ANTHONY KING

Solicitors

Home
Contact Us
Company Commercial
Crime
Commercial Property
Education
Employment Law
Family Law & Child Care
Housing
Personal Injury
Residential Conveyancing
Wills and Probate
Site Policy
Site Map
Vacancies
How To Find Us
Diversity Data

Residential Conveyancing Department - House Sales & Purchases 

 

Whether you are buying and/or selling your home, Anthony King Solicitors offer a prompt efficient service at competitive fixed prices.

Conveyancing Quotes:-

Our current rates (excluding VAT and disbursements) are from £475

To obtain a full quote including VAT and disbursements, either telephone 01268 240400 or email officemail@anthonyking.co.uk


 

 

Buying and Selling your Home - Your Questions Answered

 

Introduction   

 

Sometimes buying or selling a house can seem very confusing. The likelihood is that  you will be faced with technical jargon and legal complexities that you have not encountered before.

This guide sets out the conveyancing process and explains what we, as your solicitors, will do for you.

 

Conveyancing -  What exactly does it mean? 

 

The procedure for transferring ownership or certain rights in property from one person to another is known as conveyancing.  Our job is to ensure that this transfer takes place and that you will not discover problems about the property you are buying or selling before it is too late.

 

Do I need a solicitor for conveyancing or can I do it myself?

 

Given the value and importance of property transactions, most people want the peace of mind of knowing that all the legal formalities have been done properly.  As solicitors, we are used to dealing with conveyancing matters on a day to day basis and are in a much stronger position to identify any problems and overcome any obstacles should they arise.

 

At all times, your transaction will be handled a suitably qualified person under the supervision of the head of the conveyancing department.

 

I have often heard solicitors talk about exchanging contracts.  What exactly do they mean by this?

 

The usual procedure is for the solicitor representing the seller of the property to draft a contract which will be sent to the solicitor representing the buyer.  Likewise if you are buying and selling a property at the same time the seller's solicitor will also receive a contract from the solicitor representing your seller.  The contracts are documents setting down on paper exactly what the people involved have agreed.  

 

Clearly from your viewpoint, the most important parts to check are things such as the price, and any additional fixtures or fittings such as wardrobes, curtains, carpets, etc.  From a legal viewpoint, the solicitor needs to ensure that the title to the land is guaranteed and that there can be no dispute as to ownership.

 

After both the seller and the buyer have signed their own contracts they will then literally be exchanged between the various solicitors.  This is what exchange of contracts refers to and it is of particular legal significance as the agreement after exchange becomes totally legally binding and neither party can then back out without suffering loss.    

 

What information will I need to give/ receive? 

 

If you are selling your home you can expect to receive a long list of questions from the buyer.  If you are buying property, we will send the seller's solicitors a list of questions on your behalf.  In this way, we will be able to check up on almost every aspect of the property involved for you.  Thus, there will be questions about any rights of way, disputes with neighbours, problems over boundaries, any extensions that have been built or drainage problems, etc.  We will know the questions to ask based on experience.

 

Depending on the replies received, we will then advise you either to continue with the transaction, or hold off until further information has been received.  For example, if you are considering buying property that has had a recent extension that ought to have had planning permission, we will want to make sure on your behalf that formal planning permission and/or building regulation approval was indeed granted.

 

What are the Local Searches for?

 

In the same way that we will ask the person selling the property a number of relevant questions, we will also carry out a similar investigation with the local authority.

 

This investigation is known as a local search.  In practice, we are trying to find out on your behalf whether there are any matters which you ought to know about that might might affect your decision to proceed with the transaction.

 

If, for example, we discover that a new motorway route is being planned near the property, or a new airport is to be built nearby and your proposed home would be directly under the flight path then you might wish to think again!

 

When will I need to pay a deposit?

