Residential Conveyancing
Overview of the conveyancing process
As members on the Law Society’s conveyancing quality scheme, we follow the Law Society’s conveyancing protocol (otherwise known as CQS) which is designed to make the conveyancing process as straightforward and efficient as possible.
The steps involved in the purchase of a property will include the following:
- Once we have received a memorandum of sale from the selling agent or details of the transaction from you if your matter is a private sale, we will ask you to complete a short questionnaire, provide evidence of identity and your funding arrangements, including evidence as to the deposit, and to put us in funds to enable us to commence searches and undertake regulatory checks
- The sellers solicitors will supply us with a contract pack, including title deeds to the property, a plan, protocol forms (a property information form, and a fittings and contents form), a contract and the energy performance certificate
- We will check title to the property, order searches approve the contract and draft a transfer deed. We will also raise any relevant enquiries with the sellers solicitors so that we can report to you thoroughly
- We would recommend you have a survey carried out, as we are unable to advise you on matters such as the physical structure of the building. If you are getting a mortgage, your lender will also carry out an evaluation of the property, but please remember that the valuation is only for the benefit of the lender, and you should not rely on the valuation. You should let us have a copy of your survey and mortgage valuation
- Once we have received your mortgage offer, searches and replies to enquiries, we will provide you with a written report on the property for you to consider
- If we are also instructed on your sale, we will ensure that the two transactions can exchange simultaneously and supply you with completion statements setting out the costs and disbursements incurred in relation to each matter
- Once all parties are in a position to proceed, we will exchange contracts. This is the point at which the agreement is legally binding, and you cannot withdraw from the transaction without incurring penalties. At the point of exchange, you should book your removals and put your buildings insurance in place, as this is when the risk in the new property will pass to you
- We will order your mortgage advance and ask you to put us in funds for any balance required to complete
- On the completion date, funds will be transferred between solicitors and once completion has taken place, we will notify you and the selling agent so that keys can be released to you
- Post completion we will submit your stamp duty land tax return to HM Revenue and Customs and pay any duty owed. We will also register you as owner at the Land Registry and supply you with evidence once HM Land Registry has completed our application
The above list is not exhaustive and is intended to provide some examples of what could increase the costs of your matter.
Our Fees for a Residential Purchase
For a straightforward residential purchase of property, our fees are as follows: -
| Residential Freehold Property Purchase Price | Our Fees |
|---|---|
| £0 - £300,000 | £950 plus VAT at 20% |
| £300,001 - £400,000 | £1050 plus VAT at 20% |
| £400,001 - £500,999 | £1150 plus VAT at 20% |
| £500,001 - £600,999 | £1300 plus VAT at 20% |
| £600,001 - £800,99 | £1500 plus VAT at 20% |
| £800,001 - £1 million | £1800 plus VAT at 20% |
| Over £1 million | 0.25% of purchase price plus VAT at 20% |
In certain circumstances we will charge additional fees if the nature of the transaction falls outside of the scope of a straightforward purchase of property. This reflects the extra time spent on dealing with the complexities that arise.
These are as follows: -
- Leasehold purchase - £200 plus VAT at 20%
- Unregistered purchase - £150 plus VAT at 20%
- Shared Ownership/Right to Buy - £200 plus VAT
- Newbuild - £450 plus VAT at 20% at 20%
- ISA encashment - £150 plus VAT at 20%
- Acting for the mortgage lender (if on panel) £120 plus VAT at 20%
- Rent Charge on Freehold - £100 plus VAT at 20%
- Completing and filing SDLT form - £60 plus VAT at 20%
- CHAPS Bank transfer payment - £35 plus VAT at 20%
- When a third-party gifts money towards purchase - £100 plus VAT at 20%
- Dealing with third party solicitors (e.g., where the lender has a separate solicitor) - £100 plus VAT at 20%
Overview of the conveyancing process for a Sale
As members of the Law Society’s Conveyancing Quality Scheme, we follow the Law Society Conveyancing Protocol which is designed to make the conveyancing process as straightforward and efficient as possible.
