Residential Conveyancing is the legal process of purchasing or selling a house.
Solicitors are often hired to help with the sale or purchase of a house because the buyer / seller is not sufficiently familiar with the process. Where mortgages are involved, the lender will require a solicitor to be appointed to act for and on their behalf.
Our expert property lawyer, Robert Swinburne, is always happy to talk to clients and provide guidance throughout the process of buying or selling a residential property. We can advise in the complex area of residential property law, offering friendly and dependable support and legal advice.
We are committed to giving you as much help and guidance as you need, helping to ensure the sale or purchase proceeds without any complications.
Whether you are in the process of selling your home or buying a new home, we are well positioned to deliver market-leading services in a practical, cost-effective way.
Fees
Our fees have been carefully considered and calculated by reference to the experience, qualifications and expertise of our Robert Swinburne, solicitor (qualified 2010).
Freehold Purchase
Purchase prices:
£0- £400,000: £1,275 plus VAT @ 20%
£400,001 - £800,000: £1,395 plus VAT @ 20%
£800,001 - £1,000,000: £1,595 plus VAT @ 20%
For properties over £1,000,000, work will be charged at at the hourly rate of £295 plus VAT @ 20%.
Stages:
1 Take your instructions.
2 Commission pre-contract searches.
3 Receive or supply draft contract.
4 Investigate title.
5 Raise additional enquiries.
6 Receive mortgage instructions (as applicable).
7 Meet with you to report on title and sign contracts.
8 Advise you to place us in funds for exchange deposit.
9 Supply transfer for approval.
10 Exchange contracts on your behalf.
11 Supply cash statement and invoice.
12 Carry out pre completion searches.
13 Ensure all necessary funds in place from you and mortgagee.
14 If applicable, hold signed transfer.
16 Pay stamp duty tax to Inland Revenue.
17 As applicable arrange or assist with registration of property in new owners name.
18 Deposit deeds with mortgagees.
19 Store your file.
Timescales:
On average, it takes between two to four months from receipt by us of a full pack of papers from the seller’s solicitors, to get to the point where we are ready to exchange contracts. It is at that point that (when contracts are exchanged) that the completion date is fixed, and we then carry out work leading up to the completion date. The transactions can take longer, or indeed, less time, depending on the variables within the transaction.
Freehold Sale:
Sale prices:
£0- £400,000: £1,150 plus VAT @ 20%
£400,001 - £800,000: £1,350 plus VAT @ 20%
£800,001 - £1,000,000: £1,550 plus VAT @ 20%
For properties over £1,000,000, work will be charged at at the hourly rate of £295 plus VAT @ 20%.
Stages:
1 Take your instructions.
2 Draft the contract.
3 Investigate title.
4 Consider additional enquiries.
5 Request mortgage redemption balance (if applicable)
6 Supply draft contract and transfer for approval.
7 Exchange contracts on your behalf.
8 Supply cash statement and invoice.
9 Obtain your instruction on payment of sale proceeds.
10 Complete on the sale
11 Assist with registration of property in new owners name.
12 Store your file.
Timescales:
On average, it takes between two to four months from delivery of the full pack of papers to the buyer’s solicitors, to get to the point where we are ready to exchange contracts. It is at that point (when contracts are exchanged) that the completion date is fixed, and we then carry out work leading up to the completion date. The transactions can take longer, or indeed, less time, depending on the variables within the transaction.
Leasehold Purchase:
Purchase prices:
£0- £400,000: £1,375 plus VAT @ 20%
£400,001 - £800,000: £1,475 plus VAT @ 20%
£800,001 - £1,000,000: £1,6755 plus VAT @ 20%
For properties over £1,000,000, work will be charged at at the hourly rate of £295 plus VAT @ 20%.
Stages:
1 Take your instructions.
2 Commission pre-contract searches.
3 Receive or supply draft contract.
4 Investigate title.
5 Raise additional enquiries.
6 Receive mortgage instructions (as applicable).
7 Meet with you to report on title and sign contracts.
8 Advise you to place us in funds for exchange deposit.
9 Supply transfer for approval.
10 Exchange contracts on your behalf.
11 Supply cash statement and invoice.
12 Carry out pre completion searches.
13 Ensure all necessary funds in place from you and mortgagee.
14 If applicable, hold signed transfer.
16 Pay stamp duty tax to Inland Revenue.
17 As applicable arrange or assist with registration of property in new owners name.
18 Deposit deeds with mortgagees.
19 Store your file.
Timescales:
On average, it takes between two to four months from receipt by us of a full pack of papers from the seller’s solicitors, to get to the point where we are ready to exchange contracts. It is at that point (when contracts are exchanged) that the completion date is fixed, and we then carry out work leading up to the completion date. The transactions can take longer, or indeed, less time, depending on the variables within the transaction.
Leasehold Sale:
Sale prices:
£0- £400,000: £1,295 plus VAT @ 20%
£400,001 - £800,000: £1,450 plus VAT @ 20%
£800,001 - £1,000,000: £1,595 plus VAT @ 20%
For properties over £1,000,000, work will be charged at at the hourly rate of £295 plus VAT @ 20%.
Stages:
1 Take your instructions.
2 Draft the contract.
3 Investigate title.
4 Consider additional enquiries.
5 Request mortgage redemption balance (if applicable)
6 Supply draft contract and transfer for approval.
7 Exchange contracts on your behalf.
8 Supply cash statement and invoice.
9 Obtain your instruction on payment of sale proceeds.
10 Complete on the sale
11 Assist with registration of property in new owners name.
12 Store your file.
Timescales:
On average, it takes between two to four months from delivery of the full pack of papers to the buyer’s solicitors, to get to the point where we are ready to exchange contracts. It is at that point (when contracts are exchanged) that the completion date is fixed, and we then carry out work leading up to the completion date. The transactions can take longer, or indeed, less time, depending on the variables within the transaction.
Please note that we reserve the right to charge additional fees for the following:
- Gifted deposit: £75 plus VAT @20%
- New build (purchase): £300 plus VAT @20%
- Drafting and Preparing Deed of covenant: £80 plus VAT @20%
- Drafting and Preparing Statutory declaration: £80 plus VAT @20%
- Less than two weeks between completion and exchange of contracts: £100 plus VAT @20%
Disbursements:
Purchases
Land Registry registration fee (for transfer of whole with purchase price between £200,00 and £500,000) £150.00
Preliminary search fee (approx.) £250/£375 plus VAT @20%
TT fee (per transfer) £40 plus VAT
Bankruptcy search £2 per name plus VAT @20%
Land Registry search £7
Money laundering search (per name) £5 - £15 plus VAT @20%
Completing and submitting stamp duty land tax £75 plus VAT @20%
Solicitor’s Bank Account checker £12 plus VAT @20%
Sales
Official Copies (per document) £7
TT fee (per transfer) £40 plus VAT @20%
Client bank account checker £2.50 plus VAT @20%
Money laundering search (per name) £5 - £15 plus VAT @20%
Arranging/Approving Title Indemnity Insurance £75 plus VAT
Finally don’t forget there might be payments to others you will need to make such as Stamp Duty Land Tax, estate agent’s fees and on leasehold properties management agent’s charges. For further information, please contact us for an estimate.
Ludlow Lane Solicitors can help you sail through your house sale or purchase. Get in touch to find out more.
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Ludlow Lane Solicitors
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