PELLMANS

S o l i c i t o r s
Pellmens Solicitors / Eynsham / Oxfordshire
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PRICING INFORMATION

RESIDENTIAL SALES, PURCHASES AND RE-MORTGAGES (CONVEYANCING)

As required by the SRA and Law Society we set out below our estimated professional fees for acting in connection with a standard sale and purchase. The estimate is provided on the basis of the assumption set out in each section.

. .. 1. Sale

Our Property Law experience

Our firm acts for both businesses and individuals in all types of conveyancing matters. We have done this for some 40 years and have a wide range of experience in dealing with both straightforward and more complex conveyancing matters.

Our Property law team

Three of our partners work on property matters.

Adrian Pellman has over 40 years experience in property law having qualified (with honours) in 1956 and obtaining an honours degree in law from London University. After a period in Industry and other fields he started this firm over 40 years ago.

Gavin Clark has 20 years experience in conveyancing matters. He qualified in 1998 and has an honours degree in law from the University of Reading.

Ian Pellman qualified in 2011 with a first class honours degree and subsequently passed his legal practice course with distinction. He tends to be involved in more complex conveyancing matters.

Range of costs for acting on a straightforward sale

Our legal fees are estimated to be between £800 and £1,000 on the basis of our hourly charging rate of £170 an hour plus VAT, based on a property worth up to £500,000.

We may also incur various disbursements on your behalf which are sums payable to third parties such as Land Registry fees or search fees. We handle the payment of disbursements on your behalf to ensure a smoother process. If the title to your property is registered we will need to obtain copy documents from Land Registry at a cost of £6 per title and £3 per document referred to on the register. If title is unregistered then we will incur a cost of £4 to undertake an Index Map search. Please also note that our Bank make a charge of £24 when we send funds electronically and this would apply if we had to redeem a mortgage or account to you for the proceeds of sale.

Please note that the estimate above is on the basis of a sale of a residential freehold property. If the property is leasehold you should be aware that there may be fees payable to the Landlord and/or management company for provision of standard information which will form part of the contract papers. It is also possible that our fees may be slightly higher when dealing with the sale of a leasehold property because of the greater complexity and we are happy to provide a bespoke quotation.

Key stages
The precise stages involved in the sale of a residential property vary according to the circumstances. However, we suggest that some of the key stages which you will need to be aware are as follows:

  • Take your instructions and give you initial advice
  • Obtain redemption statement for your mortgage (if applicable)
  • Arrange for you to complete Protocol Information forms which will form part of the contract papers
  • Draft contract papers
  • Obtain planning documentation if required
  • Reply to enquiries raised by the buyer's solicitors
  • Send contract and Transfer to you for signature
  • Agree completion date
  • Exchange contracts and notify you that this has happened
  • Obtain up to date redemption statement for your mortgage up to the completion date (if applicable)
  • Complete sale
  • Discharge mortgage (if applicable) and pay Estate Agent and account to you

How long will my matter take?

How long it will take from the offer being accepted until you can move out of your house will depend upon a number of factors. However, the average process takes between 8 and 12 weeks. It can be quicker or slower depending upon the parties in the chain. For example if you are an Executor for whom a grant of probate has been obtained and you are selling an empty property to a first time buyer for has a mortgage in principle or is a cash purchaser, it could take 6 weeks. However, if you are selling a leasehold property it may take somewhat longer because of the greater complexity and, if, as occasionally happens, you are selling a leasehold property that requires an extension of the Lease this can take significantly longer and may take between 4 and 6 months. In such a situation, additional charges would apply.

Please also note that the above cost estimate does not take into account unforeseen circumstances such as delay or the transaction not proceeding, in which case, the matter will be charge for in terms of work actually undertaken on the matter. Please note that it is quite common for indemnity insurance policies to be required to deal with title defects which could apply on either a sale or purchase although it may not be apparent at the time of giving the cost estimate what these costs will be.

. .. 2. Purchase

Our Property Law experience

Our firm acts for both businesses and individuals in all types of conveyancing matters. We have done this for some 40 years and have a wide range of experience in dealing with both straightforward and more complex conveyancing matters.

Our Property law team

Three of our partners work on property matters.

Adrian Pellman has over 40 years experience in property law having qualified (with honours) in 1956 and obtaining an honours degree in law from London University. After a period in Industry and other fields he started this firm over 40 years ago.

Gavin Clark has 20 years experience in conveyancing matters. He qualified in 1998 and has an honours degree in law from University of Reading.

Ian Pellman qualified in 2011 with a first class honours degree and subsequently passed his legal practice course with distinction. He tends to be involved in more complex conveyancing matters.

Range of costs for acting on a straightforward purchase

We would estimate our professional fees for acting in connection with a reasonably straightforward purchase of freehold residential property with a mortgage to be in the region of £1,300 to £1,500 plus VAT based on our hourly charging rate of £170 plus VAT based on a purchase of a property worth up to £500,00.

In addition various disbursements will be incurred on your behalf which are payable to third parties such as the local authority, Land Registry and Stamp Duty Land Tax. We handle the payment of disbursements on your behalf to ensure a smoother process. You should budget around £350 for searches on a reasonably straightforward residential purchase. We normally as a matter of course undertake a local search, Environmental search, water search and chancel check search together with pre-completion searches. The figure of £350 is on the basis of a purchase in West Oxfordshire, but you should be aware that searches can vary significantly in different parts of the country and we would be happy to provide a bespoke quotation for search fees.

In addition Land Registry fees are payable. These are calculated on a sliding scale and we refer you to the Land Registry's website in this regard. As an indication however, on the basis of a purchase between £200,000 and £500,000 the Land Registry fee is £270.

Bank transfer fees are also incurred to send funds across to the seller's solicitors on the completion date and our Bank make a charge of £24 for this service.

It is not possible to provide a fee for Stamp Duty Land Tax payable as an individual quotation will need to be obtained which will depend upon the value of the property and whether you own other property. There is an online calculator on HM Revenue & Customs website here

You should also be aware that if you are purchasing a leasehold property, because of the greater complexity there may be additional work involved and a bespoke quotation will need to be obtained. There may also be fees payable to the Landlord and/or management company to register the Transfer of the property.

Please also note that the cost estimate above has been made on the basis of a purchase of a property with a value of up to £500,000. If the purchase price exceeds this sum then you will need to contact us for a quotation.

Please also note that if you require a complex form of ownership in the form of a Declaration of Trust, there may be additional work involved and the cost of this work will depend upon the complexity of the trust document. An individual quotation can be obtained.

Please also note that the above cost estimate does not take into account unforeseen circumstances such as delay or the transaction not proceeding, in which case, the matter will be charge for in terms of work actually undertaken on the matter. Please note that it is quite common for indemnity insurance policies to be required to deal with title defects which could apply on either a sale or purchase although it may not be apparent at the time of giving the cost estimate what these costs will be.

Key stages
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, we suggest that some of the key stages which you will need to be aware are as follows:

  • 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 and mortgage offer
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of the 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
  • Agree completion date (the date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Arrange all monies needed to be received from the lender and from you
  • Complete the purchase
  • Deal with the payment of Stamp Duty Land Tax
  • Deal with the application for registration at the Land Registry

How long will my matter take?
How long it will take from your offer being accepted until you can move into your house will depend upon a number of factors. However, the average process takes between 8 and 12 weeks. It can be quicker or slower depending upon 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 could take 6 weeks. However, if you are buying a leasehold property it may be somewhat longer because of the greater complexity and if, as occasionally happens, you are buying a leasehold property that requires an extension of the Lease this can take significantly longer and may take between 4 and 6 months. In such a situation, additional charges would apply.

. .. 3. Re-mortgage

Our Property Law experience

Our firm acts for both businesses and individuals in all types of conveyancing matters. We have done this for some 40 years and have a wide range of experience in dealing with both straightforward and more complex conveyancing matters.

Our Property law team

Three of our partners work on property matters.

Adrian Pellman has over 40 years experience in property law having qualified (with honours) in 1956 and obtaining an honours degree in law from London University. After a period in Industry and other fields he started this firm over 40 years ago.

Gavin Clark has 20 years experience in conveyancing matters. He qualified in 1998 and has an honours degree in law from University of Reading.

Ian Pellman qualified in 2011 with a first class honours degree and subsequently passed his legal practice course with distinction. He tends to be involved in more complex conveyancing matters.

Range of costs for acting on a straightforward re-mortgage

We would estimate our professional fees for acting in connection with a reasonably straightforward re-mortgage with a major high street lender to be in the region of £400 to £600 plus VAT based on our hourly charging rate of £170 plus VAT.

There are various disbursements which will be incurred which are payable to third parties such as Land Registry fees and search fees. We handle the payment of disbursements on your behalf to ensure a smoother process. Some lenders will accept search insurance in lieu of a full set of searches on the property and if this is the case, such insurance can be taken out. It is impossible to provide an estimate as to the likely cost of search insurance as this will depend upon the value of the property. If however a full set of searches are required on the property you should budget around £300 for the searches which we would need to undertake on behalf of the lender. These include a local search, Environmental search, chancel check search and water authority search. Please note that search fees can vary significantly in different areas of the country and a bespoke quotation can be given on request.

In addition up to date copies of your title from the Land Registry will need to be obtained at a cost of £6 per title, and if any documents are revealed on the register, copies of which you do not already hold, then a cost of £3 per document will be incurred to obtained these. You will also incur a Land Registry pre-completion search fee of £3 and we will need to undertake bankruptcy searches against the names of all borrowers at a cost of £2 per name.

A Bank transfer fee of £24 is payable to transfer funds to redeem your mortgage on completion and a Land Registry fee is payable. The Land Registry fee varies depending upon the value of the re-mortgage. By way of example a re-mortgage between £200,000 and £500,000 will attract an £80 Land Registry fee.

Please note that the above cost estimate does not take into account unforeseen circumstances, in which case, the matter will be charged for in terms of the work actually undertaken on the matter. Please also note that it is quite common for indemnity insurance policies to be required to deal with title defects, and if there is a transfer of equity involved with the re-mortgage, then further work will be incurred and a separate quotation will need to be obtained.

How long will my matter take?
How long it will take from receiving your mortgage offer to completion of your re-mortgage will depend upon a number of factors, such as receipt of search results and obtaining deeds and redemption statement from your current lender. However, the average process takes somewhere in the region of 6 to 8 weeks.

Stages in the process

The precise stages involved in the re-mortgage of a residential property vary according to the circumstances. However, we suggest that some of the key stages which you will need to be aware are as follows:

  • Take your instructions and give you initial advice
  • Obtain redemption statement and deeds from your current lender
  • Report to you on mortgage offer
  • Meet with you to sign mortgage documentation
  • Carry out searches and investigation of title on behalf of the lender
  • Obtain further planning documentation if required
  • Submit certificate of title to lender to request drawdown of funds and obtain up to date redemption statement for your mortgage
  • Complete re-mortgage and attend to registration at the Land Registry
  • Return deeds as required to the lender

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©2019 PELLMANS SOLICITORS, 1 Abbey Street, Eynsham, Witney, Oxfordshire, OX29 4TB
Pellmans Solicitors is the name of the legal practice carried on by Pellmans LLP which is a Limited Liability Partnership registered in England and Wales under number OC373200.
It is authorised and regulated by the Solicitors Regulation Authority number 611870. The term “partner” is used to refer to a member of Pellmans LLP.