Conveyancing

Conveyancing

 

Conveyancing is the branch of law concerned with the selling and buying of property (Houses and Flats). The process will depend upon the nature of the transaction i.e. whether you are selling or buying, whether you need a mortgage, and whether the property is freehold or leasehold. The amount of work involved will be dictated by such matters, as is reflected in our fees - e.g. there will be more work involved in the purchase of a leasehold property than the sale of a freehold one.

 

FEES

 

Lincoln Watts & Leeding (LWL) are regulated by the Solicitors Regulation Authority (SRA). Under the SRA Transparency Rules all such legal practices are required to publish information on prices and services in respect of specific types of legal work undertaken by them – including conveyancing.

 

Below are examples of typical charges for conveyancing transactions.

 

 VAT where referred to below is presently 20%

 

Sale of a freehold residential property

 

Our fees cover all the work required to complete the sale of your property, to include accounting to you for the net sale proceeds.

 

Conveyancer’s fees and disbursements:

 

Fees

 

  • Legal fees - from £1,100 + VAT This includes all required aspects of the conveyancing process. Unlike some other Solicitors we do not make an additional charge for "administration" of matters e.g. making payment of Stamp Duty Land Tax, which should be included in the Legal fees.

 

Disbursements & Charges

 

  • Land registry fees - £6
  • Identification search fees (per person) - £13.46 + VAT
  • Bank transfer fee - £15 + VAT
  • VAT payable on legal fees - £225.69

 

Estimated total £1.360.15

 

How long the process will take depends upon a number of factors, particularly the number of parties in the chain. The average process takes between 10-14 weeks.

 

Stages of the process

 

  • Take your instructions and give you initial advice.
  • (if applicable) Obtain preliminary redemption statement from your lender.
  • Prepare sale contract and supporting documentation, and forward to your buyer’s solicitors.
  • Deal with enquiries raised by buyer’s solicitors (including deposits).
  • Agree on format of sale contract and agree on a completion date.
  • Arrange your signature of contract and agree on a completion date.
  • Exchange contracts and notify you when this has happened.
  • (If applicable) Obtain your selling agents’ commission account for your approval.
  • (If applicable) Obtain final redemption statement from your lender.
  • Complete your sale
  • Settle estate agents’ commission account.
  • Redeem your mortgage.
  • Account to you for net sale proceeds.

 

 

 

Sale of a leasehold residential property

 

Our fees cover all the work required to complete the sale of your property, to include accounting to you for the net sale proceeds.

 

Conveyancer’s fees and disbursements:

 

Fees

 

  • Legal fees - from £1,500 + VAT This includes all required aspects of the conveyancing process. Unlike some other Solicitors we do not make an additional charge for "administration" of matters e.g. making payment of Stamp Duty Land Tax, which should be included in the Legal fees.

 

Disbursements & Charges

 

  • Land registry fees - £12
  • Identification search fees (per person) - £13.46 + VAT
  • Bank transfer fee - £15 + VAT
  • VAT payable - £305.69

 

Estimated total £1,845.15 inc VAT

 

How long the proceeds will take depend upon a number of factors, particularly the number of parties involved in the chain, the average process takes between 12-16 weeks.

 

Stages of the process

 

  • Take your instructions and give you initial advice.
  • (if applicable) Obtain preliminary redemption statement from your lender.
  • Prepare sale contract and supporting documentation, and forward to your buyer’s solicitors.
  • Deal with landlords/ mortgaging agents in procuring service charge and other documentation, ascertain their charges and requirements and advise buyer’s solicitors accordingly.
  • Deal with enquiries raised by buyer’s solicitors (including deposits).
  • Agree on format of sale contract and agree on a completion date.
  • Arrange your signature of contract and agree on a completion date.
  • Exchange contracts and notify you when this has happened.
  • (If applicable) Obtain your selling agents’ commission account for your approval.
  • (If applicable) Obtain final redemption statement from your lender.
  • Complete your sale
  • Settle estate agents’ commission account.
  • Redeem your mortgage.
  • Account to you for net sale proceeds

 

 

 

Purchase of a freehold residential property

 

Our fees cover all the work required to complete the purchase of your property.

