Purchase of Residential Property 

The following example is based on a standard residential conveyancing transaction of a property worth £600,000. This example is based on a first-time buyer, not owning another property and purchasing this property as their primary residence.

We will carry out due diligence, conduct searches, provide a full report on the property and help with exchange and completion of the contract so you can own your own home. Furthermore, we will take care of the stamp duty and Land Registry Fees. The prices may vary depending on the type of transaction. Please get in contact for a more precise quote. Disbursements are various expenses related to the transaction.

 

Disbursements:

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.

  • Kleyman & Co Fees= £2100
  • Searches= £420
  • Stamp Duty= £20,000
  • Land Registry Fees= electronic fee £270
  • Telegraphic transfer fee= (£30 x 2) £60
  • Priority search= £3
  • Bankruptcy search= £2
  • Company search= £24
  • Lawyer Checker= £12
  • Total= £22, 891

 

Stamp Duty or Land Tax

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..

 

Anticipated Disbursements

  • Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £36-£120.
  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £36-£120.
  • Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £120-£240.
  • Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £120-£240.

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.

You 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.

Depending on the type of purchase, it is possible that further expenses may be incurred such as Indemnity insurance (which can include Chancel liability insurance, lack of building regulations, restrictive covenant etc). We will keep you advised as to costs as they incur.

Our services will 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
  • 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

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 6-12 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 4 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 3 months. In such, a situation additional charges would apply.

 

 

Sale of Residential Property

The following example is based on a standard residential conveyancing transaction of a property worth £600,000. This example is based on a first-time buyer, not owning another property and purchasing this property as their primary residence. We will guide you through the process, help you redeem your mortgage and exchange and complete contracts.

 

Disbursements:

  • Kleyman & Co Fees= £1680
  • Land registry title docs and plan etc= estimate £15
  • Telegraphic transfer fee= (£30 x 2) £60
  • Total= £1,755

 

Depending on the type of sale, it is possible further expenses will be incurred. Depending on the property these further expenses will vary such as the need for Indemnity insurance (which can include Chancel liability insurance, lack of building regulations, restrictive covenant etc). A management pack may be necessary for owners of leasehold flats, which will typically cost between £250 to £450. The costs for insurance for restrictive covenants can be hugely variable and we will provide a quotation to you as soon as we are aware of the cost.

 

How long will my house sale 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 6-12 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if there is a first time buyer involved, selling a new build property with a mortgage in principle, it could take 4 weeks. However, if they are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 3 months. In such, a situation additional charges would apply.

Our services will 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
  • 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

 

 

Re-mortgage

This is based on a client raising a mortgage of £400,000 on a property based on a value of £600,000.

The cost of a re-mortgage is= £2,024.

Disbursements:

  • Kleyman & Co Fees= £1500
  • Searches= £420
  • Land Registry Fees= £15
  • Telegraphic transfer fee= (£30 x2) £60
  • Priority search= £3
  • Bankruptcy search= £2 per name
  • Company search= £24

There might be lenders costs associated with re-mortgaging such as an arrangement fee, server fee and product fee. You should contact your lender or mortgage broker for a full breakdown of costs. Depending on the type of transaction it is possible you may need indemnity insurance (which can include Chancel liability insurance, lack of building regulations, restrictive covenant etc).

 

How long will my house re-mortgage take?

It will take around 4-6 weeks for a straight forward standard re-mortgage. It may take longer depending on the nature of the property as well as the lenders requirements.

 

All residential property work will be undertaken by a member of our property team. Please see the Meet the Team section of the website for details.

More information on our Residential Property services.

For information on costs please see Residential Conveyancing Costs.