Residential Property Law

What is Residential Conveyancing?

 

Residential conveyancing involves the buying, selling, or transferring of property from one party to another.

House For Sale Sign

What work we will undertake for you?

  1. Investigating the title to the property, to include; carrying out searches with respect to title and Local Government information for the property and reviewing replies given by the Seller to pre-contract enquiries;

  2. Negotiating a purchase contract and Transfer document;

  3. Advising you in respect of your Mortgage Offer, (if applicable);

  4. Preparing a Report on Title;

  5. Proceeding to exchange of contracts and then completion of the purchase;

  6. Transferring funds by telegraphic transfer to the Seller’s solicitors and for relevant taxes;

  7. Calculating Land Transaction Tax (LLT) on the purchase and preparing and submitting to Welsh Revenue Authority the appropriate LLT forms; and

  8. Registering the purchase and, if applicable, the mortgage at the Land Registry.

 

Exclusions

Our firm does not advise on the following matters:

  1. Tax- We advise you to instruct a qualified Accountant in relation to matters concerning Taxation or alternative Taxation, except for Land Transaction Tax (LLT) and Stamp Duty Land Tax (SDLT). We will not provide advice on Capital Gains Tax but would point out that Capital Gains Tax returns must be submitted to HMRC and paid within 30 days of completing the transaction. 

  2. Finance- We do not provide financial advice on funding options i.e. Mortgages and Loans. We would suggest you instruct a Financial Adviser.

  3. Property, Land or Asset Condition- We do not comment or provide advice in relation to the physical state or condition of property, land or assets. We do not comment upon valuations of the above and we would direct you to instruct a Surveyor or qualified Valuer.

 

 

Time frame

This is dependant on a number of factors but a ‘normal’ conveyance will take between 4 and 12 weeks

 

Fees

 

Sale (Freehold)

Under £200,000             - £945

£200,001 - £300,00       - £1095

£300,001 - £400,000     - £1245

£400,001 - £500,000     - £1495

£500,000 and above     - to be discussed with fee earner

Purchase (Freehold)

Under £200,000             - £995

£200,001 - £300,00       - £1145

£300,001 - £400,000     - £1295

£400,001 - £500,000     - £1545

£500,000 and above     - to be discussed with fee earner

Sale (Leasehold)

Under £200,000             - £1045

£200,001 - £300,00       - £1195

£300,001 - £400,000     - £1395

£400,001 - £500,000     - £1595

£500,000 and above     - to be discussed with fee earner

 

Purchase (Leasehold)

Under £200,000             - £1095

£200,001 - £300,00       - £1245

£300,001 - £400,000     - £1395

£400,001 - £500,000     - £1645

£500,000 and above     - to be discussed with fee earner

Transfer of property     - £650 

Remortgages                 - £650 

Standard Law Society Lease - £650 

Non-Standard Lease    - To be discussed

First Registration of Property  - £300 

All the above fees are exclusive of Vat - Vat will be added at 20% of the fee

Note – Purchase – if using a Help to Buy ISA add £50 + VAT

Note – Purchase- If using Help to Buy Mortgage add £250 + VAT

Note – Agricultural + Commercial standard charge 0.75% of value- to be discussed with fee earner

 

Should the transaction fail to proceed to completion, then we will charge a proportion of the above fee, as a minimum. In certain cases, we may be obliged to charge more depending on the amount work we have undertaken. We will also add VAT and any disbursements we have paid out on your behalf. Please see as follows:

 

STAGE TRANSACTION HAS REACHED:

   1. 25% of the fee quoted where we have received and considered the draft papers from the Seller’s solicitors or read the Estate Agents Particulars for the Property.

  2. 50% of the fee quoted where we have received answers to our preliminary enquiries and received additional search results and any mortgage instructions, if applicable.

  3. 75% of the fee quoted where we have advised you on the terms of the purchase and are in a position to proceed to exchange.

