Our residential property team specialises in the sale, purchase and financing of high value or complex residential property transactions. We offer a highly bespoke service tailored to the individual needs of our clients and their particular transaction. The value of the properties we deal with varies hugely; a typical property transaction will range in value from £2,000,000 to £20,000,000.
The team is supervised by Richard Owen, Partner. The team members who will be working on your matter are Zoe Longman and Claire Charter whose contact details and relevant experience and qualifications can be found in their respective profiles. The team have been accredited members of the Law Society Conveyancing Quality Scheme since 8 March 2012.
Agricultural or Rural Estate transactions are handled by a separate team of property lawyers.
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Purchase of a freehold residential property
Purchase of a leasehold residential property
Sale of a freehold residential property
Sale of a leasehold residential property
Mortgage of a freehold residential property
Mortgage of a leasehold residential property
Purchase of a freehold residential property
Our fees cover the work required to complete the purchase of a residential freehold property on your behalf including, acting jointly for your lender if you are purchasing with a mortgage, dealing with the registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (SDLT) if the property is in England or Land Transaction Tax (LTT) if the property is in Wales.
Our fees are based on hourly rates. The team member’s current hourly rates are:
We anticipate a residential property purchase transaction of the type that we typically deal with will take between 10-25 hours (depending on the complexity of the matter) at the hourly rate of the team members dealing with the transaction.
The exact costs will depend on the individual circumstances of the matter and the factors as set out in the 'List of assumptions' below. If, for example, the transaction is valued well below £2,000,000 and is a straight-forward cash purchase of a single registered title terraced property, with no title defects the costs will be at the lower end of the range. A detailed fee quote based on your particular transaction can be provided on request and will be provided at the outset of any transaction on which we are acting:
Fees and Disbursements on the purchase of a freehold residential property
| Legal fees |
£5,000 – £10,000 (plus VAT of £1000 – £2,000, if applicable). |
| Search fees |
£500 (plus £100 VAT) approximately; this varies from property to property depending upon which precise searches are needed. |
| HM Land Registry fee |
£20 (for property purchase price £0 – £80,000).
£40 (for property purchase price £80,001 – £100,000).
£100 (for property purchase price £100,001 – £200,000).
£150 (for property purchase price £200,001 – £500,000).
£295 (for property purchase price £500,001 – £1,000,000).
£500 (in respect of properties worth in excess of £1,000,000). |
| Telegraphic transfer fee |
£25.00 (plus £5 VAT per transfer). |
| SDLT or LTT |
This will depend on the purchase price of the property, and will also be dependent upon the individual circumstances of the buyer. Please see the section on SDLT or LTT below. |
| SDLT submission fee |
£9.00 (plus £1.80 VAT). |
|
Estimated total fees
This estimate relates to a property worth £1m and is based on the assumptions in the 'List of assumptions'
|
Fees and disbursements payable £6,935 inclusive of VAT excluding SDLT/LTT payment due. Made up of:
Fees of £5,000 (plus VAT)
Search fees of £500 (plus VAT)
Telegraphic Transfer fee £25 (plus VAT)
SDLT/LTT submission fee £8 (plus VAT)
Land Registry fee of £295.
|
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
SDLT in England or LTT in Wales (on a residential property purchase)
This depends on the purchase price of your property. In addition the level of Stamp Duty Land Tax can vary depending on whether you are a first time buyer, or purchasing a single private residence, or whether the purchase is the replacement of your existing home, or whether you own a share in another property, or whether you have not been resident in the UK for at least 183 days prior to completion, or other factors. On simple transactions you can calculate the amount that you will need to pay using HMRC's website or if the property is in Wales by using the Welsh Revenue Authorities website. However, the rate of tax payable can be complex in some circumstances and different from the sum the calculator indicates (higher or lower) in some cases. Our firm can provide separate advice on such matters for an additional fee.
How long will the property purchase take?
How long it will take from your offer being accepted until completion will depend on a number of factors. On average the process takes between 4 – 12 weeks.
