RESIDENTIAL CONVEYANCING

Pricing and General Information

In all cases below:-

The fees and disbursements are indicative only and assume:-

• A standard transaction and that no unforeseen matters arise (e.g. a defect in title or adverse search result or the carrying out of works or change of use without consent which requires remedying prior to completion) or the preparation of additional documents ancillary to the main transaction.
• A single use residential property and where the property is leasehold it is an existing lease and not the grant of a new lease.
• 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 third parties providing documentation.
• We are not advising on price, the condition or location of the property or its suitability for any purpose or on tax.

The fee payable within a given scale will vary and increase with:-

• Value
• Complexity; for example, additional work and advice are likely to be required where:-
  • The property is leasehold or where there are arrangements in respect of common facilities, services or areas.
  • A mortgage is involved
  • Gifts, trusts or similar arrangements are involved.

Sale or purchase of a residential property

Cost

Our fees cover the legal work required to complete the sale or purchase and are usually offered on a fixed basis together with charges and fees to be paid to others on your behalf.
At the outset and once we have a clear idea of what you require us to do we will provide you with a detailed estimate which we will update if any complications or other matters arise which will affect our costs..

Where there are no complications you can expect our charges to be:-

In addition you should allow for:-

Minor expenses (e.g. fees payable for obtaining title documents from the Land Registry or planning documents from the Local Authority). These are unlikely to be more than £50.00.

Where the property is leasehold fees payable to the landlord or its solicitors/managing agents for the provision of management information and dealing with requirements set out in the lease; for example, on a sale you may require consent to sell and/or have to ensure that the purchaser enters into an agreement with the landlord to comply with the terms of the lease and on a purchase to give formal notice of your purchase and of any mortgage or to join a management company. These vary greatly and will need to be checked.

Our fee for electronic transfer of money of £25.00 plus VAT for each (e.g. on sale payment to you or mortgage redemption and on purchase payment to the seller’s solicitors).

On a purchase the fees for Local Authority and other searches. These vary and are likely to be in the order of £400.00. 

On a purchase the fee payable for registration of the purchase at the Land Registry. This varies and details are available on the HMLR website. In simple cases this will be:

On a purchase Stamp Duty Land Tax the amount of which depends not simply on the purchase price of the property but on other factors such as whether you are purchasing as one or more individuals or as a company and, if as individuals whether you own or are interested in other residential property (not limited to this country) or are replacing your main residence.  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.

On a purchase Survey/valuation and mortgage arrangement fees. These are not matters we are involved with but should be kept in mind when considering the overall cost you will have to meet.

The process

The stages involved in a sale will typically require us to:

• Take your instructions and give you initial and subsequent advice.
• Keep you informed and take your instructions throughout.
• Prepare the contract for sale and submit it to the purchaser’s solicitors together with supporting papers
• Generally deal with enquiries raised by the purchaser’s solicitors and other matters arising.
• Arrange signature of documents by you (usually in separate stages for exchange of contracts and subsequently for completion).
• Agree the form of contract with the purchaser’s solicitors, attend to exchange thereof and fix a completion date.
• Prepare for completion to include agreeing the form of transfer with the purchaser’s solicitors and obtaining a statement of the amount required to redeem your mortgage (if any).
• Complete the sale and:-
  • Attend to redemption of your mortgage (if any).
  • Account to you.

The stages involved in a purchase will typically require us to:

• Take your instructions and give you initial and subsequent advice.
• Keep you informed and take your instructions throughout.
• Investigate the title to the property.
• Make enquiries of the seller.
• Make Local and other appropriate searches
• Go through the conditions of your mortgage offer and deal with the requirements of your mortgagees or their solicitors (if any).
• Report to you on any matters of concern.
• Arrange signature of documents by you (usually in separate stages for exchange of contracts and subsequently for completion).
• Agree the form of contract with the seller’s solicitors, attend to exchange thereof and fix a completion date.
• Prepare for completion to include agreeing the form of transfer with the seller’s solicitors and collecting in funds from you and your mortgagees (as appropriate).
• Complete the purchase and:-
  • Attend to payment of Stamp Duty Land Tax.
  • Apply for registration at the Land Registry.

Timing

This varies greatly and depends on a number of factors some of which will be outside your or our control.
On average the process takes between four and eight weeks but can be very much quicker or slower.
At the outset we will discuss with you the timing you have in mind and review this with you as the matter progresses. 

Remortgage of a residential property

Cost

Our fees cover the legal work required to complete the remortgage and are usually offered on a fixed basis together with any charges and fees to be paid to others on your behalf.
At the outset and once we have a clear idea of what you require us to do we will provide you with a detailed estimate.
Where there are no complications you can expect our charges to be:-

In addition you should allow for the same expenses and fees as on a purchase save that Stamp Duty Land Tax is not payable and a reduced fee is charged by the Land Registry.

The process

The stages involved in a remortgage will typically require us to:

• Take your instructions and give you initial and subsequent advice.
• Keep you informed and take your instructions throughout.
• Investigate the title to the property. 
• Make Local Authority and other appropriate searches
• Go through the conditions of your mortgage offer and generally deal with the requirements of your mortgagees and/or their solicitors. 
• Arrange signature of mortgage documents by you. 
• Complete the remortgage and:-
  • Redeem any existing mortgage(s).
  • Account to you.
  • Apply for registration at the Land Registry.

Timing

This varies greatly and depends on a number of factors some of which will be outside your or our control.
On average the process takes approximately four to six weeks and time can be saved if preparatory work is done in advance of receiving a mortgage offer.
At the outset we will discuss with you the timing you have in mind and review this with you as the matter progresses.

Personnel

The work will be undertaken by Gerry Murphy a partner who qualified as a solicitor in 1981 and has since specialised in property work.