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Residential Conveyancing

Our residential conveyancing prices are set out below and are all on a fixed fee basis (please note that disbursements e.g. search fees already incurred on your behalf are not refundable should the matter not proceed to completion. Additionally, depending on the amount of work undertaken to the point of the matter aborting, fees of no more than £100 plus VAT would also be payable).

Our fees take into account a range of circumstances and factors which may affect the amount of work that needs to be carried out for each transaction: for example whether or not we are also acting for your lender, whether the land is registered or unregistered, whether the property is a new build, involves management companies running the estate or forms part of a registered title.

Please telephone us to obtain a precise quotation for your transaction.

 

Purchase of a freehold residential property 

Our legal fees

Our legal fees cover the work required to complete the purchase of your new home, including if you are purchasing with the benefit of a mortgage, acting for your lender, dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty).

FREEHOLD- PURCHASE

Price                                                                                      Costs                    VAT                       Total

Up to £120,000                                                                  £505.00                    £101.00                  £606.00

£120,001 – £160,000                                                         £530.00                   £106.00                  £636.00

£160,001 – £200,000                                                         £580.00                  £116.00                   £696.00

£200,001 – £300,000                                                         £630.00                 £126.00                   £756.00

£300,001 – £400,000                                                         £680.00                 £136.00                   £816.00

£400,001 – £500,000                                                         £730.00                 £146.00                   £876.00

£500,001 – £600,000                                                         £750.00                 £150.00                   £900.00

£600,001 – £700,000                                                         £780.00                £156.00                    £936.00

£700,001 +                                                                           £800.00                £160.00                    £960.00

The amount of Stamp Duty you must pay depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website.

In addition to our fees (above) and Stamp Duty there are other costs which you will need to pay known as Disbursements  which 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.

Usual Disbursements (figures given are inclusive of VAT) are:

  • Local Authority and Drainage Search fees £78.00 to £150.00
  • Land Registry Search fee £3.00
  • Bankruptcy Search fee if buying with a mortgage £2.00 per person
  • HM Land Registry registration fee £40.00 to £270.00 depending on purchase price of property
  • Bank Transfer fee £3.60 to £18.00 depending on value of funds being sent

We do also offer various different types of optional specialist searches and we will let you have details of those available and the prices, which range from £24.00 to £100.00 inclusive of VAT, when instructed to commence a transaction for you.

How long will my house purchase take?  

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process we find takes between 8-12 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 terraced house with a mortgage in principle with no chain, it could take 6 weeks. However, if you are buying a recently built property on an estate which management companies maintain who need to supply information packs on the property, or if you are one party in a long chain, it could take 3 months or even longer.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances, but our work will generally include the following:

  • Taking your instructions and giving you initial advice
  • Receiving contract documents from seller’s solicitors
  • Carrying out searches
  • Making any necessary enquiries of seller’s solicitors
  • Giving you advice on all documents and information received
  • Going through conditions of mortgage offer with you if applicable
  • Sending Final contract to you for signature
  • Agreeing completion date (date from which you own the property)
  • Exchanging contracts and notifying you that this has happened
  • Arranging for all monies needed to be received from the lender and you
  • Obtaining pre-completion searches
  • Completing purchase
  • Dealing with payment of Stamp Duty/Land Tax
  • Dealing with application of registration at Land Registry

 

Purchase of a leasehold residential property

Our legal fees

Our legal fees cover the work required to complete the purchase of your new home, including if you are purchasing with the benefit of a mortgage, acting for your lender, dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty).

LEASEHOLD – PURCHASE

Price                                                                                      Costs                    VAT                       Total

Up to £175,000                                                                       £610.00                 £122.00                    £732.00

£175,001 – £225,000                                                             £635.00                 £127.00                    £762.00

£225,001 – £250,000                                                            £660.00                 £132.00                   £792.00

£250,001 – £275,000                                                            £700.00                 £140.00                   £840.00

£275,000 – £300,000                                                           £725.00                 £145.00                    £870.00

£300,001 +                                                                             £750.00                 £150.00                    £900.00

The amount of Stamp Duty you must pay depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website.

