Conveyancing solicitors in Manchester represent the type of lawyers that are involved in real estate property transactions. More exactly, the activity developed in this case refers to the transfer of ownership from the seller to the buyer. This procedure involves numerous aspects that have to be verified by the lawyer in Manchester and this is why all persons purchasing a property should request legal representation.
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What services do conveyancing solicitors in Manchester provide?
If you are thinking of purchasing a property in Manchester, you should take into consideration not only the financial aspects of the purchase, but also other crucial matters. For example, one should verify if the property is sold in good faith and does not have any hidden issues.
Then, the legal aspects have to be closely verified and, once the buyer and the seller have reached an agreement on the sale of the property, the provisions of the sale contract have to be analyzed. You can rely on our Manchester solicitors on these procedures, which will be done with great attention to all the necessary details. Our lawyers can help in the following:
- drafting the contract for the sale of the property – this is done after the seller and the buyer have agreed upon an offer;
- then, the conveyancing solicitors in Manchester will verify, on behalf of the client, various legal information presented by the seller in the sale contract;
- the next step is to perform the due diligence procedures, through which the buyer’s solicitor will verify the actual property for any hidden flaws, the planning of the property, environmental issues and any other aspect that can be of interest;
- after this, the draft contract will be approved by the both parties;
- persons who will purchase the property through a mortgage will be further represented by conveyancing solicitors in Manchester, who will verify the conditions of the mortgage and other financial aspects;
- the parties involved will exchange the contracts, and here, the buyer will agree on the deadline at which the required deposit for the sale of the property must be transferred to the former owner.
The Manchester solicitors have the obligation to verify the Land Registry where the property is registered and also verify if there are any bankruptcy or other financial issues related to the current owner of the property. If there aren’t any issues, then the bank providing the money for the mortgage will deposit the respective sum of money.
For a short presentation on the legal services provided by our conveyancing solicitors in Manchester, we invite you to watch the video below:
The team of conveyancing solicitors in Manchester will then have to address to the Land Registry, with the purpose of changing the property’s title deed. Please mind that Manchester law firms can represent not only the buyer, but also the seller, as the owner of the property must also protect his or her interests.
What types of property do people purchase in Manchester?
Persons interested in purchasing a property in Manchester buy all types of residential properties and, as a general rule, most of the sales were concluded for properties located in the center of the city. It must be observed that the highest demand was for semi-detached houses, which are very common in the UK. The property market in this city was characterized by the following:
- in the period of June 2019 – May 2020, there were 13,900 transactions on the sale of properties;
- 86.4% of all the sold properties were older properties, and only 13.6% represented new homes;
- from all the properties sold, the semi-detached houses accounted for 33% of the contracts, while terraced houses accounted for 32.7%;
- apartments represented 25.5% of all the sales, while detached houses only 8.8%;
- as a general rule, the highest number of properties that were sold had a price of GBP 100,000 to GBP 150,000.
What are the taxes involved in the sale of a UK property?
Those purchasing a property have to calculate the overall costs of their investment. Besides the price at which the property is sold, the fees applied by various parties involved in the procedure (lawyers, notaries) have to be taken into consideration. The costs associated with these steps can be paid by both the seller and the buyer.
According to the British Government, one must pay the stamp duty land tax when purchasing the property. Those who sell the property are required to pay the capital gains tax. The stamp duty is charged when the value of the property is of minimum GBP 125,000, but one does not have to pay it for values of up to GBP 300,000 if the person is purchasing his or her first property.
Aspects to consider when buying a property in Manchester
In the following section, we will present more details on the process of purchasing a local property, which should be known by all persons who want to buy their own properties. Extensive information regarding all the matters presented here can be offered by our conveyancing solicitors in Manchester.
When addressing to a team of conveyancing solicitors, you should always choose a team which has a high level of communication skills. Our lawyers are known for their ability to maintain a close relation with their clients, so that they can be informed on the latest procedures that have been completed in the sale-purchase process.
