PRICING GUIDEResidential Conveyancing

Residential Conveyancing

Geldards and Residential Conveyancing

Geldards Residential Property expertise is second to none. Whether you are buying, selling, re-mortgaging a property or making an investment, we can give you expert help and guidance to ensure the process runs as smoothly as possible.

Our Residential Property team will always put your priorities first, ensuring that they talk to you in plain English and provide a friendly, competitive and professional service. We will keep you updated throughout the process and respond quickly to any enquiries. Ultimately, we aim to ensure that the process is as straightforward as possible so that you can move as smoothly and quickly as possible.

The vast majority of our residential work is carried out in our Nottingham Office. Our Cardiff Office only carries out residential work for specific clients.

Description of the service

The conveyancing process involves the following key stages:

Purchase/Mortgage (freehold or leasehold)

• 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 solicitors

• Give you advice on all documents and information received

• Go through conditions of mortgage offer with you

• Send final contract to you for signature

• Draft transfer

• Advise you on joint ownership, if appropriate

• Agree completion date (date from which you own the property)

• Obtain pre-completion searches

• Exchange contracts and notify you that this has happened

• Arrange for all monies needed to be received from your lender and from you

• Complete purchase

• Deal with payment of Stamp Duty Land Tax/Land Transaction Tax

• Deal with registration at Land Registry

• Serve any notices (leasehold purchase only)

Sale (freehold or leasehold)

• Take your instructions and give you initial advice

• Obtain title information and details of any mortgage on the property

• Send Seller’s Property Information Documents to you to complete

• Send landlord/management company leasehold forms to complete (LPE1) (leasehold only)

• Send out contract documents

• Reply to any enquiries raised by the prospective buyer’s solicitors

• Send out final contract to you for signature

• Obtain redemption statement from mortgagee (where required)

• Agree completion date (date on which you sell the property)

• Exchange contracts and notify you when this has happened

• Prepare and send out replies to requisitions

• Complete sale

• Redeem the mortgage (if any)

• Account to you for the sale proceeds

• Send transfer and any title documents to the buyer’s solicitors

Re-mortgage (freehold or leasehold)

• Take your instructions and give you initial advice

• Obtain title information and details of any mortgage on the property

• Obtain information from landlord/management company regarding payment of service charge/rent and copy insurance schedule (leasehold only)

• Send Remortgage Information Form to you to complete

• Carry out searches

• Go through conditions of mortgage offer with you

• Obtain redemption statement from existing mortgagee

• Agree completion date (date on which you re-mortgage the property)

• Report to your new mortgagee

• Obtain pre-completion searches

• Receive funds from new mortgagee and redeem existing mortgage

• Deal with registration at the Land Registry

• Serve any notices (leasehold only)

How long will my matter take?

How long it will take for your transaction to complete will depend on a number of factors. The average process for a sale or purchase takes between 6 – 8 weeks and for a re-mortgage between 4 - 6 weeks. It can be quicker or slower, depending on the parties in the chain and the complexity of the transaction. For example, if you are purchasing a leasehold property which requires an extension of the lease, this can take significantly longer.

Price and factors affecting the price

Our fees for a typical house sale or purchase range from around £750 plus VAT of £150 for a simple transaction to £5,000 plus VAT of £1,000 for a substantial historical building on unregistered land. These figures however may vary in cases with special complications. That is why we will always give you an individual cost estimate at the start of the transaction taking into account the actual features of your purchase. We charge a fixed fee, but this is subject to change if complications become evident during the transactions. We will always advise you immediately about any complication and discuss the potential impact on price before any additional charges are incurred.

Examples of complications may be:

• if legal title is defective or part of the property is unregistered

• if we discover building regulations approval or planning permission have not been obtained

• if crucial documents we have previously requested from you have not been provided.

Our fees for a typical re-mortgage range from £500 plus VAT of £100 to £1,000 plus VAT of £200.

In addition to our fees above and disbursements/other costs mentioned below, there will be an administration charge in the form of a TT (bank transfer) fee: £24 incl VAT (sale, purchase and re-mortgage).

Disbursements or other costs that can be expected

Disbursements are costs related to your matter which 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.

