RESIDENTIAL CONVEYANCING
When you make an enquiry for us to conduct work on your behalf we will provide you with a detailed estimate of costs and timeframes and update you if there are any changes. Below are some worked examples to demonstrate how our fees are calculated. You will appreciate that there are many variables and so it is important that you discuss the specifics of your matter with us and only take these worked examples as a guide.
EXAMPLES:-
1. PURCHASE OF A FREEHOLD RESIDENTIAL PROPERTY IN THE PRICE BAND OF £200,000 to £500,000
Our fees cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.
Conveyancer's fees and estimated disbursements
· Legal fee: £895 + VAT
· * For acting on behalf of the mortgage lender: £150 + VAT
· Search fees: £250 + VAT
· HM Land Registry fee: £135 (no VAT payable)
· Electronic money transfer fee: £25 + VAT
· VAT payable £264
· Subtotal inclusive of VAT £1719
* Not chargeable on cash purchases
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Stamp Duty or Land Tax (on purchase)
This depends on the purchase price of your property and a number of other variables. For example:- ownership of other properties anywhere in the world; reliefs such as First Time Buyer Relief or Principal Main Residence Relief. You can calculate the amount you will need to pay by using HMRC's website or if the property is located in Wales by using the Welsh Revenue Authority's website. There are different rates for Non-Residential Properties and Corporate Purchases.
For example:
Purchase of Principal Main Residence at £500,000: £10,000
First time buyer at £200,000: £0
Investment purchase at £350,000: £18,000
How long will my house purchase take?
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. It could take as little as 4-6 weeks or as long as 4-6 months.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a buyer with a long chain purchasing a new build property with a mortgage, it could take 12-16 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months. In such, a situation additional charges would apply.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to note:
· Take your instructions and give you initial advice
· Check finances are in place to fund purchase and contact lender's solicitors if needed
· Receive and advise on contract documents
· Carry out searches
· Obtain further planning documentation if required
· Make any necessary enquiries of seller's solicitor
· Give you advice on all documents and information received
· Go through conditions of mortgage offer with you (if applicable)
· Send final contract to you for signature
· Agree completion date (date from which you own the property)
· Exchange contracts and notify you that this has happened
· Arrange for all monies needed to be received from lender and you
· Complete purchase
· Deal with payment of Stamp Duty/Land Tax
· Deal with application for registration at Land Registry
2. PURCHASE OF A LEASEHOLD RESIDENTIAL PROPERTY IN THE PRICE BAND OF £200,000 TO £500,000
Our fees cover all the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.
Conveyancer's fees and estimated disbursements
· Legal fee: The same as for the purchase of a freehold property plus a supplemental fee of £295 + VAT for additional leasehold work.
Total inclusive of VAT: £2,073
Anticipated Additional Disbursements for Leasehold Purchases
· Notice of Transfer fee – This fee if chargeable is set out in the lease. The fee is usally between £50 – £200.
· Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50 – £200.
· Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £100 – £300.
· Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £100 – £300.
These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents especially the lease in question.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.
Stamp Duty Land Tax
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC's website or if the property is located in Wales by using the Welsh Revenue Authority's website. The earlier examples given hold true for leasehold property purchases within the band.
Stages of the process
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
· Take your instructions and give you initial advice
· Check finances are in place to fund purchase and contact lender's solicitors if needed
· Receive and advise on contract documents
· Carry out searches
· Obtain further planning documentation if required
· Make any necessary enquiries of seller's solicitor
· Give you advice on all documents and information received
· Go through conditions of mortgage offer
· Send final contract to you for signature
· Draft Transfer
· Advise you on joint ownership
· Obtain pre-completion searches
· Agree completion date (date from which you own the property)
· Exchange contracts and notify you that this has happened
· Arrange for all monies needed to be received from lender and you
· Complete purchase and satisfy Landlord’s Notice requirements
· Deal with payment of Stamp Duty/Land Tax
· Deal with application for registration at Land Registry and satisfy any compliance requirements on purchase
How long will my purchase take?
