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RESIDENTIAL PROPERTY SALE & PURCHASE

When it comes to buying or selling, we provide a quick efficient and friendly service throughout.

We have a team of dedicated property solicitors with extensive expertise of all aspects of buying and selling. We provide a personal service which means that your property transaction will be handled by the same experienced lawyer at every stage.

We have a reputation for being proactive and much of our work comes via personal recommendation from clients and estate agents.

The Property Team have been awarded The Law Society’s ‘Conveyancing Quality Scheme’ Quality Mark. The award is given to firms who demonstrate a high level of knowledge, skills, experience and practice in the area of conveyancing.

To view Roger Bird’s Article on Resolution please click here

COSTS

Our experienced conveyancing team are able to deal with all aspects of your sale or purchase. We acknowledge that we may not be the cheapest option, but our emphasis is on providing a high quality bespoke service to our clients. For that reason, we do not offer fixed fees for any transactions.

We appreciate that it is important for you to understand the costs that you are likely to incur when instructing us. If you choose to instruct this firm, we will provide you with a detailed estimate of costs based on the information you provide us. This will be calculated with reference to the hourly rate of the team or individual you choose to represent you and the number of hours we estimate the work will take us from the information you have supplied. Our current hourly rates are displayed here.

Every case is different. However, to help guide you in relation to our likely fees, please see the table below. All estimates provided in the table cover the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England. Our fee is based on the assumption that:-

  • this is a standard transaction and that no unforeseen matters arise including, for example, (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction;
  • the property is not Listed;
  • the property is not a farm;
  • if the property is leasehold, it is the assignment of 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 cooperative and there is no unreasonable delay from the third parties providing documentation;
  • no indemnity policies are required. Additional disbursements and costs may apply if indemnity polices are required;
  • the property is not a new build;
  • there is no mortgage;
  • you are not using a Help-To-Buy Scheme whether by equity, loan, ISA or otherwise;
  • you are not purchasing under a Right-To-Buy Scheme;
  • you are not purchasing at auction;
  • the property has not been repossessed;
  • the property is Registered Land;
  • you
    • provide us with timely instructions, information and documents necessary or desirable for us to perform our services;
    • notify us promptly of any changes or additions to instructions, information and documents previously provided by you or on your behalf; and
    • ensure that all information provided to us is complete in all material aspects and is not misleading.

If any of the above mentioned assumptions do not apply to your sale or purchase, we will charge for any additional time needed, applying the current hourly rates referred to above.

FEES ESTIMATE
Estimated Range of Fees (excluding VAT)

Property Price Residential Purchase Residential Sale Mortgage/Remortgage
Freehold Leasehold Freehold Leasehold Freehold Leasehold
Up to £200,000.00 £725 –
£900
£825 –
£1000
£675 –
£800
£775 –
£900
£350 –
£500
£450 –
£600
£201,000.00 to
£350000
£810 –
£1200
£910 –
£1300
£795 –
£1000
£895 –
£1100
£500 –
£750
£600 –
£850
£351,000 to
£500,000.00
£1200 –
£1650
£1300 –
£1750
£975 –
£1450
£1075 –
£1650
£750 –
£850
£850 –
£995
£501,000.00 to
£650,000.00
£1600 –
£1850
£1700 –
£1950
£1450 –
£1700
£1600 –
£1800
£850 –
£1000
£995 –
£1100
£651,000.00 to
£800,000.00
£1800 –
£2500
£2600 –
£2650
£1650 –
£2100 plus VAT
£1750 –
£2300
£1000 –
£1150
£1100 –
£1250
£801,000.00 to
£1m
£2550 –
£3000
£2700 –
£3100
£2100 –
£2750 plus VAT
£2200 –
£2850
£1150 –
£1300
£1250 –
£1500
£1,000,001.00 –
£2m
£3000 –
£3650
£3100 –
£3800
£2800 –
£3500 plus VAT
£2900 –
£3600
£1300 –
£1500
£1500 –
£1800
£2,000,001.00 –
£3m
£3700 –
£4200
£3800 –
£4500
£3400 –
£4000 plus VAT
£3500 –
£4200
£1500 –
£1750
£1800 –
£2250
£3,000,001.00 –
£4m
£4000 –
£4850
£4500 –
£4950
£3900 –
£4600 plus VAT
£4100 –
£4700
£1750
-£1900
£2250 –
£2600
£4,000,001.00 –
£5m
£4900 –
£5550
£5000 –
£5800
£4500 –
£5100 plus VAT
£4600 –
£5800
£1900 –
£2250
£2600 –
£2900
£5,000,001 –
£10m
£5700 –
£9500
£5800 –
£9700
£5600 –
£9000
£5800 –
£9400
£2250 –
£2700
£2900 –
£3400
£10,000,001 + £9700+ £9800+ £9000+ £9500+ £2800+ £3500 +

Disbursements on a Purchase

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

It is likely that the following disbursements will be incurred in connection with your purchase:-

Search fees

The amount of search fees depends on the geographical location of your property.  As a guide, search fees usually are in the region of £300.00 to £700.00 plus VAT

HM Land Registry fee

The Land Registry fee is determined by the purchase price or value of your property and the current fees guide can be found here.

