Residential Conveyancing – Purchase
Fees
Our fees cover all of the work* required to complete the purchase of your new property including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if applicable. Whilst each transaction varies, we have listed below the work that we may be required to carry out
- investigating the title to the property, to include:
- carrying out appropriate searches with respect to the property and local government information.
- raising and reviewing enquiries made of the seller regarding the property.
- negotiating a purchase contract;
- negotiating a transfer deed;
- advising in respect of your mortgage offer;
- acting for your mortgage lender including advising them of any inconsistencies or peculiarities of your transaction and ultimately requesting the mortgage advance.
- reporting to you on the title and search results;
- proceeding to exchange of contracts and then completion of the purchase;
- calculating stamp duty land tax on the purchase and preparing and submitting the appropriate return form;
- transferring funds by telegraphic transfer to the seller’s solicitors and to HMRC re stamp duty land tax (if applicable); and
- registering the purchase and the mortgage at the Land Registry.
By entering your details in the online quote generator, you will obtain a bespoke quote for the fees and disbursements relevant to your purchase. Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees at the current costs. Please note that the firm has no control over any fluctuations in the prices charged by any third party.
If you are purchasing a leasehold property it is usually a requirement to notify the freeholder and/or Management Company that the property has changed hands and whether or not it has been mortgaged. They will charge an administration fee for dealing with these notices. There may be additional charges if share certificates need to be transferred or a Deed of Covenant is required. We will only be able to confirm the exact amount of these charges once we have received the exact information from the freeholder/management company. You should be aware that these charges can vary greatly and in some cases could exceed £500.00 plus VAT.
* Our fee assumes that:
- this is a standard transaction and 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 and no unforeseen complications arise
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Where unforeseen work or complications arise, we will advise you as soon as possible and provide updated costs information.
Stamp Duty or Land Tax
This depends on the purchase price of your property. The online quote calculator will provide you with an indication of the stamp duty payable at the current rates. You should be aware that different rates of stamp duty apply depending on whether this will be your main residence, your first property, a buy to let and whether you are purchasing as a company or an individual. If instructed, we will fully advise you on your position but for further information, please see HMRC’s website.
Timescales
Conveyancing transactions usually take around six to twelve weeks to progress from this early stage to legal completion. However, there are many factors which can impact upon the timescale of a property transaction, in particular the number of parties involved in the chain, what their desired timescale is and also the financial arrangements of all parties concerned. Typically, we require more information for a leasehold transaction from a wider variety of sources and in some cases this can lead to delays. In other words, the chain will not be able to proceed until all parties involved are ready, willing and able to go ahead. Therefore, although a completion date can be agreed in principal it will not be legally binding and definite until exchange of contracts has taken place.
Please click here to see an overview of the purchase process and timeline.
Person dealing with your matter
At Joseph A. Jones & Co, you can be assured that the person dealing with your transaction is legally qualified and experienced in order to provide you with the best service possible.
Our property experts are Olivia Egdell-Page, Christine Hicks and David Sykes. More information on the qualifications, experience and specialisms of our Property Team can be found in the People section of our website. Where you are a returning Client, we will try to ensure that you are looked after by the same person who has acted for you previously and we will also try to accommodate any requests regarding the person that you would like to act for you. Otherwise, matters will be allocated to a member of our team based on geographic location of the property, specialism and capacity.
Residential Conveyancing -Sale
Fees
Our fees cover all of the work* required to complete the sale of your property. Whilst each transaction varies, we have listed below the work that we may be required to carry out on your behalf.
- Obtaining details of the title to the property;
- Preparing the draft contract and supplying evidence of title to the buyer’s conveyancer;
- Dealing with enquiries raised by the buyer’s conveyancer and liaising with freeholder/management company (where appropriate);
- Obtaining a redemption statement for any mortgage(s) secured against the property;
- Negotiating a transfer document;
- Proceeding to exchange of contracts and then completion of the sale;
- Transferring funds by telegraphic transfer to lenders to redeem any mortgages secured against the property;
- Accounting to you for the net sale proceeds and arranging to pay any agents commission charges.
By entering your details in the online quote generator, you will obtain a bespoke quote for the fees and disbursements relevant to your sale. Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees at the current costs. Please note that the firm has no control over any fluctuations in the prices charged by any third party.
If you are selling a leasehold property we will usually be required to obtain a freeholder and/or management company sale pack. They will charge an administration fee for providing this information. There may be additional charges payable such as an assignment fee under the terms of the lease. We will only be able to confirm the exact amount of these charges once we have received the exact information from the freeholder/management company. You should be aware that these charges can vary greatly and in some cases could exceed £500.00 plus VAT.
* Our fee assumes that:
- this is a standard transaction and 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 and no unforeseen complications arise
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Where unforeseen work or complications arise, we will advise you as soon as possible and provide updated costs information.
