Freehold Residential Property

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Buying and selling a property can be a stressful process.  Whether you are a first-time buyer or a seasoned property investor, we seek to minimise any stress by working to ensure that the transaction proceeds as smoothly as possible.  In some cases, there may of course be genuine issues and problems which require special consideration; this is when genuine experience and expertise become important. 

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Our Senior Partner, Pamela Clemo, has over 30 years of experience in residential conveyancing  and handles all conveyancing matters for the firm.  You can therefore rest assured that your matter is being undertaken by a highly experienced professional at all times.

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FEES

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Our fees cover all the legal work needed to complete the transaction.  This will include, where necessary, dealing with registrations at the Land Registry and undertaking the payment of Stamp Duty Land Tax (SDLT) where applicable in the case of a purchase. 

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While fees will be estimated based upon the specifics of the transaction, the following is a rough guide. 

 

In most cases, fees will range from £995 +VAT to £10,000 +VAT for high value properties. In addition we charge a fee of £90 +VAT for drafting and submitting the Stamp Duty Land Tax return, £30 +VAT per transfer of any monies upon or subsequent to completion through the banking system and £10 +VAT per client for electronic ID checks.

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In addition to legal fees, there are certain disbursements to be included in the total bill. In the majority of cases, the charges are set by the relevant external bodies over which we have no control.  Typical examples in any property purchase are;

 

• Local Authority Search (price varies depending upon the local authority and scope of the search; we can give details of current costs at the outset)

• Drainage and Water Search

• Environmental Searches

• Indemnity Policies (where applicable)

• Index Map Search

• Bankruptcy Search

• Land Registry (pre-completion) Search

• HMLR (Land Registry) fees, based upon the price of the property

• General office disbursements (£30 + VAT)

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We handle the payment of the disbursements on your behalf, subject to reimbursement; fees may be subject to change over time or if further information relating to the property is needed.  

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STAMP DUTY LAND TAX (SDLT)

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SDLT may be payable on a property purchase depending upon its value. SDLT rates are set by the government and change over time.  The amount of SDLT due on a straightforward transaction can be calculated using the government’s online calculator, available on the HMRC's website.

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EXCLUSIONS

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Please note that we do not provide tax or financial advice.  Where you feel you need such advice, you will need to make such arrangements with a provider of your choice. We have no referral or other relationships with third-party firms and receive no remuneration for arranging indemnity insurance on your behalf.

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Our initial fees for a typical transaction are fixed, however, in some circumstances, matters may arise which were unforeseen or could not be quantified at the outset.  Dealing with and resolving such matters would typically increase the original fees estimate. Where there is likely to be additional fees, we will  inform you as soon as they become apparent, also providing an indication of what those extra costs are likely to be and how they are charged.  While we will often again provide a fixed fee to cover the additional work, it may be necessary in some cases to charge at an hourly rate of £250 +VAT.

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EXAMPLES OF FACTORS LIKELY TO LEAD TO AN INCREASE IN OVERALL FEES:

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• If a legal title is defective or part of the property is unregistered

• The necessary building regulations or planning permission has not been obtained

• If crucial documents have not been provided to us

• If the property is a new build

• If the property is less than 10 years old

• If you require exchange of contracts in an unusually short period after instruction

• If you require completion within an unusually short period following instructing

• If you require completion within 2 weeks after exchange of contracts (where there is a lender involved)

• If you require simultaneous exchange and completion

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TIME SCALES

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While it is always hoped that matters will proceed smoothly without complication, enabling the transaction to be completed in a relatively short period of time (typically 12-16 weeks), a number of factors can affect the speed with which the matter progresses.  Such factors can include:

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• Number of parties in the chain

• Whether you have a mortgage in place or need to arrange financing

• Whether you are buying a new build property

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It is important to understand that in any transaction there is at least one other party involved (typically the solicitors acting for your buyer or seller).  If you are a buyer, your seller may have their own purchase transaction to complete.  This then creates linked transactions forming a chain as it is often the case that a seller wishes to ensure that they complete the purchase of their new property at the same time as they complete the sale of their old.  When this is the case, matters need to be arranged within a timescale which accommodates all parties.  This typically extends the period from your instructions to the completion of your own matter.

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OUR FEE ESTIMATES ASSUME THAT:

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• This is a standard transaction and that no unforeseen matters arise, including (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

• 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 apply if indemnity policies are required)

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KEY STAGES OF A TRANSACTION

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With every transaction there are key stages from the start of the matter to its conclusion.  The speed with which we can move from one stage to another is often determined by the specific nature of the transaction and, often, the performance of other parties.

 

As an illustration, the various stages of a purchase transaction can be summarised as follows:

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• Taking your instructions and giving initial advice based on the information you have provided

• Ensuring that necessary finances are in place to fund a purchase and, where necessary, liaising with the lender’s solicitors if the lender is separately represented

• Receiving and advising on contract documents

• Undertaking searches

• Obtaining necessary planning documentation if applicable

• Making any necessary enquiries of a seller’s solicitor

• Providing advice on all documents and information received

• Advising you about mortgage offer conditions, if applicable

• Finalising contracts and obtaining your signature

• Agreeing a completion date (the date on which the transaction is completed and you are required to vacate your existing property, as a seller, and can move into your new property as a buyer)

• Exchanging contracts on your instructions and notifying you that this has happened

• Taking receipt of any deposit if you are a seller

• Ensuring all monies have been received from you and the lender, including any monies necessary for a deposit, if you are a buyer

• Completing the transaction

• Completing the Stamp Duty Land Tax return and dealing with payment of Stamp Duty Land Tax on your behalf (if you are a buyer)

• Completing and submitting an application for registration at the Land Registry, where applicable