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Buying and Selling Property in the Current Climate

Coronavirus is continuing to have an impact on a number of different areas in the UK, with Chancellor Rishi Sunak introducing a policy that suspends stamp duty on the first £500,000 of all property sales in England and Northern Ireland. Stamp duty is a tax that you normally have to pay when you are buying a property. With it being removed, there are a number of things that you may want to know about buying and selling houses. 

Selling Property 

To sell property in the UK, you will need to instruct a conveyancing solicitor to act on your behalf. When you have accepted an offer from a buyer, then you can begin the process of selling your property. How long it takes to get through the stage of selling your property depends on a number of factors, including how long it takes for the buyer to submit their enquiries, and how quickly you can respond to them. Once the buyer’s solicitors are satisfied with answers to their enquiries, then the contract and transfer deed can be signed. If you have an outstanding mortgage on the property that you are selling, then the necessary redemption figures from your existing mortgage provider will need to be obtained. Contracts can be exchanged when the buyer’s solicitors have completed their processes and their mortgage offer is secured. Once contracts are exchanged, then both the seller and buyer are committed to the sale of the property. To complete the sale, the buyer’s solicitors will send the purchase payment, from which you will repay your mortgage, the estate agent’s invoice, and any other payment on completion. The net sale proceeds will be sent to you and you will release the keys to the property. How to sell my property may be a question that seems complicated, but with the right conveyancing help it doesn’t need to be. 

Buying a Property 

To buy any property in the UK, you will need to go through a process with a number of stages. After your offer for a house is accepted by the seller, then you will have to instruct a conveyancing solicitor to handle the process for buying property on your behalf.  You will have to: 

  • Get a mortgage in place 
  • Have searches and checks carried out on the property that is being bought 

Even if you are buying a property to rent, you will have to carry out the same steps as you would if you were going to live in the property. 

Re-mortgaging a property 

During uncertain times, it may sometimes be necessary to re-mortgage your property. There are a number of ways in which this could financially benefit you. For example, you could re-mortgage to reduce your current interest rate, to consolidate debts or to raise money for other projects. You may also benefit from re-mortgaging your home if your living arrangements have changed because you’re now married or divorced. Re-mortgage solicitor fees are always a good investment when you consider the benefits. 

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