RESIDENTIAL CONVEYANCING AND MORTGAGES

For most people their property is the most important and valuable assets they will own.  We believe that whether buying or selling clients want not only a competitive rate for the transaction but also to know that an experienced and accessible professional will deal with the matter.

We are a member of the Law Society Conveyancing Quality Scheme and offer a competitively‑priced, efficient and personal service.  Our conveyancing work is undertaken by Jonathan Griffiths, a partner in the firm and specialist property solicitor, and Michael Griffiths another partner in the firm who has many years’ experience of handling property matters.  Jonathan and Michael can guide you through each stage of the legal process (please see link to our guide below), help you to identify and avoid potential pitfalls and to conclude the transaction as speedily as possible.

We recognise the importance to our clients of a property transaction and pride ourselves on providing a professional and efficient service in a friendly and readily approachable manner.

We can assist you with buying and selling, mortgaging and re‑mortgaging freehold or leasehold properties.

Dealing with Property and Conveyancing Costs

Our fees for acting on your behalf in conveyancing matters include dealing with all aspects of the transaction from the initial receipt of your instructions to exchanging Contracts and completion together with post-completion matters such as dealing with the Land Registry application, the submission of the Stamp Duty Land Tax Return (Land Transaction Tax LTT in Wales) on your behalf and other post-completion requirements such as the service of notices on freeholders in the case of leasehold flats.  Our fees for undertaking this work are fixed.  However, in exceptional cases if your transaction has unusual or unexpected complications which will involve significant additional work we will inform of you that and will fully discuss the potential consequences of that complication with you before agreeing any additional charges which may apply.

No property is exactly the same and consequently our fees and any related costs will reflect the particular requirements of your individual transaction whether it is a sale or purchase. For example, sales or purchases of leasehold property such as flats or new build properties are typically far more complex and will often attract a higher fee.

On a typical residential sale transaction the typical additional costs in addition to our fees for the time spent in dealing with your transaction and known as disbursements will include:

• Copies of your title and plan and associated documents referred to on it at an average cost of £9.00 inclusive of VAT at 20% for a freehold property and in the region of £22.00 inclusive of VAT at 20% for leasehold premises.
• In the case of a sale of a flat the need to obtain an “Information Pack” from the freeholders or managing agents which varies entirely upon the individual freeholder or management company but is on average in the region of £300.00 plus VAT at 20%.
• An electronic money transfer fee for same day payments of sale proceeds or the settlement of mortgages upon completion the typical cost for which is £30.00 inclusive of VAT at 20%

On a typical residential purchase the additional costs or disbursements are likely to be:-

• Search fee of the Local Authority, Drainage Searches, Environmental and Mining Searches which will vary depending upon the Local Authority and which are on average £357.00 inclusive of VAT at 20%
• Land Registry fees which vary depending upon the price of your property and are banded by the Land Registry accordingly
• Notice fee to freeholders and Managing Agents in the case of leasehold flats which is on average between £50.00 and £75.00 plus VAT at 20% but will depend entirely upon the individual requirements of the freeholder and management company
• Miscellaneous fees to the Land Registry for Bankruptcy, Land Registry searches and Stamp Duty Land Tax submission which are on average in the region of £17.50 inclusive of VAT at 20%.
• Stamp Duty Land Tax or Land Transaction Tax in Wales which all varies entirely upon a number of circumstances specific to your purchase and we can provide you with advice and guidance as to the likely costs once we have full information on your transaction.

We have within our website a calculator service which can provide you with a full and detailed quotation for your proposed transaction.

For a conveyancing estimate please click Get Quote below: 

 

 

For our guide to the conveyancing process and what our fees cover please click here: Conveyancing Process

 

HOW LONG WILL MY SALE or PURCHASE TAKE

The length of time from your offer being accepted until you can move in will depend upon a number of factors including the length of the chain, your requirements, and any other parties in the chain for a mortgage and the nature and complexity of the properties involved.  On average it takes between 6 to 8 weeks to exchange of Contracts from receiving the initial documentation with completion typically taking place 1 to 2 weeks after exchange of Contracts, but this will be entirely subject to agreement and the other circumstances of the parties.

 

MORTGAGES/RE-MORTGAGES – THE PROCESS AND WHAT OUR FEES COVER

In transactions, involving mortgaging or re-mortgaging your property we will generally be acting both for you and your mortgage lender.  The mortgage lender will require us to certify that the legal title to the property is good and marketable and, from a legal perspective, provides acceptable security for the loan being made.

Once a mortgage offer is made and issued, we will:

1.  obtain the legal documents of title to the property and check that the legal title is in order and meets the lender’s requirements;
2. check the terms of the offer, that any conditions imposed by the lender for the release of the funds can be satisfied and seek any further clarification required as a consequence of the mortgage terms or issues arising from the legal title;
3. initiate any searches which are necessary in respect of the property which would normally include a search of the local authority registers, a local water authority search and an environmental search;
4. if the property is leasehold, raise standard management enquiries with the landlord/managing agent to check such things as whether the service charges and rent are up‑to‑date, requirements for service of notice regarding any new or replacement notice etc;
5. arrange for you to sign the mortgage deed and report to the lender and request payment of the mortgage funds for the date of completion;
6. initiate pre-completion searches;

in the case of re-mortgage, request redemption/settlement figure from the existing lender as at the date of completion;

1. prepare a completion statement showing all the money due to be paid to or through us; and
2. on completion, date the mortgage deed, account to you for any net funds due, arrangement for registration at HM Land Registry of the mortgage and when registration has been completed, send to you a copy of the updated Land Registry title entries.

Dealing with Re-Mortgage Costs

Our fees as with a sale and purchase are fixed and are determined by the amount of money being borrowed and the particular requirements of the individual lender. They start at £325.00 plus VAT at 20% and on a typical mortgage or re-mortgage transaction there will be the following typical additional costs (disbursements)

• Copies of your title and plan at an average cost of £9.00 inclusive of VAT at 20%
• Electronic money transfer fee for same day payments and pay off any existing mortgage a typical of cost of which is £30.00 inclusive of VAT at 20%
• Search fees of the local authority, drainage searches, environmental and mining searches which will vary dependent upon the local authority, but which are on average £357.00 inclusive of VAT at 20%
• Land Registry fees which vary depending upon the amount of money that you borrow and are banded by the Land Registry accordingly
• Notice to freehold owners and/or managing agents in the case of leasehold flats which is on average between £50.00 and £75.00 plus VAT at 20% but will depend entirely on the individual requirements of the freeholder and management company
• Miscellaneous fees to the Land Registry for bankruptcy and land registry searches which are on average £7.80 inclusive of VAT at 20%