In addition to our fees (above) and Stamp Duty there are other costs which you will need to pay known as Disbursements, which 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 and the disbursements which we anticipate will apply are set out separately below. Please note that there are also certain disbursements which will be set out in the individual lease relating to the Property and so are not known in advance. The list of disbursements set out below is therefore not exhaustive and other disbursements may apply depending on the terms of the lease. We will update you on these specific fees upon receipt and review of the lease and information received from the seller’s solicitors, but examples of these type of disbursements, the “Anticipated Disbursements”, are also listed below.

Disbursements (figures given are inclusive of VAT):

  • Local Authority and Drainage Search fees of £92.00 to £145.00
  • Land Registry Search Fee £3.00
  • Bankruptcy Search fee if buying with a mortgage £2.00 per person
  • HM Land Registry registration fee £40.00 to £270.00 depending on purchase price of property
  • Electronic money transfer fee £3.60 to £18.00 per bank transfer depending on value of funds sent

We do also offer various different types of optional specialist searches and we will let you have details of those available and the prices, which range from £24.00 to £100.00 inclusive of VAT, when instructed to commence a transaction for you.

Anticipated Disbursements (figures given may be subject to VAT depending on whether VAT is charged)

  • Notice of Transfer fee- This fee is chargeable under the lease and is usually set by the landlord. Often the fee is between £50.00 and £150.00.
  • Notice of Charge fee (if the property is to be mortgaged) – This fee is chargeable under the lease and is usually set by the landlord. Often the fee is between £50.00 and £150.00.
  • Deed of Covenant fee- This fee is chargeable under the lease and is usually set by the landlord or management company and can be difficult to estimate. Often it is between £100.00 and £250.00
  • Certificate of Compliance fee- This fee is chargeable if there is a restriction on the register of title requiring a certificate to be obtained from the landlord or management company before the transfer of the property to you can be registered. Again it is difficult to estimate and can range between £100.00 and £175.00
  • Membership of freehold company/management company fee- this fee is chargeable if you need to become a member of a company associated with the lease and depends on the charges levied by that company. It is therefore difficult to estimate but can range between £50.00 to £100.00.

These anticipated disbursements do vary from property to property and can on occasion be significantly more than the ranges given above. We can only give you an accurate figure once we have had sight of your specific documents during the course of your transaction.

You should also be aware that ground rent and service charges are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge once we have had sight of your specific documents during the course of your transaction.

How long will my leasehold purchase take?

How long it will take from your offer being accepted until you can move in to your house/flat will depend on a number of factors. The average process we find takes between 10-14 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 flat run by an efficient managing agent with a mortgage in principle with no chain, it could take 8 weeks. However, if you are one party in a long chain, or you are buying a flat that requires an extension of the lease term, it could take 4 months or even longer. It can also take longer if the lease requires that the Landlord’s consent must be obtained for the sale of the property to you, which consent is known as a “Licence to Assign”. If this applies you will probably be required to obtain and supply references to the Landlord which prove that you are likely to be a responsible owner capable of paying the service charges, usually one bank reference and one personal reference are sufficient for this.

Stages of the process

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances, but our work will generally include the following:

  • Taking your instructions and giving you initial advice
  • Receiving contract documents from seller’s solicitor
  • Carrying out searches
  • Making any necessary enquiries of seller’s solicitor
  • Giving you advice on all documents and information received
  • Going through conditions of mortgage offer with you if applicable
  • Sending final contract to you for signature
  • Agreeing completion date (date from which you own the property)
  • Exchanging contracts and notifying you that this has happened
  • Arranging for all monies needed to be received from the lender and you
  • Obtaining pre-completion searches
  • Completing purchase
  • Dealing with payment of Stamp Duty/Land Tax
  • Dealing with application for registration at Land Registry
  • Dealing with serving notices of transfer and charge

 

Sale of a freehold residential property

Our legal fees

Our legal fees cover the work required to complete the sale of your home.

FREEHOLD – SALE

Price                                                                                      Costs                    VAT                       Total

Up to £120,000                                                                       £480.00                  £96.00                   £576.00

£120,001 – £160,000                                                             £505.00                  £101.00                  £606.00

£160,001 – £200,000                                                            £530.00                  £106.00                 £636.00

£200,001 – £300,000                                                           £580.00                  £116.00                  £696.00

£300,001 – £400,000                                                           £630.00                  £126.00                 £756.00

£400,001 – £500,000                                                           £680.00                  £136.00                 £816.00

£500,001 – £600,000                                                           £700.00                  £140.00                 £840.00

£600,001 – £700,000                                                           £730.00                  £146.00                 £876.00

£700,001+                                                                              £750.00                   £150.00                 £900.00

In addition to our fees (above) there are other costs which you will need to pay known as Disbursements, which 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.