It can be quicker or slower, depending on the position of other parties in the chain and whether for instance the property is a new build property.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. Below are some of the key stages which a transaction would usually include:
- Taking your instructions and giving you initial advice and scoping of the transaction.
- Checking finances are in place to fund the purchase and contacting any lender's solicitors if the lender is separately represented.
- Advising you on joint ownership (if applicable).
- Receiving, reviewing and advising on the contract and title
- Carrying out searches and reviewing the results.
- Reviewing any planning or listed building documentation and building regulation documentation.
- Making any necessary enquiries of the seller’s solicitor and agreeing the contract terms
- Reporting to you on the title to the property and the information received. Including advising you on any defects in title or matters which could affect the future marketability or value of the property and providing suggestions of how such matters can be best remedied.
- If applicable, to review and explain to you the conditions of your mortgage offer and the nature and effect of you signing and entering into the mortgage documents.
- Drafting the Transfer which is the document which transfers ownership of the property to you on completion.
- Sending the final Contract and Transfer to you for signature and obtaining deposit funds from you. This is usually 10% of the purchase price of the property
- Agreeing the Completion Date (the date from which you will become the owner of the property)
- Exchanging contracts and notifying you that this has happened. This will create a binding contract between you and the seller.
- Obtaining pre-completion searches.
- Arranging for all monies needed to be received from the lender (if applicable) and you.
- Completing the purchase.
- Dealing with the payment of SDLT or LTT and submission of the SDLT return.
- Dealing with the application for registration at the Land Registry.
List of Assumptions
Our fee estimate assumes that:
- This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion, or the preparation of additional documents ancillary to the main transaction which would include such matters as advising upon or drafting a Lockout Agreement, Deed of Easement or Overage Provisions.
- The property is being sold with vacant possession.
- Any lender is not separately represented.
- The transaction is concluded in a timely manner without any specific need for urgency or delay.
- It is not a conditional contract.
- All parties to the contract are co-operative and there is no unreasonable delay from third parties involved in documentation.
- No indemnity policies are required. Additional disbursements may apply if indemnities are required.
- The property is not a new build property.
- That the value of the property is not in excess of £5,000,000.
- The property is residential use only.
- That this is not the sale of part of a registered or unregistered title.
- There are no lack of building regulation, planning or listed building consents for works carried out to the property or breach of such consents.
- This is not an auction purchase.
- The transaction does not involve the first registration of title.
- The property has not been repossessed.
- The purchase does not involve a shared ownership scheme or any purchase involving a help to buy scheme, equity loan or ISA or purchase under right to buy.
- Tax advice is not included.
Purchase of a leasehold residential property
Our fees cover the work required to complete the purchase of a residential leasehold property on your behalf including, acting jointly for your lender if you are purchasing with a mortgage, dealing with the registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (SDLT) if the property is in England or Land Transaction Tax (LTT) if the property is in Wales.
Our fees are based on hourly rates. The team member’s current hourly rates are:
We anticipate a residential property purchase transaction of the type that we typically deal with will take between 12 – 25 hours (depending on the complexity of the matter) at the hourly rate of the team members dealing with the transaction.
The exact costs will depend on the individual circumstances of the matter and the factors as set out in the 'List of assumptions' below. If, for example, the transaction is valued well below £2,000,000 and is a straight-forward cash purchase of a single registered title apartment, with no title defects the costs will be at the lower end of the range. A detailed fee quote based on your particular transaction can be provided on request and will be provided at the outset of any transaction on which we are acting:
Fees and disbursements
| Legal fees |
£7,000 – £12,000 (plus VAT of £1400 - £2,400, if applicable). |
| Search fees |
£500 (plus £100 VAT) approximately; this varies from property to property depending upon which precise searches are needed. |
| HM Land Registry fee |
£20 (for property purchase price £0 – £80,000).
£40 (for property purchase price £80,001 – £100,000).
£100 (for property purchase price £100,001 – £200,000).
£150 (for property purchase price £200,001 – £500,000).