Please note that we are unable to advise you on Capital Gains Tax arising as a result of your transaction and you may wish to take advice from an accountant or tax advisor in this regard.
Timescales
Conveyancing transactions usually take around six to twelve weeks to progress from this early stage to legal completion. However, there are many factors which can impact upon the timescale of a property transaction, in particular the number of parties involved in the chain, what their desired timescale is and also the financial arrangements of all parties concerned. Typically, we require more information for a leasehold transaction from a wider variety of sources and in some cases this can lead to delays. In other words, the chain will not be able to proceed until all parties involved are ready, willing and able to go ahead. Therefore, although a completion date can be agreed in principal it will not be legally binding and definite until exchange of contracts has taken place.
Please click here to see an overview of the sale process and timeline.
Person dealing with your matter
At Joseph A. Jones & Co, you can be assured that the person dealing with your transaction is legally qualified and experienced in order to provide you with the best service possible.
Our property experts are Olivia Egdell-Page, Christine Hicks and David Sykes. More information on the qualifications, experience and specialisms of our Property Team can be found in the People section of our website. Where you are a returning Client, we will try to ensure that you are looked after by the same person who has acted for you previously and we will also try to accommodate any requests regarding the person that you would like to act for you. Otherwise, matters will be allocated to a member of our team based on geographic location of the property, specialism and capacity.
Residential Conveyancing – Mortgage/Re-Mortgage
Fees
Our fees cover all of the work* required to complete the mortgage/re-mortgage of your property. Whilst each transaction varies, we have listed below the work that we may be required to carry out on your behalf. Please be aware that your new mortgage lender requires us to make full enquiries about your property before they will release the mortgage monies.
We will be carrying out the following work on your behalf:
- investigating the title to the property, to include:
-
- carrying out appropriate searches with respect to the property and local government information or obtaining
- search indemnity insurance (as required by your lender).
-
- raising and reviewing enquiries made of the you regarding the property.
- advising you in respect of your mortgage offer;
- acting for your mortgage lender including advising them of any inconsistencies or peculiarities of your property and ultimately requesting the mortgage advance.
- proceeding to completion of the mortgage;
- registering the mortgage at the Land Registry.
By entering your details in the conveyancing quote generator, you will obtain a bespoke quote for the fees and disbursements relevant to your mortgage. Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees at the current costs. Please note that the firm has no control over any fluctuations in the prices charged by any third party.
Please note that your mortgage lender may not require full searches to be carried out and instead may be satisfied with a search indemnity policy (which is usually cheaper than carrying out new searches). You will be advised of this once we have confirmed the position with your lender and will be advised of the cost of such a policy.
If you are mortgaging a leasehold property there may also be additional fees payable to the freeholder/management company to provide information to satisfy the lender requirements and to register the new mortgage with them. We will provide details on these costs when we have the information from the relevant party. Please be aware that these can exceed £500 plus VAT in some cases.
* Our fee assumes that:
- this is a standard transaction and 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
- all existing registered owners of the property are taking out the new mortgage and no transfer of equity is required
- no indemnity policies (with the exception of the search indemnity policy mentioned above) are required. Additional disbursements may apply if indemnity policies are required.
Where unforeseen work or complications arise, we will advise you as soon as possible and provide updated costs information.
Timescales
Mortgage or re-mortgage transactions usually take between 3 to 6 weeks from initial instructions to legal completion. This will depend on how quickly your mortgage offer is issued and how quickly you are able to provide the information that we require. We will need to obtain information from other sources such as a management company and in some cases this can lead to delays.
Person dealing with your matter
At Joseph A. Jones & Co, you can be assured that the person dealing with your transaction is legally qualified and experienced in order to provide you with the best service possible.
Our property experts are Olivia Egdell-Page, Christine Hicks and David Sykes. More information on the qualifications, experience and specialisms of our Property Team can be found in the People section of our website. Where you are a returning Client, we will try to ensure that you are looked after by the same person who has acted for you previously and we will also try to accommodate any requests regarding the person that you would like to act for you. Otherwise, matters will be allocated to a member of our team based on geographic location of the property, specialism and capacity.
A guide to Conveyancing (Purchase) with timeline
Week 1
Your offer has been accepted by the Seller - what happens now?
You will need to contact us so that we can take initial instructions on the deal agreed and your requirements. We will need proof of your identity and address in order to progress your matter.
We will then contact the Seller’s conveyancer to request the Contract and Supporting Documents.
Weeks 1-3
Formalising your finances
This is now the time to formalise your mortgage offer with your chosen lender and also make sure that you have your own finances available for the purchase.
Please note that we cannot accept monies from anyone other than your mortgage lender or you. If you are receiving monies from a third party such as a parent, please tell us now so that any further actions that may be required can be taken in good time for exchange of contracts.
