CONVEYANCING
INTRODUCTION AND FEES
We, at Kinas Solicitors, specialise in residential conveyancing transactions and may assists you on your property purchase, sale or re-mortgage of a property.
Once you instruct us, a qualified solicitor will be allocated to your file and you will have their contact details including direct dial and email address. You will therefore receive a personal service and should be able to contact your allocated Solicitor via phone or email with any enquiry you may have.
We will keep you up to date at each step of the sale or purchase and ensure that any disputes, issues or problems that arise are promptly dealt with in your favour.
Our property service is competitively priced with an estimate of costs laid out upfront depending on the specific factors of your case. Such factors may include the property value, whether there is a mortgage and whether the property is freehold or leasehold.
In any event, the estimated quote we provide shall be based on the information available at the time and if any further factors arise which may change the original estimate, we shall inform you of this well in advance.
RESIDENTIAL PURCHASE – up to £500,000
Sample estimate of our fees for a purchase of a property for up to £500,000 through the assistance of a mortgage.
Our Fees (exclusive of VAT):
Acting on the purchase of your property - £950.00
Acting on behalf of your Lender - £150.00
Professional Indemnity Contribution - £75.00
Bank Transfer Fee - £35.00 (per transfer)
Stamp Duty Land Tax Return Fee - £90.00
Total: £1,300.00
Total VAT to be paid (20%): £260.00
Likely Disbursements:
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees and we handle the payment of the disbursements on your behalf.
Land Registration Fee - £135.00 (calculated on the purchase price)
Legal Search Pack - £200.00 - £250.00 (Estimated)
Bankruptcy Search Fee - £2.00 per name
Land Registry Search Fee - £3.00 per search
Notice of Transfer & Charge Fee - £100.00 - £200.00 (Estimated)
(Leasehold Only)
Deed of Covenant (Leasehold Only) - £100-00 - £250.00 (Estimated)
Note:
- In the event the property is purchased by cash, our fee for dealing with the source of the funds shall be based on an hourly basis of £200.00 plus VAT per hour.
- If the property being purchased is a Leasehold property, there will be an additional charge of £150.00 plus VAT for dealing with the Freeholder and perusal of the management pack.
- Whilst most properties are registered with the HM Land Registry, some are not. If a property is unregistered, additional work will be involved which will incur a further fee of £150.00 plus VAT.
- Please note that if you are drawing funds from a Help to Buy ISA account, there will be a further charge of £75.00 plus VAT for the additional administration work involved in the process.
STAMP DUTY OR LAND TAX (ON PURCHASE)
This depends on the purchase price of your property and the Buyer’s circumstances. You can calculate the amount you will need to pay by using HMRC's website.
IMPORTANT - No SDLT will be payable on the first £500,000 of a residential purchase that completes before 30th June 2021. If you complete between 1st July 2021 and 30th September 2021 no SDLT is payable on the first £250,000 of the purchase price. For any completions of residential property after 1st October 2021 normal stamp duty rates apply.
RESIDENTIAL SALE – up to £500,000
Sample estimate of our fees for a sale of a property for up to £500,000 with an existing mortgage against the property.
Our Fees (exclusive of VAT):
Acting on the sale of your property - £950.00
Redemption of your existing mortgage - £100.00
Professional Indemnity Contribution - £75.00
Bank Transfer Fee - £35.00 (per transfer)
Total: £1,160.00
Total VAT to be paid (20%): £232.00
Likely Disbursements:
Bankruptcy Search Fee - £2.00 per name
Land Registry Official Copies - up to £15.00
Management Pack (Leasehold Only) - £200.00 - £450.00 (estimated)
REMORTGAGE OF PROPERTY
Sample estimate of our fees for a remortgage of a property with a value of up to £500,000.
Our Fees (exclusive of VAT):
Acting on the remortgage of your property - £750.00
Redemption of your existing mortgage - £100.00
Professional Indemnity Contribution - £75.00
Bank Transfer Fee - £35.00 (per transfer)
Total: £960.00
Total VAT to be paid (20%): £192.00
Likely Disbursements:
Bankruptcy Search Fee - £2.00 per name
Land Registry Search Fee - £3.00 per search
Legal Search Pack / No search indemnity - £200.00 - £250.00 (estimated)
Land Registry Fee - £80.00
IMPORTANT INFORMATION FOR ALL TRANSACTIONS
- Please note that if the purchase/sale price is between £500,000 to £750,000, our fee will be £1,200.00 plus VAT plus disbursements.
- In the event that the purchase/sale price is between £750,000 to £1,000,000, our fee will be £1,500.00 plus VAT plus disbursements.
- Please contact us for a specific quote if the purchase/sale price is above £1,000,000.
TIMELINE
The precise stages involved in the purchase or sale of a residential property vary according to the circumstances. However, below are some key stages:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender's solicitors if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller's solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Send final contract to you for signature
- Agree completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from lender and you
- Complete purchase or sale
- Deal with payment of Stamp Duty/Land Tax (if applicable)
- Deal with application for registration at Land Registry
HOW LONG WILL MY PROPERTY TRANSACTION TAKE?
The time it takes from taking your initial instructions to the completion of your sale or purchase will depend on a number of factors and the number of parties in a chain of transactions. The average process takes between 6-8 weeks to a point of exchange.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a freehold property with a mortgage in principle, it could take 4 - 8 weeks to exchange. However, if you are buying a leasehold property, this can take significantly longer, between 14 and 18 weeks.
We will keep you informed throughout the process as each sale or purchase can vary depending on the matters related to.
LIST OF ISSUES/FACTORS THAT WILL AFFECT THE TRANSACTION AND CHARGES
- Value of the Property
- First-Time Buyer
- Remortgage
- Freehold or Leasehold
- New Build
- Source of the deposit funds
- First Registration of Title
- Whether there is a mortgage or not (including Islamic Mortgage)
- In Purchase cases, whether primary residence, buy to let or second/holiday home
- Multiple Owners
- Shared Ownership Scheme
- Using a Help to Buy Scheme, and whether it is an equity loan or ISA
- Purchase under Right to Buy
- Purchase at Auction
- Property has been repossessed
- If the Estate Agent requires a fee for referring you to us
- The number of parties (Chain) involved in your transaction.
For further information and to discuss your requirements, please contact us
Email: [email protected]
Telephone: 020 8348 8233
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