We understand buying or selling your property can be extremely stressful and a key moment in your life. Here at PCS Legal your property will be our priority during the course of your conveyancing. We work quickly so you can move quickly, providing a friendly yet due diligent service. We deal with Freehold and Leasehold properties of any type (houses, flats and land) using modern technology platforms providing clear communication over the telephone and by email.

We deal with all aspects of the conveyancing from start to finish covering mortgages, searches, contracts, transfers, leases, deposits, exchange and completion just to name a few key issues. We are also able to advise on complex matters such as boundary disputes, defective titles and lease extensions.

Please contact our residential property team at any of our offices with any questions you may have. Please feel free to self-generate a free no obligation estimate of costs by clicking the ‘Get an Estimate’ button at the top of this page, or should you find it easier to speak to somebody from our friendly New Business Department please email quotes@pcslegal.co.uk or call any of our offices.

Our estimate will be fully inclusive of all fees likely to arise with your transaction including all disbursements with no hidden fees so you can budget your finances knowing exactly what you will be paying upon completion with no nasty surprises.

Once you instruct us to act for you, a dedicated conveyancer/property lawyer and their support staff, will be allocated to you. This means that the conveyancer will be handling your file from beginning to end and you will receive all their contact details including their assistant and in most cases secretary that you can also contact should they be unavailable. The conveyancer will be happy to discuss your property transaction in detail and explain all stages of the process to make you aware of what is going on at all times.

Here at PCS Legal we have an experienced legal team able to deal with all aspects of any commercial transaction you may look to undertake. We have an outstanding reputation for providing in-depth legal advice in a clear and concise manner. We are able to handle complex matters where commercial property with a business can be bought or sold. We are equally able to help when it comes to commercial matters such as shop units, storage units, office parks, land agreements.

Our expert qualified team of Licensed Conveyancers have extensive knowledge of any commercial property venture that may interest you and how you may look to fund the same from commercial loans to bridging finance. We are able to advise on any legal situation that may arise not just in relation to the property but also option, lease and license agreements, planning or change of use issues.

Whether you are looking to buy a commercial property as an investment or to run your business from we are able to help and save you costs.

There are times when you may need to release equity in your property or secure a better rate of interest. This process is commonly known as a remortgage. At PCS Legal we have a large remortgage department that specialises in the re-finance of properties. We are able to provide information concerning mortgage offers, redemption statements and title documents. We understand how important it may be for you to receive your net remortgage proceeds as quickly as possible and in this respect, we aim to complete a remortgage within two weeks of receiving an official mortgage offer from your lender. We are also on the panel for most of the major lending institutions in the UK.

If you have any questions about the remortgage process or any other matter please contact one of our offices.

WATCH OUR INTRO TO REMORTAGAGES

The main attraction of buying at auction is that you avoid the conventional drawn out process of house buying. At auction it's condensed into a matter of minutes rather than months and when the hammer falls, you own the property. If you are looking to buy at auction then it’s advisable to contact an auction house to request their sales catalogue. This will provide you with a list of properties available to bid on. This will allow you to identify the properties you are interested in buying and will enable you to visit the same prior to the auction date.

It is extremely important you read the conditions printed in the catalogue as the auction process is completely different to the normal house buying process. You must ensure you know as much about the property as possible and have made all enquires before the auction date. You must also ensure you can financially commit to the purchase. On the auction day its normal to pay a 10 deposit with the balance of 90% in the next 28 days (sometimes less). If you fail to complete within the stipulated period as defined in the conditions you stand to lose your 10% paid.

When selling at auction we can prepare the auction pack on your behalf. We will obtain your title deeds and prepare the special conditions of sale to be published in the auctioneer's catalogue. In order to encourage as much interest as possible from potential purchasers, it is important that a full legal pack is prepared and delivered to the auctioneers at an early stage.

Be aware that buying at auction is a binding commitment and carries the same legal implications as a signed contract by private treaty. In most cases, auction offices have copies of legal documentation provided by the seller's solicitors which can be sent to you. We offer a service whereby we can check the legal title documents BEFORE you bid and ultimately commit to your purchase.

Remember when the hammer falls you are committed to buying the property!

WATCH OUR INTRO TO AUCTION

Here at PCS Legal, we have an extensive wealth of experienced staff within our New Build Department that deal with all New Build Property acquisitions from developers and builders in the UK. We act for a number of buyers looking to engage with some of the biggest developers all over the UK.

There are many benefits of buying a New Build Property. The fact the plot itself is brand new and also the appliances gives great peace of mind. You may also have the opportunity to participate in the decoration and style of most plot purchases. You get to choose the finish in relation to carpets, bathrooms and kitchens. Following completion you don’t have to worry about replacing items to your dislike or ageing appliances etc. New build houses/flats are also more energy efficient with the latest technology and energy saving features throughout.