This is why our lawyers in Manchester will provide constant up-to-date information on any progress and any modification that appeared during the sale, and they will contact you via e-mail or phone or another communication means of your choice. Given that this is one of the most complex purchases done by individuals, we can understand that buyers will want to be informed on even the smallest changes and this is why our team will provide you with constant details.
Prior to engaging in the process of purchasing a property in Manchester, our team can also help you evaluate the overall costs of the purchase, taxes and fees included. Our team of conveyancing solicitors in Manchester charge fees for their services and if you need information on this, you can always contact us.
The fees can vary based on numerous factors, including the legal procedures that have to be completed by our lawyers, whether the property is mortgaged or re-mortgaged (additional legal steps will have to be addressed in this case), and others. The area of expertise of our Manchester law firms related to properties is not limited solely to the sale of properties from an owner to another.
Our team of lawyers can also provide legal representation to those interested in overseas investments in properties or to foreigners who want to invest in property here for business purposes. Our conveyancing solicitors in Manchester can represent local residents and citizens, but also foreigners who want to purchase a property here.
In the case in which foreigners do not speak English or have a limited understanding of the language, our team will make sure that our clients will be put in contact with professional translators, who can ease the process. Another area of law in which our conveyancing solicitors in Manchester can be of assistance is on the process of gifting property, which is the legal procedure through which the ownership of a property is granted to another person, without the need for the respective person to purchase it.
What should one know on shared ownership in Manchester?
Our law firm can present the legislation applicable in the UK for those who will have shared ownership of a property. Shared ownership is a common event in the UK, due to the rising prices of properties and the rising of the living costs, and this is common especially in the case of first-time home buyers, who are generally young persons who want to have their own home.
In the UK, individuals can benefit from the Shared Ownership Scheme, which is a system that aims to help persons who are not able to make a deposit or to obtain a mortgage, as their yearly income does not qualify for the minimum financial conditions imposed by various commercial lenders.
Although the system can provide numerous advantages, the legal procedure can be rather complicated, as there are more entities who have to provide specific documents in order to prove that they can qualify for this Scheme, and more than this, there are various government rules that have to be respected.
In order to qualify, you must fall under any of the following: you are a first-time buyer, you used to own a home, but you are unable to purchase a new property, or you are already a person who owns a home under this scheme. From a financial point of view, if you live in Manchester or anywhere else in the country (outside London), your yearly income can be of maximum GBP 80,000. For those living in London, the threshold is of GBP 90,000.
Our team of conveyancing solicitors in Manchester can offer more details on other minimum requirements for this scheme. You can obtain information on the tax benefits regarding this way of purchasing a property in Manchester, as well as any other details that can be of your interest.
You can require more details from our lawyer in Manchester, who can present more details on other taxes applicable at the sale of a property. You can receive in-depth legal advice prior to signing a contract on the sale of a property and our conveyancing solicitors in Manchester can offer information on the taxes that you may be required to pay during the property transfer.
As a foreigner, you are entitled to purchasing a property in the UK. However, based on your nationality, you are also required to comply with various immigration procedures.
In most cases, it will be necessary to first apply and obtain a visa and a residence permit, procedures for which you can receive the legal assistance and representation of our immigration lawyers in Manchester.
If you want to purchase a property as a foreigner, please mind that you are allowed to apply for a mortgage, but you will need to satisfy certain conditions, one of them being to have a job in the UK.
Our employment lawyers in Manchester can help you understand how the mortgage system works and what you should comply with in this case (the value of the mortgage is influenced by the level of salary).
When applying for a mortgage, the bank will assess the client based on other factors, such as: 1) the age, 2) the employment situation – full-time employee, self-employed, etc., 3), the income the person has, 4) the credit score.
You can find out other matters of importance in determining the possibility of acquiring a mortgage from our solicitors in Manchester city centre.