Residential Conveyancing Pricing

Likely Disbursements and costs:

(A Disbursement is an expense towards the Stamp Duty to the HMRC, Land Registry fee, obtaining Office copies & the Title Plan, Priority searches and Bankruptcy searches paid  to  HMLR, search fee for relevant Local Authority, other search fees for the providers, bank charges, Anti-money laundering searches, Lawyer checker searches etc.,)

Freehold Purchase:

• Our Professional Fees stated as above (depend on the Purchase Price)
• Our Fees for Acting for Lender (Fees stated as above, depending on the Purchase Price)
• Office copy Entries & Title Plan - £ 12.00
• Stamp Duty (please check HMRC stamp duty online calculator- depend on the purchase price and your status as first time Buyer or additional property)
• Land Registry fee  - £ 270 - £540 (again depending on the purchase price)
• Local Authority Search- £ 210-£350 (depend on the Local  Council charges)
• Drainage & Water Search, Environmental and Flood Report  -about  £ 150.00
• Official Search-whole                 - £    6.00
• Bankruptcy Search                     - £    2.00 (per person)
• Anti Money Laundering search  -  £    7.20 (per person)
• Bank funds Transfer fee             -  £  15.00
• Completion of Stamp Duty Form-  £ 100.00

Freehold Sale:

• Our Professional Fees stated as above ( depend on the Sale Price)
• Office copy Entries & Title Plan     - £ 12.00
• Any Deeds if required                    - £ 12.00 ( each document)
• Bank Charges for Redemption of Existing Charge - £ 15.00
• Bank Charges for sending balance sale Proceeds - £ 15.00

Mortgages & Re-Mortgages

• Office copy Entries & Title Plan      : £ 12.00
• Land Registry fee                            : £ 40.00 (this depends on the Mortgage  Amount)
• Bank Charges                                  : £ 15.00 (each transaction)

Leasehold Sales:

• Please refer to the above fee scale. We charge an extra £250.00 for Leasehold Sales.
• Same as Freehold disbursements above described.
• The Sellers must pay for the cost of obtaining the Freehold/Management Enquiries/ Replies pack. This will be around £150-£400

Leasehold Purchase:

• Please refer to the above fee scale. We charge an extra £200.00 for Leasehold purchases.
• Same as Freehold disbursements above described.
• The Purchase must pay the Notice of Transfer and Charge to the Freeholder/Managing Agent. This will be around £60-150

All our Professional Charges, Obtaining the Freehold Managing pack and Notice of Transfer & Charge are subject to VAT. The current rate of the VAT is 20%.

Key Stages of the work involved and the Time scales

Freehold & Leasehold Purchases:

This depends on the complexity of the other side (seller’s) efficiency and intention, such as the date Seller to wish to move out. The seller might be purchasing another property at the time he is selling his own property. That is call chain involved. It's difficult to predict any timeline in this regard.

If the Seller is not having any related purchase, we will be able to complete the matter in about 4-8 weeks time.

When we receive the Sale Memorandum from the Estate Agents, we will write to the clients on the same day sending our client care letters, Client Information Forms, Stamp Duty Declaration Forms, Joint Tenancy/Tenancy in Common leaflets and our Terms of Business and requesting initial funds of £1000.00  being a part of our fee and in order to apply for searches.

We will be applying for searches as soon as we receive the initial funds from the clients. Searches will arrive in about  1-3 weeks time.

Then we will raise enquiries and expect the replies within a week time from the Seller’s solicitors.

In the meantime we expect the Mortgage Offer to be issued to our Firm.

Then we will review the file and request the client to attend to our office in person to identify him,  to advise on the matter and obtain signatures to the documents. We will be issuing copies of all the search results, Office copy entries and Title Plan, any Title Deeds and Our Bill of Costs and Statement of Account in order to remit the balance funds to our client account.

Then we will manage to complete the matter within two weeks.

Finally, the Registration process will carry out, which will take about 4-8 weeks in the current climate and then the Completion of Registration documents will send to the Purchaser and the Lender and close our file.

Freehold & Leasehold Sales:

When we are instructed to act on behalf of the Seller, we write to him/them on the same day and sending the required Protocol Forms to be completed and return to us together with the initial deposit.

Then we will prepare the Draft Contract pack and send it to the Buyer’s solicitors. This will normally take two weeks.

If it is a Leasehold Sale, we request the Freehold/ Management Enquiries. To receive the Replies, it will take about 3 weeks.

When we receive enquiries from the Buyer’s solicitors, we will reply to them within a week time.

In the meantime, we will obtain the Redemption Statement and request the client to attend to office in person to identify him and to sign the documents.

When the Buyer’s solicitors are ready, we will exchange the Contracts and do the Completion as schedule.

On completion, the Existing Charge will be redeemed, and the balance Sale proceeds will be released to the client deducting our professional fees and disbursements.

Mortgages & Re-Mortgages:

When we receive instructions from the Lender, we will write to the Borrower on the same day and request an initial deposit of £500.00 being part of our fees and apply for the Local search.

When the Search results come, we will review it and request the client to attend to office in person to identify him and obtain the signatures. The time scale for this is about 3 weeks.

Then we are satisfied with the facts we request the mortgage funds and complete the matter.

Finally, we will apply for the Registration process and close the file when we receive the completion of the Registration documents.

The whole process will take 4-8 weeks.

Notes:

1. This table applies to all conveyancing transactions involving purchases and sales of residential property up to the value of £1,000,000.00.  If the value exceeds this amount please contact us to obtain a transaction-specific quote.
2. Our minimum charge on the value of the property will be a minimum of £600.00 (up to a value of £150,000.00) plus the applicable additional charges
3. VAT as appropriate and all disbursements will be payable on top of these charges.
4. In all cases, the Principal may be able to allow discounts depending on the nature and the circumstances of the transaction such as prior knowledge of the client or the property.
5. The charges are quoted on the basis that all work will proceed in a straightforward manner and will be revised if and when it becomes necessary due to changes in circumstances or your instructions.
6. Separate charges will be quoted for any transaction which is not straightforward, unusual or for any work not covered by this fee table.  If this applies we will let you know in good time.
7. All quotes will be confirmed in writing if the client gives instructions to proceed.
8. As the transaction progresses all quotes will be reviewed and revised as necessary from time to time.
9. The charges cover all the works to be done from the taking of initial instructions and up to the conclusion of the transaction.
10. Pro-rata refunds will be made depending on the circumstances if a transaction does not proceed to completion for any good reason.
11. In our experience; normally purchase or sale would take about three months to complete from the time, the draft documents have been issued or received, as appropriately.

DONA SENANAYAKE

MARSH & PARTNERS LIMITED