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The timescale of any conveyancing transaction can vary, as not all parties are on the same schedule. As an average, a standard freehold sale or purchase may take 8 to 12 weeks and a standard leasehold may take 12 to 16 weeks. However, this could be quicker or slower as the process is affected by a number of factors which would include whether you are a first time buyer, buying a leasehold property that requires an extension of the lease or if it is a sale by probate or whether a management company is involved.
Once we have reviewed your matter, we will be able to give a better indication of timescales.
Our Client Care letter will confirm the work we will do however below is a list of some of the stages which may be involved:
- Take initial instructions and give you immediate advice.
- Request any financial information, whether that be source of funds for a cash purchase, mortgage facilities or redemption of any existing financial charge over your property.
- Receive/send Contract documentation.
Perform searches against the property (if purchase)
- Make enquiries based on the searches and Title documentation/Receive responses (sale).
- Report to you on the following (purchase):-
- Mortgage (if purchase)
- You would be required to attend our offices to sign any documentation needed
- Agree an exchange and completion date.
- Arrange monies to be received from yourself and lender (if purchasing).
- Deal with Stamp Duty and Land Registration (if purchasing).
- Redeem Mortgage on completion (if sale)
- Balance monies to you, if any (if sale)
- If the property is Leasehold:
- Sale: it will be a requirement for the Buyer to receive a Management Pack detailing any issues with the property including up to date Service Charge and Ground Rent Accounts – this will be at your cost.
- Purchase: In order to proceed with your purchase of a leasehold property you must receive a copy of the Management Pack
Please note that once we have reviewed your matter, we will be able to give a better indication of fees for a purchase.
|PROPERTY VALUE||LEGAL FEES||VAT||TT FEE inc VAT||LR FEE inc vat||SDLT SUBMISSION FEE inc VAT||LENDER FEE inc VAT|
|£0 – 40,000||450.00||90.00||48.00||48.00||0||120.00|
|£0 – 80,000||500.00||100.00||48.00||48.00||54.00||120.00|
|£80,000 - £100,000||550.00||110.00||48.00||54.00||54.00||180.00|
|£100,001 - £125,000||575.00||115.00||48.00||60.00||60.00||180.00|
|£125,001 - £150,000||600.00||120.00||48.00||60.00||72.00||240.00|
|£150,001 – £200,000||650.00||130.00||48.00||60.00||72.00||240.00|
|£200,001 - £250,000||700.00||140.00||48.00||72.00||90.00||300.00|
|£250,001 - £300,000||750.00||150.00||48.00||72.00||90.00||300.00|
|£300,001 - £400,000||800.00||160.00||48.00||72.00||120.00||360.00|
|£400,001 - £500,000||850.00||170.00||48.00||72.00||120.00||360.00|
|£500,001 - £1,000,000||900.00||180.00||48.00||90.00||180.00||420.00|
|£1,000,001 AND OVER||1200.00||240.00||48.00||120.00||180.00||420.00|
TT Fee = Electronic Money Transfer Fee
LR Fee = Land Registry Fee
SDLT = Stamp Duty / Land Tax
Stamp Duty or Land Tax (purchase)
This fee will vary in relation to the purchase price of your property and whether you also own other properties elsewhere in the world. To calculate the amount you will be required to pay, please access the HMRC’s website (or the Welsh Revenue Authority’s website or the Revenue Scotland website).
Please note that once we have reviewed your matter, we will be able to give a better indication of fees for a sale.
|VALUE OF PROPERTY||LEGAL FEES||VAT||TT FEE inc VAT EACH||OFFICE COPIES|
|£0 – 100,000||475.00||95.00||48.00||£6.00 + £3.00 PER ADDITIONAL DOCUMENT REQUIRED|
|£100,001 - £150,000||500.00||100.00||48.00||£6.00 + £3.00 PER ADDITIONAL DOCUMENT REQUIRED|
|£150,001 - £200,000||550.00||110.00||48.00||£6.00 + £3.00 PER ADDITIONAL DOCUMENT REQUIRED|
|£200,001 - £250,000||600.00||120.00||48.00||£6.00 + £3.00 PER ADDITIONAL DOCUMENT REQUIRED|
|£250,001 - £300,000||650.00||130.00||48.00||£6.00 + £3.00 PER ADDITIONAL DOCUMENT REQUIRED|
|£300,001 - £350,000||700.00||140.00||48.00||£6.00 + £3.00 PER ADDITIONAL DOCUMENT REQUIRED|
|£350,001 - £400,000||750.00||150.00||48.00||£6.00+ £3.00 PER ADDITIONAL DOCUMENT REQUIRED|
|£400,001 - £450,000||800.00||160.00||48.00||£6.00 + £3.00 PER ADDITIONAL DOCUMENT REQUIRED|
|£450,001 - £500,000||850.00||170.00||48.00||£6.00 + £3.00 PER ADDITIONAL DOCUMENT REQUIRED|
|£500,000 - £1,000,000||900.00||180.00||48.00||£6.00 + £3.00 PER ADDITIONAL DOCUMENT REQUIRED|
|£1,000,001 and above||£1,000,001 and above||£1,000,001 and above||48.00||£6.00 + £3.00 PER ADDITIONAL DOCUMENT REQUIRED|
TT Fee = Electronic Money Transfer Fee
Disbursements are payments which we pay to third parties and then claim back from yourself. Examples of these would include Land Registry fees and Search fees. Any disbursements involved are always subject to change. When we have reviewed your matter, we will be able to give a better indication of the types of disbursement for your case.
This is currently 20%.
