1 / 14

Purchasing Property in the UK

Purchasing Property in the UK. Mr Stefano Lucatello Senior Partner Kobalt Law LLP Office 5 Fairbank Studios, 71/85 Burnaby Street, Chelsea, SW10-0NS Web: www.kobaltlaw.co.uk Email: stefanol@kobaltlaw.co.uk Tel: 0207 739 1700 Regulated by the Solicitors Regulatory Authority UK.

kirkan
Télécharger la présentation

Purchasing Property in the UK

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Purchasing Property in the UK Mr Stefano Lucatello Senior Partner Kobalt Law LLP Office 5 Fairbank Studios, 71/85 Burnaby Street, Chelsea, SW10-0NS Web: www.kobaltlaw.co.uk Email: stefanol@kobaltlaw.co.uk Tel: 0207 739 1700 Regulated by the Solicitors Regulatory Authority UK.

  2. Who are we? • Languages spoken within the firm: 15 • Countries we advise on: Approx. 50 • Solicitors and International lawyers based in London. • Offices in Monaco and Northern Cyprus. • Regulated by the Solicitors Regulation Authority. • English and Internationally qualified lawyers under one roof.

  3. Legal Services • Residential and commercial property. • Review of contracts. • Due diligence. • Estate planning. • Wills. • Legalisation of documents. • Commercial law. • Civil litigation. • Incorporation of companies in England.

  4. Agenda • Background on the UK property market. • Conveyancing process in the UK, for Leasehold and Freehold. • Pitfalls of Buying in the UK. • Protection against Pitfalls.

  5. UK Property Market • Property prices are now 1.9% higher than a year ago. • Average Property price is £163,600 up from £157,767 in 2009 (National Average) • House prices are expected to rise across the UK over 2013 with sales continuing on modest upward trend. Halifax 03/2013

  6. Why buy in UK? • 50,000 more employed in the last 12 months. • More competitive loans from banks and mortgage brokers. • Confidence is growing in UK consumer debts & confidence in the UK economy itself. • Funding for Lending Scheme: Reduction in cost of borrowing by banks being passed on to consumers.

  7. Why buy in UK cont..? • Deposits asked for by banks falling below 20%. • Base rate to be kept at 0.5-0.75% by BoE for 2013 • London property prices less sensitive to economic conditions. • Rental properties in high demand due to rising house prices “Rental Boom”

  8. Purchase Process • Taking Instructions. • Investigate Title: Registered? Unregistered? • Pre-contract searches & enquiries. • Planning Permission? • Finances? • Approve Draft Contract. • Exchange of Contract. • Prepare Transfer Deed. • Pre-Completion Searches. • Completion. • Post-completion matters: SDLT& Registration.

  9. Pitfalls • Unregistered Land: Root of Title & Epitome of Title. • Stamp Duties. • Description of Land. • Incumbrances. • Execution. • Any Trustees to the Land? • Co-Owners? • Tenancy in Common / Joint Tenants • Outstanding Mortgages? • Leasehold/Freehold? • Contract Race?

  10. Pitfalls • Easements: • Right of Way? • Right for Services? • Access to maintain the above? • Right of Light? • Right of Support?

  11. Pitfalls • Covenants: • Restrictive: Burden runs with the land • Positive: Burden does notrun with the land • Common Covenants: • Restriction of use • Restrictions on building • Not to cause nuisance or annoyance • To erect and maintain boundary fence/wall • Contributions towards maintenance of shared facilities

  12. Protection against Pitfalls • Investigation of Title: • Searches: • Mines & Minerals: CON29M • CON29R & CON29O • Land Charges Search: K15 & K16 • Local Land Charges Search LLC1 • General Enquiries of Seller: GE30C • CPSE: For Commercial Properties • Environmental and other searches: Chancel Repairs (Wallbanks Story ), Highways, Railways, Flooding, Land Adjoining rivers and canals.

  13. Protection against Pitfalls • Indemnity Insurance: • If any Covenants are breached, Indemnity Insurance will indemnify buyer. • E.g. First Title Insurance plc.

  14. Thank You Mr Stefano Lucatello Senior Partner Kobalt Law LLP Office 5 Fairbank Studios, 71/85 Burnaby Street, Chelsea, SW10-0NS

More Related