Search Fees: approximately £300 - £350 incl VAT (factors which can affect this include which local authority the property is located within and whether property specific searches are required e.g. a coal mining search) (purchase and re-mortgage)

Official Copy Register Entries and Title Plan: £7.20 incl VAT (sale and re-mortgage)

Land Registry Search fee: £3.60 incl VAT (purchase and re-mortgage)

Bankruptcy Search fee: £2.40 incl VAT per name (purchase and remortgage)

Land Registry fee: This depends on the purchase price of the property or the amount of the mortgage (for a re-mortgage). You can calculate the amount you will need to pay by using the Land Registry calculator: http://landregistry.data.gov.uk/fees-calculator.html

Stamp Duty Land Tax (England): This depends on the purchase price of the property (this is only paid on a purchase). You can calculate the amount you will need to pay by using the HMRC’s calculator: https://www.stampdutycalculator.org.uk/

Land Transaction Tax (Wales): This depends on the purchase price of the property (this is only paid on a purchase). You can calculate the amount you will need to pay by using WRA’s calculator: https://www.stampdutycalculator.org.uk/ltt-calculator.html

Certificate of Compliance fee: this can range between around £90 and £240 incl VAT (freehold or leasehold purchase)

In relation to leasehold purchases, there will be the following additional costs:

• a fee for giving notice of assignment and charge to the landlord will be payable, which will be confirmed when documentation is received from the seller’s solicitors or conveyancers – this is set out in the lease and often the fee is between around £90 and £360 incl VAT; and

• Deed of Covenant fee – this fee is provided by the management company for the property and can be difficult to estimate. Often it is between around £90 and £360 incl VAT.

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.

In relation to leasehold sales, a fee will be payable to the landlord and/or managing agent for a sales pack the amount of which varies from transaction to transaction. Often it is between around £90 and £900 incl VAT.

Example:

For the purchase of a freehold property in Wollaton, Nottingham (registered under one title number) at a price of £300,000 by two buyers, who have owned residential property previously, who are buying with a mortgage and who will only own one residential property on completion of the purchase, the fees and disbursements would be:

Fees

£850 plus VAT of £170 £1,020.00

Disbursements

Stamp Duty Land Tax £5,000.00

Land Registry Registration Fee £135.00

Local Authority Search Fee (including VAT) £135.60

Drainage Search Fee (including VAT) £56.40

Environmental Search Fee (including VAT) £61.20

Chancel Repair Search Fee (including VAT) £24.00

Mining Search Fee (including VAT) £43.60

Land Registry Search Fee (including VAT) £3.60

Bankruptcy Search Fees (including VAT) £4.80

Bank Transfer Fee (including VAT) £24.00

Total Disbursements £5,488.20

Grand Total £6,508.20

Heather is an experienced solicitor who qualified in 1978. She studied at Nottingham Trent University. Heather specialises in residential conveyancing and she advises on issues including the sale and purchase of freehold and leasehold properties, re-mortgages, shared ownership, new build properties, houses in multiple occupation, probate and matrimonial sales, equity transfers, equity release schemes, auction sales and purchases, and lease extensions.

Heather is committed to providing an efficient, practical and friendly service to her clients, always aiming to complete a property transaction as smoothly as possible.

Rhian is an associate in the Property department and deals with a wide variety of commercial and residential matters dealing with both public and private sector clients.A post-graduate of Cardiff University, Rhian joined Geldards in June 2015 having trained and qualified as a solicitor in 2013 with a regional firm where she specialised in residential conveyancing.

Richard studied law at Nottingham Trent University and qualified as a solicitor in 1988. He has over 25 years’ experience of dealing with all aspects of residential conveyancing, including freehold and leasehold sales and purchases, re-mortgages, transfers of equity, probate sales, auction sales, shared ownership purchases and equity release.

Richard is friendly and approachable, and he provides pragmatic solutions to clients’ problems.

Zoie is a graduate legal executive specialising in residential conveyancing with over 10 years’ experience advising on all types of residential property transactions.

Whilst primarily based in the Nottingham Office, Zoie has a presence at our other Midland Office in Derby for the benefit of our clients.

Zoie joined Geldards in 2016 following her relocation from the North West of England.

