Residential Purchase Freehold and Leasehold

 

The Service

 

 

Acting for you in respect of your purchase of a residential property:

 

As part of this service we will:

 

·         Take your initial instructions and give you initial advice

  • Receive and advise on contract documents
  • Carry out searches
  • Make any necessary enquiries of seller’s solicitor
  • Report to you on all documents and information received
  • 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
  • Advise you of the monies needed for completion
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry

In relation to leasehold properties we will also:

 

·         Review your lease and report to you on the terms of the Lease

·         Advise you of any additional costs required pursuant to the Lease in respect of landlord/ managing agents/ management company involved, as appropriate

·         Advise on service charge and ground rent pursuant to the lease.

·         Make enquiries with the Landlord’s or their agents via the Seller’s solicitors in respect of the arrangements for management/ maintenance of the building in which your leasehold property is located, including communal parts

Average timescales  

How long it will take from your offer being accepted until you can move in to your new home will depend on a number of factors. The average process takes between 6 to 8 weeks to exchange, and a further 2 weeks before completion, dependent on all parties involved being agreeable to the completion date.

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 5 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 3 months. In such, a situation additional charges would apply.

 

 

What is the Estimated Fee

 

We always provide clients with a fee estimate at the start of each new matter, please call or email us for a bespoke estimate.

 

Our fees for dealing with a normal conveyancing property purchase range between:

 

£695 plus VAT to £750 plus VAT for if your purchase price is up to £300,000

 

£795 plus VAT to £1,000 if your purchase price is between £300,000 and £900,000

 

£1000 plus VAT to £1,200 plus VAT if your purchase price is between 900,000 and £1,200,000

 

For Leasehold properties we may charge an additional £100 plus VAT.

 

If you are buying with the assistance of a mortgage, we may charge an additional fee of £75 plus VAT to £100 plus VAT, assuming the mortgage is being provided by a high street lender.

 

Additional fees may apply in instances that fall outside of the normal conveyancing transaction. Please see Potential Additional Fee section below.

 

If we are arranging the transfer of funds electronically, we will charge a fee for our time involved in arranging each transfer, for example sending completion money to your seller’s solicitors on completion, the cost of this is £30 plus VAT

 

We charge an additional sum of £50 plus VAT for completion of the SDLT Return form.

 

Information on Estimated Fees Your fee will reflect work involved in your transaction. Our fee assumes that:

 

·         This is a normal conveyancing 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.

·         The transaction is concluded in a timely manner and no unforeseen complication arises

·         All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation

·         No indemnity policies are required. Additional disbursements may apply if indemnity policies are required

 

There may be additional documents and, requirements of your specific purchase, based on the documentation required to transfer the title into your name, or to deal with specific parties involved in your transaction. We have set out in the Potential Additional Fees section situations that may arise which would attract additional fees. We will of course notify you of any additional costs and disbursements before they are incurred.

 

Likely disbursements and recharges/ expenses (these are costs related to your matter that are payable to third parties. We handle the payment of the disbursement on your behalf to ensure a smoother process) ·         Searches up to £ 350 (plus VAT)

·         Land Registry Priority Searches £3 (no VAT)

·         Bankruptcy Searches (£2 per person purchasing (no VAT))

·         HM Land Registry Fee- this will depend on the purchase price of your property. You can calculate the amount you will need to pay by using HMLR’s website

·         Stamp Duty Land Tax- this will depend upon the purchase price of your property. You can calculate the amount you will need to pay by using the HMRC’s website

 

 

Potential Additional Disbursements  

·         In Leasehold matters we may also need to pay a fee to the Landlords Solicitors or Agents in respect of the Notice of Transfer/ Charge. This cost varies from one property to the next, depending on the fees confirmed in the Lease/ agreed with the landlord. We will advise you of this cost, however this usually ranges between £10-£100 per Notice plus VAT.

·         In leasehold matters, your Lease may require a Deed of Covenant, depending on the terms of the Lease. The Landlord/ Management Company/ Agent may charge a fee for registering this document with them on completion of your purchase. We will advise you of this cost, if appropriate, however the cost could range between £25 to £150 plus VAT

·         In leasehold matters, it may be required, as a term of your lease that you require a Certificate of Compliance from the Landlord/ Managing Agent/ Company. The fee will be confirmed to you once we have reviewed the Lease and made enquiries with the Landlord/ Management Company/ Agent, however, the cost could be up to £150 plus VAT.

 

You should note that these disbursements can vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate indication of costs once we have had sight of the specific documents for your purchase.

