Residential Conveyancing

Purchase of residential property – FREEHOLD

Our freehold purchase 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 is in Wales.

Conveyancer’s fees and disbursements

Our legal fees range from £840.00 (including VAT) to £1,200.00  (including VAT) for freehold purchases up to £1m.

In addition, there are a number of third party payments that will be made on your behalf including:

– Search fees approximately £300.00

– HM Land Registry fee £95.00 – £270.00 (depending on value)

– Land registry searches £8.40

– Chancel Search Insurance £15.95

– Electronic money transfer fee £36.00

Stamp Duty or Land Tax (on purchase)

This depends on the purchase price of your property and your circumstances and can be complicated. There is an online calculator which calculates the amount you will need to pay which can be found via www.gov.uk . If your circumstances are less straightforward, please contact us for a calculation.

Total estimated cost £1,295.35 plus Stamp Duty  – £1,830.35 plus Stamp Duty

How long will my house purchase take?

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 12 – 16 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 14 weeks. However, if you are buying a leasehold property that requires an extension of the lease this can take significantly longer, between 4 and 5 months and in such a situation, additional charges would apply.

Purchase of residential property – LEASEHOLD

Our fees cover all the work required to complete the purchase of your new flat or apartment, 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 disbursements

Our legal fees range from £990.00 (including VAT) to £1,350.00 (including VAT) for leasehold purchases up to £1m.

In addition, there are a number of third party payments that will be made on your behalf including:

– Search fees approximately £300.00

– HM Land Registry fee £95.00 – £270.00 (depending on value)

– Electronic money transfer fee £36.00

– Land registry searches £8.40

– Chancel Search Insurance £15.95

Subtotal £1,315.00 – £1,850.00

Stamp Duty or Land Tax on purchase

This depends on the purchase price of your property and your circumstances and can be complicated. There is an online calculator which calculates the amount you will need to pay which can be found via www.gov.uk . If your circumstances are less straightforward, please contact us for a calculation.

Additional Disbursements

There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on specific fees upon receipt and review of the lease from the Seller’s solicitors.

Anticipated Disbursements*

– Notice of Transfer fee – This fee, if chargeable, is usually set out in the lease. The fee is generally between £100.00 – £150.00

– Notice of Charge fee (if the property is to be mortgaged) – This fee is usually set out in the lease. The fee is generally between £100.00 – £150.00

– 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 £150.00 – £200.00

– Certificate of Compliance fee – To be confirmed upon receipt of lease, and can range between £100.00 – £200.00.

* 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.

You should also be aware that ground rent and service charges are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.

Total  estimated cost £1,765.00 + Stamp Duty – £2,550.00 + Stamp Duty

*Our fee assumes the following:

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) This is the assignment of an existing lease and is not the grant of a new lease

 

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 disbursements may apply if indemnity policies are required.

Stages of the conveyancing process

The precise stages involved in the purchase of your residential property vary according to the circumstances. Typically, the process will include the following key stages:

– Receipt of your instructions

– Advising you on joint ownership

– Checking finances are in place and contacting lenders solicitors if applicable

– Receiving and advising on contract documents

– Carrying out searches

– Raising additional property enquiries

– Advice on documents and information received

– Reporting on conditions of mortgage offer with you

– Reporting on your lease (leasehold only), management pack and estate or service charges

– Sending final contract to you for signature

– Agreeing the completion date (the date ownership transfers to you and you can move in)

– Exchange contracts

– Undertaking pre-completion searches

– 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

– Deal with any post completion lease requirements (leasehold only)

How long will my flat/apartment purchase take?

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 14 – 18 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 20 weeks. However, if you are buying a leasehold property that requires an extension of the lease this can take significantly longer and in such a situation additional charges would apply.