£295 (for property purchase price £500,001 – £1,000,000).
£500 (in respect of properties worth in excess of £1,000,000). |
| Telegraphic transfer fee |
£25.00 (plus £5 VAT per transfer). |
| SDLT or LTT |
This will depend on the purchase price of the property, and will also be dependent upon the individual circumstances of the buyer. Please see the section on SDLT or LTT below. |
| SDLT submission fee |
£8.00 (plus £1.60 VAT). |
|
Estimated total fees
This estimate relates to a property worth £1m and is based on the assumptions in the 'List of assumptions'.
|
Fees and disbursements payable £9,335 inclusive of VAT excluding SDLT/LTT payment due. Made up of:
Fees of £7,000 (plus VAT)
Search fees of £500 (plus VAT)
Telegraphic Transfer fee £25 (plus VAT)
SDLT/LTT submission fee £8 (plus VAT)
Land Registry fee £295
|
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the property. The disbursements which we anticipate may apply on a leasehold purchase are set out below separately. This list is not exhaustive and other disbursements may apply depending on the terms of the lease and its requirements in connection with any sale of the property. We will update you on the specific fees upon receipt and review of the lease and information regarding fees payable in such respect from the seller's solicitors.
Anticipated disbursements **
| Notice of transfer fee |
This fee is chargeable if set out in the Lease. Often the fee is between £50 – £175 plus VAT, but will vary from case to case. |
| Notice of charge fee (if the property is to be mortgaged) |
This fee is set out in the Lease. Often the fee is between £50 – £175 plus VAT, but will vary from case to case. |
| Deed of covenant fee |
This is the fee provided by the management company/freeholder for the property and can be difficult to estimate as fees vary from property to property. Often if it is between £250-£750 plus VAT. |
| Certificate of compliance fee |
To be confirmed upon receipt of the lease. Often the fee is between £50 – £150 plus VAT, but will vary from case to case. |
| Transfer of a share in a freehold or residents management company |
To be confirmed upon receipt of the management information from the managing agents. Often the fee is between £100 – £250 plus VAT, but will vary from case to case. |
** These fees vary from property to property and can on occasion be significantly more than the ranges above. We can give you an accurate figure once we have sight of your specific documents and information from the seller’s solicitors.
** 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 anticipated service charge as soon as we receive this information.
SDLT or LTT (on a residential property purchase)
This depends on the purchase price of your property. In addition the level of Stamp Duty Land Tax can vary depending on whether you are a first time buyer, or buying a new lease, or purchasing a single private residence, or whether the purchase is the replacement of your existing home, or whether you own a share in another property, or whether yo have been a resident in the UK for 183 days prior to completion, or other factors. On simple transactions you can calculate the amount that you will need to pay using HMRC's website or if the property is in Wales by using the Welsh Revenue Authorities website. However, the rate of tax payable can be complex in some circumstances and different from the sum the calculator indicates (higher or lower) in some cases, Our firm can provide separate tax advice on such matters for an additional fee.
How long will the leasehold property purchase take?
How long it will take from your offer being accepted until completion will depend on a number of factors. The average process takes between 6 – 12 weeks.
It can be quicker or slower, depending on the position of parties in the chain and whether for instance the property is a new build property. Alternatively if you are buying a leasehold property which requires a licence to assign or an extension of the lease again this can take significantly longer and in such a situation additional charges will apply.
Stages of the process
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. Below are some of the key stages which a transaction would usually include:
- Taking your instructions and giving you initial advice and scoping of the transaction.
- Checking finances are in place to fund the purchase and contacting any lender's solicitors if the lender is separately represented (if applicable).
- Advising you on joint ownership (if applicable).
- Receiving, reviewing and advising on the contract and title documents.
- Carrying out searches and reviewing the results.
- Review any planning or listed building documentation and building regulation documentation.
- Making any necessary enquiries of the seller’s solicitor and agreeing contract terms.