Other benefits include the fact the plot will be ready to move into once constructed and also there are no worries with regards to vendors changing their mind at the last minute and having to start the process again. There are also some less obvious advantages such as guarantees- most large builders offer new build guarantee’s that cover the plot for a period of 2-10 years. Insurances are often held with the likes of NHBC, Premier and Zurich. This would be a key point when instructing your legal representative.

Other advantages include different options when it comes to finance. There are government backed schemes such as First Buy which allow you to put down a reduced or lesser deposit than would normally be the case, this can be as little as 5% in certain cases.

If you would like to discuss buying a New Plot please contact our New Build Department at PCS Legal who will be pleased to discuss the same with you.

Home owners may use Equity Release to finance a one off purchase or use the money to supplement their pension. This can also help people to give gifts to family members like providing their children with a deposit to purchase their first home. This can also be known as Lifetime Mortgage or Home Reversion.

What is an Equity Release?

Equity Release is a way to unlock money tied up in your home with a loan. The loan is repaid to the lender when the property is eventually sold. These types of loans are only available to home owners over the age of 55 and the amount you can borrow from your property will depend on your age.

What is a Lifetime Mortgage?

Most people who take out Equity release use a Lifetime Mortgage. Normally you are not required to make any repayments whilst you are alive, interest rolls up and is added to the loan. Some Lifetime Mortgages will give you the option to pay all or some of the interest but this varies from Lender to Lender.

What is a Home Reversion?

This allows you to sell some or all of your home to a Home Reversion provider. In return you will get a lump sum of money or regular payments. You can live in your home for as long as you wish, the property is sold when you die or move into long term residential care. The minimum age for some Home Reversion Plans can be 60 but some insist you are at least 65.

Financial Advice

PCS Legal always recommend you seek appropriate independent financial advice before you decide to agree to an Equity Release. We recommend you speak to a financial adviser that is qualified in Equity Release so that they may talk you through all the options and make sure you understand so that you can make an informed decision. PCS Legal can recommend Financial Advisers should you need some assistance.

What does the term ‘Shared Ownership’ mean?

This scheme allows potential buyers to acquire a percentage of a property through either a Housing Association or developer. The buyer can purchase a share of between 25% and 75% of the home’s value and pay rent on the remaining share to the Housing Association.

Eligibility to purchase through the Shared Ownership Scheme

A potential buyer is able to use this scheme if:

• The household earns £80,000 a year or less (£90,000 in London) and be otherwise unable to purchase a property suitable to meet their housing needs on the open market

• A first-time buyer (or you used to own a home, but can’t afford to buy one now)

• Or rents a council or housing association property

Purchasing more Shares

This is known as Staircasing. Further shares can be purchased at any time after becoming the homeowner. The cost of the shares depends on the market value at the given time however potential buyers must be aware that should the house prices increase that the additional share may be more than the first share. An advantage of purchasing more shares, is that the rent payable to the Housing Association decreases as they will own a smaller share of the property. Please however bear in mind that some Housing Associations do not allow staircasing to 100% when looking for a property.

Stamp Duty

Please note that Stamp Duty is considerably more complex under the Shared Ownership Scheme. Please bear in mind when looking for a property under this scheme Shared Ownership properties are not within the criteria of the First Time Buyer Exemption.

There are two options available for paying SDLT under the scheme: -

Market Value Election – this is making a one-off payment based on the open market value of the property at the time of the purchase. This option allows a potential buyer to rely on the First Time Buyer exemption if the full market value is below £300,000.00. After making a Market Value Election on a purchase, no Stamp Duty is payable on any staircasing transactions.

Paying Stamp Duty in stages –Stamp Duty is payable on the premium paid for the initial share. The advantage is that on the first initial transaction, stamp duty may be considerably lower or none is payable. However please bear in mind if the share falls above the £125,000.00 threshold, Stamp Duty will be payable. Please also note that your specified rental payment (the annual rental payment to the Housing Association on that part of the property that you have not purchased) is also taken into account when calculating the Stamp Duty payable.

If you wish to Staircase at a later date, Stamp Duty is not payable until the property has been staircased to 80%. Once the Share is up to or over 80% Stamp Duty is payable on the transaction premium and also on any subsequent transactions. This is known as ‘Linked Transactions’.

If you purchase additional shares in the property and elect to pay SDLT in stages then you will not have to pay any more SDLT or notify HMRC in an SDLT return until your share ownership reaches 80% or more regardless of whether any SDLT was paid on the initial purchase. However, once your share goes up to, or over, 80% SDLT will be payable on the transaction that took you to or above 80% and also on any subsequent transactions. The percentage rate of SDLT applied to these payments is based on the total amount paid for the property so far, including the initial purchase. This is because the initial purchase and subsequent staircasings are treated as “linked transactions”.

