No Move, No Fee Yeadon Conveyancing Solicitors

Conveyancing - Buying a property in Yeadon

Caveat emptor (buyer beware), was the legal principle of property law in England and Wales. The 2008 Consumer Protection Against Unfair Trading Regulations (CPRs) have effectively abolished this rule, however, and it remains the duty of a buyer's legal representative to investigate the house or flat they plan to buy.

A conveyancing solicitor in Yeadon will offer professional advice following their enquiries, help to fix or resolve any legal issues and make sure that the title is registered in the name of the new buyer.

This article provides advice for homebuyers who need conveyancing solicitors in Yeadon.

Your Yeadon conveyancing solicitor must be lender-approved

Irrespective of whether you are obtaining a mortgage from the Hinckley and Rugby Building Society, the Co-operative Bank or any other lender, before instructing a conveyancing solicitor in Yeadon it is essential that you check that they are on the approved panel of your mortgage lender.

Your conveyancer may not be able to carry out the legal work on behalf of your mortgage lender, because some lenders only accept a selected list (their 'panel') of legal practices that pass strict selection criteria.

In this case, the lender will probably need a second law firm to complete the legal work, and you will be expected to pay this alternative lawyer's costs. This can frustrate or delay the process.

Quittance Conveyancing are approved to act for all banks and building societies.

Leeds City Council searches

Residential property searches are enquiries made by Yeadon conveyancing solicitors to identify issues affecting your new home. They include:

• Local Authority search - contains information about the property and surrounding area held by Leeds City Council
• Drainage & Water search - describes water mains and sewers, and confirms if these are privately maintained
• Environmental search - identifies risks within 500 metres of the property, including flooding subsidence. The search will also reveal nearby landfill sites and contaminated land.
• Chancel repair liability - some Yeadon property may still owe a liability to the local parish for repairs. Insurance can be taken out to protect against this risk.

You will be told if your chosen lender wants any more searches, for example a radon gas search or a more detailed environmental report.

Purchasers can expect to wait around 4 weeks for searches obtained from Leeds City Council, so faster personal searches will be preferred.

Planning searches

Official Entries will also be obtained by the buyer's conveyancing solicitor, helping to identify any potential issues, for example restrictive covenants governing the use of the property or outbuildings lying outside the boundary.

Leeds City Council Council Tax

Leeds City Council calculate council tax on Yeadon homes based on the number of occupants and the historic value of the property (as valued at 1 April 1991). E.g. for an average Tax Band D residential property in Yeadon, the tax would be £1,574.

Yeadon conveyancing solicitors will inform the buyer of the property's band as soon as they are made aware.

If the property is unoccupied for over 24 months, the owner will pay 150% of the relevant rate. Single person discount reduces the tax due to 75%, which would equal £1,181.

Other discounts and exemptions could also apply, e.g. a 10% discount for second homes (although this may change as the government has second home ownership in its sights) or for foreign language students. Newer homes are assessed by the Valuation Office Agency and allocated a banding.

Can I lower my band?

It is possible to challenge the council tax band after moving in. Between April 2016 and April 2017, 100 council tax challenges were made. 40 saw a reduction. To challenge your banding contact:

Valuation Office Agency
Castle House
31 Lisbon St
Leeds
LS1 4DR
West Yorkshire

Stamp Duty on Yeadon properties

The threshold for SDLT for a home is £125,000.

The vast majority of people will have their conveyancing solicitor complete the SDLT1 return on their behalf.

Our post-completion conveyancing team use legal case management system to ensure the SDLT1 tax return is submitted to HMRC as quickly as possible.

This table sets out Stamp Duty Land Tax for typical property in West Yorkshire:

Stamp duty relief for first-time buyers in Yeadon

In 2017, it was announced that first-time buyers would be exempt from paying stamp duty on homes below £300,000. Higher rates of SDLT apply to buyers of second property in the form of an SDLT surcharge of 3%. E.g. if a second home was bought for £170,287 then the SDLT including the surcharge would be £8,514.35. .

Conveyancing solicitors in Yeadon will confirm an accurate calculation is made.

Buying a flat? Leasehold conveyancing in Yeadon

The drawbacks associated with purchasing a leasehold house or flat in the UK are under increasing media scrutiny. The many potential problems lying in wait for the unsuspecting buyer can include:

• increasing ground rents
• incomplete management company accounts
• marriage value issues

A specialist conveyancing solicitor in Yeadon will address aspects of leasehold, e.g. short leases, current-year service charge estimates and reviewing the lease itself (some leases are over 100 years old).

Quittance Conveyancing's specialist leasehold conveyancing solicitors will ensure that you are fully-informed regarding your planned purchase.

Buying a 'New Build' property in Yeadon?

According to data compiled by the HM Land Registry, the average purchase price of Yeadon new build properties is £243,458. 148 new build properties have been bought in Yeadon in 2018 so far.

A new-build conveyancing solicitor in Yeadon must be familiar with regional factors and the added complexities of new build, like squaring developer incentives with lenders and ensuring compliance with planning regulations.

Our new build conveyancing department will provide an impartial appraisal of the legal title of the property, whilst being mindful of issues like unfair leasehold conditions and an assessment of other risks, such as future local development.

West Yorkshire Conservation areas

Buying in a street located in a conservation area can ensure the local character is unlikely to change. However, conservation area conditions will affect your residential property.

These constraints, called Article 4 Directions, may include:

• Conditions affecting frontal additions to the property such as a porch
• General restrictions governing non-uniform additions or modifications
• A prohibition on the erection of outbuildings

The new owner could be ordered to pay for necessary changes to bring a property in line with current regulations, even if the changes were made by the previous owner.

Quittance's conveyancing solicitors will address whether the home you plan to buy is located in a conservation area in Yeadon.

Conveyancing - Remortgaging a property in Yeadon

Reducing monthly repayments by finding a lower interest rate is generally why homeowners remortgage. There are other reasons, such as the existing lender having refused a payment holiday, or extending the mortgage term.

An efficient conveyancing solicitor in Yeadon will complete the conveyancing quickly, helping you get onto the lower rate earlier. With the base rate now at 0.5% (May 2018), fast conveyancing can be a critical factor in getting the mortgage rate you want.

It is vitally important that your property lawyer can also act for your new mortgage lender. Our conveyancing team are panel members of all major banks and building societies. So no matter whether you are moving to an offset mortgage with the Bank of Scotland or to a long-term fixed mortgage with the Barnsley Building Society, we can assist.