Costs and timescales

For properties involving Transfers of Equity between joint owners, our fees range from £900 to £1,500 plus VAT at 20% for typically complex transfers.

We use a third party company called Thirdfort to assist with client identification and verification checks, including if we receive any funds from giftors as part of the transaction. For this service a cost of £25 plus VAT at 20% per client/giftor is charged and is included within our Legal Fees as shown by the examples provided above.

Please note that our Legal Fees charged for Leasehold Sale and Leasehold Purchases are typically higher than those for Freehold due to the complexity of the transactions and the contact with third parties, namely the Landlord and Managing Agents. Please do not hesitate to contact a member of our specialist team for a specific quotation.

Our standard legal fee may need to be reviewed if:

• Your transaction becomes unusually complicated or protracted

• A delay is incurred due to parties in the chain being uncooperative or delays in receiving information from third parties

• Indemnity Polices are required. Additional disbursements and charges may apply if Indemnity Policies are required

• The property is not registered at the Land Registry or there is a defect in the title that requires remedying prior to completion

• The work involves a Shared Ownership or newly constructed property (newbuild)

• The transaction involves one of the Government’s Help to Buy schemes, including a Help to Buy or Lifetime ISA and repayment of a Help to Buy equity loan

• Dealing with a Forces Help to Buy scheme
  

• A Key Licence or Key Undertaking is required
  

• A Statutory Declaration or other Deed is required to be drafted as part of the transaction
  

• A subsequent Charge is required to be drafted
  

• We are required to deal with any retentions

Stages of the Purchase Process

The precise stages involved in the purchase of a residential property vary according to the circumstances. Here are some of the key stages that often apply:

• Take your instructions and give you initial advice
• Check that your financial arrangements are in place
• Receive and advise on contract documents
• Carry out searches
• Obtain further planning documentation if required
• Make any necessary enquiries of the 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 of ownership at Land Registry

Stages of the Sale Process

The precise stages involved in the sale of a residential property vary according to the circumstances. Here are some of the key stages that often apply:

• Take your instructions
• Liaise with your estate agent
• Prepare and issue contract documents
• Review seller’s property information forms and supply to buyer’s solicitors
• Reply to any enquiries raised by buyer’s solicitors
• Give you advice on all documentation and information received
• Obtain a mortgage settlement statement from your mortgage lender
• Send final contract to you for signature
• Approve draft transfer deed
• Agree completion date (date you will need to move out of the property)
• Exchange contracts and notify you that this has happened
• Arrange for all monies to be received from buyer’s solicitors and pay funds to clear mortgage
• Complete sale
• Account to you with the sale proceeds and settle any estate agent account

Timescale

It is often impossible to give a precise indication of the likely timescale, as it very much depends on such things as whether you, or your buyer in the case of a sale, are obtaining a mortgage, whether there is a chain of properties involved or whether there are any other unusual circumstances involved. The average process can take between 12-14 weeks but please remember that this is very much an average figure. We will update you as the work progresses and as and when it becomes necessary to amend any indication we have given, or becomes possible to improve on the indications we have given you. In any event leasehold properties invariably take considerably longer than freehold properties.

Purchase Disbursements

These are costs related to your property purchase that are payable to third parties, such as the Land Registry. We handle payment of the disbursements on your behalf to ensure a smoother process.

HMLR Fees (Land Registry)

You may not know as this stage whether you are purchasing an unregistered or registered property. Until this is known we will be unable to confirm the cost of the fee for registering your property at the Land Registry. We would recommend that you view the fees set out by the Land Registry via the link below. We will confirm at the earliest opportunity to you, the actual true cost of the Land Registry fees.

https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

Stamp Duty Land Tax

You may be required to pay Stamp Duty Land Tax (“SDLT”) on your purchase property which is calculated dependant on the price and your circumstances. We will be unable to confirm the true cost of SDLT until we are fully aware of your circumstances. However you can calculate the amount you will need to pay by using the HMRC’s website and answering their questions. Please use this link. Stamp Duty Land Tax Calculator

Please note if the property you wish to purchase is located in Wales you are required to use the Welsh Revenue Authority’s calculator. From 1 April 2018, properties being purchased in Wales will no longer pay Stamp Duty Land Tax (SDLT). A new Land Transaction Tax (LTT) will be payable on property transactions that fall within Wales. Please use this link. Calculate Land Transaction Tax | GOV.WALES

Search Fees

Search fees range from approximately £350 - £550 plus VAT at 20% but the overall cost of searches vary depending on the local authority area for the property you are purchasing. If you are not taking out a mortgage to assist with your purchase of the above property, you have the option to choose whether you wish to obtain any or none of our recommended searches.

Bank Transfer Fee

To transfer the completion monies to your Seller’s Solicitor on the day of completion there will be a bank transfer fee of £30 plus VAT at 20%

Pre Completion Search Fees

If you are having a mortgage on your property, we will need to undertake a bankruptcy search. The cost of this is £2.00 plus VAT at 20% for each name which needs to be searched.

We are required to complete a Priority Search at the Land Registry of your behalf or on behalf of a Lender if you are having a mortgage. This places a priority on the title to register your ownership and/or that of a lender making a charge against the property. It also reveals any additional alterations made to the property register at the Land Registry during the course of the transaction. The cost is £3.00 plus VAT at 20%.

Sale Disbursements

These are costs related to your property sale that are payable to third parties, such as The Land Registry. We handle payment of the disbursements on your behalf to ensure a smoother process.

Bank Transfer Fee

If you have a mortgage on the property you are selling, you will be need to pay a Bank Transfer fee £30 plus VAT at 20% to redeem your mortgage with your current lender.

HMLR Fees (Land Registry)

We will require an up to date copy of your deeds/title and filed plan from the Land Registry the cost of which is £3 per document plus VAT at 20% per title. If there are documents referred to in the title to your property, these will also need to be obtained at an additional cost. The cost of these may vary between £3 - £9 plus VAT at 20%.

Additional Leasehold Disbursements

You may be charged additional fees by third parties such as a Landlord/Managing Agent during a Leasehold transaction. The cost of these cannot be anticipated at an early stage and will vary from property to property. Set out below are some of the additional documents which may be required and therefore could incur a fee:

• Management Information Pack-These can range from £150 to £2000 or more for city properties
• Notice of Transfer- This fee is chargeable if set out in the Lease. Often the fee is approximately £100-350 plus VAT at 20%, but can be higher as this fee is set by third parties
• Notice of Charge – a fee will only be applicable if the property is to be mortgaged. This fee is set out in the Lease. Often the fee is approximately £100-350 plus VAT at 20%, but can be higher as this fee is set by third parties
• Deed of Covenant - this fee is charged by the Management Company and is difficult to estimate, but approximately the fee is £100-350 plus VAT at 20%, but can be higher
• Certificate of Compliance This fee is set by the Management Company and can range from approximately £100-350 plus VAT at 20%, but can be higher

We will be able to give you a more accurate breakdown of these costs once the transaction progresses.

Please note that ground rent and service charges are likely to apply throughout your ownership of a Leasehold property.

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