Services

Contents:

PRICE INFORMATION FOR SALE OF A PROPERTY

PRICE INFORMATION FOR PURCHASE OF A  PROPERTY

PRICING INFORMATION FOR THE SALE OF A PROPERTY

The amount of VAT applicable to the fees and disbursements is the current rate of 20%

Disbursements

Leasehold Management Pack

Leasehold Information Pack obtained from the Managing Agent £150.00 - £350.00. 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 liaised with the leasehold management company and had sight of the specific documents for your property.

Potential costs payable to other organisations when selling a leasehold property.

Please note that these fees will vary on a case by case basis depending on the property’s management company.

Mortgage Fee

If your property is mortgaged, we charge a fee for dealing with removing a legal charge from the title to the property of £300 (inc £50 VAT). This fee includes liaising with the mortgage lender to obtain a redemption statement in order to discharge the mortgage from the property.

Possible Additional Fees

Mortgage Arrangement Fee                                                                         £250 + £50 VAT

Legal fee - Our fees cover all the correspondence, preparation of documents and liaising with various parties in the sale transaction, such as the client, estate agent, purchasers’ solicitors and local authority, which take place during the various stages of the process listed below.

Disbursements - are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

HM Land Registry copy documents £36 (inc £6 VAT). This cost covers requesting office copy entries for the property and any supporting documentation such as conveyances and transfers applicable to the title of the property. This fee includes our time in reviewing the documents.

Electronic money transfer fee £60 (inc £10 VAT) per transfer. A transfer will arise, for example, when completion has taken place, and the monies are to be sent to you on the same day. This fee includes our time in setting up and arranging the transfer with our Bank.

File archive storage £30 (inc £5 VAT). This is to cover the costs of retaining your file off site. This fee includes scheduling documents, liaising with our storage provider and is a one-off payment.

Our fee assumes that:

1. 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.
2. the transaction is concluded in a timely manner and no unforeseen complications arise.
3. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
4. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

The price will depend on the complexities of the transaction. It is not possible to list all possible scenarios or unforeseen issues, but should they arise, we will inform you as soon as reasonably practical of any price increase.

Fee Earner Hourly Rates

Trainee solicitors and paralegals will be supervised by Frank Smith, Managing Partner.

Please click to read each fee earner’s profile.

How long will my house sale take?

How long it will take from your offer being accepted until you can sell your house will depend on a number of factors. The average process takes between 4-6 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if you are selling to a first-time buyer, with a mortgage, in principle, it could take 6-8 weeks.

Stages of the process

The precise stages involved in the sale of a freehold residential property vary according to the circumstances. However, below we have listed some key stages:

• Take your instructions and give you initial advice
• Check if there is a mortgage on the property that is to be redeemed and contacting lender
• Prepare contract documents
• Send protocol documents, Property Information Form and Fittings and Contents Form to you for completing and then forwarding these to the purchaser’s solicitors.
• Obtain planning documentation if required, together with any other documentation such as FENSA certificates, boiler installation certificates, timber treatment guarantees etc.
• Reply to any necessary enquiries of purchaser's solicitor
• Give you advice on all documents and information received
• Send final contract to you for signature
• Agree completion date (date from which the purchaser will own the property)
• Exchange contracts and notify you that this has happened
• Arrange for all monies to be received from lender and purchaser
• Complete sale

We have taken all reasonable steps to ensure the price information set out on our website provides an accurate and realistic indication of the costs of obtaining certain legal advice today, but we may update the information at any time in the future. Whilst we hope this information is helpful as an initial guide, we will provide you with a specific fee proposal and a copy of our standard terms of business when you instruct us to undertake work.

PRICING INFORMATION FOR THE PURCHASE OF A PROPERTY

The amount of VAT applicable to the fees and disbursements above is the current rate of 20%

Disbursements

Leasehold Properties

For all leasehold transactions, in addition to the fee stated above, we will levy an additional fee of £300 (inc £50 VAT) to cater for considering the terms of the lease to ensure they are suitable for the property you are buying.