 

Traditionally, the deposit is 10% of the purchase price and this becomes payable when contracts are exchanged.  If you are selling as well as buying then we will exchange on both transactions at the same time so that the deposit taken from your buyer can be put towards the deposit on the property that you are buying.

 

The need to have both transactions running at the same time is one of the reasons why it is important to have solicitors handle your conveyancing.

 

When do I get the keys?

 

It is unusual for you to have the key and be allowed access to the property until ownership has passed to you.  This will normally not take place until you have paid the purchase price.  This part of the transaction is known as completion.  Thereafter your solicitor will, in most cases have to attend to the payment of your stamp duty and the registration of your title to the property. 

 

What will it all cost?

 

We will agree our fee with you at the outset of the transaction so that you can budget accordingly.

 

As this is undoubtedly the most important and single largest transaction you are likely to enter into, you want to be sure it is done properly so as to give you maximum peace of mind. Paying up to £100 less on conveyancing charges does not make good economic sense if this results in a lower level of quality and service than is required.

 

In addition to our charges, all solicitors are obliged to collect “disbursements”.  These are additional sums, which we are collecting on behalf of the Government and other organisations and official bodies.  These include stamp duty which is a tax levied by the government on property purchases.  More often than not this is at a pre-set percentage. There will also be local search fees.  It is also worth noting that VAT will be added to the solicitor’s charges, but generally not to the “disbursements”.

 

What to look for in a Conveyancing Quote

 

There are no hidden fees in our quotations. You should check all quotes you have obtained as this may not always be the case. We are able to offer reasonable rates with an excellent service as we do not pay referral fees to estate agents.

 

It is not always easy to get an idea of how much the legal work will cost in conveyancing matters so we hope to offer you a quick and simple guide upon request.

 

In all cases we will charge you a fixed fee for checking that the title to the property you are buying is satisfactory for both you and your lender. This will include corresponding with the seller’s solicitors and yourself together with any other parties involved, e.g. your lender and the estate agent. Some solicitors will charge additional fees for dealing with your lender (Lender Administration Fee) and also for dealing with the stamp duty forms (Land Transaction Fee) but we do not. Our fixed fee will include dealing with your Lender and the Inland Revenue during the transaction.

 

The disbursements you will incur on your purchase are:-

 

Searches - The searches we recommend you have carried out on a property are a Local Authority search, Water and Drainage, Environmental and Chancel Search. If you intend to buy in an area with a coal mining history, a Mining Search should also be undertaken. If you are having a mortgage to help finance your purchase, your lender will require the Local Authority and Water and Drainage Search to be carried out but we would always recommend having all done to give you a full picture of the area in which you are buying. The cost of the Local Search varies dependent on the Local Authority but on average a set of searches will cost £300.00.

 

Stamp Duty Land Tax - You will be required to pay this to the Inland Revenue if the purchase price of your property is £125,000 or more. If you are buying your first home you can claim a discount (relief) so you do not pay any tax up to £300,000 and 5% on the portion from £300,001 to £500,000. The Inland Revenue also charge a fee of £12.00 for filing the tax return online.

 

Land Registration Fee - This is payable to the Land Registry following completion of your purchase to enable the Register to be updated to reflect that you are the legal owners of the property. The fee is based on the purchase price you paid.

 

Pre-Completion Searches - These consist of an official search of the register and a bankruptcy search and they are carried out just before completion. The bankruptcy search is required if you are taking a mortgage. The average cost should be £7.00.

 

Telegraphic Transfer fee - This is a charge for electronically transferring the purchase monies to the seller’s solicitors on the day of completion. This is a charge made by the bank for electronically transferring the money and is currently £36.00.

 

There are not usually many disbursements to be paid on a sale. The most common are:-

 

Land Registry Title - If the property is registered, we will need to obtain up-to date copies of your Title from the Land Registry. The basic fee at the moment is £6.00 although this may be slightly more if additional copy documents have to be obtained. If the property is unregistered, the solicitor’s fees may increase due to additional work resulting from an unregistered title.

