Conveyancing Procedures and Fees

Residential Conveyancing

This is essentially the sale and purchase of houses and flats, either for personal occupation or investment

Where possible we provide our services on a fixed fee basis. This fee is usually assessed with regard to the following factors

1. The value of the property
2. Are you buying/selling freehold or leasehold ( leasehold usually means more work)
3. Is a mortgage involved (which again requires extra work)
4. The likely complexity of the transaction

Fee Guidelines

NB Transactions above £1m are likely to be charged at a higher fee, up to double the above, and transactions above £3m will attract a further premium

Additional payments

In addition to the above fees you will also need to pay

1. VAT where appropriate, on both fees and some disbursements
2. Disbursements. These are expenses we have to pay to third parties on your behalf ( usually a Buyer will need to pay more of these than a Seller)
3. Stamp Duty Land Tax. This is based on a scale and depends not only on the property price but also whether you already own other residential property. HMRC`s website contains a useful calculator which may assist you

Examples of disbursements are

1. Search fees (enquiries made to authorities etc) These will vary region by region but may typically reach at least £300 for the basic searches, with the London area usually more expensive.
2. Land registry fees – payable to register the new name on the legal title. This is based on a scale dependent on the value of the transaction.  The range of fee can be found on H M Land Registry Website (scale 1) and starts at £40 rising eventually to £910.
3. Third party fees – payable to a third party whose consent may be needed under the terms of a title or a lease, or who is asked to provide additional information ( eg a managing agent).

Staffing

Most of this work is handled by an Associate who has enjoyed many years of experience in this field, supported by a dedicated team and supervised at Director level.

We are able to converse in Mandarin and Cantonese, as well as English.

Stages of the Transaction

Most residential property transactions will go through various stages

1. Initial instruction. At this stage we need to undertake our due diligence against you and will also usually request a payment on account of fees and disbursements
2. Searches and enquiries. These are undertaken on your behalf on a purchase, or answered on your behalf on a sale
3. Exchange of contracts – the legal commitment to buy or sell, usually supported by a 10% deposit
4. Completion – the actual final payment and hand-over of the property

The timeframe from start to finish will vary considerably and will often depend on circumstances beyond our control (eg are you in a “chain” where one transaction depends on another). An average timeframe may be around 2 months.

Mortgages

Most lenders have a panel solicitors they will instruct.  We will advise you at the outset if we are on the relevant panel, and can therefore act for you and the lender.