- Reporting to you on the title to the property, lease terms and the property and management information received. Including advising you on any defects in title or matters which could affect the future marketability or value of the property and providing suggestions of how such matters can be best remedied.
- If applicable to review and go through with you the conditions of your mortgage offer and the nature and effect of your signing the mortgage documents.
- Drafting the Transfer which is the document which transfers the ownership of the property to you on completion.
- Sending the final Contract and Transfer to you for signature and obtaining deposit funds from you. This is usually 10% of the purchase price of the property.
- Agreeing the Completion Date (the date from which you will become the owner of the property)
- Exchanging Contracts and notifying you that this has happened. This will create a binding contract between you and the seller.
- Obtain pre-completion searches.
- Arranging for all monies needed to be received from the lender (if applicable) and you.
- Completing the purchase.
- Serving Notice of Transfer and Charge (if applicable) on the landlord of the building.
- Dealing with the payment of SDLT or LTT and the submission of the SDLT return.
- Dealing with the application for registration at the Land Registry.
List of assumptions
Our fee estimate assumes that:
- This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion, or the preparation of additional documents ancillary to the main transaction which would include dealing with and advising upon or drafting a Lockout Agreement, Lease Extension, Licence for Alterations, Overage Provisions.
- The property is sold with vacant possession.
- The purchase is of an existing lease as opposed to the grant of a new lease.
- No lease extension is required.
- The transaction is concluded in a timely manner without any specific need for urgency or delay.
- It is not a conditional contract.
- All parties to the Contract are co-operative and there is no unreasonable delay from third parties involved in documentation.
- No indemnities are required. Additional disbursements may apply if indemnities are required.
- The property is not a new build property.
- That the value of the property is not in excess of £5,000,000.
- No alterations have been made to the property without Licence for Alterations being acquired from the landlord in accordance with the terms of the lease (if applicable).
- The property is residential use only.
- This is not the sale of part of a registered title to the property or unregistered land.
- There are no lack of building or listed building regulation or, planning consents, for works carried out to the property or breach of such consents.
- This is not an auction purchase.
- The transaction does not involve the first registration of title.
- The property has not been repossessed.
- The purchase does not involve a shared ownership scheme or any purchase involving a help to buy scheme, equity loan or ISA or purchase under right to buy.
- Tax advice is not included.
- The building is either less than 11 metres in height or 5 storeys and the mortgage has no requirements regarding the Building Safety Act 2022.
Sale of a freehold residential property
Our fees cover all the work required to complete the sale of your freehold property including the redemption of up to one mortgage (if applicable).
Our fees are based on hourly rates. The team member’s current hourly rates are:
We anticipate a typical freehold residential sale transaction of the type we usually deal with will take between 10 – 25 hours (depending on the complexity of the matter) at the hourly rate of the team member dealing with the transaction. The exact costs will be dependent on the individual circumstances of the matter and the factors as set out in the 'List of Assumptions' below. If, for example, the transaction is valued at £1,000,000 and is a straight-forward sale of a single registered title terraced property, with no title defects and no mortgage to redeem the costs will be at the lower end of the range. A detailed fee quote based on your particular transaction can be provided on request and will be provided at the outset of any transaction on which we are acting.
Fees and disbursements
| Legal fees |
£5,000 – £10,000 (plus £1000 - £2,000 VAT, if applicable). |
| Official copy title and plan fees |
£6.00 (per title). |
| Obtaining official copy of document |
£4.00 (per document referred to as filed in the registered title). |
| Telegraphic transfer fee |
£25.00 (plus £5 VAT per transfer). |
|
Estimated total
This estimate relates to a property worth £1m and is based on the assumptions in the 'List of assumptions'
|
Fees and disbursements payable £6,036 inclusive of VAT. Made up of:
Fees of £5,000 (plus VAT)
Telegraphic Transfer fee £25 (plus VAT)
Official copies of title £6 |
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
How long will the property sale take?
How long it will take from your accepting the buyer’s offer until completion will depend on a number of factors. The average the process takes between 4 -12 weeks.
