Whether you are renting, looking to get on the property ladder for the first time, requiring a new home as your family grows or, conversely, considering a smaller place for your retirement, the team at Carvill & Johnson can provide the legal help you need.
Our experienced professionals can advise on:
- Residential property sales
- Purchases
- Remortgages
- Right-to-buy
- Transfer of equity
Our fixed fees, as detailed in our pricing structure page, cover all of the work required to complete the sale of your old home or 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 purchase is in Wales.
Disbursements that are quoted are costs related to your matter that are payable to third parties, such as Land Registry fees and Management Company Fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Additional Disbursements for a Leasehold Purchase may include the following:
- Notice of Transfer fee – This fee, if chargeable, is set out in the Lease. Often the fee is between £30- £250.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the Lease. Often the fee is between £30 -£250.
- 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 £100- £150.
- Certificate of Compliance fee – To be confirmed upon receipt of the Lease and can range between £100 to £150.
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 the 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.
Stamp Duty or Land Tax (on purchase)
This fee depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website (a direct link is provided in our pricing structure) or if the property is located in Wales by using the Welsh Revenue Authority’s website here. Please note that first time buyers purchasing their first home for £425,000 or less will pay no SDLT. If you are not a first-time buyer, the threshold free of SDLT is on properties up to but not exceeding £250,000. If you own more than one property different rates apply and you will be advised accordingly.
Key Stages of the process of a Purchase
The precise stages involved in the purchase of a residential property vary according to the circumstances. Our Fixed Fee as quoted will include the following unless stated otherwise:
- Take your instructions and give you initial advice & verify ID;
- Check finances are in place to fund purchase and contact seller’s solicitors to request disclosure of the contract pack;
- Receive and advise on contract documents;
- Carry out searches;
- Obtain further planning documentation if required;
- Make any necessary enquiries of seller’s solicitor;
- Draft Transfer Deed;
- Report to you on the contract pack, search results and enquiries raised;
- Give you advice on all replies, documents and information received;
- Go through conditions of mortgage offer with you (additional charge will be quoted at the outset if you are having a mortgage)
- Face to face meeting to sign the contract documentation;
- Advise you on joint ownership if necessary;
- Obtain pre-completion searches;
- Agree completion date (date from which you own the property);
- Request deposit funds for exchange (if applicable) and submit request for release of mortgage funds (if having a mortgage);
- Exchange contracts and notify you that this has occurred;
- Request any balance funds needed to from you (if applicable) to enable us to complete;
- If clients are First time buyers and have Help to Buy ISA’s we seek to obtain the government bonus for them (additional charge will be quoted at the outset if this applies);
- Complete purchase;
- Deal with payment of Stamp Duty/Land Tax;
- Deal with application for registration at Land Registry;
The fixed fee covers us checking the property has good title, that you can obtain a mortgage on the property and that it meets the criteria of the lenders, both now when you purchase and at the point of sale in the future. We are not here to check the actual condition of the property this must be conducted by you or your surveyor.
Taking that into account and given that every transaction is different, it may become apparent as each matter progresses that there will be an additional task that needs to be carried out at an additional charge. If and when this becomes applicable to your matter you will be notified at the earliest opportunity and costs agreed before addition work commences.
Examples of instances that can occur that are not included in our fixed fee and will attract additional costs for a purchase are as follows:
- Re-negotiation on Price.
- Dealing with Gifts from a 3rd party.
- Negotiations in relation to fixtures.
Key Stages of the process of a Sale
The precise stages involved in the sale of a residential property vary according to the circumstances. Our Fixed Fee as quoted will include the following unless stated otherwise:
- Take your instructions and give you initial advice & verify ID;
- Draft contract and title documents and provide them to the buyers solicitors;
- If you have a mortgage we will request an initial redemption statement to determine the amount outstanding on the mortgage does not exceed the sale price; In the event that the mortgage exceeds the sale price we will commence enquiries with you as to how the shortfall will be funded and seek evidence in support;
- Respond to any enquiries raised by the buyer’s solicitor;
- Provide assistance in obtaining further information requested by the buyers solicitors such as planning documentation if required (additional charges are likely to apply);
- Approve the Transfer Deed;
- Face to face meeting to sign the contract documentation and discuss completion dates;
- Agree completion date (date from which you no longer own the property);
- Undertake pre-completion searches;
- Obtain an updated Mortgage Redemption figure (if the Property has a Mortgage unless originally quoted this may incur an additional expense) calculated down to the date of completion;
- Exchange contracts and notify you that this has occurred;
- Prepare a completion statement and account to you for the net sale proceeds;
- Complete Sale;
- Redeem outstanding Mortgage if any (we also do this if there is any other financial charge on the property unless originally quoted this may incur an additional expense);
- Discharge the Estate Agents fees (if applicable and unless we are instructed not to do so by you);
- Send over the executed Transfer Deed and all original documents to the buyers’ solicitors to enable them to complete registration of the property for the buyer.
The fixed fee covers us providing all of the necessary documents provided by you and answering the necessary enquiries to confirm that the property you are selling has good title. We are not here to confirm the actual condition of the property or document what exists in the property the onus is on the buyer to determine this and if necessary, for you to confirm either directly with the buyer or via the Estate Agents.
Taking that into account and given that every transaction is different, it may become apparent as each matter progresses that there will be an additional task that needs to be carried out at an additional charge. If and when this becomes applicable to your matter you will be notified at the earliest opportunity and costs agreed before addition work commences.
Examples of instances that can occur that are not included in our fixed fee and will attract additional costs for a sale are as follows:
- Re-negotiation on Price.
- Assistance completing Protocol Forms.
- Amending/rectification of the title with the Land Registry.
- Redeeming additional charges listed on the title of the property.
- Obtaining certificates for the purposes of compliance from 3rd
- Negotiations regarding fixtures and fittings.
How long will my house purchase/sale take?
How long it will take from your offer being accepted until you can move in to or out of your house will depend on a number of factors. The average process takes between 8 -16 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 property with no chain, it will be much sooner. However, if you are buying a leasehold property that requires an amendment to the lease, this can take significantly longer. In such a situation, additional charges would apply as detailed in our pricing structure.
Please note that the quotation you initially receive is as accurate as we possibly can be given the information provided by you at that time. If your matter should become protracted or more complex than first thought, then additional charges may apply as detailed in our pricing structure. If any such situation arises, we will contact you and discuss this accordingly.
To find out more about our conveyancing services, please contact us.