Disbursements (figures given are inclusive of VAT):

  • Land Registry Copy register of title and plan £6.00
  • Land Registry Copy documents of title £3.00 each (depending on how many documents of title are listed on your property’s title register and which need to be obtained)
  • Electronic money transfer fee £3.60 to £18.00 per bank transfer depending on value of funds sent
  • Additional disbursements may apply if indemnity insurance policies are required (e.g. where there are missing building regulations consents or a problem with legal title to your property which can be covered by insurance) or management packs for properties on private developments where management companies charge a maintenance charge. It is not possible to estimate these figures prior to the commencement of a transaction and we will give you an accurate figure if and when such fees are required.

You will also be aware that you may have incurred estate agents commission on your sale and if so we will also settle these fees direct with estate agents for you on completion, unless you notify us in advance that you do not wish us to do so.

How long will my house sale take?

How long it will take from an offer for the property being accepted until you receive the sale proceeds will depend on a number of factors. The average process we find takes between 8 – 12 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 with no chain, it could take 6 weeks. However, if you are selling as one party in a long chain, it could take 3 months or even longer.

Stages of the process

The precise stages involved in the sale of a freehold residential property vary according to the circumstances, but our work will generally include the following:

  • Taking your instructions and giving you initial advice including sending you the forms to be completed for the sale i.e. the Fixtures and Fittings Form and Seller’s Property Information Form. These forms are designed to be able to be completed by you from your knowledge of the property as the owner of the property
  • Obtaining the legal title to the property and submitting it with the contract and your completed forms to the buyer’s solicitors
  • Liaising with you to answer any enquiries received about the property from the buyer’s solicitor
  • Sending final contract to you for signature
  • Agreeing completion date (date on which you sell the property)
  • Exchanging contracts and notifying you that this has happened
  • Sending transfer document to you for execution
  • Completing sale
  • Dealing with the redemption of any mortgages on the property
  • Paying any estate agents commission on your behalf
  • Sending you the net proceeds of sale

 

Sale of leasehold residential property 

Our legal fees

Our legal fees cover the work required to complete the sale of your home.

LEASEHOLD – SALE

Price                                                                                      Costs                    VAT                       Total

Up to £175,000                                                                        £610.00                £122.00                   £732.00

£175,001 – £225,000                                                              £635.00                £127.00                   £762.00

£225,001 – £250,000                                                             £660.00               £132.00                   £792.00

£250,001 – £275,000                                                             £700.00               £140.00                  £840.00

£275,001 – £300,000                                                            £725.00                £145.00                  £870.00

£300,001 +                                                                            £750.00                  £150.00                 £900.00

In addition to our fees (above) there are other costs which you will need to pay known as Disbursements, which are additional 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.

Disbursements (figures given are inclusive of VAT):

  • Land Registry Copy register of title and plan £6.00
  • Land Registry Copy documents of title £3.00 each (depending on how many documents of title are listed on your property’s title register and which need to be obtained)
  • Electronic money transfer fee £3.60 to £18.00 per bank transfer depending on value of funds being sent
  • Additional disbursements may apply if indemnity insurance policies are required (e.g. where there are missing building regulations consents or a problem with the legal title to your property which can be covered by insurance). It is not possible to estimate these figures prior to the commencement of a transaction and we will give you an accurate figure if and when such fees are required.

Anticipated Disbursements (figures given may be subject to VAT depending on whether VAT is charged)