Richard HadrillAssociate

T: +44 (0)115 983 3705E: richard.hadrill@geldards.com

Zoie MonroeConveyancer

T: +44 (0)115 983 3653E: zoie.monroe@geldards.com

Heather TewSolicitor

T: +44 (0)115 983 3758E: heather.tew@geldards.com

Rhian DaviesAssociate

T: +44 (0)29 2038 6539E: rhian.davies@geldards.com

Team Profiles

Josie is a solicitor in the property team and advises on both commercial and residential matters.

Josie joined the firm as a trainee solicitor in September 2015 and qualified as a solicitor into the property team in March 2017.

Josie completed her law degree in Cardiff University in 2012. Whilst studying Josie volunteered as an Adviser at the Citizens Advice Bureau. After graduating Josie joined a regional law firm as a paralegal before completing her LPC at Cardiff University in 2014.

Lori is a solicitor who assists the property department on a wide range of commercial and residential property matters.

Lori studied law at Cardiff University joining the firm in 2012 as a legal assistant before commencing her training contract with Geldards in 2013. Lori qualified as a solicitor in the property team in 2015.

Christian is a solicitor in the property department dealing with a variety of commercial and residential property matters.

Christian qualified as a solicitor in 2016 and joined the firm in August 2018. Prior to that, he worked for a firm in South Wales and Somerset working in contentious and non-contentious areas.

Lori JohnSolicitor

T: +44 (0)29 2039 1498E: lori.john@geldards.com

Christian HoustonSolicitor

T: +44 (0)29 2039 1865E: christian.houston@geldards.com

Josie BradfordSolicitor

T: +44 (0)29 2039 1815E: josie.bradford@geldards.com

Supervision and Quality Statement

We are committed to providing a reliable, effective and expert service to all clients and are certified under the ISO 9001 Quality Management System.

We are also accredited under the Law Society’s Conveyancing Quality Scheme (CQS). Our CQS number is CQS03489. Under CQS our Senior Reporting Officer is David Williams.

Nottingham

Your matter will be dealt with by either Richard Hadrill who is an associate, Heather Tew who is a solicitor or Zoie Monroe who is a conveyancer. They are supervised by David Williams who is a Member and head of residential property.

Cardiff

Your matter will be dealt with either Rhian Davies who is an associate, Lori John who is a solicitor, Josie Bradford who is a solicitor or Christian Houston, who is a solicitor. They are supervised by Liz Ganderton and Harriet Morgan who are both partners in our Cardiff Property Department.

Contact details

In the first instance please arrange to contact any of those named below, who will ensure that your enquiry is directed to the appropriate place:

Richard Hadrill: (T) 0115 983 3705 (E) richard.hadrill@geldards.com

Heather Tew: (T) 0115 983 3758 (E) heather.tew@geldards.com

Zoie Monroe: (T) 0115 983 3653 (E) zoie.monroe@geldards.com

This briefing note is intended solely as an overview of the law in England and Wales. It was last updated on 20.02.2017. No responsibility can be accepted for the completeness or accuracy of this briefing note and professional advice should be taken in relation on to any specific matter. Geldards LLP is a limited liability partnership registered in England and Wales (OC313172) and is authorised and regulated by the Solicitors Regulation Authority. A list of Geldards LLP members is available for inspection at our registered office at Dumfries House, Dumfries Place, Cardiff CF10 3ZF. We use the word ‘Partner’ to refer to a member of the LLP or an employee of an equivalent standing and qualification. * Please note that the cost of calling our 0844 numbers will include a “service” charge of 6p per minute and an “access” charge from your phone company. Geldards will not receive any payment from the call charges.

CardiffDumfries HouseDumfries PlaceCardiff CF10 3ZFTel: +44 (0)29 2023 8239

London80 Coleman StreetLondonEC2R 5BJTel: +44 (0)20 7620 0888

DerbyNumber One Pride PlacePride ParkDerby DE24 8QRTel: +44 (0)1332 331 631

NottinghamThe ArcEnterprise WayNottingham NG2 1EN Tel: +44 (0)115 983 3650

geldards.com +44 (0)844 736 0006* @geldards