Disbursements

  1. Office copy entries - £3.00 (no VAT)

  2. Identification of client- £10.00, plus VAT

  3. Anti-Money Laundering Search - £5.00, plus VAT

  4. Telegraphic Transfer fee - £30.00, plus VAT

 

Any other disbursements will be discussed with the client prior to being incurred.

 

Conveyancing related disbursements
 

Unless specified the below are non-Vatable expenses

Searches and Disbursements

It is recommended that the following searches are carried out prior to exchange of contracts:

Local Authority Search: this is a separate “stand alone” search and will cover any charges or attendant restrictions relating to the property or land. It also supplies information relating to public highways, proposals for new roads, rail schemes or planning decisions that could affect the property, as well as outstanding statutory notices, breaches of planning or building regulations.  Environmental factors, such as whether the property stands on contaminated land or is in a Radon gas affected are also covered.   Cost Approx. £171.00.

Drainage and Water Search:  this is a separate “stand alone” search.  A drainage and water search is simply an enquiry that is made to the local water board to find out information about the sewerage systems and water supply to a property.  It reveals information about whether the property / land is connected to the public water supply and public sewers, the location of water supplies and sewers, whether any pipes are laid within the boundaries of the property / land and service providers of sewage and water supply.  Cost Approx. £76.50.

Environmental Search:  this is a separate “stand alone” search and is recommended by the Law Society, in particular, following legislation relating to contaminated land.  An environmental search will highlight several environmental factors within a given radius of a property which could adversely affect it.  The risk of flooding, Radon or subsidence are indicated, the proximity of contaminated land and energy sources (i.e. windfarms / electrical pylons, etc.) within the given radius are shown.  Cost £47.00.

 

Chancel Search: A Chancel Check report will reveal whether a property is within a parish where a potential chancel repair liability exists. When there is no risk of any liability for chancel repairs, a Certificate will be issued to confirm this. Cost £24.00

 

Where a mortgage is required, the majority of mortgage companies require us to carry out a Local Authority Search, Drainage/Water search, Environmental Searched and Chancel Check.

Please be advised that some mortgage companies do accept ‘regulated’ searches which are not as thorough as the full searches and only provide the basic information.  The cost of the regulated combined pack is approx. £175.00 as opposed to the £320.00 for the official combined pack.

We would advise that you obtain official searches.

Other disbursements may include:

Bankruptcy Search: this shows if any of the buyers have been declared bankrupt in the past and this is a required search if there is a lender.  Cost £2.90 (per name).

OS1 Search:  Application by purchaser for official search with priority of the whole of the land in a registered title or a pending first registration application. This is done prior to completion to ensure there has been no entries made to the title register since we obtained the office copies and to ensure for a period that the purchaser can be the only one able to make an application to the land registry to change the title. Cost £3.90.

 

Land Registry Fee:  We will be required to submit an application, after completion, to the Land Registry in order to have your name(s) added to the title.  This can take a couple of weeks to complete.  As we work directly with the Land Registry using their online services we are able to attain a 50% reduction in fees for each application, providing that the property is already registered.  The fee for the application is (to be advised – it is possible to check the Land Registry Website for information if you would like.)

 

There is also a £4.80 administration fee for submitting the application.

 

Commons Land Search:  this is a separate search enquiry, supplemental to the Local Authority search, and should reveal whether any part of the property is registered as common land or as town or village green.  Cost £36.00.

 

Fee earners specialising in this field.

 

  1. Huw Derfel Evans LLB (Hons) – Solicitor – 8+ years post qualification experience

 

   2.  Jonathan David Crosskey LLB (Hons) – Solicitor– 8+ years post qualification experience

 

   3.  Jonathan Mark Davies LLM (Hons) – Trainee Solicitor

 

  4.  Calum David Breese LLM (Hons) – Trainee Solicitor

 

VAT

All VAT is currently charged at 20%.