It can be quicker or slower, depending on the position of the parties in the chain and whether the buyer requires a mortgage.
Stages of the process
The precise stages involved in the sale of a residential property vary according to the circumstances. Below are some of the key stages which a transaction would usually include:
- Taking your instructions and giving you initial advice and scoping of the transaction.
- Contacting your existing lender to obtain redemption figures.
- Obtaining your replies to property information forms and a fixtures and fittings form.
- Drafting the contract and obtaining copies of your property title from the Land Registry and sending contract pack to buyer’s lawyers
- Obtaining from you or the Council planning portal copies of planning documentation and building regulation documentation for the property in respect of works you may have carried out.
- Replying to enquiries raised by the buyer’s solicitor and agreeing the contract terms
- Sending the final contract and transfer to you for signature.
- Agreeing the completion date
- Exchanging contracts. The contract becomes binding at this point and the completion date formally agreed.
- Completing the sale, redeeming any existing mortgage, paying the estate agents fees and paying the net sale proceeds of sale to you.
List of assumptions
Our fee estimate assumes that:
- This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion, or the preparation of additional documents ancillary to the main transaction which would include dealing with and advising upon or drafting a Lockout Agreement, Deed of Easement, or Overage Provisions.
- The property is being sold with vacant possession.
- The transaction is concluded in a timely manner without any specific need for urgency or delay.
- The contract is not a conditional sale contract.
- All parties to the Contract are co-operative and there is no unreasonable delay from third parties involved in documentation.
- No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
- The property is not a new build property.
- That the value of the property is not in excess of £5,000,000.
- The property is residential only.
- This is not the sale of part of a registered title to the property or unregistered land.
- This not a sale under court order or matrimonial transfer on divorce.
- There are no lack of building regulation consents. planning consents or listed building consents for works carried out to the Property.
- This is not an auction sale.
- The property has not been repossessed.
- Tax advice is not included.
Sale of a leasehold residential property
Our fees cover all the work required to complete the sale of your leasehold property including the redemption of up to one registered mortgage (if applicable)
Our fees are based on hourly rates. The team member’s current hourly rates are:
We anticipate a typical leasehold residential sale transaction of the type we usually deal with will take between 12 – 25 hours (depending on the complexity of the matter) at the hourly rate of the team member dealing with the transaction.
The exact costs will be dependent on the individual circumstances of the matter and the factors as set out in the 'List of assumptions' below. If, for example, the transaction is valued well below £1,000,000 and is a straight-forward sale of a single registered title apartment, with no title defects and no mortgage to redeem the costs will be at the lower end of the range. A detailed fee quote based on your particular transaction can be provided on request and will be provided at the outset of any transaction on which we are acting.
Fees and disbursements
| Legal fees |
£7,000 – £12,000 (plus £1,400 – £2,400 VAT, if applicable). |
| Official copy entry fees |
£6.00 (per title). |
| Obtaining copy of a document from the title |
£4.00 (per document referred to as filed in the registered title). |
| Telegraphic transfer fee |
£25.00 (plus £5 VAT per transfer). |
|
Estimated total
This estimate relates to a property worth £1m and is based on the assumptions in the 'List of assumptions'.
|
Fees and disbursements payable £8,440 inclusive of VAT. Made up of:
Fees of £7,000 (plus VAT)
Telegraphic Transfer fee £25 (plus VAT)
Official copies of title and lease £10.
|
Disbursements and costs related to your matter that are payable to third parties. We handle the payment of disbursements on your behalf to ensure a smoother process. There is certain disbursements which can arise in connection with the sale of a leasehold residential property if the seller is to pay these costs.
Anticipated disbursements
| Landlords/managing agents/management company replies to landlord/managing agents property enquiry form |
The fee is provided by the freeholder or management company for the property and can be difficult to estimate as landlords and managing agents charge different fees from property to property, often it is between £350 – £750 plus VAT. |
| Licence to assign or rent deposit deed if required by the lease |
The fee is provided by the freeholder or their lawyers for the property and can be difficult to estimate as landlords and their lawyers charge different fees from property to property. Often it is between £300 – £1000 plus VAT. |
How long will the property sale take?
