Residential Property

 

Buying a house is often the largest financial commitment you will ever make.   Buying and selling a property can be very exciting, but at the same time it can be extremely stressful.  At Jeffreys & Powell, we aim to take the stress out of conveyancing whilst striving to protect your interests at all times.


Our team of experienced solicitors in our residential conveyancing team have over forty years of collective experience. We will endeavour to take the hassle out of the complicated conveyancing process, keeping you and any other parties involved in your transaction fully informed throughout.  We pride ourselves on being able to unravel complex issues and tailor our advice to your particular needs, ensuring the highest quality of service.

We can act on your behalf in respect of:

Residential sales

Residential purchases

Mortgages and re-mortgages

We do not apply our hourly charging rate to residential conveyancing matters. Instead, we charge for this work on a fixed fee basis, depending upon the value of the property concerned. This is intended to reflect the importance of the transaction to you, as well as the complexity of the matter for us. Our costs cover all aspects of the transaction, including dealing with registration at the Land Registry and submission and payment of any Stamp Duty or Land Transaction Tax.

Our fixed scale costs are as follows:

Property Value                                    Sale                              Purchase


Up to £200,000.00                                          450.00                                     550.00

£200,001.00 - £350,000.00                             550.00                                     650.00

£350,001.00 - £500,000.00                             650.00                                     750.00

£500,001.00 - £750,000.00                             750.00                                      850.00

£750,001.00 - £1m                                         850.00                                       950.00

£1m - £2m                                                                  Costs to be agreed     

£2m and over                                                              ¼ of 1% of Value     


Our costs will cover:

  • Taking your initial instructions and giving you initial advice
  • Checking finances are in place to fund the transaction and dealing with the lender's solicitors
  • Receiving and advising on contract and other documentation
  • Ordering searches
  • Obtaining any necessary copy planning documentation if required
  • raising enquiries in respect of the title, property and contract
  • Reporting to you and advising you on documentation and information received
  • going through mortgage and its conditions and advising you
  • Arranging for you to sign contract and Transfer
  • Agreeing completion date (the date on which the property will be yours)
  • Exchanging contracts and notifying you
  • Arranging to receive all monies required having advised you of this amount
  • Completing transaction
  • Submitting Stamp Duty/Land Tax return and making payment
  • Registering your title at Land Registry

In addition to our costs, there will be other fees which you may have to pay, such as electronic ID checks, search fees, Land registry fees, Stamp Duty Land Tax (SDLT) if the property is in England, Land Transaction Tax (LTT) if the property is in Wales, copies of  Land Registry documents, copies of planning consents, and indemnity policies.

Our search provider charges £5.40 per person for electronic ID checks. We will also ask you to provide photographic ID.

The cost of search fees will vary, depending on the Local Authority and Water Authority concerned. We normally carry out Local Authority, Water & Drainage and Environmental search and Chancel Check as a matter of course. There are other searches which you may be advised to carry out. We normally request from you an amount of £320.00 if you are buying, and £50.00 if you are selling, to cover the cost of the initial searches. This amount is payable to us at the outset of the matter, and to enable us to order your searches. We will be able to give you a clearer idea of the cost of the searches for your particular matter when we are first instructed.

The amount of SDLT or LTT you will pay will also vary, depending on the value of the property and whether or not you own any other property anywhere in the world. Again, we will be able to give you a clearer idea of this amount when we are first instructed. You can find out more about Stamp Duty Land Tax at https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or Land Transaction Tax at https://lttcalculator.wra.gov.wales/

There may be other costs which relate to your particular property. We will of course advise you of these at the outset or when they become known to us. 

Our fixed costs as set out above are intended to cover the work involved in your transaction. In some cases, the transaction may become more complex than we envisaged at the outset, for example if there are any title issues, or if any planning or building regulations consents are missing, or if there are any issues with covenants or rights of access. If that is the case, we will discuss matters with you and agree a cost going forward. If your transaction does not proceed to completion, we may charge you for the work already done by us, but will not charge you more than our fixed costs, without your prior agreement.

It is extremely difficult to give a precise indication as to how long your matter will take to complete. Much will depend upon whether or not there is a chain, if there is how many parties are involved, is anyone in the chain buying with a mortgage, holiday and other commitments. Generally, if there is no chain and it is a cash purchase, a timeframe of four to six weeks might be achievable, depending upon search result times. In other cases, your matter will also be dependent upon things such as your mortgage lender, and survey times, none of which can be foreseen with any certainty at the outset. We will therefore endeavour to keep you informed as to likely timescales as and when we are able.




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