  • Management pack fee – This fee is chargeable if it is necessary to obtain information about the maintenance of the building in which the flat is situated from the Landlord often through their managing agents. The information will include service charge statement and accounts, buildings insurance information, fire and asbestos risk assessments. The level of fee is set by the Landlord and/or their managing agents and therefore can be difficult to estimate. Sometimes more than one pack is required e.g. if the Landlord has appointed different people to carry out different roles. Often it is between £150.00 and £250.00 per pack
  • Licence to Assign fee – This fee if chargeable if under the lease terms Landlord’s consent has to be obtained for the sale of the property to the buyer and that consent is given in the form of a document called a “Licence to Assign”. The document is usually provided by the Landlord’s Solicitor and their fees can be difficult to estimate. Often it is between £450.00 and £1000.
  • Deed of Covenants fee – This fee if chargeable if under the lease terms the buyer has to enter into a document called a Deed of Covenant with the Landlord. The document is usually provided by the Landlord’s managing agents and their fees can be difficult to estimate. Often it is between £60.00 and £150.00
  • Sometimes if a defect is found in the lease or if the lease term needs to be extended a Deed of Variation/Lease Extension document is required and must be negotiated with the Landlord. It is not possible to estimate the costs involved in this prior to the commencement of a transaction and we will give you an accurate figure if and when such documents are required. Please be aware that lease extensions and deeds of variation, where required, can cost thousands of pounds.

You will also be aware that you may have incurred estate agents commission on your sale and if so we will also settle these fees direct with the estate agents for you on completion, unless you notify us in advance that you do not wish us to do so.

How long will my leasehold property sale take?

How long it will take from an offer for the property being accepted until you receive the sale proceeds will depend on a number of factors. The average process we find takes between 10 – 14 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 with no chain, and you have an efficient managing agent, it could take 8 weeks. However, if you are one party in a long chain, or you are selling a flat that requires an extension of the lease term, it could take 4 months or even longer.

Stages of the process

The precise stages involved in the sale of a leasehold residential property vary according to the circumstances, but our work will generally include the following:

  • Taking your instructions and giving you initial advice including sending you the forms to be completed for the sale i.e. the Fixtures and Fittings Form, Seller’s Property Information Form and Leasehold Information Form. These forms are designed to be able to be completed by you from your knowledge of the property as the owner of the property.
  • Obtaining the legal title to the property and submitting it with the contract and your completed forms to the buyer’s solicitors
  • Obtaining any management pack required from the Landlord/managing agents
  • Liaising with you to answer any enquiries received about the property from the buyer’s solicitor
  • Sending final contract to you for signature
  • Agreeing completion date (date on which you sell the property)
  • Exchanging contracts and notifying you that this has happened
  • Sending transfer document to you for execution
  • Completing sale
  • Dealing with the redemption of any mortgages on the property
  • Paying any estate agents commission on your behalf
  • Sending you the net proceeds of sale

 

Re-mortgage of a freehold residential property

Our legal fees

Our legal fees cover the work required to complete the re-mortgage of your home, including dealing with registration of the mortgage at the Land Registry.

RE-MORTGAGE

Costs                     VAT                       Total

£240.00               £48.00                         £288.00

In addition to our fees (above) there are other costs which you will need to pay known as Disbursements, which are costs related to your matter that are payable to third parties, such a Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Disbursements (figures given are inclusive of VAT):

  • Local Authority Search insurance £14.00 to £70.00 depending on the value of the property
  • Bankruptcy search fee £2.00 per person
  • HM Land Registry registration fee £40.00 to £270.00 depending on the value of the  property
  • Electronic money transfer fee £3.60 to £18.00 per bank transfer depending on value of funds sent

How long will my re-mortgage take? 

The average process we find takes 3 to 4 weeks. It can be slower if the lender or their valuer has any specific requirements e.g. obtaining local authority consents for works carried out to the property

Stages of the process

The precise stages involved in the re-mortgage of a freehold residential property vary according to the circumstances, but our work will generally include the following:

  • Taking your instructions
  • Investigating the legal title to the property
  • Obtaining local search indemnity insurance
  • Going through conditions or mortgage offer with you
  • Sending mortgage deed to you for execution
  • Preparing a report on title to your lender
  • Obtaining pre-completion searches
  • Completing re-mortgage
  • Redeeming any existing mortgages on the property
  • Sending you the net re-mortgage proceeds if any
  • Registering new mortgage at the Land Registry

 

Administration of Estates

The Executor of the Will is responsible for administering the Estate in accordance with all legal requirements. You may decide for a number of reasons that you wish to instruct a Solicitor to help ensure that you properly carry out your duties as Executor.

A Grant of Probate (or letters of administration if there is no Will) is a legal document issued by the court which gives the Executor (or Administrator) the authority to deal with the assets of someone who has died.

