| Conveyancing Fees

Ashley James Solicitors – Residential Conveyancing

Purchase of a Residential Property

Our fees cover all of 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, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

Our Fees

We have a range of range of fees depending on the purchase price of the property:

All fees quoted above are exclusive of VAT but where VAT is charged it will be at the current rate of 20%.

Disbursements

Disbursements 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. The likely disbursement would be as follows:

Freehold Purchase:

• Bankruptcy search £ 2.00
• HMLR Final search £ 3.00
• Telegraphic Transfer £40.00 plus VAT
• Electronic ID search £7.50
• HM Land Registry Fee (varies depending on the purchase price of your new home) £ 40.00 – £270.00
• Search Pack (varies depending on the Local Authority in which the Property is situated) Our standard search pack would include the following: Local Authority Search, Drainage & Water Search and Environmental Search £150.00-£350.00

Leasehold Purchase:

There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

• Bankruptcy search £ 2.00
• HMLR Final search £ 3.00
• Telegraphic Transfer £ 40.00 Plus VAT
• HM Land Registry Fee £ 40.00
• Search Pack (varies depending on the Local Authority in which the Property is situated) Our standard search pack would include the following: Local Authority Search, Drainage & Water Search and Environmental Search £150.00-£350.00
• Notice of Transfer fee – can be between £75.00 to £150. The precise amount of the fee will depend upon what the lease says and the costs charged by the landlord or his managing agents. We will not know the precise amount until after we have seen the lease and any other relevant paperwork.
• Notice of Charge fee – can be between £75.00 to £150 again as above.
• Deed of Covenant fee – can be between £75.00 to £150 again as above.
• Certificate of Compliance fee – can be between £75.00 to £150 again as above.

Stamp Duty Land Tax (on purchase)

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website here.

Example price

Based on a freehold purchase price of £400,000 and you are a first time buyer with no other properties in the UK or abroad.

• Our fees: £860 plus VAT at the current rate of 20% £172.00 = £1032
• Bankruptcy search £ 2.00
• HMLR Final search £ 3.00
• Electronic ID £7.50
• Telegraphic Transfer £ 40.00 plus VAT
• HM Land Registry Fee £135.00
• Search Pack £217.00

Sub-total: £1,444.50 (excluding Stamp Duty Land Tax)

*Our fee assumes that:

1. 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
2. For leasehold purchases -this is the assignment of an existing lease and is not the grant of a new lease
3. the transaction is concluded in a timely manner and no unforeseen complication arise
4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Likely timescale in completing your purchase

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 takes between 12-18 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 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are examples of the key stages involved in the purchase of a freehold and leasehold property:

Freehold Purchase:

• Take your instructions and give you initial advice
• Check finances are in place to fund purchase and contact lender’s solicitors if needed
• Receive and advise on contract documents
• Carry out searches
• Obtain further planning documentation if required
• Make any necessary enquiries of seller’s solicitor
• Give you advice on all documents and information received
• Go through conditions of mortgage offer with you
• Send final contract to you for signature
• Agree completion date (date from which you own the property)
• Exchange contracts and notify you that this has happened
• Arrange for all monies needed to be received from lender and you
• Complete purchase
• Deal with payment of Stamp Duty/Land Tax
• Deal with application for registration at Land Registry – post completion matters

Leasehold Purchase

• Take your instructions and give you initial advice
• Check finances are in place to fund purchase and contact lender’s solicitors if needed
• Receive and advise on contract documents, including the lease
• Carry out searches
• Obtain further planning documentation if required
• Make any necessary enquiries of seller’s solicitor
• Give you advice on all documents and information received
• Go through conditions of mortgage offer
• Send final contract to you for signature
• Draft Transfer
• Advise you on joint ownership
• Obtain pre-completion searches
• Agree completion date (date from which you own the property)
• Exchange contracts and notify you that this has happened
• Arrange for all monies needed to be received from lender and you
• Complete purchase
• Deal with payment of Stamp Duty/Land Tax
• Deal with application for registration at Land Registry – post completion matters
• Closing and storing your file for up to 6 years

Sale of a Residential Property

Our fees cover all of the work* required to complete the sale of your home including redeeming any outstanding mortgages.

Our Fees

We have a range of range of fees depending on the sale price of the property:

All fees quoted above are exclusive of VAT but where VAT is charged it will be at the current rate of 20%.

Disbursements

Disbursements 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. The likely disbursement would be as follows:

Freehold

Office Copy and plan £6

Telegraphic Transfer £40 plus VAT

Telegraphic Transfer – mortgage redemption £40 plus VAT

Leasehold

Office Copy and plan £6

Leasehold copy £11

Management Information Pack – the figure would need to be obtained from the Management Company and can be £300 or more.

*Our fee assumes that:

1. 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
2. For leasehold sales -this is the assignment of an existing lease and is not the grant of a new lease
3. the transaction is concluded in a timely manner and no unforeseen complication arise
4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Likely timescale in completing your sale

How long it will take from you accepting an offer until you can move will depend on a number of factors. The average process takes between 12-18 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if your purchasers are cash buyers, it could take 8 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.

Stages of the process

The precise stages involved in the sale of a residential property vary according to the circumstances. However, below are examples of the key stages involved in the sale of a freehold and leasehold property:

• Provide you with documentation to complete about the property and fixtures and fittings
• Obtain title deeds and any other documents to prepare a draft contract.
• If applicable, obtain a settlement figure to repay the outstanding amount on any existing mortgage.
• Send a contract pack to the Buyer’s Solicitor
• The Buyer’s solicitor will check the draft contract and raise enquiries with us.
• We will answer the enquiries together with you.
• Agree a completion date (date from which you no longer own the property and move out)
• The Buyer’s solicitors will confirm that they are satisfied with their search results and answers to their enquires.
• Exchange contracts and notify you that this has happened
• The Buyer’s solicitors will draft and send a transfer deed to us which we will check and send to you to sign in preparation for completion.
• The Buyer’s solicitor will then send the proceeds of the sale to us and you will need to arrange for the keys to be released to the Buyer
• We will send the Buyer’s solicitor the title deeds and transfer deed.
• We will pay the estate agent, repay the amount owing to your mortgage lender and transfer our fees.
• The remaining funds will then be transferred to you.
• Closing and storing your file for up to 6 years

Staff Profile

Please see the link for Our conveyancing team https://www.ajsolicitors.com/our-team/

 | Trust Pilot Reviews