We take great care to provide legal advice of the highest standard on your Residential Property matter whilst simplifying the procedures and removing the stresses involved in buying, selling or remortgaging your home. We work closely with other property professionals to ensure that you are kept fully informed throughout each step of the transaction.
Residential Property Services
- Sales and Purchase
- Freehold and leasehold
- Buy to let
- New Builds
- Shared ownership
- Mortgages and remortgages
- Lease and Extensions
- Transfer of equityAt HP Solicitors, our friendly, experienced and passionate team are here to make the whole transaction as easy and straightforward as possible for you. We break down the complexities into jargon-free, understandable advice whether acting for the party whose share is reduced, or the party whose share is to increase. Whether it is the implications or the mortgage debt, or liability to Stamp Duty you can be sure we will leave no stone unturned.
Transfer of equity describes a change of ownership where at least one of the original owners remains on the legal title after the transfer of equity is completed. That is if you wish to add or remove someone from ownership of a property; this could be one owner adding a husband or wife, a parent, adding a son or daughter, or a separating couple removing one of them (i.e. the outgoing party) from the property ownership.
A gift, is, as the name suggests, a transfer which involves property changing hands with no money or money’s worth being paid to the outgoing owner. This would include a transfer of equity where the person who parts with his interest (or part of his interest) receives no payment.”
- Starircasing:Staircasing is when you buy more shares in your shared ownership Residential Property property, something you can normally do after 1 year. The advantages are that you own more equity and your rent gets smaller but note that your buildings insurance, ground rent and service charge are unchanged.
You can normally buy tranches of 10% or 25%; buying up to but less than 100% is called partial staircasing and buying to 100% is called full staircasing, and there’s no further rent to pay! What you’ll pay out for your new share depends on a full current market valuation of your property, known as a staircasing valuation, which you have to pay a RICS surveyor to carry out.
The staircasing process can feel daunting, especially after the normally slow and complex conveyancing experience you had when you purchased your shared ownership property. The good news is that the staircasing process is simpler than when you bought and can be completed following a straightforward process. The key stages are:
- Getting the Memorandum of Staircasing from the Housing Association
- Remortgaging to finance the staircasing costs
- Conveyancing work to buy your new share
- Lease extensionsIf your lease has 80 or less years to run then we recommend you apply to extend it. The lease extension application process can be time-consuming and with strict time-frames – even before you embark on the formal statutory procedures.
HP Solicitors can handle your lease extension from beginning to end, and all the way to the First-tier Tribunal, if necessary.
- Prepare all the information required for the lease extension application, including assisting with the assessment of the premium for extending the lease
- Serve the Notice, which will trigger the formal statutory procedures
- Respond to requests for information from your landlord – including in any Counter-Notice
- Handle the conveyancing of the new lease