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Property Law

BUYING & SELLING PROPERTY

Experienced Law Team

Buying and selling property can appear daunting.  Whether you are a first time buyer, or an investor dealing with a portfolio of properties, there are countless issues to consider.

At Cooper Stott, each matter is dealt with by an experienced lawyer and their personal assistant. Experience has taught us that working together like this allows us to progress your transaction as quickly and efficiently as possible.  You will know who to contact and there will always be someone who knows the ins and outs of your transaction available to take your call.  

We want you to feel comfortable from the point of instruction to you collecting the keys and we will keep you informed and involved with the process from the very beginning to completion.

Every member of our property team – both lawyers and support staff have a minimum of 12 years’ experience. We have the knowledge and expertise to progress your case quickly, while ensuring that all questions that need to be asked are asked.

Conveyancing

The vast majority of our conveyancing work will be conducted at a fixed fee and we will be upfront about any possible extra charges at the outset so you can plan for our costs from day one.

We are experienced in all matters of residential conveyancing including:

Buying and Selling

Standalone sales and purchases or dealing with both as part of a chain.

Re-Mortgages

Handling the legal work involved when you refinance your property.

Transfers of Equity

Transferring the legal ownership of a property when circumstances change

 Investment Property

Acting for individuals and companies buying and selling tenanted or untenanted properties

Sale and Purchase of Land

Dealing with parcels of land of all sizes

Frequently asked questions

When should I instruct my solicitor?


Ideally, you should let the estate agent have your solicitor’s details at the point that your sale or purchase is agreed. This means that the paperwork can be issued/reviewed as soon as possible. Don’t worry if you haven’t thought this far ahead though, you can instruct us after the offer has been accepted.




When should I apply for a mortgage?


If you know that you require mortgage finance, many Estate Agents will require you to have a mortgage in principle which shows how much money a lender will be prepared to lend you. It is only once an offer has been agreed that you can inform the lender of the purchase price and apply for a mortgage offer.




I’m buying a new build property and the builder has insisted I exchange within 28 days.  Is this possible?


In principle yes. This is a tight time frame but if the builder provides a full pack of papers on day one and the searches which have to be carried out arrive back in time, this is a workable timescale. Most builders allow a degree of flexibility if the transaction is well progressed and there are perhaps just a few outstanding matters to be dealt with.




What is the difference between exchange and completion?


A property sale or purchase does not become legally binding until both parties have signed a contract and their solicitors have exchanged (swapped and dated) contracts over the phone. Either party can walk away from the transaction up until this point. You do not exchange contracts until you have carried out a full investigation on the property that you are buying and have received satisfactory replies to any questions which you may have about the property. We should point out here that any questions to be asked must go through solicitors as the contract says that you cannot rely on any information given to you directly by the other party. Completion is the term given to the day that the sale or purchase goes ahead – money is transferred and keys are handed over. Exchange of contracts and completion can take place on the same day but often people will choose to leave a period of around two weeks between exchange and completion. This allows you to make final moving arrangements and finish packing when you know that the sale/purchase is legally bound to go ahead on a date written in to the contract.




What is gazumping?


A property sale/purchase does not become legally binding until contracts are formally exchanged. Either party can walk away from the transaction with no consequences (save for any of their own costs incurred to date such as legal fees or survey costs) up until this point. Sometimes, somebody will come along and make a higher offer for a property and the seller will accept this offer instead (even if you are weeks/months into the purchase process). If this happens to you as a buyer, you will have been gazumped.





Residential Leases

Lease extensions, variations, and purchases of freehold

To discuss how Cooper Stott can help you with your property matter contact Katie Cooper, Kathryn Griffiths or James Cooper on 0191 384 7210.

Contact Us

Call: 0191 384 7210

Fax: 0191 384 4882

Address:
Aykley Vale Chambers

Durham Road, Aykley Heads, Durham, DH1 5NE

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Cooper Stott Solicitors is a trading name of Cooper Stott Solicitors Ltd, which is a private company limited by shares registered in England and Wales (company number 08939300). We are authorised and regulated by the Solicitors Regulation Authority (SRA) reference number 615314. A list of our Directors, all of whom are solicitors, is available for inspection at our registered office.

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