Freehold Conveyancing
We offer residential conveyancing services predominantly to individuals who are already existing clients. We specialise in acting on complex transactions that often feature extensive refurbishment proposals, planning considerations, transaction specific finance arrangements, multiple titles and other issues that are outside the scope of an everyday residential transaction. We base our charges on the complexity of the transaction and the estimated time required to achieve a successful conclusion for our clients. Our team lead by Partner Jeremy Palmer comprises very experienced solicitors responsible for providing all legal advice supported by non-solicitors who will carry out the administrative tasks. We take pride in achieving each client’s timetable and reporting in the clearest terms to enable our clients to evaluate any risks that could arise. We provide a fee quote on each transaction that will also include all costs and expenses that will be incurred.
Purchase of a freehold residential property
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 – transactions under £500,000
- Legal fee: This will vary based on the complexity of the title, the value of the property and other factors. We estimate most transactions will fall within £1,000 to £3,000 (exclusive of VAT and disbursements).
Conveyancer’s fees – transactions over £500,000
- Legal fee: This will vary based on the complexity of the title, the value of the property and other factors. We estimate most transactions will fall within £3,000 to £5,000 for transactions up to £1m, and we will provide a separate quote for transactions over this figure.
Disbursements
Disbursements are costs related to your matter that are payable to third-parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements that will be set out in the individual lease relating to the Property. The disbursements that we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the terms of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
- Search fees: £350-£450 plus any applicable VAT.
- HM Land Registry fee: £135-£455 depending on the value of the property based on electronic submission of forms to the Land Registry. Fees will differ if this is a first registration as the forms need to be submitted by hand to the Land Registry.
- Electronic money transfer fee: £12 plus VAT per transfer.
Stamp Duty or Land Tax (on purchase)
This depends on the purchase price of your property, along with other factors such as whether you are a first time buyer or own other property. You can calculate the amount you need pay by using HMRC’s website or, if the property is located in Wales, by using the by using the Welsh Revenue Authority’s website.
Estimated total: For example, if you are not a first time buyer, and do not own any other property, and are purchasing a freehold property for £250,000, the Stamp Duty payable will be £2,500 at the current rates as at December 2018.
If you are not a first time buyer, and do own other residential property and the new purchase will not be your main residence, and are purchasing a freehold property for £400,000, the Stamp Duty payable will be £22,000 at the current rates as at December 2018.
How long will my house purchase take?
The average process takes between 6 to 12 weeks but the time from acceptance of your offer until you can move into your house will depend on a number of factors.
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 4 to 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 to 6 months. In such a situation, additional charges would apply.
Stages of the process
The key stages of the process 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 documents if required;
- make any necessary enquiries of seller’s solicitors;
- give you advice on all documents and information received;
- go through conditions of mortgage offer with you;
- 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;
Help To Buy Scheme
If you are purchasing property with assistance from the Help to Buy scheme, in addition to the above we will:
- complete and submit all requisite forms to the local Help to Buy Branch;
- arrange for Help to Buy funds to be transferred to the seller for completion.
Leasehold Conveyancing
We offer residential conveyancing services predominantly to individuals who are already existing clients. We specialise in acting on complex transactions that often feature extensive refurbishment proposals, planning considerations, transaction specific finance arrangements, multiple titles and other issues that are outside the scope of an everyday residential transaction. We base our charges on the complexity of the transaction and the estimated time required to achieve a successful conclusion for our clients. Our team lead by Partner Jeremy Palmer comprises very experienced solicitors responsible for providing all legal advice supported by non-solicitors who will carry out the administrative tasks. [links to profiles here?] We take pride in achieving each client’s timetable and reporting in the clearest terms to enable our clients to evaluate any risks that could arise. We provide a fee quote on each transaction that will also include all costs and expenses that will be incurred
Purchase of a leasehold residential property
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 – transactions under £500,000
- Legal fee: This will vary based on the complexity of the title, the value of the property and other factors. We estimate most transactions will fall within £1,250 to £3,250 (exclusive of VAT and disbursements).
- Additional fees will apply for acting on behalf of the mortgage lender.
Conveyancer’s fees – transactions over £500,000
- Legal fee: This will vary based on the complexity of the title, the value of the property and other factors. We estimate most transactions will fall within £3,250 to £5,250 for transactions up to £1m, and we will provide a separate quote for transactions over this figure.
Disbursements
Disbursements are costs related to your matter that are payable to third-parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements that will be set out in the individual lease relating to the Property. The disbursements that we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the terms of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
- Search fees: £350-£450 plus any applicable VAT.
HM Land Registry fee: £20-£455 depending on the value of the property based on electronic submission of forms to the Land Registry. Fees will differ if this is a first registration as the forms need to be submitted by hand to the Land Registry Electronic money transfer fee: £12 plus VAT per transfer Anticipated disbursements*
- Notice of Transfer fee—this fee if chargeable is set out in the Lease. Often the fee is between £30 to £100 plus VAT;
- Notice of Charge fee (if the property is to be mortgaged)—this fee is set out in the Lease. Often the fee is between £30 to £100 plus VAT;
- 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 to £250;
- Certificate of Compliance fee—to be confirmed upon receipt of the lease, as can range between £100-£400.
*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.
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 we receive this information.
Stamp Duty or 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.
Grand total: For example, if you are purchasing a leasehold property for a premium of £250,000, and you are not a first time buyer and do not own other property, the Stamp Duty Payable will be £2,500 at the current rates as at December 2018.
If you are a first time buyer purchasing a leasehold property for a premium of £180,000 which will be your main residence, there will not be any stamp duty payable (as per the current rules as at December 2018), however we will assist with submitting the return to HMRC to notify them of the transaction.
Stages of the process
These are the key stages of the process:
- 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 documents if required;
- make any necessary enquiries of seller’s solicitors;
- give you advice on all documents and information received;
- go through conditions of mortgage offer with you;
- 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;
- deal with payment of Stamp Duty/Land Tax;
- deal with application for registration at Land Registry;
- Advise on being refunded any SDLT if applicable
Help To Buy Scheme
If you are purchasing property with assistance from the Help to Buy scheme, in addition to the above we will:
- complete and submit all requisite forms to the local Help to Buy Branch;
- arrange for Help to Buy funds to be transferred to the seller for completion.
How long will my house purchase take?
The average process takes between 6 to 12 weeks but the time from acceptance of your offer until you can move into your house will depend on a number of factors. 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 6 to 8 weeks from completion of construction of the property. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 to 6 months. In such a situation, additional charges would apply.
*Our fee assumes that:
- 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;
- this is the assignment of an existing lease or is the grant of a new lease for a new build property;
- the transaction is concluded in a timely manner and no unforeseen complications arise;
- all parties to the transaction are co-operative and there is no unreasonable delay from the parties providing documentation;
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
