Residential Purchase
What is Residential Conveyancing?
Residential conveyancing involves the buying, selling, or transferring of property from one party to another.
What do we do in a Residential Purchase?
In a residential purchase, we play a vital role in ensuring the transaction proceeds smoothly and legally. We conduct thorough checks on the property's title to ensure there are no legal issues or restrictions. We review and negotiate the terms of the purchase contract, ensuring your interests are protected. We also handle the exchange of contracts, making the agreement legally binding, and manage the transfer of funds on completion day. Additionally, we liaise with the seller's solicitor, address any enquiries, and ensure all legal documents are correctly executed. Throughout the process, we provide guidance on any legal implications and ensure compliance with all relevant regulations, facilitating a seamless transition of ownership.
What work we will undertake for you during a Purchase
Investigate the property's title, including conducting searches for title and local government information, and reviewing the seller's responses to pre-contract enquiries.
Negotiate the purchase contract and transfer document.
Advise you on your mortgage offer, if applicable.
Prepare a report on title.
Proceed to exchange contracts and complete the purchase.
Transfer funds to the seller’s solicitors and for relevant taxes via telegraphic transfer.
Calculate Land Transaction Tax (LTT) or Stamp Duty Land Tax (SDLT) and prepare and submit the necessary forms to the Welsh Revenue Authority or HMRC.
Register the purchase and, if applicable, the mortgage with the Land Registry.
What is not included
Our firm does not advise on the following matters:
Tax: We recommend instructing a qualified accountant for taxation matters, except for Land Transaction Tax (LTT) and Stamp Duty Land Tax (SDLT). We do not advise on Capital Gains Tax but remind you that returns must be submitted to HMRC and paid within 30 days of completing the transaction.
Finance: We do not offer financial advice on funding options such as mortgages and loans. We suggest consulting a financial adviser for these matters.
Property, Land, or Asset Condition: We do not provide advice on the physical state or condition of property, land, or assets, nor do we comment on their valuations. We recommend instructing a surveyor or qualified valuer for such assessments.
Time frame
The timescale for a residential purchase in the UK can vary, with the national average being around five months, while in Mid Wales, it tends to be closer to three months. This variation is due to several factors that make it difficult to predict the exact duration of the process.
One of the primary reasons for this unpredictability is the dependency on the buyer's circumstances. For instance, if you are a cash buyer, the process may be quicker as it eliminates the need for mortgage approval, which can be time-consuming. Additionally, the process involves several stages, including title investigations, contract negotiations, and the exchange and completion of contracts, each of which can be affected by unforeseen issues such as legal complications or delays in obtaining necessary documents.
Fees
Most Residential Conveyancing transactions are undertaken on a Fixed Fee* basis and details of our standard fixed fees are set out below;
Purchase (Freehold)
Under £120,000 - £1,095.00**
£120,001 - £200,000 - £1,195.00**
£200,001 - £300,000 - £1,395.00**
£300,001 - £450,000 - £1,645.00**
£450,001 - £600,000 - £2,095.00**
£600,001 - £1,000,000 - £2,495.00**
£1,000,001 - £2,000,000 - £2,995.00**
£2,000,001 - £3,000,000 - £3,495.00**
Purchase (Leasehold)
Under £120,000 - £1,495.00**
£120,001 - £200,000 - £1,695.00**
£200,001 - £300,000 - £1,945.00**
£300,001 - £450,000 - £2,145.00**
£450,001 - £600,000 - £2,545.00**
£600,001 - £1,000,000 - £2,995.00**
£1,000,001 - £2,000,000 - £3,495.00**
£2,000,001 - £3,000,000 - £3,995.00**
*These fees could increase if the complexity of the matter turns out to be above the standard conveyancing procedure. We will discuss, if relevant, any increase in fee with you prior to undertaking additional work. Additional work will be carried out at our standard rates.
**
All the above fees are exclusive of VAT - VAT will be added at 20% of the fee
There is an additional fee of £495.00 + VAT charged on all New Build Purchases
There is an additional fee of £395.00 + VAT added on Transfers of Part.
There is an additional fee of £300.00 + VAT added if the Property is unregistered.
There are also additional fees should you be using either of the below.
Help to Buy ISA fee £50 + VAT
Help to Buy Mortgage fee £250 + VAT
Declaration of Trust - If a declaration of Trust there is needed an additional fee of £350 + VAT charged.
Payment on account
You will need to put £750.00 on account of costs at the beginning of the matter.
Failed Transactions
Should the transaction fail to proceed to completion, then we will charge a proportion of the above fee, as a minimum. We will also add VAT and any disbursements we have paid out on your behalf. Please see as follows:
STAGE TRANSACTION HAS REACHED:
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.
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.
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.
Matter Specific Disbursements
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. If there is no mortgage the buyer has the right to not carry out searches, however we highly advise that searches are carried out.
Local Authority Search - Cost Approx. £240.00.
Drainage and Water Search - Cost Approx. £120.00.
Environmental Search - Cost Approx. £70.00.
Chancel Indemnity - Cost Approx. £20.00
Bankruptcy Search - Cost £7.80 (per name).
OS1 Search - Cost £8.80.
AP1 Electronic Submission Fee - Cost £6.00.
SDLT (England Only) Electronic Submission Fee £6.00.
Land Registry Fee: This will be given when we have all the relevant information. For further information you can visit https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
General Disbursements
For more information about general disbursements listed below and their cost please click on the "General Disbursements" button below:
Identification of client.
Telegraphic Transfer fee.
Office Copy Entries
Fee earners specialising in this field. Please click on their profile to see relevant experience.
Jonathan Davies
Callum Breese