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 6-8 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a buyer, purchasing a new build property with a long chain and a mortgage, it could take 12-16 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.
Our fees for both freehold and leasehold purchase assume:
a) this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
b) in leasehold cases this is the assignment of an existing lease and is not the grant of a new lease or involves an extension of a lease whether by consent or under statute
c) the transaction is concluded in a timely manner and no unforeseen complication arise
d) all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
e) no indemnity policies are required. Additional fees may apply if indemnity policies are required.
3. SALE OF A FREEHOLD RESIDENTIAL PROPERTY IN THE PRICE BAND OF £200,000 to £500,000
Our fees cover all of the work required to complete the sale of your home, together with redeeming mortgages (if any) and work in association with this.
Conveyancer's fees and estimated disbursements
· Legal fee £750 + VAT
· * For acting on behalf of the mortgage lender in redemption £150 + VAT
· HM Land Registry Office copies: £6
· Electronic money transfer fee £25 + VAT
· VAT payable £185
· Subtotal inclusive of VAT £1116
· Not chargeable on mortgage free properties
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as indemnity policies. We handle the payment of the disbursements on your behalf to ensure a smoother process.
How long will my house sale take?
How long it will take for you to sell your house will depend on a number of factors. The average process takes between 6-8 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are at the top of the chain, it could take 12-16 weeks. However, if you are selling a leasehold property that requires dealing with numerous pre-contract enquiries, this can take considerably longer than the average, possibly 12 weeks.
Stages of the process
The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have suggested some key stages:
· Take your instructions and give you initial advice
· Check finances are in place to enable sale and contact the lender's solicitors, if needed
· Prepare and advise on contract documents
· Obtain relevant title documents and deeds
· Provide, receive and review your completed property forms
· Obtain further planning documentation, building regulation approvals, certificates, warranties and so forth
· Prepare and submit contract and support documentation to the purchaser’s solicitors
· Deal with purchaser’s solicitors pre-contract enquiries
· Send final contract to you for signature
· Agree completion date
· Exchange contracts and notify you that this has happened
· Arrange for all monies needed to be received from the purchaser’s solicitors
· Complete sale and account to you, repayment of mortgage (if applicable)
· Pay estate agent commission
4. SALE OF A LEASEHOLD RESIDENTIAL PROPERTY IN THE PRICE BAND OF £200,000 TO £500,000
Our fees cover all the work required to complete the sale of your home, including the redemption of a mortgage and the apportionment of service charges and ground rent.
Conveyancer's fees and disbursements
· Legal fee: The same as for the sale of a freehold property plus a supplemental fee of £295 + VAT for additional leasehold work.
Total inclusive of VAT £1,470
Stages of the process
The stages involved in the sale of a residential leasehold property are similar to the freehold sale but vary according to the circumstances.
How long will my leasehold sale take?
How long it will take from you accepting your offer until you can move out will depend on a number of factors. The average process takes between 6-8 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are at the top of the chain, it could take 12-16 weeks. However, if you are selling a leasehold property that requires extensive replies to pre-contract enquiries involving managing agents and freeholders, this can take significantly longer, between 3 and 6 months. In such a situation additional charges may apply.
Our fees for freehold and leasehold sales assumes that:
(a) this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
(b) if leasehold, the assignment of an existing lease and is not the grant of a new lease or involves an extension of a lease whether by consent or under statute
(c) the transaction is concluded in a timely manner and no unforeseen complication arise
(d) all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
(e) no indemnity policies are required. Additional fees may apply if indemnity policies are required.
Remortgage and Transfer of Equity Work
Estimates are provided on application but fall into the range of £595 to £895 plus VAT. In addition there will be disbursements included but not limited to appropriate Land Registry fees and possible Stamp duty depending on circumstances.