 

Other disbursements may apply depending on the terms of your Lease. We will update you on the specific fees upon receipt and review of the lease from the Seller’s solicitors.

 

Potential Additional Fees We always provide clients with a fee estimate at the start of each new matter, please call or email us for a bespoke estimate.

 

If your case involves unexpected complications, we will always inform you, including any additional fees that may apply, so that you can make an informed decision as to how to proceed. Examples include, (but are not limited to),

 

·         Lease Extension

·         If your Lender wishes for another legal representative to act for them

·         General Power of Attorney

·         Shared Ownership

 

This list is not exhaustive, and if there are additional fees that you may incur we will inform you in advance. In addition to our legal fees for some items above you may incur an associated disbursement, such as additional Land Registry Fees, or Landlord Fees (if appropriate). We will inform you accordingly.

 

Residential Sale Freehold and Leasehold

 

The Service

 

 

Acting for you in respect of your sale of a residential property:

 

As part of this service we will:

 

·         Take your initial instructions and give you initial advice

·         Obtain title documents from the Land Registry and prepare contact pack once you have completed the initial property information forms for the property you are selling

·         Draft your contract for sale and issue to the buyer’s solicitors

·         Take your instructions on any enquiries raised by your Buyer’s solicitors.

·         Send you the final contract and arrange for you to sign in readiness for exchange

·         Agree completion date (date from when you will no longer own the property and will have had to vacated the premises)

·         Exchange Contracts and notify you that this has happened.

·         Approve Transfer from the Buyer’s solicitors and send to you for signature and witnessing.

·         Request your Estate Agents Commission Account for settlement on completion.

·         Complete your transaction and send you the proceeds of sale once all fees and balances due have been paid.

·         Send executed transfer to the Buyer’s solicitors.

 

In relation to leasehold properties we will also:

 

·         Obtain a copy of your Lease from the Land Registry/ you

·         Contact the Landlord/ Managing Agent for replies to Standard Leasehold Enquiries and raise any specific enquiries raised by your Buyer’s solicitors to the Landlord or their agents.

·         Advise you of any additional costs required pursuant to the Lease in respect of landlord/ managing agents/ management company involved, as appropriate

·         Advise on service charge and ground rent pursuant to the lease.

 

Average timescales  

How long it will take from you accepting the buyer(s) offer to completing sale will depend on a number of factors. The average process takes between 6 to 8 weeks to exchange, and a further 2 weeks before completion, dependent on all parties involved being agreeable to the completion date.

It can be quicker or slower, depending on the parties in the chain. For example, if you are selling to a buyer involved in a chain, or a first time buyer it could take 5 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 3 months.

 

In such, a situation additional charges would apply.

 

Leasehold matters often take longer due to the additional parties involved in the transaction, including landlords/ managing agents/ companies.

 

 

What is the Estimated Fee

 

Our fees for dealing with a normal conveyancing property sale range between:

 

£625 plus VAT and £750 plus VAT if the sale price is up to £300,000

 

£725 plus VAT and £900 plus VAT if the purchase price is between £300,000 and £900,000

 

£900 plus VAT and £1200 plus VAT if the purchase price is between £900,000 and £1,200,000.

 

If there are charges/ mortgage over the property you are selling we may charge an additional fee of £50 plus VAT, assuming the mortgage is with a high street lender. This includes:

  • Obtaining a redemption statement
  • Transferring the redemption amount to the Lender on completion
  • Obtaining discharge documents and sending to the Buyer’s solicitors following completion

Additional fees may apply in instances that fall outside of the normal conveyancing transaction. Please see Potential Additional Fee section below.

 

[If we are arranging the transfer of funds electronically, we will charge a fee for our time involved in arranging each transfer, for example sending the proceeds of sale to you on completion, the cost of this is £30 plus VAT

 

 

Information on Estimated Fees Your fee will reflect work involved in your transaction.

 

There may be additional documents and, requirements of your specific sale, be it based on the documentation required to transfer the title into the buyer’s name, or to deal with specific parties involved in your transaction. We have set out in the Potential Additional Fees section situations that may arise which would require us to charge you additional fees. We will of course notify you of any additional costs and disbursements before they are incurred.

 

Please note that if for any reason we are unable to proceed or you choose to close your matter after you have instructed us, you will still be charged for any work (including additional work) that we have carried out.

