Part Ex Property Swap Parents & Conveyancing

Elias99 · 12 June 2018 at 9:21PM

Hi all, first post here.

Querying the most cost effective way of proceeding with the purchase of parents property, mainly the conveyancing costs.

Long story short, parents were looking at downsizing, and us upsizing. We have agreed a price for each and a brand new mortgage has been put in place to purchase the more expensive property.

The larger/ more expensive property is currently owned outright.

What is the most economical way of the conveyancing being carried out to the minimum legal requirements on both parts?
Both properties have been in the family for time, so as far as we are concerned at individual level, the formalities are the minimum legal requirements to allow us to exchange.
Can anyone offer advice around this ?

Yours in anticipation..
Elias

G_M · 12 June 2018 at 9:33PM

Purchase of larger property:
As you wll be buying the larger proprty with a mortgage, your bank will require a solicitor to act for them on the urchase. So you might as well use the same solicitor to act for you. The saving in DIY would be negligible.

Choose a solicitor who is on the bank's panel and instruct him to only undertake the minimum searches/enquiries to satisfy the bank.

Your parents could DIY the conveyancing on their sale if they wished. see
This here or
this here

Purchase of smaller property:
You could each DIY the conveyancing as

a) there is no mortgage involved with the purchase and
b) I assume you trust each other so your parents would be confident ou would pay off your existing mortgage after the sale Completes.

Indeed - you could skip most of the conveyancing process (contracts, searches etc) and simply transfer ownership using forms

* TR1
* ID1
* AP1

see here:
https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1/guidance-completing-form-tr1-for-the-transfer-of-registered-property

Elias99 · 13 June 2018 at 9:01PM

Thank you for your reply.

The thought of doing it all ourselves is a little daunting and havin spoken to the bank a few times, they seem quite firm of their being a solicitor to act. I appreciate the saving on this is relatively minor.

Sorry to ask further, but from reading this I get the understanding that we (selling the mortgaged property and receiving a new mortgage ) would be obliged to have the solicitors for Sale & Purchase ..

My parents to receive the fund and have the transfer of registry ( of the the then mortgage free smaller property) could get away with sale only?

I guess I'm asking if we were both to have representation, the minimum would be?

Thanks again for any assistance , house purchasing can really make one feel rather stupid!:D

davidmcn · 13 June 2018 at 9:09PM

As G_M says, the only party who must have a solicitor is your bank in relation to your purchase. Everything else is optional.

Elias99 · 20 June 2018 at 10:16AM

Hi Guys,

Thanks for the replies, but would anyone have a contact or recommendation for a solicitor to handle this with the minimum of cost and fuss?

None that i have spoken to will agree to there not being a solicitor representing parent's..

Sorry for continuing on, but it's getting quite stressful and the thoughts of throwing thousands at admin that is not legally necessary is making me rather fed up and down with it all. I would love to speak to a trusted and economically minded representative.

regards,
Elias

Bimbly · 20 June 2018 at 10:23AM

"Which?" says solicitor cost would be £500-£1500. How would you feel about spending £1,000 to make sure it all goes through correctly?

I can understand how the other party wants to make sure that your parents rights are protected. Also, I would imagine solicitors prefer to deal with solicitors and not members of the public.

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Part Ex Property Swap Parents & Conveyancing

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