PURCHASE OF A FREEHOLD RESIDENTIAL PROPERTY

Our fees cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

You can obtain a quote of what our fees will be above, or you can call our office and you will be told what the fees are and this will be confirmed by either email or by letter. We will also let you know how much the disbursements associated with your purchase will be.

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees, search fees and Stamp Duty Land Tax. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Our fees assume 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 transaction is concluded in a timely manner and no unforeseen complication arise
  • all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  • no indemnity policies are required. Additional fees and disbursements may apply if indemnity policies are required.

How long will my freehold purchase take?

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 10-12 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property (which is already built and ready to occupy) with a mortgage in principle, it could take 8-10 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.

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have set out some key stages:

  • Take your instructions and give you initial advice
  • Check finances are in place to fund the purchase.
  • Receive and advise on contract documents
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of seller’s solicitor
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer with you and send you written information regarding the same
  • See you to sign the contract and mortgage paperwork or, if agreed beforehand with us, send final contract and mortgage paperwork to you for signature
  • Advise you on joint ownership (if relevant)
  • Agree 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 your lender and you
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry

PURCHASE OF A LEASEHOLD RESIDENTIAL PROPERTY

Our fees cover all the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.

* Our fees assume 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
  • this is the assignment of an existing lease and is not the grant of a new lease
  • the transaction is concluded in a timely manner and no unforeseen complication arise
  • all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  • no indemnity policies are required. Additional fees and disbursements may apply if indemnity policies are required.

You can obtain a quote of what our fees will be on our website, or you can call our office and you will be told what the fees are and this will be confirmed by either email or by letter. We will also let you know how much the disbursements associated with your purchase will be.

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees, search fees and Stamp Duty Land Tax. We handle the payment of the disbursements on your behalf to ensure a smoother process. In leasehold transactions there will also be additional fees charged directly by the management company and/or landlord. These can include but are not limited to fees for;

  • Deeds of Covenant;
  • Notices of Transfer/Charge;
  • Certificates of Compliance

These fees will be unknown to us until we receive the leasehold information pack from the sellers landlords and/or managing agents. The range of costs can vary but we expect the same to be between £250.00 -£500.00 but we will advise as to what these fees are as soon as we are aware of the same.

These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

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 the anticipated service charge as soon as this we receive this information.

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have set out some key stages:

  • Take your instructions and give you initial advice
  • Check finances are in place to fund the purchase.
  • Receive and advise on contract documents including the lease
  • Carry out searches
  • Obtain further planning documentation if required.
  • Make any necessary enquiries of seller’s solicitor ensuring that all information is provided by the landlords and/or managing agents.
  • Give you advice on all documents and information received.
  • Go through conditions of mortgage offer and send you written information regarding the same.
  • See you to sign the contract and mortgage paperwork or, if agreed beforehand with us, send final contract and mortgage paperwork to you for signature
  • Draft Transfer
  • Advise you on joint ownership (if relevant)
  • Obtain pre-completion searches
  • Agree 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 lender and you
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry
  • Deal with serving notices on the landlord and/or managing agents in accordance with the terms of the lease.

How long will my leasehold purchase take?

How long it will take from your offer being accepted until you can move in to your flat/apartment/maisonette will depend on a number of factors. The average leasehold purchase process takes between 3 and 4 months. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property (which is already built and ready to occupy) with a mortgage in principle, it could take 3 months. However, if you are buying an existing leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 5 months. In such, a situation additional charges would apply.

If you wish to use our online quote calculator for residential conveyancing below is list of things you may wish to consider. You could, if you wish, build questions to find out the following information:

  • value of the property
  • first-time buyer
  • re-mortgage
  • freehold or leasehold
  • new build
  • first registration of title
  • whether a mortgage or not, or Islamic mortgage
  • in purchase cases, whether primary residence, buy to let or second/holiday home
  • multiple owners
  • shared ownership scheme
  • using a help to buy scheme, and whether it is an equity loan or ISA
  • purchase under right to buy
  • purchase at auction
  • property has been repossessed

NB: This list is not intended to be exhaustive and if you require a more detailed quote or want a more detailed breakdown, then please contact us by telephone

‘Elizabeth Isola was friendly, helpful and professional at all times. Thank you
for your services and for the successful conclusion’ – Janet Gurnhill

SELLING A PROPERTY

Our fees cover all the work required to complete the sale of your property including dealing with paying disbursements such as Land Registry fees and paying any apportionment of ground rent and service charges if your property is leasehold, repayment of any mortgage you may have and paying your estate agents fees from the net sale proceeds.

Our fees assume 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
  • If leasehold this is the assignment of an existing lease
  • the transaction is concluded in a timely manner and no unforeseen complication arise
  • all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  • no indemnity policies are required. Additional fees and disbursements may apply if indemnity policies are required.

You can obtain a quote of what our fees will be on our website, or you can call our office and you will be told what the fees are and this will be confirmed by either email or by letter. We will also let you know how much the standard disbursements associated with your sale will be.

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. If this is a leasehold sale then there will usually be a fee to pay to the landlords and/or the managing agents for an information pack about the lease and any management company documents. These can cost between £250 and £350 but vary from property to property and can on occasion be significantly more than the range quoted. We can give you an accurate figure once we contact the landlord/management company for the same.

The precise stages involved in the sale of a residential property vary according to the circumstances. These include:

  • Taking your instructions and providing you with initial advice
  • Obtaining your Title Deeds, from you or your bank or a copy of them from the Land Registry, to prove you own the property.
  • Drafting the sale contract with the agreed terms.
  • Collating information about the property to include everything you know about the property which you disclose on the fixtures and fittings and property information forms that you will have completed, and copies of the title deeds (including the lease if leasehold). We send this plus the contract to the Buyer’s solicitor.
  • Obtaining an information pack from the landlords/ managing agents (if this is a leasehold sale) when we know how much they charge for this and after obtaining their fees from you.
  • Answering any queries the buyer’s solicitor raise by checking the answers with you beforehand in order that they are able to agree the terms of the contract. This can take some time.
  • Approving the transfer that the buyer’s solicitor prepares.
  • Once the contract terms are agreed, a completion date (moving date) is agreed, contracts are signed and exchanged and the buyer pays a deposit. At this stage it is now a legally binding contract.
  • When the completion date is reached, the sale completes when the balance of the purchase monies are sent to us by the buyers solicitors and we pay off your mortgage (if any) , any estate agency fees and your legal fees and any balance is sent to you or to another solicitor if this sale is funding another house purchase for you.
  • Sending your title deeds and the transfer you have signed to the buyer’s solicitors.

How long will my sale take?

How long it will take from you accepting the buyer’s offer until you sell your property will depend on a number of factors. The average process takes between 10-12 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if your buyer is a first time buyer, with a mortgage in principle, it could take 8-10 weeks. However, if you are selling 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.

Also, if you are buying and selling and there are a chain of transactions then it takes as long as the slowest transaction takes which can be 4-5 months rather than 10 -12 weeks.

Have a look at our price transparency document here

‘I was so pleased with the service that I have recommended
Bryan & Armstrong to 3 people already’ – Suzy Cornwell Ball

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