West London Solicitors

What is conveyancing?

Conveyancing is the process of transferring certain property rights from one person to another.   Commonly this will involve transferring the freehold along with other rights attached to the land.  However, the process of leasing and licensing is also covered by the term conveyancing.

What are searches?

Searches form a large part of conveyancing work.  They are undertaken to reveal further information about a property that cannot be garnered from a simple physical inspection.

What are Local Authority searches?

Local Authority searches provide information about any planning permissions associated with the property and any planned developments within a 500 metre radius of the property.

What are Sewage and Drainage searches?

Sewage and drainage searches provide information about sewage and drainage systems associated with the property.

What are Mining searches?

Mining searches provide information regarding risks of subsidence in mining/former mining areas.

What are Environmental searches?

Environmental searches provide information regarding local environmental risks, such as Radon gas, which is a naturally occurring radioactive gas common throughout the UK (particularly in areas with high amounts of granite).

What searches should I have done?

If you are buying the property outright, it is advisable to have Local Authority and Sewage and Drainage searches conducted as a bare minimum.  However, if you are buying the property with a mortgage, the lender will state what searches need to be conducted.

When selling my home, will I be exempt from Capital Gains Tax?

Most houses and flats will be exempt from Capital Gains Tax when sold, provided that the property has been your only or main residence during the last 36 months of ownership.  Periods of absence totalling three years can also be applied for.  This may be relevant where you have spent a significant amount of time working abroad.

If you use part of your home to conduct business, you will have to pay Capital Gains Tax in proportion to the part of the house you use to conduct business, provided you use at least one room exclusively for business purposes.

If you own more than one property, then one of the properties will be exempt from Capital Gains Tax.  You can send a letter (known as ‘election’) to notify the Inland Revenue as to which house you would like to be exempt, unless you want the taxman to decide for you, although this is generally inadvisable.

What things should I consider when buying a property at auction?

When buying a property, you should look at why the property is being sold in the first place.  Has it been repossessed by the mortgage lender.  There could be problems with the title, making what looks like a good deal not such a good deal.  To be absolutely certain of what you are buying, you should have a conveyancing solicitor check over the legal documentation.  To be even more certain that the property you are buying is a good deal, get a survey a done.

Finally, it is vital that you get an auction pack.  If you buying the freehold, this pack will include the title deeds, information regarding any searches that have been conducted and a property information questionnaire.  If you are purchasing the leasehold, the pack should include details of the lease, information regarding management of the property and a leasehold information property.  Where you are unsure of the legal effect of the documents contained in the pack, get a conveyancing solicitor to go over them with you.