Weeks 1-3
Survey
This is also the best time to arrange for a survey to be undertaken. If you are obtaining mortgage finance then your mortgage lender will carry out a valuation but in any event you may want a more in depth survey so that you are fully aware of any work that may need to be undertaken. Please send us a copy of your survey when available.
Weeks 1-3
Contract Package
Whilst you are arranging the survey and mortgage (if applicable), we should receive the Contract Package and Supporting Documentation from the Seller’s conveyancer. These include evidence of the title to the property including any restrictions and rights affecting it. There will also be details of the items to be included or excluded from the sale and additional information about the property.
We will also order any property searches that are required/requested by you.
Weeks 3-7
Enquiries and Initial Reporting
Once we receive the Contract Package and search results, we will report to you on the information supplied.
We will also ask questions of the Seller/the Seller’s conveyancer on any points that require clarification or any missing information that may be required.
Please let us know if there is anything that you would like to know more about.
Weeks 5-8
Final Reporting
Once we have replies from the Seller’s conveyancer, we will provide you with a final report and either send you the Contract and ancillary documents to sign or ask you to make an appointment to visit our offices to sign.
We will also advise you on the contents of your mortgage offer and any conditions therein.
You will also be supplied with a completion statement showing the monies required from you to complete. Please be aware that we will usually require a deposit of 10% of the purchase price in order to proceed to exchange of contracts.
Weeks 6-9
Exchange of Contracts
When all parties in the chain have concluded their enquiries, have signed the Contract and provided their purchase deposits to their conveyancers, we will arrange to exchange contracts on your behalf. At this point you will be legally committed to the purchase. The completion date will also become fixed at this point.
What happens afte exchange?
After exchange of contracts you will be able to finalise removals, time off work, workmen and handing in notice on rented accomodation.
We will order your mortgage funds and confirm the balance required from you in order to complete.
Weeks 8-12
Completion
On the completion day, we will arrange to send the balance of the purchase price to the Seller’s conveyancer. Once these monies have been received, you will be able to collect your keys from the estate agents. Depending on the length of the chain, this may be anywhere from 9.30 to 2pm on that day.
After completion
We will arrange to submit the Stamp Duty Land Transaction return and pay any stamp duty payable.We will also apply to the Land Registry to register your purchase and any mortgage. Once this has been completed, we will send you the updated Land Registry title document showing your ownership of the property and any ancillary documentation that we may hold on your behalf.
A guide to the Conveyancing (Sale) process with timeline
Week 1
You have accepted an offer on your property- what happens now?
You will need to contact us so that we can take initial instructions on the deal agreed and your requirements. We will provide you with some standard information forms for you to complete and return to us. We will need proof of your identity and address in order to progress your matter.
Your estate agent will issue all parties with a notification of sale and upon receipt of this we will contact the Buyer’s conveyancer to confirm their instructions.
Weeks 1-3
Issuing the Contract
We will obtain up to date evidence of your title to the property (either from the Land Registry or by obtaining your title deeds). Upon receipt of the information forms from you, we will then issue the Contract Package to the Buyer’s conveyancer.
Weeks 1-4
What is happening?
As the Seller it can often feel that nothing is happening during these initial few weeks but rest assured it is! The Buyer will now be formalising their finances (including their mortgage offer), arranging surveys and valuations and their conveyancer will be reviewing the Contract package. and ordering searches.
We will also contact your mortgage lender (if any) to obtain information on repaying your mortgage on completion.
Weeks 3-7
Enquiries
Once the Buyer’s conveyancer has reviewed the Contract Package and search results, they will contact us with any queries that they may have. Some of those queries will be of a legal nature that we will answer but some may be of a more practical nature that you may be required to answer.
Weeks 5-6
Final Reporting
Once all enquiries have been answered, you will need to sign the Contract and Transfer Deed. You can either do this by post or at an appointment at our offices.
We will also provide you with a completion statement showing the monies due to you following completion.
Weeks 6-9
Exchange of Contracts
When all parties in the chain have concluded their enquiries, have signed the Contract and provided their purchase deposits to their conveyancers, we will arrange to exchange contracts on your behalf. At this point you will be legally committed to the purchase. The completion date will also become fixed at this point.
What happens after exchange?
After exchange of contracts you will be able to finalise removals, time off work, signing up for rented accomodation.
Weeks 8-12
Completion
On the completion day, we will receive the purchase monies from the Buyers conveyancer. Once these monies have been received, we will contact you to confirm that you should now vacate the property and hand the keys from the estate agents. Depending on the length of the chain, this may be anywhere from 9.30 to 2pm on that day.
After completion
We will arrange to submit the Stamp Duty Land Transaction return and pay any stamp duty payable. We will also apply to the Land Registry to register your purchase and any mortgage. Once this has been completed, we will send you the updated Land Registry title document showing your ownership of the property and any ancillary documentation that we may hold on your behalf.