There may be occasions when additional work needs to be carried out on your behalf which may only become apparent as your matter progresses. We have listed below some of the incidences when additional fees WILL be incurred:
Land Registry – Fees Variable Fees
Please be advised that if the title to the property is being registered for the first time, i.e. it is a new build property, or a property with an unregistered title, then Land Registry charge higher registration fees.
Leasehold Properties – £100 plus VAT
When dealing with a leasehold sale or purchase please add the above amount to our legal fees
Ground Landlord Registration Fee for leasehold properties – £50.00 – £250.00 plus VAT
It is usually a condition of a lease that when a property changes hands, the new owner, via their legal representative, is obliged to provide their details to the Landlord. The Landlord or agents or lawyers acting on their behalf will usually charge an administration fee for dealing with this notice.
Dealing with a Management Company – £75.00 – £150.00 plus VAT
When dealing with Leasehold properties, in particular apartments/flats, it is often the case that we are obliged to obtain additional information from the Landlord or a Management Company or their Managing Agents such as in relation to the payment of service charges or buildings’ insurance. We will also be required to calculate apportionments of ground rent and service charges on completion.
Arranging/Dealing with Indemnity Insurance Issues – £30.00 – £150.00 plus VAT
Title defects are not uncommon. They can range from a lack of access to the property, or a breach of a covenant, to an inability to produce a Building Control Completion Certificate for works carried out to a property. These defects can often be dealt with expeditiously by providing insurance.
Preparation of a Declaration of Trust – £100.00 – £250.00 plus VAT
Legal ownership of title may not always accurately reflect all interests in the property. Sometimes joint owners wish us to set out the exact terms on which they share the property. On these occasions we are often asked to prepare a Trust Deed.
Redeeming additional charges/loans – £50.00 – £100.00 plus VAT
If we are obliged to pay off additional loans or debts which are in some way secured against the property other than the first mortgage, additional fees will usually be incurred.
Dealing with a Shared Ownership Lease – £175.00 plus VAT
Owning a share of a property in common with a Housing Association is a very specialist area of the law and involves us dealing with additional parties throughout the transaction.
Statutory Declaration for Title rectification – £75.00 – £250.00 plus VAT
It may sometimes be necessary to provide third parties with statements of truth as to how the property has been used over a period of time. For example, where someone has used a piece of land which is not included within their title.
Preparation of a Deed of Covenant – £100.00 – £250.00 plus VAT
This may be relevant if part of a property extends under or over an adjoining property and it is necessary for the owners of both properties to enter into a Mutual Deed of Covenant to ensure the properties benefit from rights of mutual support and protection. It may also be a requirement in title deeds, particularly with modern flats, that a new owner enters into a direct covenant with the Landlord to abide by the terms and conditions of the lease.
Removal of a Caution/Restriction at HM Land Registry – £100.00 – £175.00 plus VAT
Sometimes third parties will have registered interests in a property or interests in the proceeds of any sale of a property against a set of title deeds. These will need to be removed in some way when a property changes ownership.
Dealing with unregistered titles – £50.00 – £175.00 plus VAT
Most property and land in England and Wales is now registered at a central Land Registry. Occasionally, if a property has been in one family’s ownership for many years, title may not be registered and it will be necessary for us to examine sets of old title deeds.
Participating in a Contract race – £150.00 – £250.00 plus VAT
If there are two or more interested parties in buying a property and a contract pack has been issued to both parties on the basis it is ‘first come first served’ then time becomes of the essence and you will require us to give the highest priority to the transaction.
Dealing with Repossessed Property – £100.00 – £250.00 plus VAT
This usually entails completion within 28 days and collating information ourselves from various sources which would normally be provided by the Sellers or their solicitors. We also need to check and advice upon any conditions of sale such as restrictions to selling within a certain time period.
Dealing with an Auction Property – £100.00 plus VAT
If we are acting on an auction property, the above amount should be added to our legal fees charged. Whether selling or buying, the transaction will be expected to comply with the conditions in the auction contract such as completion occurring within 28 days or less.
Dealing with a New Build Property – £100.00 – £175.00 plus VAT
There is much additional work for us to carry out when dealing with a new or recently built property. We are obliged to check planning and building regulation consents, road and sewer adoption agreements, planning obligation agreements and building warranties. The higher fee of £175.00 will be charged where an underlease or property management agreement is also being entered into.
Third Party Deposits – £75.00 plus VAT
If someone other than the Buyer is providing monies towards the purchase price then we will be required to carry out additional money laundering checks, obtain written evidence as to their potential interest in the property and liaise with any mortgage lender. A bankruptcy search at £2.00 per person must also be carried out on each person providing monies.
Supplemental Agreement – £100.00 – £295.00 plus VAT
If a contract needs to be varied in any way before completion for example by adding or removing a purchaser, entering into an additional underlease, adding a furniture pack or a seller exceeds the long stop date, then a supplemental agreement will need to be entered into.
Deed of Variation – £100.00 – £295.00 plus VAT
When changes need to be made to the lease of a property it is often preferable to draw up a deed of variation instead of re-writing the entire lease. Where the parties agree to vary the terms of their lease, they will be required to document the particular changes that they have agreed in a Deed of variation.
Notice of Rescission – £50.00 inc VAT
Where the seller exceeds the long stop date on the purchase of a new build and a contractual clause allows the buyer to rescind the contract and the return of their deposit monies, a fee for serving the notice on the seller will be chargeable.
Help to buy (homes & communities) – £120 plus VAT
Help to buy (ISA & Forces) and Right to Buy – £75.00 plus VAT
Property being purchased using the above help/right to buy initiatives will involve us dealing with additional parties throughout the transaction.
With all this in mind, why not telephone our office on 0161 877 8555 and we will be more than happy to supply you with an estimate tailored to your individual requirements.