How long it will take from your accepting the buyer’s offer until completion will depend on a number of factors. The average the process takes between 6 -12 weeks.
It can be quicker or slower, depending on the position of the parties in the chain and whether the buyer requires a mortgage.
Stages of the process
The precise stages involved in the sale of a residential property vary according to the circumstances. Below are some of the key stages which a transaction would usually include:
- Taking your instructions and giving you initial advice and scoping of the transaction.
- Contacting your existing lender to obtain redemption figures.
- Contacting the managing agents or freeholder to obtain replies to standard form enquiries of the managing agents or freeholder, they will charge a fee for this which will be payable by you, the fee varies from property to property depending on what they charge for this.
- Obtaining your replies to property information form, leasehold information form and a fixtures and fittings form.
- Drafting the contract and obtaining copies of your property title and lease and the freehold title from the Land Registry and sending contract pack to buyer’s lawyers
- Obtaining from you or the Council planning portal copies of planning documentation and building regulation documentation for the property in respect of works you may have carried out.
- Replying to enquiries raised by the buyer’s solicitor and agreeing the contract terms
- Sending the final contract and transfer to you for signature.
- Agreeing the completion date.
- Exchanging contracts. The contract becomes binding at this point and the completion date formally agreed.
- Agreeing any apportionments of service charge and ground rent to the date of completion.
- Completing the sale, redeeming any existing mortgage, paying the estate agents fees and paying the net sale proceeds of sale to you.
List of assumptions
Our fee estimate assumes that:
- This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion, or the preparation of additional documents ancillary to the main transaction which would include such matters as advising upon or drafting a Lockout Agreement, Lease Extension, Licence for Alterations or Overage Provisions.
- The property is being sold with vacant possession.
- This is the assignment of an existing lease and is not the grant of a new lease.
- No lease extension is required.
- The transaction is concluded in a timely manner without any specific need for urgency or delay.
- The transaction is not a conditional contract.
- All parties to the contract are co-operative and there is no unreasonable delay from third parties involved in documentation.
- No indemnity policies are required. Additional disbursements may apply if indemnities are required.
- The property is not a new build property.
- That the value of the property is not in excess of £5,000,000.
- The property is residential use only.
- That this is not the sale of part of a registered or unregistered title.
- This not a sale under court order or matrimonial transfer on divorce.
- There are no lack of building regulation, planning or listed building consents for works carried out to the property or breach of such consents.
- This is not an auction sale.
- The transaction does not involve the first registration of title.
- The property has not been repossessed.
- The building is less than either 11 metres in height or 5 storeys and does not have cladding or building safety issues.
Mortgage of a freehold residential property
Our fees cover the work required to complete the mortgage or re-mortgage of a residential freehold property on your behalf including, acting jointly for your lender, redeeming up to one existing mortgage and dealing with the registration of the mortgage at the Land Registry.
Our fees are based on hourly rates. The team member’s current hourly rates are:
We anticipate a residential freehold property mortgage or re-mortgage transaction of the type that we typically deal with will take between 6 – 20 (depending on the complexity of the matter) hours at the hourly rate of the team members dealing with the transaction.
The exact costs will depend on the individual circumstances of the matter and the factors as set out in the 'List of assumptions' below. If, for example, the transaction is valued well below £1,000,000 and is a straight-forward mortgage of a single registered title property, with no title defects the costs will be at the lower end of the range. A detailed fee quote based on your particular transaction can be provided on request and will be provided at the outset of any transaction on which we are acting:
Fees and disbursements on the mortgage of a residential freehold property
| Legal fees |
£3,000 – £7,000 (plus £600 - £1,400 VAT, if applicable). |
| Search fees |
£500 (plus £100 VAT) approximately, this varies from property to property depending upon which precise searches are needed. |
| HM Land Registry fee |
£20 (for loan £0 - £100,000)
£30 (for loan £810,001 - £200,000)
£45 (for loan £200,001 - £500,000)
£65 (for loan £500,001 - £1,000,000)
£140 (in respect of loans in excess of £1,000,000).
