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We appreciate that buying a property can be both exciting and stressful, and that for many of us our home is our biggest asset, requiring significant commitment. At Fosters Solicitors, we have extensive experience in helping our clients purchase their property, and want to match your commitment to the process by providing quality and efficient service.
A buy to let property investment can be both rewarding and challenging, and is an increasingly popular way of planning for future income.
At Fosters Solicitors, we have a wealth of knowledge in helping clients whether they are experienced landlords or completely new to the world of letting. Whatever your plans are as a residential or commercial landlord, choosing Fosters Solicitors guarantees you the following:
If you are a member of the Eastern Landlords Association, this includes discounted fee arrangements on some of our services.
We understand the complexities and decisions involved when purchasing buy to let properties. Our help and advice can ensure that you make the right choices for you.
We also appreciate the work doesn’t stop once the property has been purchased. We can offer advice on all aspects of landlord and tenant law whether in a residential or commercial setting, including:
When buying a leasehold property, you are only securing the leasehold interest and the right to live in that property for a set number of years, you will not own the property outright. By purchasing a leasehold you are agreeing to the terms of the lease granted by the person or company who owns the building or land the property sits on, usually known as the freeholder, landlord or the lessor.
We have extensive experience in helping our clients purchase leasehold properties and navigate the specific, and sometimes complex issues surrounding these type of purchases.
We help clients understand the terms and length of the relevant lease and importantly any additional cost considerations which are commonly associated with these types of property, such as service charges and ground rent payable to the freehold owner.
It is important to be fully aware of the lease length before purchasing – as this can have implications for a mortgage being issued and for the future value of the property. Most lenders now insist that the term left on the lease must be a minimum period of 30 years over and above the term of the mortgage. Therefore, if, for example, you are having a 25 year mortgage, the lender would require the remaining term of the lease to be at least 55 years. Each mortgage lender’s requirements are different and should be considered when the term of the lease is known.
Whatever your situation we can help you understand your lease terms and help you consider your options with your landlord and lender. This might include negotiating terms, extending your lease, or looking to purchase the freehold at a future time.
Nearly all leaseholds are sold under long leases. However, there are examples of freehold flats or apartments, which can have more complex legal issues associated with them. Our property experts can provide advice in these circumstances too. A leasehold property is a diminishing asset with additional liabilities and considerations for anyone looking to buy a leasehold interest in land.
Purchasing a new build property can slightly lengthen or complicate the purchase process due to the additional work required to investigate the planning permissions and complete the necessary legal documentation. This is true despite the often short exchange deadlines imposed by the developers.
However, our property experts are vastly experienced in undertaking what is required to help our clients secure their new home as quickly as possible.
If you are buying a property with others, you may wish for your respective financial contributions to be protected. It is important that such shares are clearly agreed in writing between all parties and the necessary protection for each person is registered on the legal title to the property.
Up to four people can jointly be registered as legal co-owners of a property, with other individuals able to have an interest in a property which is often in the form of a financial contribution or share.
We can ensure that you are all adequately protected, recommending that you have a Declaration of Trust in place, and that your future wishes concerning your interest in the property are clearly stated in your will.
When you are purchasing a property with others, we will discuss with you your ownership options and what is in your best interests.
In addition to being registered as a legal co-owner, you will be asked if you wish to be joint tenants or tenants in common – both ownership options provide that you will need the consent of the other owner(s) to sell or take a loan out against the property, unless a court order rules otherwise.
However, there are significant differences that can result in legal implications for any future sale or relationship breakdown.
Under joint tenancy, all ownership is treated as equal and in the event of an owner passing away, their share of the property will pass automatically to the remaining owner(s).
Tenancy in common allows for defined shares to be registered. The default ownership ratio is 50:50, but the property can be shared to reflect the number of owners (up to four) and whatever proportion they have contributed or invested. In this situation, if someone dies, their share is distributed as set out in their will and does not automatically pass to the other owner(s).
We work with our clients to decide on the best course of action for them and their circumstances.
A Declaration of Trust is usually used when two or more people purchase a property together, but they or a third party have provided different sums towards the purchase price, and wish to safeguard their investment in the event that the property is sold.
A Declaration of Trust is recommended when:
The Right to Buy scheme gives secure tenants of councils and housing associations the legal right to buy the home they are living in.