 

Telegraphic Transfer Fee - If you have a mortgage on your property, you will need to pay a telegraphic transfer fee on completion to redeem this. This is a charge made by the bank for electronically transferring the money and is currently £36.00.

 

• If your property is leasehold, you may have to pay a fee to the Landlord/Managing Agents to provide information on rent, maintenance and insurance of the property. Until the Landlord/Managing Agents are contacted it is not possible to indicate how much this is but they will be able to advise us in due course.

 

• If you have carried out works to your property, including extensions, double glazing, new boiler or electrical works and have not kept hold of all the paperwork then there may be some additional charges for replacement document but until we see your documents it is not possible to indicate how much this may be.

 

 

Our fee for our legal service is a fixed fee no matter how much work we do on your behalf. We do not charge additional fees for acting for your mortgage lender, completing and filing your Stamp Duty Tax Return, or completing the purchase at short notice.

 

Please see below for our fees guide -

 

CONVEYANCING CHARGES PRICE GUIDE - From 1st April 2018 

 

FREEHOLD ONLY 

 

Sale and Purchase up to           £200,000    £495 + VAT & disbursements

Sale and Purchase £200,001 - £275,000    £545 + VAT & disbursements

Sale and Purchase £275,001 - £500,000    £625 + VAT & disbursements

Sale and Purchase £500,001 - £600,000    £700 + VAT & disbursements

Sale and Purchase £600,001 - £750,000    £800 + VAT & disbursements

Sale and Purchase £750,001 - £850,000    £950 + VAT & disbursements

Sale and Purchase £850,001 - £1 million  £1000 + VAT & disbursements

 

LEASEHOLD ONLY 

 

Sale and purchase up to -        £100,000   Sale £450 + VAT   Pur £600 + VAT

Sale and Purchase £100,001 - £250,000   Sale £550 + VAT Pur £650 + VAT

Sale and Purchase £250,001 - £500,000   Sale £650 + VAT Pur £750 + VAT

 

All the above fees are quoted on the basis of mortgages from one the large banks, buildings societies or plc’s previously building societies.

 

Based on registered Freehold Conveyancing. - Disbursements:

 

Local Search (Basildon) £173.70 est

Water (Anglian) £48.00

Environmental £52.00

Chancel £24.00

Land Reg fees (scale) £95 or £135 est

Land Reg search £3.00

Bankruptcy Search £2 each name

Bank transfer fee max  £36.00

Stamp duty submission £12.00

 

Council House Purchase (Right to Buy) (with either Trust Deed or Will or Deed of Postponement at £75 plus VAT) £495 plus VAT & Disbursements £550 - £600 Leasehold

 

Re-mortgages - £350 plus VAT & disbursements

 

Re-mortgage Bridging Loans £650 + vat & disbursements

 

Transfer of Equity £250 plus VAT & disb; [Where mortgage involved] £350 plus VAT & disb

 

Shared Ownership £650 + VAT & Disbursements

 

Trust Deeds (designating a % to one person) £200 - £250 + VAT

 

Help to Buy ISA Involvement £50 + vat extra per ISA

 

Help to Buy Scheme £100 + vat d

 

Equity Release £495 + vat plus disbursements

 

First Registrations £350 + vat plus disbursements (land registry fee not ½)

 

Staircasing £750 + vat

 

Independent Legal Advice – Mortgage £200 + vat

 

Lease Extensions after dispute resolved £450 + vat plus disbursements

 

Auctions: • Pre Auction Pack review £200 + vat  • Post Auction Purchase £450 + vat  • Complications Post Auction (not pre warned about) Various

 

Assent £300 + vat plus disbursements

 

Holding Deeds £25 + vat for 5 years

 

S.21 Expedited Possession Proceedings £500 + vat plus the court fee(s). We would not expect this to take more than 8-10 weeks. Serving s.21 Notice £150 + vat