Residential Sale and Purchases

Our Qualified Solicitors

Stephen Ogden and Jessica Blacow together, have over 30 years of experience of acting in the sale and purchase of residential property, including leasehold properties, apartments and new build properties.

Laker Legal Solicitors are members of the Law Society Conveyancing Quality Scheme which is a recognised quality standard for residential conveyancing practices. This ensures that Laker Legal have the expertise to deliver quality residential conveyancing advice.

Whether you are moving house, buying a home for the first time, selling property on behalf of an estate or via Power of Attorney our hard working, efficient and knowledgeable property Solicitors are constantly available throughout the process to keep you fully informed of the progress of the transaction at every step and to make sure that completion takes place as quickly as possible.

Legal Costs & Disbursements for Sale and Purchases of Residential Property

We appreciate that clients will want the reassurance of a fixed price for their transaction including both Legal costs and disbursements and our online calculator can provide this to you.

Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.

The fixed fee offered in relation to the conveyancing calculator entails all the works necessary to progress your sale or purchase to completion, including

  1. Taking initial instructions and dealing with verification of your identity to comply with Money Laundering Regulations.
  2. Check finances are in place to fund purchase and contact lender’s solicitors if needed.
  3. Obtaining the property title deeds and assisting you with the completion of the protocol questionnaires and standard forms.
  4. Preparing or reviewing a contract for sale.
  5. Dealing with all necessary works and actions relating to your mortgage or other secured loan (including the redemption of your subsisting mortgage if necessary).
  6. Investigation of title and review of all searches. Raising or dealing with pre-contract enquiries, including, where applicable, leasehold enquiries.
  7. Drafting or reviewing the Transfer Deed or any other necessary completion documents.
  8. Keeping you and other relevant third parties updated on the progress of the transaction throughout.
  9. Preparing a completion statement
  10. Dealing with the exchange of contracts and the completion formalities.
  11. Dealing with registration of title and any charges.
  12. Preparing and submitting the stamp duty land tax return.

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
This is the assignment of an existing lease and is not the grant of a new lease
The transaction is concluded in a timely manner and no unforeseen complication 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.
For ISA bonus applications there will be an additional fee of £50 including VAT per application.
For Shared Ownership purchases an additional fee of £100 will apply.  

Stamp Duty

You can also calculate any stamp duty you may have to pay when purchasing a property by using HMRC’s website.

Timescales

How long it will take from you accepting an offer until you can move out of your house will depend on a number of factors. The average process takes between 6-12 weeks.

It can be quicker or slower, depending on the number of parties in the chain and their circumstances. For example, if you are a first time buyer, purchasing a new build property which is build complete with a mortgage in principle, it could take 6 weeks. However, if you are buying a leasehold property that requires an extension of the Lease, this can take significantly longer.

Remortgages

Remortgaging means moving your mortgage to a new lender while staying in the same property.

There are many reasons why owners of a property may wish to re-mortgage including the seeking of a better mortgage rate, especially when a fixed rate has come to an end, to raise funds to carry out work on your home, or to release equity so that the money tied up in your property can be used for another purpose.

Legal Fees

Here at Laker Legal Solicitors our experienced conveyancing team can offer you a fixed fee of £450 plus VAT to carry out the legal work and advise throughout the process.

We also charge for remitting funds by telegraphic transfer at £25 plus VAT for each transfer along with an identification check of £12.50 plus VAT per person.

Disbursements

Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Those involved in your re-mortgage include the following:

Search fees: £193.00 including VAT
Land Registry Application Fees: These are fixed depending on the value of the Property and whether the property is registered or unregistered (these fees are not subject to VAT). There will also be fees for Bankruptcy (£2 plus VAT per individual) and Official Priority Searches (£3 plus VAT per search)

Leasehold Properties

The above fees and disbursements are based on a standard freehold mortgage. If you are re-mortgaging a leasehold property we will charge an additional fee of £150 plus VAT in respect of the additional work involved.

In addition to the additional fees for acting on a leasehold mortgage there would be further anticipated disbursements* in respect of leasehold property:

There will be fees payable to your managing agent/landlord for providing replies to basic management enquiries. We will advise you of these as soon as we have this information but they are usually in the region of £100 – £200 plus VAT*

Notice of Charge fee* usually between £50 and £100 plus VAT.

*These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

You should also be aware that your ground rent and service charge will need to be paid up to date before completion of the re-mortgage.

How long will my Re-mortgage take?

How long it will take from receiving your mortgage offer to completion will depend on a number of factors. The average process takes between 4-8 weeks.

Stages of the Process

The precise stages involved in the Re-mortgage of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:

  1. Take your instructions and give you initial advice
  2. We will obtain your mortgage offer and prepare a full report on its contents
  3. Obtain Mortgage Redemption Figure (if applicable)
  4. Carry out any searches required by your Lender
  5. Send mortgage Deed to you for signature
  6. Liaise with the Freeholder and Management Company to obtain any necessary consents (Leasehold only)
  7. Agree completion date
  8. Arrange for all monies needed to be received from lender
  9. Complete re-mortgage
  10. Deal with application for registration at Land Registry

Transfer of Equity

Transfer of equity means to change the legal ownership of a property. At Laker Legal we specialise in all aspects of the transfer of equity process and can offer a fixed fee from £350 plus VAT to carry out the legal work for you.

If you would like further information then please do not hesitate to get in contact with us.