Residential Property – Our Fees

Introduction

Unlike many other legal firms Taylor Fawcett will not raise additional charges for sending bank transfers on completion or for checking forms of identity, for example. These are all included in in the fees quoted below.

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

Please be aware there may be factors which would have an impact on the cost of our service. For example, if a legal title is defective or part of the property is unregistered; if building regulations certification has not been obtained; or if crucial documents are missing. In such cases, we would make you aware of any possible additional charge as soon as ever possible.

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

Residential Sale Fees:

Residential Purchase Fees:

These lists of disbursements and expenses are not exhaustive and we will update you about any other specific expenses and disbursements if and when they arise.

Stamp Duty Land Tax (Land Tax in Wales) is payable on all purchases of £250,000 and above. The amount payable depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website (https://www.gov.uk/stamp-duty-land-tax) or if the property is located in Wales by using the Welsh Revenue Authority’s website (https://www.gov.wales/land-transaction-tax-guide)

HM Land Registry’s scale of fees can be found at (https://www.gov.uk/guidance/hm-land-registry-registration-services-fees)

In leasehold transactions, other disbursements may apply depending on the terms of the lease and we will update you on the specific expenses and disbursements when the information is available. In leasehold transactions there are certain disbursements which will be set out in the Lease document. Those leasehold disbursements may include notice fees, Deed of Covenant fees and Certificate of Compliance fees. These vary from property to property ranging between £100 and £300 (approx.), and are difficult to estimate. We can give you an accurate figure once we have sight of the necessary documents.

When buying a leasehold property, you should also be aware that ground rent and service charges are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charges when we receive this information.

Freehold and Leasehold Residential Properties – Timescale and Processes:

For a purchase transaction the length of time it will take from your offer being accepted until you can move into your house will depend on a number of factors. The process to achieve the exchange of contracts (both sale and purchase) can take up to twelve weeks on average.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a freehold property with a mortgage in principle, it could be shorter. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer.

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are some key stages that we will deal with for you:

• Take your instructions and give you initial advice
• Check finances are in place to fund purchase and contact lender’s solicitors if needed
• Receive and advise on contract documents
• Carry out searches
• Make any necessary enquiries of seller’s solicitor and obtain further information and documents if required
• Report to you and advise on all documents and information received
• Check conditions of your mortgage offer
• Prepare and send final documents to you for signature
• Agree a completion date (date from which you own the property)
• Advise you on joint ownership (if applicable)
• Exchange contracts and notify you that this has happened
• Obtain pre-completion searches
• Liaise with the lender and with you for all monies needed to be paid in readiness to complete
• Complete your purchase
• Deal with payment of SDLT / LT
• Deal with application for registration at Land Registry
• Deal with necessary Notices if the property is Leasehold

For a sale transaction the precise stages involved vary according to circumstances but here are some key stages that we will deal with for you:

• Take your instructions and give you initial advice
• Check your title documents
• Prepare and send the contract papers to the buyer’s conveyancer
• Deal with appropriate enquiries received from the buyer’s conveyancer and obtain further information and documents if required
• Send sale documents to you for signature
• Agree completion date (date from which you hand over the keys)
• Exchange contracts and notify you that this has happened
• Liaise with the lender to arrange to repay your secured loans
• Complete your sale and send you the net sale proceeds

Our fees assume that:

This is a standard transaction and assumes 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 with no unforeseen complications
• The title to the property is registered in full with HM Land Registry
• If leasehold, it is an existing Lease rather than a new Lease
• All parties to the transaction are co-operative and there is no unreasonable delay in third parties providing documentation
• No Indemnity Policies are required. Additional disbursements may apply if Indemnity Policies are needed
• The property is not being sold or purchased at auction
• The property is not part of a shared-ownership scheme
• You have provided correct information and documents and that your requirements do not change significantly

Remortgage Fees