The steps involved in the sale of your property will include the following:
- If the title to your property is unregistered, we will ask you to supply your title deeds. It is likely however that your property will be registered and if it is, we can obtain title documents from HM Land Registry electronically
- Once you have instructed us to proceed, we will send you a short questionnaire on the relevant protocol forms (property information form and a fittings and contents form) for completion
- Once we have received your completed paperwork, along with the memorandum for sale from the selling agents (or details of the buyer's solicitors from you if it is a private sale) we will prepare the contract pack and send it from the solicitors as soon as your buyer is in a position to proceed, that is once they have concluded their financial arrangements and completed the survey. The enquiries that we receive from the buyers solicitor we shall discuss with you and respond to them. Once all matters are agreed with your buyers solicitors a suitable completion date will also be agreed. If you have a related purchase, we will also need to agree this date on your purchase
- Once contracts have been exchanged there is a legally binding agreement with you and your buyer for the sale and purchase of your property and you have to complete on the date agreed on the contract
- On the completion date we will notify you once the sale proceeds are received and advise your estate agent if the sale was negotiated by them and pay their account. We would also pay off any mortgage which you have secured on your property and either return the net proceeds to you or apply those funds to your related purchase
Our Fees for a Residential Sale
For a straightforward residential Sale of property, our fees are as follows: -
| Residential Freehold Property Sale Price | Our Fees |
|---|---|
| £0 - £300,000 | £850 plus VAT at 20% |
| £300,001 - £400,000 | £950 plus VAT at 20% |
| £400,001 - £500,999 | £1050 plus VAT at 20% |
| £500,001 - £600,999 | £1150 plus VAT at 20% |
| £600,001 - £800,99 | £1350 plus VAT at 20% |
| £800,001 - £1 million | £1500 plus VAT at 20% |
| Over £1 million | 0.25% of purchase price plus VAT at 20% |
In certain circumstances we will charge additional fees if the nature of the transaction falls outside of the scope of a straightforward sale of property. This reflects the extra time spent on dealing with the complexities that arise.
These are as follows: -
- Leasehold sale - £200 plus VAT at 20%
- Unregistered - £200 plus VAT at 20%
- Mortgage Redemption - £40 plus VAT at 20%
- Redeem Help to Buy Mortgage - £175 plus VAT at 20%
- Arranging Indemnity Insurance - £75 plus VAT at 20%
- CHAPS bank transfer payment £35 plus VAT at 20%
Disbursements
Whether you are selling or buying, in both instances there are common disbursements that will apply.
- Residential Local Searches provided by third party (incl. Local, Drainage and Groundsure) - £250 - £350 inclusive of VAT at 20%. Price is dependent on the location of the property and necessary searches
- Land Registry Office Copy Entries - £6-£15 (£3.90 a document and dependant on which documents and how many are needed)
- Land Registry Priority Search - £3.90 (No VAT)
- Land Registry Bankruptcy - £2.90 per person (No VAT)
- Land Registry Registration Fee based on purchase price/value of property - £20 - £900
- Anti-money Laundering I.D Check - £27.36 per person.
- Lawyer Compliance Check - £15 plus VAT at 20%
- Land Charges Search - £2.90 per person
- Companies House Check – No charge
- Management Pack on Sale of Leasehold - £400 - £600 dependant on Management Company and usually inclusive of VAT
What we do
The stages in a residential purchase vary according to individual case circumstances, but as an overview you can expect the following: -
- Taking instructions and providing initial advice
- Checking finances are in place to fund the purchase and contact the lender’s solicitors if required
- Undertake regulatory searches
- Carrying out local authority and conveyancing searches and providing you with a detailed report of results
- Making further enquiries with the seller’s solicitor where necessary
- Consider and agree the Contract for Sale and the title documents together with the replies to the questionnaires provided by the seller
- Consider your Mortgage Offer and advise you
- Acting on behalf of, and reporting to your lender
- Preparing the Transfer Deed and completing the mortgage documentation
- Sending you the final contract, transfer and mortgage offer for signing and agreeing a completion date
- Carrying out pre-completion searches
- Exchanging Contracts with your consent (at this stage you are agreeing to be legally bound to purchase the property)
- Providing you with a financial statement in readiness for completion
- Dealing with any Mortgagee formalities to collect the mortgage advance
- Completing your purchase for you, paying the purchase price and any money agreed for any items to the seller’s solicitors
- Completing the Stamp Duty Land Tax form, paying any Stamp Duty and Land Tax due and registering your purchase at the Land Registry
- Sending copy documents to you following registration together with any other documents which you may need when you come to sell the property
In some cases, complexities may arise which could increase the cost and speed of the service you require. A non-exhaustive list of examples include:
- If the legal title is defective
- If the title is unregistered
- If there is a management company that we need to engage with to ensure compliance with any regulations which may apply
- If we need to obtain a certificate of compliance for a restriction on the title
- If you have the benefit of a Help to Buy ISA or Lifetime ISA
- If the property is a new build
- If there is a rent charge
The stages in a residential sale may vary according to individual case circumstances, but as an overview you can expect the following:-
- Take instructions and give initial advice
- Undertake the necessary regulatory checks
- Consider the Title Deeds and prepare the draft Contract
- Deducing title either by way of an Epitome (if title is unregistered) or by obtaining copies of your Title from the Land Registry
- Provide assistance, if necessary, in completing the Seller’s Information Form and Fixtures and Fittings form
- Submitting the Contract to the buyer’s solicitors and obtain your instructions and respond to pre-contract enquires raised by the Buyer
- Securing your approval and signature to the Contract and Transfer Deed
- With your consent exchanging Contracts (which creates a binding contract for you to sell the property and for the buyer to purchase it)
- Providing you with a financial statement and at completion ensuring all monies due are received
- Attending to the discharge of any Mortgage and Estate Agents fee
Timescales
Generally speaking, at present the timescales to complete your sale or purchase could take 10-14 weeks but this depends on many factors, including the speed of searches, mortgage offer, and the co-operation of all parties. This will likely be more if you are selling or purchasing a leasehold property.
