residential

Residential

 

We act for Clients in sales, purchases, re-mortgage and equity transfers.

We are on the Panel of most of the Lenders in the UK including all the major Banks.

Our fee structure is transparent and fees are explained and agreed before the start of the transaction. We are conscious of the anxiety and uncertainty faced by our clients. All transactions are tailor made to suit our clients’ requirements.

Residential Conveyancing

OUR FEES: RESIDENTIAL SALE AND PURCHASE

Re-mortgage & Transfer of Equity

Legal fees are dependent on the purchase/sale price of the property, as shown in the table below

Property Value Legal fee
Up to £350,000 £925.00
£350,001 to £500,000 £1,050.00
£500,001 to £750,000 £1,100.00
£650,001 to £750,000 £1,075.00
£750,001 to £1,000,000 £1,500.00
£1,000,001 to £1,400,000 £1,625.00
£1,400,001 to £1,600,000 £1,850.00
£1,600,001 to £1,800,000 £2,250.00
£1,800,001 to £2,000,000 £2,500.00
Over £2,000,000 On request


Leasehold Purchases and Sales: an additional £200.00 fee is payable

Additional Fees:

Acting for the Lender   £200.00

Electronic Transfer fee   £35.00

***VAT all on the above fees is payable at 20%

 

Disbursements for property sales:

  • Official Copies of the Register £3 per copy
    In the case of Leasehold properties:
  • Management Pack fee: Varies from property to property but approximately £150-£350

Disbursements for property purchases:

  • Search fees are approximately: £250 (depending on the property location and what searches are necessary for the particular property
  • HM Land Registry fee can be found at http://landregistry.data.gov.uk/fees-calculator.html
  • Bankruptcy fee: £2 per client
  • OS1 priority fee: £3
  • ID fee: £4 + VAT per individual name
  • Lawyer Check £10 + VAT

Stamp Tax payable to HMRC (on purchases)

This depends on the purchase price of your property and whether you will own more than one property on completion or whether you are a first time buyer.


We will advise you of the amount you will need to pay at the outset

Leasehold Disbursements:

The following additional disbursements could be incurred in leasehold purchases:

  • Notice of Transfer fee – This fee is set out in the lease. Usually between £50 and £200 + VAT.
  • Notice of Charge fee (if the property is to be mortgaged) – Usually between £50 and £200 + VAT.
  • Deed of Covenant fee – This fee is provided by the management company and/or the landlord for the property if required. Often it is between £100 and £250 + VAT.
  • Certificate of Compliance fee – To be confirmed upon receipt of the management pack, as can range between £100 – £150+ VAT.
    *We can give you an exact figure once we have sight of the documentation.

THE PROCESS WITH KEY STAGES:

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

  • Take your instructions and send out a client care letter to you
  • Check finances are in place to fund purchase and contact lender’s solicitors if needed
  • Receive and advise on contract documents
  • Carry out searches or take out search indemnity insurance
  • 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
  • Obtain pre-completion searches
  • Agree completion date
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from lender and you

    Post Completion:
  • Deal with payment of Stamp Tax to HMRC
  • Deal with application for registration at Land Registry
  • Send you Registration of the Property in your name once registered

 

TIMESCALE FOR PURCHASES AND SALES

The average transaction takes between 6 – 10 weeks.

It can take less time or more time. This will depend on your circumstances and the other parties in the transaction and receipt of your mortgage offer or in the case of a sale the buyers mortgage offer.

 

REMORTGAGE FEES

Re-mortgage fees     £800 plus VAT

 

Disbursements:

Official Copies of the Register £3 each

AML £4.00 plus VAT

Searches approximately £250. However, some mortgage companies accept indemnity insurance in the place of searches which will be a reduced figure £75-£100

 

TRANSFER OF EQUITY FEES:

A transfer of a property between family members (with or without a mortgage transfer)     £750 plus VAT

 

Disbursements:

Official Copies of the Register £3 each

AML £4.00 plus VAT

 

We will advise you of any further disbursements at the time of commencement of the transaction

  

Guideline hourly rates for fee earners:

Solicitors with over 8 years’ experience after qualification £300 plus VAT
Solicitors with over 4 years’ experience after qualification £225 plus VAT
Other Solicitors and Legal Executives £175 plus VAT
Paralegal and other fee earners £125 plus VAT

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