The usual purchase procedure will take place, but you must first apply to the relevant local authority or housing association to see if you are eligible for this scheme.
To check your eligibility you can also visit GOV.UK for more information.
If you are requiring a mortgage in order to purchase your property, we will need to carry out certain searches to comply with your mortgage lender’s criteria. If you do not require a mortgage, we will take your instructions and advise you as to which searches we believe should be done to provide you extra security in your purchase.
The usual searches are:
In certain areas of the country, additional searches may be applicable, but we will advise you of these separately where necessary
A separate search may also be needed to obtain information relating to neighbouring properties or road proposals and traffic schemes. You should therefore let us know as early as possible if you have any queries concerning these matters and we will make the relevant additional enquiries upon payment of the appropriate fee.
Although your lender (if applicable) will have the property valued for its own purposes, you may wish to consider instructing your own qualified surveyor to advise you as to the condition of the property and the reasonableness or otherwise of the purchase price.
Even if you are not having a mortgage it is advisable to consider having a survey as, if you buy the property, you will be purchasing it subject to any physical defects which there may be and which will not be covered within our investigations.
At Fosters Solicitors, we have a dedicated team of professional and approachable property experts who offer friendly and efficient advice. We have extensive experience in helping our clients purchase their property, and want to match your commitment to the process by providing quality and efficient service.
We make sure our pricing is clear and transparent and will make sure you are aware of the cost of any searches and disbursements that will be part of your property purchase.
Purchasing a property is the biggest financial commitment many of us will make – and with soaring house prices over recent years, affordable home ownership schemes have been introduced to try and open the property ladder up to more people – shared ownership is one such example.
Although primarily aimed at first-time buyers, you can also be eligible for the scheme if you meet some of the other criteria listed on GOV.UK.
The scheme means you buy a share in a leasehold property, typically between 25% and 75%, and pay a subsidised rent on the remainder. In the future you can buy further shares and eventually own the property outright. You must be able to raise the purchase price of the share on offer (usually by mortgage) and be able to afford all the monthly payments – i.e. mortgage, rent and service charge.
There can be some restrictions to where you can buy a property – with consideration normally only given for the local council area in which you currently live or work, and priority to existing council and housing association tenants, key workers (essential public sector, e.g. teachers, NHS staff, police), and people registered on the housing register list.
Purchasing a shared ownership property can involve a few more complexities and additional paperwork, but our specialists have experience in supporting those purchasing through the scheme, whether that’s as a first-time buyer, or someone who’s an existing share owner.
What can I do with my shared ownership property?
Understandably before signing up to a shared ownership agreement you will want to understand what, if any restrictions, there might be to what you can do with your home in the future – we answer some frequently asked questions.
We appreciate that buying your first home can be incredibly exciting, but also daunting at the same time – with the conveyancing process an unknown necessity for many when stepping on the property ladder for the first time.
At Fosters Solicitors, we have a dedicated team of professional and approachable property experts who offer friendly and efficient advice to first-time buyers. We have extensive experience in helping our clients purchase their first property, and want to match your commitment to the process by providing quality and efficient service.
Our property specialists can help explain and support you through the conveyancing process and the specifics regarding your particular property.
Whether you are purchasing a freehold or leasehold property, new build or trying to take advantage of an affordable housing scheme, we can support you in buying your first home.
For more information on buying your property, please read our frequently asked questions (FAQs).
As part of our conveyancing service, we will liaise with you and advise you every step of the way. We will listen to your requirements and your timescales and we will do what we can to achieve your objectives. We will investigate the legal title and the contract documentation, the information provided by the seller and their agents and the results of the searches we commission on your behalf. We have a duty to report to your mortgage lender where necessary with any detail that they require from us.
Once we are satisfied with the legal elements of your purchase, we will send you a comprehensive report and your mortgage offer (if applicable). If the property is leasehold, we will send you a copy of the lease and a summary as soon as we are satisfied with replies to any enquiries which we may want to raise with the seller’s solicitors regarding the lease.
If you have any questions about buying a property, our FAQ page is here to help! Whether you’re a first-time homebuyer or an experienced investor, we understand that the process can be complex.
Our Residential Property team comprises seasoned experts dedicated to providing top-tier legal services tailored to your homeownership needs. With extensive experience in handling a wide range of residential property transactions, our team is equipped to support clients in every aspect of property law.