A Grant of Probate is not always required, for example if the deceased owned property with their spouse as joint tenants and the bank accounts were all in joint names (below a certain value) Probate will not be required. However if the deceased held bank accounts/ premium bonds/ and/or investments in their sole name above a certain value then you will need to obtain Probate before you can release the funds and distribute them in accordance with the terms of the Will or the intestacy rules. Also if the value of the Estate is over the Inheritance Tax Threshold then the Estate must pay Inheritance Tax which is usually 40% of the value of the estate which is over the threshold.

If we are instructed we like to handle the full administration process for you, however we do appreciate that there are some circumstances where you may wish to instruct us to carry out only specific aspects of the administration process, such as preparing the application for the Grant of Probate, which typically costs £750.00 – £1,000 plus VAT and disbursements such as the Probate Registry Fee (see below).  In these circumstances we may be able to carry out the work for a fixed fee, however we would need to have a consultation with you first to be able to gain a proper understanding of the nature and the value of the Estate.  Should you wish to book a non-obligatory appointment with Miss Cox to discuss this further please telephone us on 01303 850678.

Full administration process: valuing the Estate, applying for the grant, collecting and distributing the assets

We anticipate this will take between 10 and 40 hours work at £200 per hour plus VAT, estimated at £2,000 to £8,000, plus VAT.

The exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs will be at the lower end of the range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end. A straightforward estate (with a value below £300,000) typically costs between £1,500 and £4,000 plus VAT and disbursements.

Please note that in circumstances where this firm is specifically named in the Will as the Executors or the value of the deceased’s Estate is over £300,000, we charge an additional costs element (i.e. on top of our bill for time spent) known as an ‘uplift’ as follows:

0.5% of the gross probate value of any property; and

1% of the gross probate value of any other assets (e.g. bank accounts and shares)

Therefore an Estate which involves 20 hours’ worth of work and consists of a property worth £250,000 and bank accounts with a balance of £60,000, would incur a total cost (including the uplift of £1,850) of £5,850 plus VAT.

We will handle the full process for you. The quotation information above assumes the following facts:

  • There is a valid Will
  • There is no more than one property
  • There are no more than 5 bank or building society accounts
  • There are between 1 and 6 beneficiaries
  • There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
  • There is no inheritance tax payable and the Executors do not need to submit a full account to HMRC
  • There are no claims made against the estate

 

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

Disbursements not included in this fee:

  • Probate application fee of £156.00, plus 50 pence for each extra sealed Grant

Please be aware that the Government are in the process of trying to change the Probate Registry Fee so that the size of the Estate dictates the fee.  They want fees to be set using a sliding scale; for example Estates worth between £50,000 and £300,000 may pay £250.00 and Estates worth between £300,000 and £500,000 may pay £750.00.

  • £5.00 for swearing of the Oath (per Executor) plus £2.00 for any document accompanying the Oath (e.g. Will and/or Codicil)
  • Land Registry office copies of between £3.00 and £6.00 per property
  • Bankruptcy-only Land Charges Department searches (£2 per beneficiary)
  • Post in The London Gazette – Protects against unexpected claims from unknown creditors – approx. cost £80.00
  • Post in a Local Newspaper (section 27 notices) – These help to protect against unknown creditors. The cost is usually between £60.00 and £100.00.

 

Potential additional costs

  • If there is no Will or the Estate consists of any share holdings (stocks and bonds) there are likely to be additional costs that could range significantly depending on the Estate and how it is to be dealt with. We can give you a more accurate quote once we have more information.
  • Dealing with the sale or transfer of any property in the estate is not included. We can obtain a quote for you from our Conveyancing department.
  • Our fees do not include the payment of any taxes (for example Inheritance Tax or income tax) that are payable either on death or during the administration of the estate. These are additional costs. Also there will be additional costs if advice from an accountant is required regarding tax.
  • If there are assets in excess of those set out above the costs could increase significantly depending on their nature and how they are to be dealt with.
  • Costs may be incurred for valuing property, possessions/home contents or investments.

 

How long will this take?

On average, estates are usually dealt with within 9 – 12 months, however complex estates with multiple properties to sell could take between 12 and 24 months. Typically, obtaining the grant of probate takes 16 – 20 weeks. Collecting assets then follows, which can take between 6 – 8 weeks. Once this has been done, we can distribute the assets, which normally takes 4 – 6 weeks.

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