 

Conveyancer’s fees and disbursements:

 

Fees

 

  • Legal fees - from £1,250 + VAT This includes all required aspects of the conveyancing process. Unlike some other Solicitors we do not make an additional charge for "administration" of matters e.g. making payment of Stamp Duty Land Tax, which should be included in the Legal fees.

 

Disbursements & Charges

 

  • Stamp Duty Land Tax - https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax
  • Land registry fees - usual from £45 to £1,105, dependent upon purchase price - http://landregistry.data.gov.uk/fees-calculator.html
  • Local Authority, water and drainage, environmental and chancel searches - varies according to local and water authorities - average £400
  • Bankruptcy searches £2 per person
  • HMLR Priority search - £3
  • Identification search fees (per person) - £13.46 + VAT
  • Source of Funds search fees (per matter) - £8.96 + VAT
  • Bank transfer fee - £15 + VAT
  • VAT payable - £257.49

 

Estimated total for a £125,000 freehold residential property with one purchaser - £1,949.91 + Stamp Duty Land Tax & Land Registry fees 

 

How long the process will take depends upon a number of factors, particularly the number of parties in the chain. The average process takes between 10-14 weeks.

 

Stages of the process

 

  • Take your instructions and give you initial advice
  • Await receipt of contract documentation from seller's solicitor
  • Consider contract documentation and raise enquiries
  • Consider seller's solicitor's replies to enquiries and follow up as necessary
  • Submit Local Authority, water and drainage, environmental and chancel searches
  • Consider results of the searches and follow up as necessary
  • (If applicable) consider mortgage instructions from your lender
  • Prepare letter of report to yourselves and follow up upon any issues raised by you
  • Arrange your signature of contract and Transfer in readiness for exchange
  • Exchange contracts and notify you when this has happened
  • (If applicable) requisition mortgage funds from your lender 
  • Complete purchase 
  • Pay Stamp duty Land Tax
  • Make application to Land Registry to register your title 

 

 

 

Purchase of a leasehold residential property

 

Our fees cover all the work required to complete the purchase of your property.

 

Conveyancer’s fees and disbursements:

 

Fees

 

  • Legal fees - from £1,750 + VAT This includes all required aspects of the conveyancing process. Unlike some other Solicitors we do not make an additional charge for "administration" of matters e.g. making payment of Stamp Duty Land Tax, which should be included in the Legal fees.

 

Disbursements & Charges

 

  • Stamp Duty Land Tax - https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax
  • Land registry fees - usual from £138 to £273, dependant upon purchase price - http://landregistry.data.gov.uk/fees-calculator.html
  • Local Authority, water and drainage, environmental and chancel searches - varies according to local and water authorities - average £400
  • Bankruptcy searches £2 per person
  • HMLR Priority search - £3
  • Identification search fees (per person) - £13.46 + VAT
  • Source of Funds search fees (per matter) - £8.96 + VAT
  • Bank transfer fee - £15 + VAT
  • VAT payable - £357.48
  • Landlord's fees for providing documentation and receipting notices - fees variable according to lease

 

Estimated total for a £125,000 freehold residential property with one purchaser- £2,549.90 + Stamp Duty Land Tax, Land Registry fees and Landlord's fees

 

How long the process will take depends upon a number of factors, particularly the number of parties in the chain. The average process takes between 12-16 weeks.

 

Stages of the process

 

  • Take your instructions and give you initial advice
  • Await receipt of contract documentation from seller's solicitor
  • Consider lease and contract documentation and raise enquiries
  • Consider seller's solicitor's replies to enquiries and follow up as necessary
  • Submit Local Authority, water and drainage, environmental and chancel searches
  • Consider results of the searches and follow up as necessary
  • Consider Landlord's information pack and Landlord's requirements generally 
  • (If applicable) consider mortgage instructions from your lender
  • Prepare letter of report to yourselves and follow up upon any issues raised by you
  • Arrange your signature of contract and Transfer in readiness for exchange
  • Exchange contracts and notify you when this has happened
  • (If applicable) requisition mortgage funds from your lender 
  • Complete purchase
  • Serve required notices upon Landlord
  • Pay Stamp duty Land Tax
  • Make application to Land Registry to register your title