If you are in a ‘chain,’ any dates will need to be agreed with all parties.
Other Services we offer
Transfer of Ownership (Equity)
Often for inheritance planning and personal reasons, families may transfer ownership of the property internally. In these instances, we act separately for both parties, so they are properly advised.
Our Fees for Transfer of Equity is between £500-£650 plus VAT at 20%.
We can assist with a transfer of equity. The stages in a transfer vary according to individual case circumstances, but as an overview you can expect us to do the following: -
- Take initial instructions and provide initial advice.
- Undertake regulatory check
- Consider the Title Deeds and prepare the Transfer Deed
- Deducing title either by way of an Epitome (if title is unregistered) or by obtaining copies of your Title from the Land Registry
- Advice you on the legal implications of the transfer (except for tax advice)
- Secure your approval and signature to the Transfer Deed
- Provide you with a financial statement and complete the Transfer
- Register the Transfer with the Land registry
You can expect the process of the transfer to take 4 to 8 weeks providing there are no complications.
Disbursements
The following are likely disbursements which will be incurred dependent on the nature of the transaction:
- Land Registry Office Copy Entries - £6-£15 (£3.90 a document and dependant on which documents and how many are needed)
- Land Registry Priority Search - £3.90 (No VAT)
- Land Registry Bankruptcy - £2.90 per person (No VAT)
- Land Registry Registration Fee based on purchase price/value of property - £20 - £900
- Anti-money Laundering I.D Check - £27.36 per person
- Lawyer Compliance Check - £15 plus VAT at 20%
- Land Charges Search - £2.90 per person
- Companies House Check – No charge
- Management Pack on Sale of Leasehold - £400 - £600 dependant on Management Company and usually inclusive of VAT
Remortgages
We can assist you with remortgaging your property. The stages in a re-mortgage may according to individual case circumstances, but as an overview you can expect the following: -
- Take initial instruction and provide initial advice
- Undertake regulatory checks
- Consider the instruction of the Mortgage Company and investigate the title of the property
- Order Local Authority search (this gives information about the locality and what the planning history of the property, Drainage Search (this provides information about the drainage facilities affection the property etc and Environmental Search this provided information on environmental issues such as flooding, energy, subsidence etc.
- Prepare a report to the Mortgagee to obtain your mortgage advance
- Obtain a Redemption Statement from any existing mortgagee
- Preparing the Mortgage Deed
- Providing you with a financial statement in readiness for completion
- Dealing with any Mortgagee formalities to collect the Mortgage advance, redeeming your existing mortgage
- Register the Mortgage at the Land Registry
Complexities which could increase your costs
We want we want to ensure you only pay for the service you receive, so as an example a straightforward transaction involving a freehold property and a standard mortgage will cost less than a complex leasehold property being mortgage to a lender or requires us to undertake much more detailed reporting on its behalf.
- If the legal title is defective
- If the title is unregistered
- if there is a management company that we need to engage with to ensure compliance with any regulations which may apply
- If the property is subject to a rent or estate charges
- If you are redeeming a Help to Buy loan
| Remortgage Price | Our Fees |
|---|---|
| £0 - £500,000 | £650 plus VAT at 20% |
| £500,001 - £1 million | £800 plus VAT at 20% |
| Over £1 million | £900 plus VAT at 20% |
Our fees are on the basis this is a standard transaction, and no unforeseen matters arise. Our fees can increase if the matter is more complex or has unforeseen complications.
Disbursements
On a re-mortgage the following disbursements are likely to be incurred:
- Residential Local Searches provided by third party (incl. Local, Drainage and Groundsure) - £250 - £350 inclusive of VAT at 20%. Price is dependent on the location of the property and necessary searches
- Land Registry Office Copy Entries - £6-£15 (£3.90 a document and dependant on which documents and how many are needed) (No VAT)
Land Registry Priority Search - £3.90 (No VAT) - Land Registry Bankruptcy - £2.90 per person (No VAT)
- Land Registry Registration Fee based on purchase price/value of property - £20 - £900
- Anti-money Laundering I.D Check - £27.36 per person
- Lawyer Compliance Check - £15 plus VAT at 20%
- Land Charges Search - £2.90 per person
- Companies House Check – No charge
- Management Pack on Sale of Leasehold - £400 - £600 dependant on Management Company and usually inclusive of VAT
Time Scales
We estimate that from receiving instructions to completing the matter, it will take 8-12 weeks. You should bear this in mind to plan your progress.
Our Team
Our conveyancing matters are primarily handled by Kumar J Pandya a partner of the firm with over 30 years experience and Rebecca Burford-Lewis a solicitor of the firm with over 16 years experience. They are both assisted by Juhi Ahluwalia a solicitor.
For more information about our services or fees to help you budget your sale or purchase contact us today.
