Residential Conveyancing – Freehold Properties
To discuss your specific conveyancing requirements, please contact us:
Telephone: 020 8367 3230
Email: reception@martinshepherd.co.uk
Our fees vary due to many factors including, but not limited to the property value and whether or not there is a mortgage.
Each matter is different. When you contact us we will provide you with a written quote specific to your transaction. There are no hidden charges as we provide you with details of the likely fees and disbursements before you formally instruct us. We are bound by that estimate and are professionally obliged to inform you when there will be any changes to that original estimate as circumstances arise.
When we provide our estimate, it is based on the information available at the time and it is occasionally the case that matters arise which have to be dealt with which were not included in the original estimate. Should this happen we will let you know and provide an estimate for dealing with that work on your behalf.
Your matter will be dealt with by members of the residential conveyancing department depending on which of our offices you instruct. A detailed profile of each of them is in the Our People section of this website.
Potters Bar office
Sheila Patel -Solicitor
Sarah Mitchinson = Paralegal
North Finchley office
Janev Gazioglu Legal Executive and Head of Conveyancing
Patrick Lee Foo Pin – Partner
Christina Petrou – Solicitor
Hertford office
Melanie Swann – Cilex
All of the above will handle your work personally.
We are CQS accredited by the Law Society and are able to act for most lenders.
All conveyancers are supervised and overseen by Daniel Raja who is a Solicitor and Partner in the firm.
All of our conveyancers keep up to date with changes in the law and the practices and procedures in conveyancing.
Property Purchase (Freehold)
The following fee information gives an indication of our fees for the purchase of a freehold residential property (a house) in Edmonton London N18 at a purchase price of £350,000 in a simple uncomplicated transaction.
Our fees cover all of the work* required to complete the purchase of your new property, 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 FEE
Acting for you in the purchase of your new home – £950.00
Acting on Behalf of Your Mortgage Company** – £100.00
Professional Indemnity – £75.00
Transfer of Funds, per item – £30.00
Stamp Duty Land Tax Form Completion – £75.00
Searches Administration – £25.00
ID Check – £5.00
File Archive Fee – £25.00
Total of Above Fees – £1285.00
Total VAT to be paid on the above – £257.00
**If your Mortgage provider is Paragon Mortgages, Metro Bank or The Mortgage Trust there will be an additional legal fee estimated to be around £100.00 + VAT due to the sheer number of conditions in their offers.
Please note if you are drawing down funds from a Help to Buy ISA, a further fee of £50.00 will be charged to deal with the additional administration work involved. If you are drawing funds from a Lifetime ISA a further fee of £70 per ISA will be charged.
Please note where we are required to obtain your mortgage offer from a 3rd party website for which we are charged a fee we will charge you an additional legal fee of £30 plus VAT per mortgage offer but not the fee charged to us by the 3rd party website.
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.
These Stamp Duty Land Tax figures are the usual rates and not the current rates which end on 31st March 2021.
Stamp Duty Land Tax*** – If all purchasers qualify as first-time buyers – £2500.00
Stamp Duty Land Tax*** – If any purchasers do not qualify as first-time buyers but do not currently own other property or are replacing their main home – £7500.00
Stamp Duty Land Tax*** – There are other scenarios which apply for Stamp Duty of which we will inform you if they apply to you
Standard Search Pack: Local Authority, Water & Drainage, Environmental, Chancel Indemnity – £215.30
Land Registry Fee – £100 to £500 depending on purchase price
Land Registry Search Fee – £3.00
Bankruptcy Search Fee (per name) – £2.00
***Stamp Duty or Land Tax
This depends on the purchase price of your property and your circumstances as different rates apply. 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. Use this calculator for the current rates which apply until 31st March 2021.
STAGES OF THE PROCESS
The precise stages involved in the purchase of a residential property vary according to the circumstances – the key stages are as follows;
- 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
- Request management pack (leasehold only)
- Raise enquiries on the management pack (leasehold only)
- Read and advise on the lease and raise enquiries (leasehold only)
- 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
- Personal attendance with you to go through the paper work and sign the contract
- 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
- Deal with post completion Notices (leasehold only)
How long will my property 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 in the chain. For example, if you are a first time buyer, purchasing a freehold house with a mortgage in principle, it could take 8 – 10 weeks. However, if you are buying a leasehold property with a Management Company it can take from 12 – 16 weeks especially if there is a chain.
Property Sale (Freehold)
The following fee information gives an indication of our fees for the sale of a freehold residential property (a house) in Edmonton London N18 at a sale price of £350,000 in a simple uncomplicated transaction, including redeeming any mortgage secured against the property.
OUR FEE
Acting for you in the sale of your property – £900.00
Acting on Behalf of Your Mortgage Company (per lender) – £100.00
Professional Indemnity – £75.00
Transfer of Funds, per item – £30.00
ID Check – £5.00
File Archive Fee – £25.00
Total of Above Fees – £1135.00
Total VAT to be paid on the above – £227.00
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.
Land Registry Office Copy Entries, per title – £6.00
STAGES OF THE PROCESS
The precise stages involved in the sale of a residential freehold property vary according to the circumstances – the key stages are as follows;
- Take your instructions and give you initial advice
- Arrange for you to complete the protocol forms
- Obtain and investigate the title to the property and your right to sell the property
- Obtain a redemption statement from your mortgage lender
- Obtain replies to enquiries from any management company
- Prepare contract documents and send these to the buyer’s solicitor
- Respond to any necessary enquiries of the buyer’s solicitor
- Give you advice on all enquiries received
- Send final contract to you for signature
- Agree completion date (date on which you sell the property)
- Exchange contracts and notify you that this has happened
- Calculate any apportionments to be collected
- Arrange for all monies required to be collected from the buyer’s solicitor
- Pay the estate agent, if any
- Redeem the mortgage, if any
- Account to you.
How long will my property sale take?
How long it will take from the offer being accepted until the sale completes 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 further information and to discuss your requirements further, please contact us: