Whether you are renting, looking to get on the property ladder for the first time, requiring a new home as your family grows or, conversely, considering a smaller place for your retirement, the team at Batchelor Sharp can provide the legal help you need.
Our experienced professionals can advise on:
- Residential property sales
- Purchases
- Re-mortgages
- Right-to-buy
- Transfer of equity
- Purchase of freehold
- Shared Ownership
Our fixed fees, as detailed on our fees page, cover all of the work required to complete the sale of your old home or 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.
Disbursements (payments made on your behalf to enable us to complete your purchase or sale- these payments are not set by us and are a condition of either the mortgage lender or a third party) are payable to third parties, such as the Land Registry and management companies as part of the buying/selling process.
Additional disbursements may be payable, depending on the circumstances, and these are detailed on our fees page.
Fees vary from property to property and can, on occasion, be significantly more than the fixed fee on the fees page. We can give you a more accurate figure once we have sight of your specific documents.
You should also be aware that, with a leasehold property, 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 we receive this information.
Stamp Duty Land Tax or Land Transaction Tax (SDLT) (payable on purchase)
There are several factors which determine at what rate and amount you will pay SDLT, such as the purchase price of your property, whether this is your first property or you are buying a second property whilst still retaining ownership of your first. You can calculate the amount you will need to pay by using HMRC's website https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if the property is located in Wales using the Welsh Revenue Authority’s website https://gov.wales/land-transaction-tax-calculator
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. Our fixed fee as quoted will include:
- Take your instructions and give you initial advice
- Verify your ID and the source of your funds
- Deal with your lender (if applicable)
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller's solicitor
- Draft Transfer
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Advise you on joint ownership
- Obtain pre-completion searches
- 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
- If you are first time buyers and have Help to Buy ISA's, we seek to obtain the government bonus for you
- Complete purchase
- Deal with payment of SDLT
- Deal with application for registration at the Land Registry
The precise stages involved in the sale of a residential property vary according to the circumstances. Our fixed fee as quoted will include:
- Take your instructions and give you initial advice
- Verify your ID
- Draft contract and title documents and provide them to the buyer’s solicitors
- Respond to any enquiries raised by the buyer's solicitor
- Provide assistance in obtaining further information requested by the buyer’s solicitors such as planning documentation if required
- Agree completion date (date from which you no longer own the property)
- Provide pre-completion searches
- Obtain a mortgage redemption figure (if the property has a mortgage)
- Exchange contracts and notify you that this has happened
- Prepare a completion statement and account to you of the net sale proceeds
- Complete sale
- Redeem outstanding mortgage (if any) - we also do this if there is any other financial charge on the property
- Send over all original documents to the buyers' solicitors in readiness for registration
How long will my house purchase/sale take?
How long it will take from your offer being accepted until you can move in to or out of your house will depend on a number of factors. The average process takes between 8-16 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a new build property with a mortgage in principle, it will be much sooner. However, if you are buying a leasehold property that requires an extension or variation of the lease, this can take significantly longer. In such a situation additional charges would apply as detailed on our fees page.
Please note that the quotation you initially receive is as accurate as it possibly can be, given the information provided by you at that time. If your matter should become protracted or more complex than first thought, additional charges would apply as detailed on our fees page. If any such situation does arise, we will let you know.
To find out more about our conveyancing services, please contact us.
