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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.

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Purchasing Property in the UK


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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.

who are we
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.
legal services
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.

agenda
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.
uk property market
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
why buy in uk
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.
why buy in uk cont
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”
purchase process
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.
pitfalls
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?
pitfalls1
Pitfalls
  • Easements:
    • Right of Way?
    • Right for Services?
    • Access to maintain the above?
    • Right of Light?
    • Right of Support?
pitfalls2
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
protection against pitfalls
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.
protection against pitfalls1
Protection against Pitfalls
  • Indemnity Insurance:
    • If any Covenants are breached, Indemnity Insurance will indemnify buyer.
    • E.g. First Title Insurance plc.
slide14

Thank You

Mr Stefano Lucatello

Senior Partner

Kobalt Law LLP

Office 5 Fairbank Studios, 71/85 Burnaby Street, Chelsea, SW10-0NS