|
| Telegraphic transfer fee |
£25.00 (plus £30 VAT per transfer). |
|
Estimated total fees
This estimate relates to a loan of £1m and is based on the assumptions in the 'List of assumptions'.
|
Fees and disbursements payable £4,901 inclusive of VAT. Made up of:
Fees of £3,500 (plus VAT)
Search fees of £500 (plus VAT)
Telegraphic Transfer fee £25 (plus VAT)
Official Copies of title £6
Land Registry fee £65. |
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
How long will the property mortgage take?
How long it will take from your offer being issued until completion will depend on a number of factors. The average process takes approximately 4 - 6 weeks.
It can be quicker or slower, depending on how quickly during the process the mortgage offer is issued and the terms of the offer.
Stages of the process
The precise stages involved in the mortgage of a residential freehold property vary according to the circumstances. Below are some of the key stages which a transaction would usually include:
- Taking your instructions and giving you initial advice and scoping of the transaction.
- Contacting any existing lender to obtain redemption figures.
- Reviewing the property title and checking any covenants have been complied with and that the title is satisfactory.
- Carrying out searches and reviewing the results.
- Obtaining copies of any planning or listed building documentation and building regulation documentation in respect of works you may have carried out to the property and past works.
- Receiving the mortgage offer and reviewing its terms. Advising you on the terms of the mortgage and the nature and effect of your signing the mortgage documents.
- Obtaining your signature to the mortgage deed and arranging for any adult occupiers of the property who are not owners of the property to obtain independent legal advice in respect of their signing an occupiers consent to mortgage form. Where there are such adult occupiers you will need to cover their legal fees in respect of obtaining such advice where applicable.
- Certifying the title to the property to the lender and requesting drawdown of funds usually a minimum of a week before drawdown.
- Obtaining redemption figures from your existing lender for the completion date.
- Obtaining pre-completion searches for the lender.
- Requesting any balancing payment required from you (if applicable)
- Arranging for all monies needed to be received from the lender (if applicable) and you.
- Completion of the mortgage and redemption of the existing charge (if applicable)
- Dealing with the application for registration of the mortgage at the Land Registry and discharge of the existing charge if applicable.
List of assumptions
Our fee estimate assumes that:
- This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion, or the preparation of additional documents ancillary to the main transaction.
- The lender is not separately represented.
- The transaction is concluded in a timely manner without any specific need for urgency or delay.
- The mortgage does not require a guarantee.
- There is no unreasonable delay from third parties involved.
- No indemnity policies are required. Additional disbursements may apply if indemnities are required.
- That the value of the property is not in excess of £5,000,000.
- The property is residential use only.
- That this is not the mortgage of part of a registered or unregistered title.
- There are no lack of building regulation, planning or listed building consents for works carried out to the property or breach of such consents.
- The transaction does not involve the first registration of title.
- The borrower is not a company.
Mortgage of a leasehold residential property
Our fees cover the work required to complete the mortgage or re-mortgage of a residential leasehold property on your behalf including, acting jointly for your lender, redeeming up to one existing mortgage and dealing with the registration of the mortgage at the Land Registry.
Our fees are based on hourly rates. The team member’s current hourly rates are:
We anticipate a residential freehold property mortgage or re-mortgage transaction of the type that we typically deal with will take between 6 – 20 hours (depending on the complexity of the matter) at the hourly rate of the team members dealing with the transaction.
