Our opening hours are 9am - 5pm, Monday to Friday
Out of hours emergency number 01642 954444
So, if you want to sell a house for £120,000, you can see from Table 1 that our legal fees will be £600.00 (inc VAT). But what if you are selling a leasehold property? In Table 2, the additional costs associated with a leasehold sale amount to £180.00 (inc VAT) making the legal fees £780.00 (inc VAT).
Disbursements will then need to be added from Table 3. Most clients like to have their sale proceeds sent to them by telegraphic transfer at a cost of £25.00. We will send you your sale proceeds the same day if they exceed £50,000. We need to conduct ID searches (per person selling the property) which costs £4.60 per person. We would also need to obtain office copies & Title plan information at a cost of £6.00.
Therefore, the total would be legal costs of £780.00 (inc VAT), a telegraphic transfer fee of £25.00, 1 x ID search at £4.60, and office copies at £6.00, making a total of £815.60.
| TRANSACTION VALUE | SALES | PURCHASE | RE-MORGAGE |
|---|---|---|---|
| £0 - £50,000 | £480.00 | £480.00 | £492.00 |
| £50,001 - £100,000 | £540.00 | £600.00 | £564.00 |
| £100,001 - £200,000 | £600.00 | £660.00 | £564.00 |
| £200,001 - £300,000 | £660.00 | £720.00 | £648.00 |
| £300,001 - £400,000 | £780.00 | £780.00 | £648.00 |
| £400,001 - £500,000 | £960.00 | £1,080.00 | £792.00 |
| TRANSACTION VALUE | SALES | PURCHASE | RE-MORGAGE |
|---|---|---|---|
| £0 - £50,000 | LORUM IPSUM | LORUM IPSUM | LORUM IPSUM |
| TRANSACTION VALUE | SALES | PURCHASE | RE-MORGAGE |
|---|---|---|---|
| £10 - £50,000 | LORUM IPSUM | LORUM IPSUM | LORUM IPSUM |
Once you have the cost information, it is important that you know what we will be doing in relation to your sale, purchase, or re-mortgage. Detailed below is an average timescale, together with the stages of each process:
Purchase Freehold or Leasehold
When you purchase a property, you may have to pay Stamp Duty or Land Tax. This depends on a number of factors and is calculated from the purchase price. You can calculate the amount you will need to pay by using HMRC’s website, or if the property is located in Wales, by using the Welsh Revenue Authority’s website.
How long will my house purchase take?
How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 8 - 12 weeks from us receiving the papers from the seller’s solicitor. 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 a mortgage in principle, it may take approximately 10 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months. In such a situation, additional charges would apply. There may be times when fees increase, for example, if we find that the legal title of the property you wish to buy is defective or the property is unregistered. Or it may be that we find that building regulations or planning permission has not been obtained. We will keep you advised you about anything that may increase our costs.
Stages of the purchase process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below, we have detailed some key stages for your information:
• Take your instructions and give you initial advice
• Check finances are in place to fund the purchase and contact the lender’s if necessary
• Receive and advise on contract documents
• Carry out searches
• Obtain further planning documentation if required
• Make any necessary enquiries of the seller’s solicitor
• Give you advice on all documents and information received
• Go through conditions of mortgage offer with you
• Send final contract to you for signature
• Agree a completion date (date from which you own the property)
• Exchange contracts and notify you that this has happened
• Arrange for all monies needed to be received from the lender and you
• Complete the purchase
• Deal with the payment of Stamp Duty/Land Tax
• Deal with application for registration at the Land Registry
How long will my re-mortgage take?
A re-mortgage tends to be slightly quicker, as we will only need to deal with your existing and new mortgage company. The average tends to be between 4 and 6 weeks.
Stages of the re-mortgage process
• Take your instructions and give you initial advice
• Obtain a redemption statement from your current lender
• Receive and review your new mortgage offer
• Send mortgage documents to you for signature and return
• Arrange a completion date (date from which the new mortgage comes into existence)
• Finalise completion by redeeming your current mortgage
• Register your new mortgage with the Land Registry
How long will my house sale take?
The average process takes between 6 and 8 weeks; however, this is for a straightforward sale. Matters can sometimes be complicated by, for example, the complexity of the title. If this is the case, it can increase the costs, but we will of course keep you advised about this.
Stages of the sale process
The precise stages involved in the sale of a residential property vary according to the circumstances. However, we have detailed some key stages for your information below:
• Take your instructions and give you initial advice
• Ask you to complete a Fixture and Fittings and Property Information form
• Prepare and send draft Contract to the buyer’s solicitors
• Following approval of the contract, we will send this to you for signature and return
• Deal with any enquiries
• Agree a completion date (date from which you no longer own the property)
• Exchange contracts and notify you that this has happened
• Obtain your approval to the draft Transfer drafted by the Buyer’s solicitor
• Complete the sale
• Pay any Estate Agent fees and mortgage connected with the sale
• Account to you for any monies due under the sale
We appreciate that this is a lot of information to take in, especially at a time when you will be busy organising a mortgage or trying to arrange for estate agents to sell your house. We are more than happy to discuss or explain our charges in greater detail either by appointment at our Normanby or Redcar office or over the telephone.
