When people picture the work of a residential conveyancing solicitor, they usually think of buying or selling a house. While is the largest part of what we do, residential conveyancing covers a good deal more, and at various points in owning a home you may need legal help that has nothing to do with a sale. Adding a partner to the deeds, remortgaging, buying a share of a property through a shared ownership scheme, or deciding how you and another person will hold a home between you are all part of our expertise.
To speak to our experts please call us on 028 2766 6698 or Make An Online Enquiry.
What does a residential conveyancing solicitor’s work involve?
Residential conveyancing is the legal work connected with homes that people live in, as opposed to commercial property, such as shops, offices, or industrial units. The most common examples are the purchase and sale of a house or apartment, but the term also covers transfers of ownership between family members or partners, remortgages, first registration of a title, and the various assisted ownership schemes available in Northern Ireland. Each of these follows its own process, though they draw on the same underlying law and the same land registration system.
The upshot is that the solicitor who acted on your purchase can usually help with these later steps as well, without you having to start again with someone unfamiliar with your property.
How should joint owners hold a property?
When two or more people buy a home together, a decision has to be made about how they will hold it, and it is one that people often give little thought to at the time. There are two ways of owning property jointly, and the difference between them has real consequences.
Under a joint tenancy, the owners hold the whole property together, and if one dies their interest passes automatically to the survivor, regardless of what any will says. Under a tenancy in common, each owner holds a distinct share, which can be equal or unequal, and each can leave their share to whomever they choose in their will. Couples frequently choose a joint tenancy, while people buying together who have contributed different amounts, or who are not in a relationship, often prefer a tenancy in common so that their respective shares are protected. We talk this through with clients at the time of purchase so that the arrangement reflects what they actually intend.
What is a transfer of equity?
A transfer of equity is the process of changing the people named on the title of a property that is not otherwise being sold. It arises in a number of everyday situations. A couple may wish to add one partner to the deeds of a home the other already owns. A separating couple may need to remove one party and transfer the property to the other. A parent may want to add or remove a family member, or gift a share in a property.
Although no open market sale is taking place, legal advice is still essential. Where there is a mortgage, the lender’s consent is required, because a lender will not release one borrower or take on another without agreement. The change must be properly documented and registered, and there can be tax considerations depending on the circumstances, which is something to take advice on before proceeding. A transfer of equity is usually more straightforward than a purchase, but it should not be treated as a mere formality.
Do you need a solicitor to remortgage?
Many people remortgage at some point, whether to secure a better rate at the end of a fixed period or to release funds from the value of their home. When you move your mortgage to a new lender, legal work is involved, and a solicitor is normally required.
The existing lender’s charge has to be repaid and removed from the title, and the new lender’s charge registered in its place. The new lender will also want the title checked and its conditions met before it releases the funds. A remortgage does not involve a change of ownership, so it is generally quicker and less involved than buying, but it must still be handled correctly so that the registers accurately reflect the new position.
How does the Co-Ownership scheme work in Northern Ireland?
Co-Ownership is a shared ownership scheme that exists only in Northern Ireland and has helped people onto the property ladder since the late 1970s. It is aimed at buyers who cannot afford to purchase a home outright, and it works by allowing you to buy a share of a property, commonly between half and ninety per cent, while Co-Ownership holds the remainder and charges a reduced rent on that portion.
Over time you can buy further shares, a process known as staircasing, until you own the property in full. There are conditions attached, including that the home must be your main residence and that the property falls within a value limit that is reviewed from time to time. From a legal point of view, a Co-Ownership purchase involves the scheme’s own documentation alongside the usual conveyancing, and the title has to comply with the scheme’s requirements for staircasing and future resale. We frequently act for clients buying through Co-Ownership and make sure those obligations are properly dealt with.
Why choose LMK Law?
Residential conveyancing runs from a first purchase through remortgages, transfers and, for some people, shared ownership and an eventual sale, so there is real value in having a firm that can look after all of it.
At LMK Law, we handle the full range of residential property work for clients in Ballymoney and across County Antrim, which means the same firm that comes to know your property when you buy it can help again when your circumstances change. Whether you are buying your first home, adjusting who is named on the deeds or moving your mortgage, you are welcome to contact.
To speak to our experts please call us on 028 2766 6698 or Make An Online Enquiry.