Property

 Who will handle my Residential Conveyancing matter at Paper Temple Solicitors?   

 

All of the conveyancing work at Paper Temple Solicitors is handled by one of our partners, Rachel Teasdale. Rachel is a fully qualified solicitor with over 12 years’ experience in conveyancing. She is local to the Forest Hall area and as such has excellent local knowledge making her ideally placed to assist you in the sale or purchase of your property.

 

 

Over the years, Rachel has dealt with hundreds of property sales and purchases ranging from the most straight forward of matters to the most complex which can involve defective titles that require rectification before the matter can even begin. Rachel ensures she always keeps up to date with the latest developments in property law, completing continuing professional development courses, in addition to completing the training requirements of the Law Society's Conveyancing Quality Scheme (CQS).

 

Paper Temple Solicitors is accredited by the CQS,  which provides a recognised quality standard for residential conveyancing practices.  Achievement of membership establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers). 

 

 

Purchasing Property

 

Stages of the purchase process

 

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that will usually apply to the average purchase:

 

  • 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 on a 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

  • Deal with payment of Stamp Duty Land Tax

  • Deal with application for registration at Land Registry

 

How long will my house purchase take? There is no set timescale from your offer being accepted until

you can move into your new house, this will depend on a number of factors. For example, do you require a mortgage, are you a first-time buyer, are you buying a new build, is it a leasehold property etc.

The average process takes between 4 and 8 weeks.

 

Our Purchase Fees

 

Our fees cover all of the work* required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

 

You will see that our table also lists the expected Disbursements, these are the 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.

 

Please note our fees do not contain referral fees as Paper Temple Solicitors does not work on a referral paying basis, this means all our clients instruct us because they have personally chosen us.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Our listed purchase fees above are for both leasehold and freehold, but please note if you are buying a leasehold property, there may be further anticipated Leasehold Disbursements, these costs will be charged in addition to the table of costs above.

 

Anticipated Leasehold Disbursements

  • Notice of Transfer fee – This fee if chargeable is set out in the lease and is a sum which is payable to the Landlord. Often the fee is between £50- £150.

  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease and is a sum which is payable to the Landlord. Often the fee is between £50 and £150.

  • 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 £100 and £200.

  • Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £100 – £200.

 

Please note these Leasehold property fees vary from property to property and can on occasion be significantly more than the ranges given above. We can provide you with an accurate figure once we have sight of your specific documents.

 

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.

 

* Our fees are based on the assumption that:

 

  1. 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

  2. this is the assignment of an existing lease and is not the grant of a new lease

  3. the transaction is concluded in a timely manner, and no unforeseen complication arise

  4. all parties to the transaction are co-operative, and there is no unreasonable delay from third parties providing documentation

  5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

  6. Only one title is involved and is fully registered.

 

Selling Property

 

Stages of the sales process

The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have suggested some key stages that will usually apply to the average sale:

 

  • Take your instructions and give you initial advice

  • Obtain title deeds and review the same

  • Provide you with protocol forms for completion

  • Draft contract and send them out to your buyer’s solicitor

  • Receive enquiries from your buyer’s solicitors

  • Obtain further documentation if required

  • Liaise with you for a response to your buyer’s enquiries

  • Meet with you to review and sign the contract

  • Agree on a completion date with you

  • Exchange contracts and notify you that this has happened

  • Complete sale

  • Redeem mortgage if any

  • Account back to you with proceeds of sale

 

How long will my house sale take? There is no set timescale from you accepting your buyers offer until

your house is sold, this will depend on a number of factors. For example, does your buyer require a mortgage, are they first-time buyers, do you have a related purchase, is it a leasehold property etc.

The average process takes between 4 and 8 weeks.

 

Our Sale Fees

 

Our fees cover all of the work* required to complete the sale of your property.

 

Please note that we DO NOT deal with the payment of Capital Gains Tax, this may or may not be relevant to your sale. For further information on the same please see the following: https://www.gov.uk/capital-gains-tax

 

You will see that our table also lists the expected Disbursements, these are the costs related to your matter that are payable to third parties, such as Land Registry fees for obtaining copies of titles. We handle the payment of the disbursements on your behalf to ensure a smoother process.

 

Please note our fees do not contain referral fees as Paper Temple Solicitors does not work on a referral paying basis, this means all our clients instruct us because they have personally chosen us.

 

 

 

 

 

 

 

 

 

 

 

 

Our listed sale fees above are for both leasehold and freehold, but please note if you are selling a leasehold property there may be further anticipated Leasehold Disbursements, these costs will be charged in addition to the table of costs above.

 

Anticipated Leasehold Disbursements

 

  • An additional set of office copies required from land registry  £6

  • Copy of lease required from Land Registry £3

  • Ground rent receipt (if relevant) from Landlord between £25 and £80 depending upon Landlord

  • If a management company looks after the Leasehold property, there may be a charge for a sales pack this could cost between £100 and £300

 

 * Our fee assumes that:

  1. 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

  2. this is the assignment of an existing lease and is not the grant of a new lease

  3. the transaction is concluded in a timely manner and no unforeseen complication arise

  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation

  5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

  6. Only one title is involved and is fully registered

 

Mortgage and re-mortgage work

 

We charge the sum of £450 plus £90 vat for our fees in carrying out this work plus Disbursements, these are the costs related to your matter that are payable to third parties, such as Land Registry fees for obtaining copies of titles. We handle the payment of the disbursements on your behalf to ensure a smoother process.

 

The Disbursements that are likely to be encountered when carrying out a mortgage or re-mortgage for a client are:

 

  • Searches (if required by Lender) £226

  • Official copies of title £6

  • Official copies of the lease (if leasehold property) £3

  • Land registry fee between £20 and £270 depending upon property value

  • Electronic bank transfer fee £5

  • Pre-completion searches of between £5 and £7

 

* Our fee assumes that:

  1. 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

  2. this is the assignment of an existing lease and is not the grant of a new lease

  3. the transaction is concluded in a timely manner and no unforeseen complication arise

  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation

  5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

  6. Only one title is involved and is fully registered    

 
 
 
 
 
 
Please call us on 0191 447 2527 or email us at office@papertemple.com for a no-obligation quote...

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