Possible Additional Fees

Mortgage Arrangement Fee                                                                         £250 + £50 VAT

The price will depend on the complexities of the transaction. It is not possible to list all possible scenarios or unforeseen issues, but should they arise, we will inform you as soon as reasonably practical of any price increase.

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

Our fees cover all the correspondence, preparation of documents and liaising with various parties in the purchase transaction, such as the client, estate agent, sellers’ solicitors, local authority and search provider, dealing with registration at 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.

Mortgage fee – if you are buying with a mortgage, we charge a fee for registering a legal charge on the title to the property of £300 (inc £50 VAT). This fee includes our time for preparing and arranging for the mortgage deed to be signed, liaising with the mortgagee and registration of the mortgage at Land Registry.

Search fees £400 (inc £70 VAT). We request a local authority search, environmental report, water and drainage report and coal mining report. Should there be a requirement for any additional searches, the relevant price will be discussed with you beforehand. This fee includes our time in arranging the searches and reviewing the results upon receipt.

HM Land Registry copy documents £36 (inc £6 VAT). This cost covers requesting office copy entries for the property and any supporting documentation such as conveyances and transfers applicable to the title of the property. This fee includes our time in reviewing the documents.

Electronic money transfer fee £60 (inc £10 VAT) per transfer. A transfer will arise, for example, when completion has taken place, and the monies are to be sent to the sellers’ solicitors. This fee includes our time in setting up and arranging the transfer with our Bank.

Pre-completion searches £12 (inc £2 VAT). This search ensures that no further adverse entries have been placed on to the title register since copy entries of the register have been requested. This needs to be undertaken to ensure that you will not purchase the property subject to any overriding interests. This fee includes our time in setting up the search and reviewing the results.

Bankruptcy search £2 per search. These are required by the lender where a mortgage is being taken out.

File archive storage £30 (inc £5 VAT). This is to cover the costs of retaining your file off site. This fee includes scheduling documents and liaising with our storage provider and is a one-off payment.

Our fee assumes that:

1. 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
2. the transaction is concluded in a timely manner and no unforeseen complications arise
3. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
4. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Please note that there may be issues that arise that will increase the above costs such as:-

• Liaising with the mortgage lender to respond to the enquiries they raise in order to satisfy themselves that they are lending against a good marketable title. The length of time this takes depends on the lender concerned. However, all work will be charged on an hourly basis according to the relevant fee earner working on the matter.
• Owning the property as tenants in common in unequal shares may mean preparing a Declaration of Trust to reflect this ownership at a cost of £300 (inc £50 VAT).

Fee Earner Hourly Rates

Trainee solicitors and paralegals will be supervised by Frank Smith, Managing Partner.

Please click to read each fee earner’s profile.

Stamp Duty or Land Tax (on purchase)

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 here.

Land Registry registration fees

Once a purchase has completed, the title register needs to be updated to reflect the new owner. The Land Registry charge a fee for this which will depend on the purchase price of the property but you can refer to the HM Land Registry’s website for a list setting out the range https://www.gov.uk/government/organisations/land-registry

How long will my house purchase take?

How long it will take from your offer being accepted until you can move into your new house will depend on a number of factors. The average process takes between 6-8 weeks.

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 6-8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such a situation, additional charges would apply.

Stages of the process

The precise stages involved in the purchase of a residential freehold property vary according to the circumstances. However, below we have listed some key stages:

• Take your instructions and give you initial advice
• Check finances are in place to fund purchase and contact lender if needed
• Receive and advise on contract documents
• Carry out searches
• Obtain further planning documentation if required
• Make any necessary enquiries of seller's solicitor
• 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

We have taken all reasonable steps to ensure the price information set out on our website provides an accurate and realistic indication of the costs of obtaining certain legal advice today, but we may update the information at any time in the future. Whilst we hope this information is helpful as an initial guide, we will provide you with a specific fee proposal and a copy of our standard terms of business when you instruct us to undertake work.