Selling a Shared Ownership Property

Before selling a Shared Ownership Property, consent must be obtained from the Housing Association for the resale. The Housing Association has the right to buy the property back first. This is known as ‘First Refusal’ and is applicable for 21 years after you staircase the property to 100%.

If you have any questions regarding the Shared Ownership Scheme or would like an estimate for purchasing or selling a Shared Ownership Property please contact quotes@pcslegal.co.uk or any of our offices by phone.

WATCH OUR INTRO TO SHARED OWNERSHIP

When looking to buy a leasehold property or if owning one with a restricted term, we can assist in seeking a variation to your lease extending its term.

This can include either communicating directly with the freeholder or landlord in the first instance (the informal way) or serving a statutory notice and following the statutory procedure to a conclusion (the formal way). It is extremely important to ensure any lease has an adequate term and certainly more than 65 years left to run to ensure you don’t have any issues when you come to sell or if you decide to remortgage. Most mortgage lenders will only accept a term with more than 65 years to run.

By instructing PCS Legal to act on your behalf we would be delighted to help. We are able to draft what is called a Deed of Variation that is the official document both you and the landlord may need to sign. Once prepared and executed we will register the same at the land registry on your behalf.

Contact us today for a free estimate of costs – quotes@pcslegal.co.uk

A Transfer of Equity is when a jointly owned property is transferred to a single one of those owners, or when a single owner adds one or more people to the legal title or ownership of the property.

What is a Transfer of Equity?

Sometimes a property owner may need to change the ownership of their property or the legal title. This takes place when the owner wants to add or remove one or more people from the title, it doesn’t always involve transferring any actual money. This is called a Transfer of Equity.

When would I need a Transfer of Equity?

A Transfer of Equity is often required when a couple marries or enters into a civil partnership, or when either of those relationships is dissolved. The legal title will then reflect the new ownership of the property.

Do I need a conveyancer?

In order to protect your own interests, it is always better to engage a conveyancer when the legal ownership of your home is involved. Some Transfers of Equity can be simple to process, but others can be complicated and require more work.

What is involved in the Transfer of Equity?

Once all parties have agreed on the Transfer of Equity, a Deed of Transfer will be drafted for each party to sign. The Deed of Transfer will contain all the legal formalities of who now owns what. Where a remortgage or new mortgage is required, the formalities for this lending should also be completed by the time the Deed of Transfer is signed.

Will my conveyancer work with my lender?

PCS Legal will act on your behalf for both the equity transfer and any mortgage/remortgage as one transaction. PCS Legal also has to represent the interests of the lender when completing the legal formalities, as in all conveyancing.

What happens next?

The Transfer of Equity is complete once the Deed of Transfer has been signed by all parties involved. PCS Legal will complete the transaction by returning a Stamp Duty Land Tax return to HMRC (even if no stamp duty is to be paid) and will register all new interests and charges over the property at HM Land Registry. Now the property is formally registered in the names of the new owners and the Transfer is complete.

There are many good and bad points regarding repossession properties. Repo properties as they are sometimes referred to are those where the bank or building society has taken possession of the house/flat with a view to selling the same to repay the debt owed to them. The lender will repossess where their debt is not being repaid often where the borrow has fallen on hard times, death or divorce etc The bank/building society has a responsibility to get as much for the property as it can, however despite this they will want a quick and speedy sale, often imposing strict exchange deadlines. Yet while most sellers spend months beautifying their bolt holes, waiting for the right offer, banks often just price them cheaply to sell quickly.

The downside is these properties often need a refurbishment. Best case is they might feel a bit cold and unlived in. Repossession buying is most suitable for those looking for an investment and willing to do up ramshackle properties. Be sure to factor in the cost of repairs, and take a builder along to the property for some estimates. Often the property will need an element of refurbishment. Worst case is the previous owner could have stripped out all the fixtures and fittings before handing over the keys.

It’s possible to pick up repossessed or distressed sale properties at up to 30% off the market price. Usually, the more work they need, the bigger the discount is. For those willing to put the work in, both on research and repairs, these can represent some of the best buys on the market. In theory, buying repossessions, or as agents prefer to call them, corporate sales, can be a lucrative property investment strategy enabling you to buy at a bargain price, renovate it and sell to the open market at a decent profit.

If you are considering buying a repossession property PCS Legal can ensure that you get the highest quality legal advice. The costs will not be any higher than for an ordinary purchase and you can be sure your conveyancing is dealt with the highest standards by a conveyancer who will have handled many similar purchases.