The exact costs will depend on the individual circumstances of the matter and the factors as set out in the 'List of assumptions' below. If, for example, the transaction is valued well below £1,000,000 and is a straight-forward mortgage of a single registered title aparyment, with no title defects the costs will be at the lower end of the range. A detailed fee quote based on your particular transaction can be provided on request and will be provided at the outset of any transaction on which we are acting:
Fees and disbursements
| Legal fees |
£5,000 – £8,000 (plus £1000 – £1,600 VAT, if applicable). |
| Search fees, |
£500 (plus £100 VAT) approximately, this varies from property to property depending upon which precise searches are needed. |
| HM Land Registry fee |
£20 (for loan £0 – £100,000)
£30 (for loan £810,001 – £200,000)
£45 (for loan £200,001 – £500,000)
£65 (for loan £500,001 – £1,000,000)
£140 (in respect of loans in excess of £1,000,000).
|
| Telegraphic transfer fee |
£25.00 (plus £30 VAT per transfer). |
|
Estimated total fees
This estimate relates to a loan of £1m and is based on the assumptions in the 'List of assumptions'
|
Fees and disbursements payable £6,701 inclusive of VAT. Made up of:
Fees of £5,000 (plus VAT)
Search fees of £500 (plus VAT)
Telegraphic Transfer fee £25 (plus VAT)
Official Copies of title £6
Land Registry fee £65 |
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the property. The disbursements which we anticipate may apply on a leasehold mortgage are set out below separately. This is not exhaustive and other disbursements may apply depending on the terms of the lease and its requirements in connection with any mortgage of the property. We will update you on the specific fees upon receipt and review of the lease and information regarding fees payable in such respect.
How long will the leasehold mortgage take
How long it will take from your offer being accepted until completion 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 and whether for instance the property is a new build property. Where you are purchasing a new build property obviously the time for completion will be the time when the property build is completed. Alternatively if you are buying a leasehold property that requires a licence to assign or an extension of the lease again this can take significantly longer and in such a situation additional charges will apply.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. Below are some of the key stages which a transaction would usually include:
- Taking your instructions and giving you initial advice and scoping of the transaction.
- Contacting any existing lender to obtain redemption figures.
- Reviewing the property title and checking any covenants have been complied with and that the title is satisfactory.
- Obtaining management information required by the lender from the landlord or managing agent for which the freeholder or managing agent will charge an additional fee.
- Carrying out searches and reviewing the results.
- Obtaining copies of any planning or listed building documentation and building regulation documentation in respect of works you may have carried out to the property and past works.
- Receiving the mortgage offer and reviewing its terms. Advising you on the terms of the mortgage and the nature and effect of your signing the mortgage documents.
- Obtaining your signature to the mortgage deed and arranging for any adult occupiers of the property who are not owners of the property to obtain independent legal advice in respect of their signing an occupiers consent to mortgage form. Where there are such adult occupiers you will need to cover their legal fees in respect of obtaining such advice where applicable.
- Certifying the title to the property to the lender and requesting drawdown of funds usually a minimum of a week before drawdown.
- Obtaining redemption figures from your existing lender for the completion date.
- Obtaining pre-completion searches for the lender.
- Requesting any balancing payment required from you (if applicable)
- Arranging for all monies needed to be received from the lender (if applicable) and you.
- Completion of the mortgage and redemption of the existing charge (if applicable)
- Serving Notice of Charge on the freeholder/managing agent in accordance with the terms of a lease for which they will charge a fee.
- Dealing with the application for registration of the mortgage at the Land Registry and discharge of the existing charge if applicable.
List of assumptions
Our fee estimate assumes that:
- This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion, or the preparation of additional documents ancillary to the main transaction.
- The lender is not separately represented.
- The transaction is concluded in a timely manner without any specific need for urgency or delay.
- The mortgage does not require a guarantee.
- No indemnity policies are required. Additional disbursements may apply if indemnities are required.
- That the value of the property is not in excess of £5,000,000.
- The property is residential use only.
- That this is not the mortgage of part of a registered or unregistered title.
- There are no lack of building regulation, planning or listed building consents for works carried out to the property or breach of such consents.
- The transaction does not involve the first registration of title.
- The borrower is not a company.
- The building is either less than 11 metres in height or 5 storeys and the mortgage offer contains no specific requirements regarding The Building Safety Act 2022.