Buying or Selling
Whether buying, selling, remortgaging or transferring ownership rights we can assist in resolving matters quickly. We offer fixed fees on all Residential conveyancing matters.
Gordon Wright, one of the Directors of Wright & Co, will have conduct of the work involved. He has been a solicitor for more then 30 years and has 15 years experience of conducting conveyancing work.
Key stages of the conveyancing process
Obviously, all transactions are different and will differ as to how long the transaction will take from start to finish but there are key stages in all transactions whether sales or purchases as follows:
1. We will write to you to confirm your instructions and ask you to sign and return a copy of our client care letter in confirmation of the same.
2. We will, where purchasing, require full documentation to establish proof of the availability of funds to proceed. We will usually require evidence of the funds in the form of bank statements for the previous three months or proof of such other source of funds as are relevant e.g. gift of funds from a relative, inheritance etc.
3. In a sale, we will check your legal title to the property and ask you to provide evidence of any outstanding mortgage. We will also issue contracts and supporting documents to the buyer’s solicitors.
4. In a purchase, we will seek contracts and title documents from the seller’s solicitors and thereafter submit searches against the property.
5. In a purchase, upon receipt of search results, we will submit any necessary enquiries to the seller’s solicitors arising from the title documents and searches e.g. as to planning permission, New Home Warranties, etc. In a sale we will contact you with regard to such enquiries to seek your instructions where necessary.
6. We will contact you at this stage to ask you to sign the necessary documentation such as Contracts and Transfers and Mortgage documents in order to progress to exchange and completion.
7. Once all necessary documentation is in place we will look to move forward to exchange of contracts (when a date for completion is arranged and the transaction becomes legally binding on both parties) and completion when the property actually changes hands. The mortgage on a purchase also completes on the day of completion and on a sale the mortgage is discharged.
8. After completion we will look to pay stamp duty on a purchase and thereafter register the transaction as necessary at H.M. Land Registry and report to you thereafter.
Typically, transactions can take 2-4 months to complete but this is a mere estimate, for a number of reasons transactions may take less or more time to complete.
Sale of Residential Freehold Property
| VALUE | OUR FEES | VAT (20%) | TOTAL |
|---|---|---|---|
| Up to £100,000 | £600 | £120 | £720* |
| £100,001 - £200,000 | £650 | £130 | £780* |
| £200,001 - £300,000 | £700 | £140 | £840* |
| £300,001 - £400,000 | £800 | £160 | £960* |
| £400,001 - £500,000 | £850 | £170 | £1020* |
| £500,000+ | £900 | £180 | £1,080* |
| *The above fees will be subject to an increase of £200 + VAT (£40) in the case of Leasehold properties and New Builds. | |||
Disbursements
| Office Copy Entries | £8.40 (VAT Not Applicable) |
| TT fee to pay off mortgage | £17.50 (VAT Not Applicable) |
| TT fee to send monies to client | £17.50 (VAT Not Applicable) |
| AML check | £7.20 (Per Person) (VAT Not Applicable) |
| ID check | £6.30 (Per Person) (Vat Not Applicable) |
Sellers pack/Management Company fees may also be incurred. These are usually £100-£400 including VAT at 20%. There may also be times when additional Land Registry searches are required to obtain copies of old Deeds, requested by the Buyers. We will always inform you where these fees are significant and before we incur the fee. However such fees are often no more than £4 or so (VAT not applicable).