If you own a property you are looking to let or are interested in buying a Buy to Let (BTL) dwelling, PCS Legal can assist in the preparation of an Assured Shorthold Tenancy Agreement (AST), together with the necessary statutory documents and information without which any AST could be invalid and would, therefore, be a statutory tenancy which would be much to your prejudice.

PCS Legal property lawyers will not only draft the AST but can also provide form 6A notice to quit in circumstances where your AST has expired or your Tenant may be in breach of the tenancy terms (such as non-payment of rent) in a situation where you may require possession. We are also able to provide advice and draft Licence to Occupy agreements and key undertakings where access may be necessary in more short term situations.

We at PCS Legal are always looking for ways to speed up the conveyancing process. The government tried the same with Home Information Packs which although still work, aren’t widely used. There is a much simpler way – the major time waster is simply completing paperwork! We find on average a good week to two weeks can be wasted whilst forms are filled out and documents obtained. Unfortunately, we can not do anything about the amount of forms that need to be completed however they can be filled in and completed at a much earlier stage hence saving vital weeks in the conveyancing process. It is normal practice to place an offer on a property you wish to purchase or to receive an offer on the property you are selling and then at that point, the information forms would be completed.

The forms that need to be completed contain general information relating to yourself and the property you are intending to purchase or sell. To aid the process, should you wish to attend our office to return your initial forms and complete the required identity checks by supplying your ID, we have extended opening hours in the evening at several of our offices. We understand it is difficult to get time off work for such matters and hopefully our additional opening hours will alleviate this problem.

Please contact us regarding the same. Should you have any questions or wish for us to provide you with our initial forms, either by email or by post, then we can do this prior to you finding a property to purchase or prior to you finding a purchaser for the property you are selling. Using our Fast & Express Move services WILL speed up your transaction!

WATCH OUR INTRO TO “FAST MOVE” PROCESS

Are you considering making an application for adverse possession over a piece of land? If so, we can advise you on the vital requirements of being successful in such a claim. To summarise, you will need to show:

• Factual Possession

• An Intention to possess

• The possession must be adverse

We can apply the law to the facts to advise you whether you are likely to be successful in your claim. Depending on whether the land is registered or unregistered will depend on whether you are likely to be successful, as in registered land, there are only three circumstances where your application for registration is likely to be accepted. As a part of the process, we can do a search of HM Land Registry to determine whether the land you are claiming is registered or unregistered.

We would be more than happy to assist in any such claims which also includes boundary disputes.

If you have any questions please contact one of our offices and there will be somebody happy to help.

If you need help with preparing either a first or second mortgage also referred to as a charge then please let us know. The Charge can be secured on the title to any registered property where this is to be accepted as security with regards to the value of a liability owed. The legal charge document would be prepared by us following which the PCS Legal property lawyers will also attend to its registration and if necessary will also seek any consents where necessary.

We are able to act as a processing agent for clients where they live abroad and their lender requires an additional party for service of any notice or proceedings. You will be required to complete a short survey upon which we will then confirm to your lender our details and the limitations of our role and what they can expect from us. We provide this service to many of our clients that live abroad.

Please email quotes@pcslegal.co.uk for more details.

What is a Declaration of Trust?

A declaration of trust is a legal document, also referred to as a deed of trust, which records the financial arrangements between everyone who has a financial interest in the property. This could be necessary if you’re buying as a joint owner or getting help from someone else, such as a family member.

What does a Declaration of Trust do?

A Declaration of Trust will confirm the ownership of a property in the proportions contributed by each party regardless of the title entries at Land Registry. The declaration of trust is a purely personal agreement and the obligations you have to your mortgage lender will always remain joint, whatever you state in this deed.

Do I need a Declaration of Trust?

If you are jointly buying a property and you are each contributing different amounts towards the deposit, fees or mortgage payments then a Declaration of Trust will clarify the percentage each owner will pay and or own.

What are the benefits from having a Declaration of Trust in place?

If you want to avoid prolonged legal disputes over finances if your relationship breaks down a Declaration of Trust can set out if and when the property should be sold and how the sale proceeds should be divided between the owners.

Many lenders will require you to take independent legal advice where you are going to be a party to the mortgage but not necessary on the title to the property the mortgage will be secured against. We are able to act for you in proving independent legal advice or where you are required to be Guarantor. You will need to collect the forms your bank will need executing or if they don’t have their own standard documents we can draft them on your behalf. Once the advice is given over a video call or face to face then these documents will be signed and returned to your lender.

We provide Home Buyers & Sellers Insurance, which is specialist transaction insurance designed to recover costs through no buyer or seller fault, should the transaction falls through (T&Cs apply).

Secure storage of all paperwork related to a transaction, accessible via PCS Legal.