Stamp Duty (not payable on a mortgage/remortgage)

This depends on the purchase price of your property but there are a number of possible changes to the standard rate that might apply including an additional 3% on second homes, multiple dwellings relief and mixed use rates.

You can calculate the amount you will need to pay by using HMRC website (www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro)

Leasehold

If the property you are buying is leasehold you may also have to pay for the following:-

  • Notice of Assignment fee in the region of £50 – £250 plus VAT
  • Notice of Charge fee in the region of £50 – £250 plus VAT

Disbursements on a Sale

Land Registry fees

If you property is registered we will need to obtain documents from the Land Registry evidencing your ownership of the property.  The cost of this is £6.00 plus VAT per title.

Leasehold

If the property you are selling is leasehold, you may also need to pay for the following:

  • Sales pack in the region of £350 – £700 plus VAT;
  • Deed of Covenant fee in the region of £50 – £200 plus VAT;
  • Licence to Assign fee in the region of £50 – £200 plus VAT;
  • Landlord’s solicitor’s fees in the region of £250 – £400 plus VAT.

Bank Transfer Fees

For each bank transfer we charge £30 plus VAT.

Step by Step Guide

We thought it might be helpful to set out below the key stages of a sale and purchase, although you will appreciate that these may vary according to individual circumstances.

On a purchase, these steps are as follows:

  • Taking your initial instructions;
  • Checking how you are financing the purchase;
  • Receiving a draft contract package from the seller’s conveyancer which will include the title documents, a fittings and contents list, property information form, EPC, any planning paperwork and supporting documentation;
  • Submitting searches;
  • Investigating the title and raising enquiries of the seller’s conveyancer;
  • Providing advice to you on the documents received to date;
  • Receiving your mortgage offer and any survey. Raising any additional issues with the seller’s conveyancer;
  • Agreeing the contract with the seller’s conveyancer and drafting the Transfer Deed;
  • On receipt of satisfactory replies to enquiries, search results, mortgage offer and survey (if any), reporting to you and obtaining your signature to the contract etc.;
  • Requesting the 10% deposit from you;
  • Agreeing a completion date;
  • Exchanging contracts and notifying you that this has happened;
  • Preparing for completion, draw down your mortgage (if any), receive balance of funds required from you;
  • Complete the purchase;
  • Submit the Stamp Duty Land Tax return and paying any duty due;
  • Applying for registration at the Land Registry and supplying you (and any lender) with updated title information.

On a sale, these steps are as follows:

  • Taking your instructions and giving any initial advice based on the information you have provided;
  • Obtaining your deeds;
  • Advising you how to complete the information forms and checking your replies;
  • Preparing and submitting a draft contract pack to your buyer’s conveyancer;
  • Dealing with any title enquiries received from your buyer’s conveyancer;
  • Finalising the contact and approving the Transfer Deed before sending to you for signature;
  • Agreeing a completion date (the date you move out);
  • Exchanging contracts and notifying you that this has happened;
  • Obtaining a redemption statement (if you have a mortgage) and preparing a financial statement for your approval calculating the net sale proceeds due to you on completion;
  • Completing the sale;
  • Redeeming any mortgage at the Land Registry and accounting to you for the net sale proceeds.

Timescale

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 purchase takes between six and 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 new build property with a mortgage in principle, it could take between 6 and to 16 weeks.  However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 5 months.  In such a situation additional charges would apply.

On a straightforward sale, from accepting an offer to completion should take on average 6 to 12 weeks. Again, this depends on a number of factors including (but not limited to):

  • The parties in the chain;
  • The complexity of the title;
  • Whether your buyer requires a mortgage;
  • Any adverse survey, search result or title issue.

Please do call Sam McEwan on 01285 649717 or email sam@sml-law.co.uk

KEY CONTACTS

David Bird

David Bird

Head of Property

"David works extremely hard to achieve the best possible results for his clients whatever the issue"

Sam McEwan

Sam McEwan

Property Partner & Head of Equine

"Extremely courteous, efficient and friendly" Mark Ransom

Sophie Aldis

Sophie Aldis

Partner

"She kept me up to date, was a champion for our cause, worked hard and was empathetic to the complexities…

Charlotte Badger

Charlotte Badger

Graduate Legal Executive
Jenny Pound

Jenny Pound

Graduate Legal Executive

"Jenny was extremely helpful during our property sale and purchase. I will be recommending her"

Sindy Burford

Sindy Burford

Conveyancing Executive
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