Barbro Zeineh, family lawyer with Franklins Solicitors LLP based in Milton Keynes and Northampton, has personal experience of the conveyancing procedure in the UK and abroad. Barbro writes :
“I have recently sold a two bedroomed property in Sweden which has given me an insight into the difference in procedure between the two countries. The property market in Sweden is more low key and with no social pressures to purchase. A lot of people prefer to rent from the local authority and there is no stigma attached to social housing. Those who do buy property will find that house prices are very competitive indeed. These are far lower than the UK, at least half, if not, one third of the price we pay.
Most of the Estate Agencies are run under the auspices of large banks and the going charging rate payable by the Seller is 5%. This does include the preparation of legal documentation and finalising documents after completion, with the Buyer having to pay tax at 22% on the amount from the acquisition of the property to sale less a few deductions. Effectively, the Estate Agents acting for both Buyer and Seller with neither having separate legal representation. The Seller also has to pay for searches whereas the Buyer pays nothing to the Estate Agent nor for any searches but has to pay tax on the actual acquisition, similar to our stamp duty.
The actual process starts with the Estate Agents posting full particulars on the web and in the local paper. Interested parties are then invited to open viewings. The Estate Agent then contacts the people who have viewed with a view to bidding commencing. The first offer is always low. In my case, there were fourteen viewings and four people bidding. Bidder number one started off and was joined by three other bidders with bidder number one giving the last and final offer. I was kept informed of these bids by text and one afternoon there was one text coming in after another with new bids. There was no chain up or down only myself and the Buyer and, hence, from the time I accepted the last bid, it took less than two weeks to complete the whole transaction. In a way it felt as though everything had happened too quickly. Although the process in the UK can sometimes be seen to be cumbersome and could possibly be made somewhat simpler, I do believe that we have a more thorough process with more protection for both Buyer and Seller”.
If you are looking at selling, buying, remortgaging or undertaking a transfer of equity please call our freephone number 0800 781 8744 and we would be delighted to assist you or complete our online contact form on our website www.franklins-sols.co.uk . We are also able to prepare your Home Information Pack (HIP) via our specialist HIP company Optimum Hips (www.optimumhips.co.uk).
Franklins Solicitors LLP deals with a wide range of legal services including Intellectual Property, Employment Law, Debt Recovery, Rental Repossessions and many others.
