For most of us the purchase of our home is the biggest financial transaction of our lives and with that much at stake it’s important to use an experienced leasehold conveyancer to avoid costly mistakes and delays. As accredited members of the Law Society’s Conveyancing Quality Scheme our expert conveyancing solicitors have helped thousands of clients to make the right move providing a fast, friendly and cost effective fixed fee leasehold conveyancing service.
A broad outline of the legal work involved in the purchase of a property includes:
- Obtaining information from your Sellers and checking that they have a good title to the property (which means that they have proper documentation to support their ownership)
- Submitting conveyancing searches and raising enquiries of the Seller
- Agreeing the terms of the Contract for the purchase with the Solicitors for the Sellers
- When everyone is ready and the completion date has been agreed with the Sellers, exchanging Contracts on your purchase – this is the stage at which you are committed to the purchase
- Making the pre-completion legal arrangements and checks
- Where you are purchasing with the assistance of a mortgage, dealing with any conditions set by the Lender and reporting to them on the title to the Property
- Obtaining the mortgage money from your lender and any balance that we need from you
- On the completion day, paying for your new property and arranging for the keys to be released to you
- Preparing any necessary Stamp Duty Land Tax return for your signature
- After completion, registering your ownership of the property at the Land Registry, serving any necessary notices on your Landlord and any Management Company and submitting any Stamp Duty Land Tax return
Our conveyancing fees range from £800 to £2,500 plus VAT (currently 20%) depending on the type of property involved, its location and your own personal circumstances. We’d be happy to provide you with a detailed breakdown of these costs for your purchase – just give us a call now on 01902 577771 or fill in the form here. Our Fixed Fee Leasehold Conveyancing Quotation is totally free and without any obligation.
To give you an idea of the various costs involved we’ll take the example of leasehold registered residential property selling for £148,689 (according to Land Registry figures that’s the average price of a property in Wolverhampton as of July 2018).
Solicitor’s Fees £1,175 plus VAT
These cover the cost of the legal work involved in the purchase. In the case of new build properties as these involve much more legal work we make an additional charge of £200 plus VAT.
Bank Transfer Fee £30 plus VAT
We make this charge only where we need to send money electronically as part of the conveyancing transaction
Referral Fee £0.00
We don’t believe in buying business – clients choose to use us because they like the quality of our work, the speed of our service and the ability to talk directly with the solicitor dealing with their purchase – so you don’t have to pay us more so that we can pay estate agents referral fees
Mortgage Fee £0.00
Unlike other conveyancing firms we don’t charge you any extra if we also act for a mortgage lender who is member of UK Finance – all of the major high street banks and building societies are members.
Help To Buy
We don’t make any additional charge if you are using a Help to Buy ISA
If you are buying a new build property with the assistance of the Government Help to Buy scheme we have to make an additional charge of £200 plus VAT to cover the extra legal work involved with that.
These are the fees that have to be paid to third parties in respect of searches and registration fees which are a necessary part of the conveyancing process:
Local search £82.74
Mining search £35.65
Environment search £67.32
Drainage search £69.98
Land Registry priority search £3.00
Land Registry registration fee – £100 if you are buying a lease which is already registered – £230 if its not registered
Bankruptcy search fee – only payable where you are purchasing with the assistance of a mortgage – £2 per person
AML search – £4 per person.
Search fees vary dependant on the location of the property.
Management Company Fees
If the property is located on a development that’s subject to a service charge it’s likely that notice of the change of ownership will have to be given to the company that provides the services – the fee payable to the management company will vary dependant on the development and we won’t know the amount of this until we have been able to investigate the seller’s title and raise enquiries.
Dependant on the type of lease it’s likely that notice of the change of ownership and of any mortgage that you have put in place will have to be given to the Landlord – the notice fee payable to the Landlord will vary dependant on the development and we won’t know the amount of this until we have been able to investigate the seller’s title and raise enquiries.
Strange though it seems your property may have an obligation to contribute to the cost of repairing a Church Chancel. Where the freehold of the property is still owned by whoever owned it prior to 13 October 2013 then in order to protect you against pay-outs which can run into hundreds of thousands of pounds it may be necessary to put in place an indemnity policy to protect you. We won’t know whether this will be necessary or the cost of any policy until we have been able to investigate the seller’s title and raise enquiries
Stamp Duty £0.00
The amount of stamp duty payable to the Government on the completion of your purchase will depend on your personal circumstances and the location of the property. We’ll let you know how much the tax is as part of our detailed quote but have assumed for the purpose of this illustration that you are a first time buyer.
We’d love to help you make your next move. To find out more about our conveyancing services and to get your FREE personalised fixed fee leasehold conveyancing quote CALL us now on 01902 577771 or fill in the form here