Residential Conveyancing

CONVEYANCING

 

At Jones & Co, our charges are open and transparent. We will always agree the funding method and estimated costs before we start work with you on your matter.  Our aim is to be up-front and transparent about costs. We offer fixed fees in conveyancing in most circumstances and we have provided more details on this below.

Whilst the circumstances below refer mostly to purchases and re-mortgages, we also deal with house sales and can provide you with a quotation if you require this service. Ordinarily, the total legal cost for sales is less than for a purchase as you do not require searches or registration fees on a sale.

THE PROCESS

How long will my house purchase take?

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 8-12 weeks.

It can be quicker or slower, depending on the parties and length of the chain and the complexity of the title to the Property. For example, new build property or leasehold property can take longer to complete than other properties. If you are using the Help to Buy Scheme, this can also increase the time it takes to complete in some circumstances. In such a situation additional charges would apply.

 

Stages of the process

FREEHOLD PURCHASE – The precise stages involved in the purchase of a freehold residential property vary according to the circumstances. However, a standard transaction will usually include:

  • 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 received from the Sellers Solicitors
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of seller’s solicitor and review the replies
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer with you
  • Draft Transfer
  • Advise you on joint ownership
  • Send final contract to you for signature and request the deposit
  • Agree completion date (date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Obtain pre-completion searches
  • Arrange for all monies needed to be received from lender and you
  • Complete purchase
  • Deal with payment of Stamp Duty Land Tax /Land TransactionTax
  • Deal with application for registration at Land Registry
  • LEASEHOLD PURCHASE – The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, a standard transaction includes the following key stages:
  • 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 and review replies
  • Obtain Leasehold Information Pack and review replies
  • 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/Land Transaction Tax
  • Deal with application for registration at Land RegistryStamp Duty Land Tax or Land Transaction Tax (on purchase)Land Registration fee 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 Legal fee for carrying out this service start at £350 +VAT. These fees vary from property to property and can on occasion be significantly more than the example below. We can give you an accurate figure once we have sight of your specific documents.
  • Conveyancer’s fees and disbursements
  • Purchase of a freehold residential property
  • This applies to every purchase and ranges from £20 to £910 dependent upon the price and/or value of the property and if the property is already registered at H M Land Registry or is a new build property
  • Stamp duty land tax is payable on most property purchases and some transfers/remortgages. The amount payable 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. This figure should be added to all of the estimated costs listed below.
  • COSTS
PURCHASE (at £250K)
Legal fee £600.00
VAT £120.00
Bank transfer fee £36.00
Stamp Duty Return fee £60.00
Chancel Liability insurance £17.50
Lawyer Checker Search £12.00
Electronic ID check £2.00*
Index Map Search £4.00
Search fees £174.80
Land Charges search £2.00*
Land Registry Search £3.00
Land Registration fee £95.00
ESTIMATED TOTAL £1126.30

*per name

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. Standard disbursements are set out in the example above, but you may require additional searches dependent upon the location or nature of the property you are purchasing. We can advise you of these once we have full details of the property.

 

Purchase of a leasehold residential property

Our fees cover all 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 is in Wales.

Conveyancer’s fees and disbursements

Our Legal fee for carrying out this service start at £450 +VAT. These fees vary from property to property and can on occasion be significantly more than the example below. We can give you an accurate figure once we have sight of your specific documents.

 

PURCHASE (at £250K)
Legal fee £700.00
VAT £140.00
Bank transfer fee £36.00
Stamp Duty Return fee £60.00
Chancel Liability insurance £17.50
Lawyer Checker Search £12.00
Electronic ID check £2.00
Index Map Search £4.00
Search fees £174.80
Land Charges search £2.00
Land Registry Search £3.00
Land Registration fee £95.00
ESTIMATED TOTAL £1246.30

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply in addition to those above 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.

Anticipated Disbursements*

  • Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50 & £300 per notice
  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50 & £300 per notice
  • Deed of Covenant fee – This fee is provided by and payable to the management company for the property and can be difficult to estimate. Often it is between £150 & £400.
  • Certificate of Compliance fee – To be confirmed upon receipt of the leasehold information pack from the Landlord and/or Management Company and this can range between £100 and £300 per CertificateYou should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.Re-mortgage of a freehold property  
  • Our Legal fee for carrying out this service start at £325 +VAT. These fees vary from property to property and can on occasion be significantly more than the example below. We can give you an accurate figure once we have sight of your specific documents.
  • Our fees cover all of the work required to complete the re-mortgage of your 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. We will also redeem your old mortgage. .
  • *These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
REMORTGAGE (for £100K)
Legal fee £325.00
VAT £65.00
Bank transfer fee £36.00
Electronic ID check £2.00
Index Map Search £4.00
No search indemnity insurance £17.00
Land Charges search £2.00
Land Registry Search £3.00
Land Registration fee £20.00
Copy title deeds £6.00
ESTIMATED TOTAL £480.00

 

In some circumstances your mortgage lender may require a full search package to be carried out instead of us being able to proceed with the no search indemnity insurance mentioned above. If a full search package is required this will be in the region of £175. We will advise you of this once we know who your mortgage lender will be. These fees assume the property is in the correct names and no transfer is required.

* Our legal fee in all cases 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. 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 arises
  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
  6. Additional charges will typically apply for the following:
    1. Help to Buy or a Help to Buy ISA
    2. New build property
    3. Shared Equity
    4. Transfer of part
    5. Transfers of equity
    6. Shared Ownership Properties