PURCHASE – FREEHOLD RESIDENTIAL

This information is for illustration purposes only, it does not represent a quote or estimate.

VAT is payable and charged at the current rate where applicable.  For more information on VAT please go to the HMRC website.

For a typical property valued up to £650,000.00 and based upon the following:

  • No Help to Buy products or services are involved
  • There is no element of shared ownership
  • There is a clear and straightforward title to the property
  • All purchase funds are provided by a mainstream lender
  • Additional deposit monies are provided from the buyers own funds, and not by any third party (to include gifted deposits)
  • The transaction does not fall through before completion
  • No indemnity polices or similar products are required
  • The property is not a new build
  • There is timely co-operation between all parties in any chain and no unforeseen complications arise
  • Any third parties provide information and documentation promptly
  • Any joint purchasers decide to hold the property as joint tenants
  • This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in the title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction

Our fees & disbursements

These will include all work required to complete the transaction including dealing with the registration at the Land Registry and payment of Stamp Duty (if property in England) or Land Transaction Tax (if property in Wales).

Legal fees between £800 – £1200 (excluding VAT) these fees include acting on behalf of your mortgage provider

Local, Water & Drainage search fees approximately £170 (including VAT)

Land Registry registration fee (depending on value of property) between £40 – £540

Administration of bank transfer £48 (including VAT) – transferring completion monies to sellers’ solicitors

Preparation & filing of Land Transaction Return with HMRC £70 (excluding VAT)

Other miscellaneous disbursements – please allow £10-£60

How long will the transaction take?

From accepting the offer to when you can move would depend upon a number of factors. The average process can take between 8-12 weeks. However, it can be slower or quicker depending on the parties in the chain.

The stages involved in a purchase of a residential property can vary according to the circumstances. Below are some key stages that are included in the transaction:

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender’s solicitors 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 required 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

 

SALE FREEHOLD RESIDENTIAL

This information is for illustration purposes only, it does not represent a quote or estimate.

VAT is payable and charged at the current rate where applicable.  For more information on VAT please go to the HMRC website.

For a typical property valued up to £650,000.00 and based upon the following:

  • There is no element of shared ownership
  • There is a clear and straightforward title to the property
  • The transaction does not fall through before completion
  • No indemnity polices or similar products are required
  • There is timely co-operation between all parties in any chain and no unforeseen complications arise
  • Any third parties provide information and documentation promptly
  • This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in the title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction

Our fees and disbursements

Legal fees between £800 – £1200 (excluding VAT) these fees include acting on behalf of your mortgage provider

Land Registry office copy entries £7.20 plus £3.60 per additional document

Administration of bank transfer £48 (including VAT) – transferring net proceeds to your nominated account

In addition, on a Leasehold sale we will need to provide a Management Information pack,  this is provided by the management company or landlord and provides. The cost of the pack varies from organisation to organisation but is usually around £300.

How long will the transaction take?

From accepting the offer to when you can move would depend upon a number of factors. The average process can take between 8-12 weeks. However, it can be slower or quicker depending on the parties in the chain.

The stages involved in a sale of a residential property can vary according to the circumstances. Below are some key stages that are included in the transaction:

  • Take your instructions and give you initial advice
  • Send our contract papers to buyer’s solicitors
  • Receive and advise on enquiries raised from the buyer’s solicitors
  • Send contract for signature and discuss completion dates
  • Exchange contracts
  • Complete sale
  • Redeem Mortgage
  • Pay agents fees and any other outstanding accounts

 

REMORTGAGE FREEHOLD RESIDENTIAL

Legal fees between £600 – £950 (excluding VAT) these fees include acting on behalf of your mortgage provider

Any disbursements including Land Registry fees, bank transfer fees and VAT would be provided in a fully detailed estimate upon receipt of further information regarding the value and nature of the remortgage.

How long will the transaction take?

The average process takes between 4-6 weeks. However it can be quicker or slower depending on the mortgage lender and their requirements.

 

If you would like to discuss your proposed transaction and obtain a full, no obligation estimate, please contact us on 01903 237118 and you will be passed to the relevant department.

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