.png){kind=icon}
An outline of a conveyancing transaction
Our clients:
1. Shilpa Jennings - sale of 19 Minster Yard Blakey
2. Shilpa Jennings and Daniel Rodriguez - purchase of 9 Castle Hill Blakey
We act for Shilpa Jennings ('Shilpa') who is selling 19 Minster Yard Blakey for ?100,000 and Shilpa and Daniel Rodriguez ('Daniel') who are buying 9 Castle Hill Blakey for ?200,000 to include chattels.
The two transactions:
1. Sale of 19 Minster Yard Blakey
Shilpa has recently instructed us to act for her on the sale of 19 Minster Yard, a detached property with grounds of just under one hectare.
The purchaser is Lydia Walmsley whose father is an established client of the firm. Lydia would like you to act for her as well as Shilpa in order to speed things along and also hopefully to save on costs.
Action required:
We require detailed instructions from the client; see the key points to consider when taking instructions and giving advice. For example, how much is owed to mortgagees who may currently have a mortgage against this title and are there any deeds for the property, i.e. is it a registered or unregistered title?
2. Purchase of 9 Castle Hill Blakey
We have received instructions from Shilpa and Daniel who wish to buy 9 Castle Hill, a Victorian terraced cottage, for ?200,000. The price includes some chattels, the value of which the clients believe to be about ?2,000.
Shilpa has ?15,000 on deposit at her building society and will be utilizing the net proceeds from the sale of her related property, 19 Minster Yard (see above). The balance of the purchase price will have to be borrowed.
Daniel is a first time buyer and is presently living in rented accommodation although he is happy for us to correspond with him at Shilpa's address as he spends most of his time there.
In the future Daniel would like to work from home and is thinking of converting part of 9 Castle Hill into an office.
Action Required:
We require detailed instructions from the client; see the key points to consider when taking instructions and giving advice. For example, how much is required from the client to purchase the property taking into account the net proceeds of sale?