 

Likely disbursements and recharges/ expenses (these are costs related to your matter that are payable to third parties. We handle the payment of the disbursement on your behalf to ensure a smoother process) ·         Land Registry Title Documents (Freehold) £6 each (no VAT)

·         Land Registry Title Documents (Leasehold) £6 (no VAT)

 

 

Potential Additional Disbursements  

·         In Leasehold matters we may also need to pay a fee to the Landlords Solicitors or Agents in respect of providing replies to Standard Leasehold Enquiries of the Landlord. This cost varies from one property to the next, depending on the fees confirmed in the Lease/ agreed with the landlord. We will advise you of this cost, however this usually ranges between £100 – £250 plus VAT.

·         In leasehold matters, your Lease may require a Deed of Covenant, depending on the terms of the Lease. The Landlord/ Management Company/ Agent may charge a fee for registering this document with them on completion of your purchase. We will advise you of this cost, if appropriate, however the cost could range between £25 to £150 plus VAT

·         In leasehold matters, it may be required, as a term of your lease that you require a Certificate of Compliance from the Landlord/ Managing Agent/ Company. The fee will be confirmed to you once we have reviewed the Lease and made enquiries with the Landlord/ Management Company/ Agent, however, the cost could range from £50 to £150 plus VAT.

 

You should note that these disbursements can vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate indication of costs once we have had sight of the specific documents for your purchase.

 

Other disbursements may apply depending on the terms of your Lease. We will update you on the specific fees upon receipt and review of the lease from the Seller’s solicitors.

 

Potential Additional Fees We always provide clients with a fee estimate at the start of each new matter, please call or email us for a bespoke estimate.

 

If your case involves unexpected complications, we will always inform you, including any additional fees that may apply, so that you can make an informed decision as to how to proceed. You should be aware that additional fees will apply in the following situations:

 

·         Dealing with Lease Extension

·         Approval of a tenancy Agreement

·         Dealing with solar panel leases and unusual leases

·         General Power of Attorney

·         Shared Ownership

 

This list is not exhaustive, and if there are additional fees that you may incur we will inform you in advance. In addition to our legal fees for some items above you may incur an associated disbursement, such as additional Land Registry Fees, or Landlord Fees (if appropriate). We will inform you accordingly.

 

 

Residential Remortgage Freehold and Leasehold

 

The Service

 

 

Acting for you in respect of your re-mortgage of a residential property with a high street lender:

 

As part of this service we will:

 

·         Take your initial instructions

·         Obtain title documents from the Land Registry upon receiving money on account from you to cover the cost of the same

  • Carry out searches or obtain indemnity insurance for no searches (if this is acceptable to your new lender)
  • Obtain a redemption statement from your existing lender
  • Receive and check your new Mortgage Offer and instructions from your new Lender.
  • Send you your new Mortgage Deed for you to sign in the presence of a witness and return to us.
  • Make any necessary enquiries of you in relation to the property, including requesting any documents for any alterations to the property
  • Agree a completion date (to draw down the funds for your new mortgage and redeem your existing mortgage)
  • Request funds from your new lender for the agreed completion date
  • Request an up to date redemption statement from your existing lender for the agreed completion date.
  • Complete your re-mortgage by receiving funds from your new lender and repaying the existing lender

·         Send you the proceeds of the re-mortgage once all fees and balances due have been paid.

  • Obtain discharge documents and sending to the HM Land Registry following completion.
  • Deal with payment of Stamp Duty/Land Tax (if appropriate)
  • Deal with the application for registration at Land Registry to remove the details of your old lender in place of the details of the new lender.
  • Send you your update registration documents once the registration formalities have been concluded
  • Please note this fee is based on all documents, communications being sent to you electronically.

In relation to leasehold properties we will also:

 

·         Obtain a copy of your Lease from the Land Registry/ you.

·         Review your Lease and advise you of any additional costs required in respect of landlord/ managing agents/ management company involved, as appropriate

·         Contact your Landlord/ managing agents/ Management Company in relation to your property and raise specific enquiries.

·         Advise on service charge and ground rent pursuant to the Lease, if it is a requirement of your landlord/ freeholder/ agents to discharge any arrears prior to completion

·         Advise you of any additional costs required pursuant to the Lease in respect of the Landlord/ Managing Agents/ Management Company involved, as appropriate.

 

 

 

Average timescales

 

How long it will take from you receiving your new mortgage offer to being able to complete on the re-mortgage will depend on a number of factors. The average process takes between 3 to 4 weeks dependent on any conditions attached to your new mortgage offer.

It can take longer, if you have specific conditions in your existing mortgage offer, concerning early repayment charges, or where there are specific conditions on your new mortgage offer which we are required to comply with.

If you are re-mortgaging a leasehold property that requires an extension of the Lease prior to completion, this can take significantly longer. In such, a situation additional charges would also apply.

