Remortgaging with a new lender will require the services of a conveyancing solicitor to assist with the legal issues and paperwork involved in paying off an individual’s existing mortgage loan and arranging a new one. Legal assistance is important to ensure a person gets the right deal, whether the purpose of the remortgage is to reduce their monthly payments, release equity, borrow more money or adjust their finances in another way. A solicitor can help evaluate whether a new mortgage deal meets an individual’s medium and long-term financial expectations, as well as minimise the potentially high costs that the process can entail.

The first step that a conveyancing solicitor will take will be to confirm an individual’s identity and undertake the necessary anti-money laundering checks. Title deeds to the property in question will need to be checked and lease terms examined, and the details of a person’s current mortgage will be obtained from their existing lender along with a redemption statement, which will confirm the exact amount required to fully repay the mortgage, as well as the existence of any extra charges and fees due for early repayment. Searches requested by the new lender (e.g. local land charge and local authority searches) will also need to be carried out and any related enquiries answered. Once a formal mortgage offer is made by the new lender a conveyancing solicitor will assess the terms, highlight any issues that need to be raised and prepare the necessary documents for signing.

After the mortgage documents have been signed a conveyancing solicitor will then be able to arrange a completion date with the new lender. On the day of completion the new lender will transfer the mortgage funds to the conveyancing solicitor, who will then pay off their client’s existing mortgage, settle any outstanding fees and remit the remaining funds to the client. The new mortgage will need to be registered with the Land Registry and the legal title to the property will subsequently be updated to reflect this. The remortgaging process will take 4-8 weeks in normal circumstances.

Bartletts Solicitors offers a transparent fixed fee remortgaging service. For remortgage transactions up to £200,000 our fees for freehold properties are £300.00 plus VAT and disbursements:

Conveyancing Solicitors in Liverpool City Centre

Many companies nowadays have delivery-only business models which don’t require a high street presence, and instead rely on the rapid, time-limited delivery of orders within a specific area (typically town and city centres). These organisations are often virtual brands taking orders only online and by phone. They may also be so-called dark kitchens, which prepare and deliver food orders to local customers, often on behalf of an established high street brand, or provide order fulfilment services for multiple brands.

Changing customer preferences driven by, among other things, increasingly easy and familiar online ordering systems, the Covid pandemic and fierce competition among operators, has resulted in strong demand for small and medium-sized warehouses, industrial units and kitchens, often located in the suburbs of towns and cities, from where orders can be prepared and delivered within the time frame chosen by the customer (this may be as little as 15-30 mins). These commercial properties offer the advantage of being relatively cheap to rent and staff, allowing small and medium-sized operators to compete in their target market.

Unless the premises is pre-equipped, the tenant will usually need to make alterations to meet the practical needs of their business. This is one area in which a commercial property solicitor can assist the tenant, mainly by ensuring that the lease terms are suitable for the latter’s intended purposes. Leases are normally lengthy documents, sometimes containing unexpected and unwelcome clauses for the unwary. Reliable legal advice is therefore a prerequisite for entering into such agreements to guarantee the smooth operation of a warehousing, fulfilment or dark kitchen business over the duration of the lease.

Our solicitors can help prospective tenants with all aspects of commercial leases, including negotiating terms with the landlord. We also carry out the various searches and enquiries to check, for example, the property’s planning permission status. The commercial property team at Bartletts can advise and support clients in every aspect of getting a warehouse, fulfilment unit or dark kitchen up and running as quickly and efficiently as possible – and with the minimum of fuss.

Solicitors for Renting Warehouses and Fulfilment Centres

Solicitors for Renting Dark Kitchens

 

Despite the latest figures from HM Revenue and Customs (HMRC) showing that house sales in January fell by 10.6% compared to the same time last year, both average house prices and asking prices continue to hit new heights. According to the Office for National Statistics (ONS), the average price of a UK home increased by 10.8% in December 2021 year on year to reach a record £275,000, while Rightmove reported in January that asking prices across the country have reached a new average high of £348,804.

Even after the temporary stamp duty holiday ended at the start of October, UK housing market demand remains strong and prices have continued to increase. A lack of available properties is a key reason for house prices rising to record levels, with recent research by Savills finding that 90% of prospective buyers believe lack of supply is hindering their ability to find a suitable home. Furthermore, many potential sellers are reluctant to put their properties on the market currently due to concern about their own ability to find a new home.

Low unemployment (even after the end of the furlough scheme) and low borrowing costs are two other factors driving the UK housing market, although with inflation hitting a 30-year high of 5.5% in January, household finances are likely to deteriorate in the coming months. With real wages remaining flat or declining, applicants are likely to have less money to spend following a mortgage affordability assessment, and this combined with a general rise in the cost of living should at least take some of the heat out of the market. However, while demand continues to outstrip supply, the market’s upward trajectory may easily continue, albeit at a slightly slower pace than in recent months.

Bartletts represents property buyers and sellers in Liverpool and across Merseyside. Louise Nelson is a solicitor with 39 years experience of helping people buy and sell property in the area. Louise heads a friendly team of experienced conveyancers. Our firm is Law Society Accredited for Conveyancing Quality, and offers free no obligation quotations, competitive fixed fees and no hidden costs:

Conveyancing Solicitors in Liverpool City Centre

There is no doubt that the last 18 months have been incredibly tough for pub owners and tenants across the UK, with the latest figures suggesting sales over the 12 months to September this year were 45% down on the same period in 2019. The industry’s struggles mean that more pub buying opportunities are coming on the market, and sound legal advice for both prospective buyers and sellers can be critical to the success of the purchase or sale of a pub.