Purchase of Freehold Residential Property (not including New Builds)
| VALUE | OUR FEES | VAT (20%) | TOTAL |
|---|---|---|---|
| Up to £100,000 | £650 | £130 | £780* |
| £100,001 - £200,000 | £700 | £140 | £840* |
| £200,001 - £300,000 | £750 | £150 | £900* |
| £300,001 - £400,000 | £800 | £160 | £960* |
| £400,001 - £500,000 | £900 | £180 | £1,080* |
| £500,000 + | £1,000 | £200 | £1,200* |
| *The above fees will be subject to an increase of £200 + VAT (£40) in the case of Leasehold properties and New Builds. | |||
Disbursements
Land Registry Fee
| Value | Full Fee (First Registrations/ New Builds/ Right to Buys) | ½ Fee (all other residential purchase registrations) |
|---|---|---|
| £0 - £80,000 | £45 | £20 |
| £80,001 - £100,000 | £95 | £40 |
| £100,001 - £200,000 | £230 | £100 |
| £200,001 - £500,000 | £330 | £150 |
| £500,001 - £1,000,000 | £655 | £295 |
| TT fee | £17.50 (VAT Not Applicable) |
| Searches | £235 Environmental Search, Local Authority, Drainage & Water (VAT Not Applicable) * |
| Land Registry searches | £4.20 OS1, £3.20 Bankruptcy (per person buying) |
| AML | £7.20 (per person) (VAT Not Applicable) |
| ID check | £6.30 (per person) (VAT Not Applicable) |
Searches can we amend the fee from £235 to £245 and add ‘this is based on searches in the Wakefield local authority area, other local authority areas will be additional’
* Other searches may be necessary or suggested based on the age / location etc of the property or on lender request. If this is the case we will inform you of the additional costs.
On purchases of a Leasehold property additional fees are likely to be incurred in connection with the regulations of the Management Company relating to requirements for notice, certificates to comply with restrictions on the title and other matters. These can range from £50 to £400.
Stamp Duty
| Value | Residential Purchase | Buy to Let and 2nd Homes |
|---|---|---|
| £0 - £125,000 | 0%* | 3% |
| £125,001 - £250,000 | 5%* | 5% |
| £250,001 - £925,000 | 10%* | 8% |
* Additional 3% stamp duty will be payable for 2nd Home and Buy to Let properties.
Amend First Time buyer relief to £425,000 from £300,000
Remortages
Key stages
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:
- Taking your instructions and giving initial advice based on the information you have provided
- Requesting the Title Deeds and Redemption Statement
- Obtaining Official Copies of the Title
- Checking the Title
- Checking Official Copies
- Leasehold properties will require the lease to be checked and enquiries made if relevant
- Searches
- Checking the mortgage offer
- Preparing for completion
- Requesting final redemption statement
- Requesting the mortgage advance
- Completion
- Registration
Our Fees
Re-mortgage to a new lender
|
Fixed fee (from): |
£650.00 |
excl. VAT |
|
VAT (20%): |
£130.00 |
|
|
Total |
£780.00 |
+ disbursements (see below) |
Re-mortgage with existing lender
|
Fixed fee (from): |
£550.00 |
excl. VAT |
|
VAT (20%): |
£110.00 |
|
|
Total |
£660.00 |
+ disbursements (see below) |
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. The disbursements which we anticipate will apply are set out separately below.
|
TT fee |
£17.50 (VAT not applicable) |
|
Searches Environmental Search, Local Authority, Drainage & Water |
£245 (VAT not applicable) |
|
Land Registry searches |
£4.20 OS1, £3.20 Bankruptcy (per person buying) |
|
AML |
£7.20 (VAT not applicable) |
How long will my remortgage take?
A typical remortgage takes between 2-3 months, however, it can be longer if there are any complications. The process may also take longer if you switch lenders compared with getting a new deal with your current mortgage company.
Referral Fees
It is common practice for solicitors to pay and receive referral fees from third parties in respect of work introduced to or from the firm or to or from a third party. This in no way affects our independence and we will, at all times, act in your best interests. It is also important to remember that if we do pay such fees this does not increase the costs which you pay. You are entitled at all times to raise queries on all aspects of your transaction. Please note that information disclosed to us by you will not be disclosed to the introducer without your consent. Throughout our dealings, as your solicitors we shall be acting on your behalf and not on the part of the introducer (if an introducer has been involved). If a conflict of interest arises as a result of the introduction, then we may be obliged to cease acting. We do have a duty to disclose these referral fees to you in the event that such referral fees are paid by us in connection with your particular transaction.
- First Time Buyers are exempt up to £300,000.
- If you buy a house to live in yourself and do not sell your current main residence then you will pay the ‘2nd Home’ stamp duty however if you then sell your main residence within 3 years you may be eligible for a refund of the additional stamp duty paid.
- Up to date information on stamp duty requirements, exemptions and a calculator for fees payable can be found at https://www.gov.uk/stamp-duty-land-tax/residential-property-rates.
