Conveyancing is the term used for all legal and administrative work involved to legally transferring home or land ownership from a seller to a buyer. This process is required when buying or selling a property or remortgaging.
At the Kingsville Law Solicitors we understand that some conveyancing matters can be complicated.
Our expert conveyancing lawyers are available to talk through your specific request or matter without obligation, explaining in clear detail how we can assist.
Please call us on +44 2083171477 for further information.
We will endeavour to make your transaction proceed quickly and smoothly by ensuring that your transaction is completed within your desirable timeline.
If there is a delay for any reason beyond our control, we will endeavour to chase other parties to drive the transaction forward as quickly as possible.
Once you have instructed us, we ask for £450 to cover conveyancing search fees and other out of pocket expenses. The remainder of the agreed fees and costs are payable immediately prior to the completion of the transaction.
The searches are necessary to ensure you are buying what you intended to buy and obtaining value for money without any complication. For completeness some of the key details of conveyancing, includes the following:
Disbursement:
This is the deposit money paid to affect such other matters/services that are from third parties/external to the control of the lawyers for example carrying out local land charges search of the local authority for example.
- We handle the payment of disbursements on your behalf to ensure a smoother process. The disbursements which usually apply to a freehold purchase are:
- Pre-contract searches
- HM Land Registry search fee
- Bankruptcy search fee (per person)
- Electronic money transfer
- In addition, if the property you are buying is leasehold, there are certain disbursements which will be set out in the individual lease relating to the property. The additional disbursements which we anticipate will apply to a leasehold property are as follows:
- Notice of Transfer Fee
- Notice of Charge fee (if the property is to be mortgaged)
- Deed of Covenant fee (this is provided by the management company for the property and can be difficult to estimate)
- Certificate of Compliance Fee
- These additional leasehold disbursements vary from property to property. This list is not exhaustive and other disbursements may apply depending on the terms of the lease. We will update you on the specific disbursements upon receipt and review of the lease from the seller’s solicitors.
- Stamp Duty Fee: This is tax imposed by the Government over property of certain value in England, Wales, or Northern Ireland, you would have to pay a lump sum known as Stamp Duty Land Tax. We will provide you a life guide to explain what it is and how much you have to pay when instructed!
If the property you are buying is leasehold, ground rent and service charges are likely to be payable throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.
Searches:
This is the process where checks are conducted about the properties, structures, ownership, and liability to ensure that you acquire value for money and are buying what you set out to buy. The costs of each searches recommended will be itemised and listed as they are incurred. We will not conduct any searches without your authorisation save the mandatory AML (anti money laundering searches) checks and identity.
Exchange:
This is where both parties swap agreed contract between them to evidenced what was agreed and the conditions of transfer.
Completion:
Completion of the transaction is the stage at which all transaction is finalised. Costs of purchase/sale paid to the seller vide the Solicitors. Keys to the premises are handed over to the buyer and administrative process of registering the interest at the Land Registry is affected by the conveyancer.
PURCHASE
Basis of Fee Estimate
We charge fixed fee for the Conveyancing transaction. The total amount less the amount payable as Disbursement (fee payable for searches and related matters) is equivalent to 1.5% plus VAT of the value of the property .
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 property is currently held under a single freehold/leasehold title at the Land Registry.
- if leasehold, this is the assignment of an existing lease and is not the grant of a new lease.
- one contract is submitted to one purchaser.
- the purchase will be based on an unconditional contract and the property is acquired with vacant possession.
- the transaction is concluded in a timely manner, no unforeseen complications arise, and completion takes place on the date agreed in the contract.
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation; and
- no indemnity policies are required – additional disbursements may apply if indemnity policies are required.
If it becomes apparent that there are unforeseen circumstances in connection with the purchase, we may have to increase our charges. If that is the case, we shall inform you before we incur any additional costs.
WHO IS MY CONTACT at KLS?
Your matter will be overseen by one of our experienced lawyers in each of our offices Please contact us for further information.
How long will my property purchase take?
The time it takes from your offer being accepted until you can move into your property will depend on number of factors. The average process takes between 12 and 16 weeks.
Stages of the process
The stages in the purchase of a residential property vary according to circumstances. The key steps we usually take when acting for the buyer 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.
- Investigate the title to the property, to include:
- conducting searches with respect to title and local government information for the property.
- making any necessary enquiries of the seller’s solicitor and reviewing replies given by the sellers to pre-contract enquiries.
- Obtain further planning documentation if required.
- Go through conditions of mortgage offer with you.
- Advise you on joint ownership if you are buying the property jointly with another person.
- Prepare a report on title giving you advice on all documents and information received.
- Agree completion date (date from which you will own the property).
- Negotiate a purchase contract and send to you for signature.
- Negotiate a transfer document and send to you for signature.
- Arrange for all monies needed to be received from lender and you.
- Exchange contracts and notify you that this has happened.
- Obtain pre-completion searches.
- Complete purchase, transferring funds by telegraphic transfer to the sellers’ solicitors.
- Calculate Stamp Duty/Land Tax on the purchase and prepare and submit to HM Revenue & Customs the appropriate tax forms, transferring funds by telegraphic transfer.
- Deal with application for registration at Land Registry.
- Receive an estimate in short time following enquiry.
- Complete our contact form and our residential team will be in touch, and you can expect to receive an estimate in less than 45 minutes after our initial conversation.
SALE OF PROPERTY
Basis of Fee Estimate– We charge fixed fee for the Conveyancing transaction. The total amount less the amount payable as Disbursement (fee payable for searches and related matters) is equivalent to 1.5% plus VAT of the value of the property.
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 property is currently held under a single freehold/leasehold title at the Land Registry.
- if leasehold, this is the assignment of an existing lease and is not the grant of a new lease.
- one contract is submitted to one seller.
- the sale will be based on an unconditional contract and the property is sold with vacant possession.
- the transaction is concluded in a timely manner, no unforeseen complications arise, and completion takes place on the date agreed in the contract.
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation; and
- no indemnity policies are required – additional disbursements may apply if indemnity policies are required.
If it becomes apparent that there are unforeseen circumstances in connection with the sale we may have to increase our charges. If that is the case, we shall inform you before we incur any additional costs.
WHO IS MY CONTACT at KLS?
Your matter will be overseen by one of our experienced lawyers in each of our offices. Please contact us for further information.
How long will my property sale take?
The time it takes from you accepting an offer until completion of the sale will depend on a number of factors. The average process takes between 12 and 16 weeks.
Stages of the process
The stages in the sale of a residential property vary according to circumstances. The key steps we usually take when acting for the seller are as follows:
- Take your instructions and give you initial advice.
- Respond to pre-contract enquiries made by the buyer’s solicitor.
- Obtain further planning documentation if required.
- Agree completion date.
- Negotiate a sale contract and send to you for signature.
- Negotiate a transfer document and send to you for signature.
- Exchange contracts and notify you that this has happened.
- Complete sale, receiving funds from buyer’s solicitors and transferring them by telegraphic transfer to you.