Beginners Guides, Buy to let, Change conveyancer, Contract, conveyancer, Conveyancing, Conveyancing Quote, Deposit, Do your own conveyancing, First Time Buyers, Property, Property Market, property owner, Property Report, property searches, Quicker conveyancing, Stamp duty    No Comments

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We know that moving house can be a stressful time and there is a lot of information to take in and understand. Our experienced conveyancers have pulled together a quick A-Z reference guide of the most common conveyancing terms to help you through the process.

A-AGREEMENT

The legal document you sign to agree to sell or buy the house. But do not worry nothing is set in stone until Exchange of Contracts. See below.

B-BREACH OF CONTRACT

Is if either party pulls out once Contracts have been exchanged.

C-COMPLETION DATE

The day you move out of your old home and get the keys to your new one!

D-DEPOSIT

This is usually 10% of the purchase price, which we require to be paid to us to Exchange Contracts.

E-EXCHANGE OF CONTRACTS

This is the day you DO NOT look back as you are legally tied into the deal!

F-FIXTURES AND FITTINGS FORMS

A list of things the seller has agreed to leave you.

G-GAZUMPING

Where another buyer puts a higher offer in than yours.

H-HOME BUYERS REPORT

A Survey that we would strongly advise you have carried out on the property. BUYER BEWARE!

I-INDEX MAP SEARCH

This is a search carried out to see if a property is registered at the Land Registry.

J-JOINT TENANTS

Means your share in the Property if you passed away would automatically pass to the surviving owner.

K-KNOW HOW

This is the trust you can put in us to know how to do the job.

L-LAND REGISTRY OFFICE COPIES

These are your deeds showing your ownership of the property and are held electronically by HM Land Registry.

M-MORTGAGE DEED

The document you sign to confirm you will pay your mortgage payments to the mortgage company during the term of your mortgage.

N-NEGATIVE EQUITY

When the amount you owe on your mortgage exceeds the value of the Property.

O-OCCUPIERS CONSENT

The signing of a Deed by a person living in the property who is not the owner confirming that they will move out on completion of a sale or if the mortgage company takes possession of the property.

 P-PROPERTY INFORMATION FORM

The document the seller fills in which asks lots of questions about the property, such as boundaries, alterations to the property, legal rights, utilities details.

Q-QUASI EASEMENT

Is a general legal right over land, it could be something which is used for the benefit of the property, such as right of way, drainage etc.

R-REDEMPTION FIGURE

The amount owed on your existing mortgage.

S-STAMP DUTY

Tax which has to be paid to the Inland Revenue on the purchase of a property.

T-TRANSFER DEED

The document which is sent to the Land Registry on completion and registers the property in your names.

U-UNILATERAL NOTICE

Where someone else has registered an interest on the title deeds to your property.

V-VENDOR

Another term used for the seller.

W-WAYLEAVE AGREEMENT

A deed entered into by Service Providers to install piping or cabling over or under the property for your use of electricity, water etc,

X-MARKS THE SPOT

We always mark where we require you to sign deeds and documents with an X.

Y-YOU

As our client YOU are important to us and we will ensure we do our very best.

Z-ZZZZZZZZZZZZZZZZZZZZ

Sleep easy while we make Conveyancing a stress free experience for you!

If you would like a conveyancing quote please call 01623 45 11 11 or visit our website for more information. Have a look at our frequently asked conveyancing questions or to see a guide to how the conveyancing process works.

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business, business purchase, Buy to let, Commercial, commercial property, Property    No Comments

income tax

 

Tax Tax Tax

 

Completing your tax returns? This time of year always brings to light the amount of tax that you are paying. If you are looking at pension and tax efficiencies then I urge you to consider investing in a commercial property via a pension scheme such a SIPP (self invested personal pension) or a SSAS (small self administered scheme).

 

There are a number of tax benefits for investing in a property by a SIPP and SSAS including:-

 

– growth is free from CGT

 

– tax relief at the individual or company’s highest rate

 

– rental income received by a pension scheme attracts no UK income tax

 

– on retirement 25% of the pension fund can be paid as a tax free lump sum

 

– on death before retirement the whole payment under the pension fund could be paid as a tax free lump sum i.e. no inheritance tax

 

If you need any advice on commercial property please call Christie on 01623 663244.

 

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Buy to let, Commercial, commercial property, Conveyancing, Landlord, Property, property owner    No Comments

buy to let

 

With the increase in stamp duty on the horizon for residential buy to lets you might want to now consider investing in commercial property as buy to let. The benefits of buying as commercial buy to let over residential include the following:-

– generally commercial property generate higher rental income;

– a commercial lease provides the landlord with greater protection and swifter enforcement provisions;

– commercial tenants are generally required to meet the insurance costs of the property and also all of the repairs;

– the term for commercial leases are usually for longer avoiding the landlord agents fees for re marketing and also solicitors fees for drafting new leases;

– the rent reviews provide for the rent t remain the same or are upwards only

– it is possible to claim capital allowances on commercial properties

 

If you are thinking of buying a commercial property to let then please contact me on 01623 663244 or email climb@fidler.co.uk, I would be happy to assist  with the transaction.

 

 

 

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