Our business purchases and sales team offers a cost-effective and efficient fixed fee service for buying and selling pubs. We can advise pub buyers on whether a freehold, leasehold or tenanted pub purchase is the best option. We can also help both buyers and sellers negotiate lease terms, tenancy agreements, or the transfer documentation or contract for sale of the business in the case of a freehold purchase.

Checks and enquiries need to be made to establish the seller’s title to the pub, as well as any other interests or restrictions affecting the property and the legal viability of the business. It is essential for pub buyers to know as much about the finances of the business they are buying as possible, and an accountant with experience of licensed properties will need to examine audited accounts and related financial information to avoid any nasty surprises for the buyer down the line.

In June this year, James Edwards, a commercial property solicitor at Bartletts, received a five star review on Trustpilot for his handling of the sale of a public house. The client had used our commercial property legal services before, and commented on James’ ‘very efficient service’ which made for ‘an easy sale’. Our experience and expertise in this area means we serve prospective pub buyers and sellers nationwide. Give us a call for a free no obligation discussion.

Legal Advice on the Purchase or Sale of a Pub

At the start of this month, property portal Rightmove revealed Wallasey to be the location in the UK that has seen the sharpest increase in property prices over the past 12 months (the year to April). The average asking price for a home in the Merseyside town rose by 15.6% to reach £176,707, an annual increase of £24,000. Meanwhile, Birkenhead was ranked fourth on the list, having seen an increase of 12.4% over the course of the year.

One in three properties in Wallasey sold within a week, compared to the national average of around one in four, and Rightmove predicts that the strong rise in house prices will continue for at least the rest of the year, partly because the average asking price in both Wallasey and Birkenhead is well below the national average of £327,797, and partly due to the recent temporary stamp duty holiday extension.

Rightmove also reported that in the current red hot market, estate agents are increasingly prioritizing property viewings for buyers who are ready to proceed with a purchase straight away, with half of the surveyed estate agents requiring prospective buyers to already have a buyer in place for their current home before being allowed to view properties. First-time buyers need to have a mortgage already agreed in principle by many agents before viewings.

Wallasey residents may be unsurprised by the popularity of their town on the mouth of the River Mersey, which has experienced something of a boom in recent years, along with many areas of Merseyside. The seaside resort of New Brighton, with its famous lighthouse, Victorian District and £60 million Marine Point shopping and leisure complex, continues to draw thousands of visitors every year, while the clean and sandy beach offers spectacular views of both the Liverpool city skyline and ships sailing out into the Irish Sea.

Bartletts regularly handles the conveyancing process for property buyers and sellers in Wallasey and across Merseyside. Louise Nelson is a solicitor with 39 years experience of helping people buy and sell property in the area. Louise heads a friendly team of experienced conveyancers. Jenny Thomas, Louise Drewry and Lucy Baines have detailed knowledge of the files they work on, meaning when you call you will get prompt answers and updates.

Our firm is Law Society Accredited for Conveyancing Quality, and offers competitive fixed fees, no obligation free quotations and no hidden costs. Find out more and get in touch with our local experts today:

Conveyancing Solicitors in Liverpool City Centre

Halifax Bank recently reported that the average UK house price hit a record high of £254,606 in March 2021, representing a 6.5% annual rise and adding around £15,000 to the value of the average residential property over the course of the last 12 months.

Meanwhile, statistics published by HMRC show that the number of transactions in the UK residential property market increased by almost 18% in January 2021 year on year to reach 98,830, the highest monthly total since 2017.

These figures prove that the residential property market has so far avoided the negative impact of the coronavirus pandemic and is being boosted by attractive mortgage offers from various lenders, as well as the Government’s mortgage guarantee scheme which ‘guarantees’ 95% mortgages for property buyers with a 5% deposit.

Another key driver of the market’s resurgence is the temporary stamp duty holiday (the tax has been suspended on the first £500,000 of all property sales), which has recently been extended by a further three months until the end of June 2021.

So what does the future hold for the UK residential property market? Experts agree that the long-term outlook is unpredictable, with much depending on the UK’s economic performance and the impact of the Government’s roadmap for lifting lockdown.

Sentiment for the immediate future is positive however, with competitive rates on offer from mortgage providers, and many buyers seeking larger properties for better work-life balance and extra outdoor space. The success of the vaccine rollout and the lifting of lockdown restrictions should also help maintain the market’s current buoyancy during 2021.

Bartletts’ conveyancing solicitors can provide you with a no obligation immediate quotation based on our transparent fixed-fee structure. Find out more about all aspects of the conveyancing process and our Liverpool City Centre-based conveyancing team:

Conveyancing Solicitors in Liverpool City Centre

The Chancellor, Rishi Sunak, announced in his recent budget that the government is extending the temporary stamp duty holiday on the first £500,000 of all property sales in England and Northern Ireland by a further three months until the end of June 2021 (it was due to end on 31st March).

From 1st July until the end of September, the nil rate band will drop to £250,000 before returning to its standard rate of £125,000 from the start of October.

This move will come as welcome news for buyers and sellers rushing to complete on property transactions, many of whom faced the prospect of failing to complete before the March 31st deadline.

The tax cut has significantly increased activity in the UK property market recently, with large numbers of buyers seeking to take advantage of the reduced tax rate that can lead to savings of up to £15,000 on a property purchase.

Property transactions across the UK increased by almost 18% in January this year compared with the same month last year according to the latest figures from HMRC, proving that the market remains in robust good health, and indicative of the rush of buyers looking to complete their purchase before the original cut-off point.

The stamp duty holiday also applies to second home buyers, although the extra 3% of stamp duty charged under the previous rules will still need to be paid. The stamp duty holiday temporarily replaces the first-time buyer discount.

You can find out more about Stamp Duty Land Tax (SDLT), the property purchase process and our transparent fixed fee residential conveyancing service below:

Conveyancing Solicitors in Liverpool City Centre