 

 

What is the Estimated Fee

 

We always provide clients with a fee estimate at the start of each new matter, and so please call or email us for a bespoke estimate.

 

Our fee for dealing with a normal residential property re-mortgage is:

 

£325 plus VAT to £500 plus VAT if the value of your new mortgage is less than £500,000

 

£375 plus VAT to £1500 plus VAT if the value of your new mortgage is £5,000 or above.

 

Additional fees may apply if the property is Leasehold.

 

Additional fees may apply in instances that fall outside of the normal conveyancing transaction. Please see Potential Additional Fee section below.

 

If we are arranging the transfer of funds electronically, we will charge a fee for our time involved in arranging each transfer, for example sending completion money to you and your lender on completion, the cost of this is £30 plus VAT for each transfer.

 

 

Information on Estimated Fees

 

Your fee will reflect work involved in your transaction. Our fee assumes that:

 

·         This is a normal residential re-mortgage 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.

·         The transaction is concluded in a timely manner and no unforeseen complication arises.

·         All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.

·         No indemnity policies are required, other than for Search Indemnity (if acceptable by your new lender). Additional disbursements may apply if additional indemnity policies are required

·         The owners (proprietors) of the property are not changed as part of the re-mortgage.

 

There may be additional documents and, requirements of your specific re-mortgage, based on the documentation required to transfer the title into your name, or to deal with specific parties involved in your transaction. We have set out in the Potential Additional Fees section situations that may arise which would attract additional fees. We will of course notify you of any additional costs and disbursements before they are incurred.

 

Please note that if for any reason we are unable to proceed or you choose to close your matter after you have instructed us, you will still be charged for any work (including additional work) that we have carried out.

 

 

Likely disbursements and recharges/ expenses (these are costs related to your matter that are payable to third parties. We handle the payment of the disbursement on your behalf to ensure a smoother process)

 

·         Land Registry Title Documents (Freehold) £6 each (no VAT) (including Tile and Plan)

·         Land Registry Title Documents (Leasehold) £6 (no VAT) (including Title and Plan)

·         Searches up to £ 350 (plus VAT) alternatively Search Indemnity (up to £50 plus IPT) if acceptable by your new Lender

·         Land Registry Priority Searches £3 (no VAT)

·         Bankruptcy Searches (£2 per person purchasing (no VAT))

·         HM Land Registry Fee- this will depend on the value of your new mortgage. You can calculate the amount you will need to pay by using HMLR’s website http://landregistry.data.gov.uk/fees-calculator.html

·         Stamp Duty Land Tax- this will depend upon the value of your new mortgage.. You can calculate the amount you will need to pay by using the HMRC’s website

https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

 

 

 

Potential Additional Disbursements

 

·         In Leasehold matters we may need to pay a fee to the Landlords Solicitors or Agents in respect of providing replies to Standard Leasehold Enquiries of the Landlord. This cost varies from one property to the next, depending on the fees confirmed in the Lease/ agreed with the landlord. We will advise you of this cost, however this usually ranges between £100 plus VAT to £400 plus VAT.

 

·         In Leasehold matters we may also need to pay a fee to the Landlords Solicitors or Agents in respect of the Notice of Charge. This cost varies from one property to the next, depending on the fees confirmed in the Lease/ agreed with the landlord. We will advise you of this cost, however this usually ranges between £50-£200 per Notice plus VAT.

 

You should note that these disbursements can vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate indication of costs once we have had sight of the specific documents for your re-mortgage.

 

Other disbursements may apply depending on the terms of your Lease. We will update you on the specific fees upon receipt and review of the lease from the Seller’s solicitors.

 

 

Potential Additional Fees

 

If your re-mortgage involves unexpected complications, we will always inform you, including any additional fees that may apply, so that you can make an informed decision as to how to proceed. You should be aware that additional fees will apply in the following situations:

 

·         Acting for an additional lender

·         If your new lender wishes for another legal representative to act for them

·         Approving a lease extension

·         Additional bank transfer costs (per transfer)

·         Dealing with any form of transfer of equity, including new owners/ or removing owners from the title as part of the re-mortgage.

·         Dealing with third party lawyers, e.g. in a matrimonial dispute

·         General Power of Attorney

·         Shared Equity/ Help to Buy

·         Shared Ownership

 

This list is not exhaustive, and if there are additional fees that you may incur we will inform you in advance. In addition to our legal fees for some items above you may incur an associated disbursement, such as additional Land Registry Fees, or Landlord Fees (if appropriate). We will inform you accordingly.

 

 

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