Our residential property team has over fifty years of collective experience in delivering high quality work in all matters relating to residential conveyancing. There a very few scenarios that will arise that someone will have not dealt with before and you can be assured that we will make the purchase of your property as easy and stress free as it can be.
You will be allocated a designated member of the team who will have the responsibility for the day to day running of your purchase. We have four members of the team who may work on your matter. The team is made up of:
Nigel Illman – Solicitor & Head of Department.
Chloe Spedding – Paralegal
Each of our fee-earners undertake regular training both in-house and external courses on conveyancing to ensure that they remain up to date with the law and conveyancing procedures. All members of the team are supervised. Full details of their supervisor is provided on your initial paperwork. You can read more about each of our team members by clicking here.
Purchase of a Freehold Property
Our fees cover all of the usual the work required to complete the purchase of your new home. The precise stages involved in the purchase of a residential freehold property vary according to the circumstances. However, key stages include:
- Taking your instructions and providing your with initial paperwork.
- Make initial contact with the estate agents and sellers solicitors.
- Advise you on types of ownership.
- Receive and review contract papers and raise any enquiries with the sellers solicitors.
- Carry out searches and review these. It is normal for further enquiries to be raised on these results.
- Review your mortgage offer or other funding documentation.
- Invite you into the office to discuss the purchase, obtain your signatures to the legal documentation and discuss dates.
- Obtain pre-completion searches and set the matter up for completion (this is when you hand over your deposit etc.)
- Exchange of Contracts – the day the completion date is legally fixed.
- Completion – the day you get your keys.
- Deal with payment of Stamp Duty Land Tax.
- Deal with application for registration at Land Registry.
How long will my house purchase take?
We expect that the matter will take 6-8 weeks to complete as a standard timescale. However, we will endeavour to complete the matter as quickly as possible. This timescale is dependent upon a number of factors such as delays caused by the sellers/sellers solicitors issuing papers, defects in the title to the property that need solving, how quickly you let us have the information requested and/or delays caused by third parties (such as your mortgage company) and of course your own requirements for moving. Some matters have been completed in a s quickly as 1 week. Others with more complex titles have been on-going for in excess of 6 months.
Residential conveyancing work at Paisleys is generally undertaken on a fixed fee basis.
For information and to assist you in understanding how our fees are calculated please see the below illustration on a typical purchase of £100,000.00 with two buyers and a high street mortgage finance.
- Legal fees £600.00
- VAT payable £120.00
Subtotal £720.00 plus disbursements listed below
Disbursements are costs related to your matter that are payable to third parties, such your search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. 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 matter.
- Telegraphic transfer fee £16.00*
- HM Land Registry fee: £7.00
- Standard Search Package: £218.00**
- Identification Check (per person): £7.50
- Solicitors Check £14.40***
- Land Registry fee: £40.00
Grand total £1022.90
The prices provided are indicative of the likely cost in a transaction or case and should not be taken as an absolute quote. You must still contact us to obtain a detailed estimate which takes into account the individual circumstances of your transaction or case.
Our fee assumes that this is a standard transaction and that no unforeseen matters arise including for example a defect in title which requires further works/investigations prior to completion or the preparation of additional documentation.
**There is a fee of £16.00 for each telegraphic transfer that we undertake. On a purchase there is likely to be one to pay the purchase monies to the seller’s solicitor.
**This is the cost of a standard search bundle required in every case. There are other searches that you may wish to undertake, such as a flooding and environmental, and there will be an additional charge for these. There are often in certain cases additional reports that need to be obtained and we try where possible to have the sellers solicitors meet the needs of these costs It is quite often the case that a coal mining search is not required which will reduce the price.
***If the sellers solicitors are local & known to us there will not be a charge for a solicitor check.
Where a matter does not proceed to completion you may be billed for the work carried out on the abortive matter. This is based on the amount of time spent on your matter and calculated by the team members hourly rate. The abortive bill will never be higher than the fixed fee you have been provided (unless this has been discussed with you beforehand). The current hourly rates are below:
- Nigel Illman – £170.00
- Chloe Spedding – £140.00
Other possible costs and disbursements.
Help to Buy mortgages and ISA’s
We charge an additional fee of £60.00 inc VAT (per ISA) for completing the required government paperwork and obtaining your bonus. Help to buy mortgages are complex and require the matter to proceed at certain timescales. There is an additional fee of £120.00 inc VAT for the extra work involved.
Stamp Duty Land Tax
Stamp Duty may additionally be payable. This depends on the purchase price of your property and whether or not you own any other properties. You can calculate the amount you will need to pay by using HMRC’s website. We do not make any additional charge for completing and submitting the SDLT forms and payment.
For purchases that involve buying a new lease, or a leasehold property on a short term (i.e. not the 999 year leases) there is an additional fee of £120.00 inc VAT for the extra work involved. Please note that if the matter is leasehold is it usual that the matter will fall outside of the 6-8 week timeframe and it is likely to be 12-15 weeks.
New Build Properties
For purchases that involve buying a new build property there is an additional fee of £120.00 inc VAT for the extra work involved. Please note that if the matter is new build is it usual that the matter will fall outside of the 6-8 week timeframe. The completion date will be determined by the developers and the rate in which the property is built. It is not possible for us to give you an indication of this at this stage.
Indemnity policies are fairly common in conveyancing matters and used to cover a wide variety of issues such as defects in the title, lack of planning/building regulations and issues from searches. It is usual for the sellers to cover the cost of these on a purchase matter but there is no legal requirement for this. Polices are obtained on a case by case basis and start from £14.00 and can run into the £1000’s. Every policy that may be needed is discussed with you prior to any financial costs being incurred.
Deed of Trust
If a trust deed is required to be drawn up to protect an investment made by one of the parties these are an additional £60.00 inc
If you are thinking of instructing Paisleys on your purchase then please do not hesitate to contact us for a free no obligation estimate via telephone on 01900 602235 or email us at email@example.com where we will be able to discuss the matter with you.