Buying a home is one of the largest commitments most people ever take on. The job of a house purchase solicitor is to undertake the legal work that sits at the heart of a house purchase and ensure that the process runs as swiftly and smoothly as possible for their client.
To speak to our experts please call us on 028 2766 6698 or Make An Online Enquiry.
What does a property purchase solicitor do for you?
In plain terms, a property purchase solicitor investigates the property on your behalf and makes sure it can safely be put into your name. That means examining the title to confirm the seller is entitled to sell, checking that the property has the rights it needs and is not affected by anything that would cause you difficulty, and dealing with the seller’s solicitor to settle any questions before you are committed to the purchase.
Title in Northern Ireland is held in one of two ways. Registered land is recorded at the Land Registry under a folio number and carries a state guarantee, while unregistered land is traced through the historical deeds held at the Registry of Deeds. Part of our work is to establish which applies to your purchase and to be satisfied that the title is good and marketable before you sign anything.
How do you know you are getting what you are paying for?
A property can look perfect on a viewing but have issues that only surface when the paperwork is carefully examined. Our house purchase solicitors check that the boundaries match what you believe you are buying, that any right of way or shared access the property depends on is properly in place, and that essential services, such as water and drainage are accounted for. Where the property has been extended or altered, we look for evidence that the work had the necessary approvals.
We also confirm what is included in the sale, since fixtures and fittings are a common source of misunderstanding. Our purpose throughout is to make sure the property described in the contract is the same property you agreed to buy, with no unwelcome surprises left to emerge after completion.
How much does a house purchase solicitor cost?
The financial side is more manageable once you know the payments fall at different stages rather than all at once. A deposit, commonly around ten per cent of the price, is paid when contracts are signed rather than when your offer is accepted, and it forms part of the total at the end. Your own costs include our fee together with disbursements such as Land Registry fees, any Stamp Duty Land Tax due and an Energy Performance Certificate where one is required. The balance of the price is paid on completion.
In Northern Ireland, the property searches are carried out and paid for by the seller, rather than by the buyer as happens in England and Wales, so that particular cost does not fall to you.
What happens once you have the keys?
The purchase is not quite finished on moving day. Two further steps follow, both of which are subject to deadlines. The first is Stamp Duty Land Tax, which is payable to HM Revenue and Customs, since Northern Ireland comes within the same regime as England rather than having its own devolved tax. A return must be filed within fourteen days of completion, and this applies even where no tax is due. The second is registration of your ownership at the Land Registry, together with your lender’s charge if there is a mortgage, or a first registration where the title was previously unregistered.
Once this is done, we confirm the position to you and provide a completion statement setting out the figures. You should keep this paperwork safe, as it will be needed when you come to sell, remortgage or make a will.
Does it make a difference what kind of buyer you are?
The core legal work is the same, but the detail can vary according to your circumstances. First time buyers usually have more questions, may be using a deposit gifted by a family member, and can sometimes claim relief from Stamp Duty Land Tax depending on the price. Landlords buying to let face different tax treatment, including the higher rates that apply to additional properties, and will need the title considered with letting in mind. Buyers of new build homes deal with the developer’s own contract terms and timescales, and developers acquiring sites have planning and access matters to weigh from the outset.
LMK Law acts for the full range of buyers, from first time purchasers through to landlords and property developers, so whatever kind of purchase you are making, it is handled by a firm that has dealt with the situation before. If you are buying in Ballymoney or elsewhere in County Antrim, contact us.
To speak to our experts please call us on 028 2766 6698 or Make An Online Enquiry.