Residential Conveyancing Fees

Additional costs and disbursements that may apply

Stamp Duty Land Tax (SDLT)

Stamp Duty Land Tax (SDLT) may be payable when you purchase a property, extend a lease or where you are transferring a property to someone else (known as a ‘transfer of equity.’)  This will depend on the amount of consideration being paid for the transaction. Please click on the following link which will lead you to the SDLT calculator on the HMRC website to check to see whether SDLT is payable on your transaction and if so how much: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

Leasehold Sales

A leasehold pack will need to be obtained from the Landlord / Management Company and they will charge a fee for this. We will advise you of these costs once they are confirmed. Licence to Assign fees may be payable to the Landlord/ Management Company should a Licence be required under the terms of the lease and we will confirm the costs once the information has been provided.

Leasehold Purchases

Various fees will be payable to the Landlord /Management company after completion as stipulated in the lease and the leasehold pack(s) which the seller will provide. These include but are not limited to: Deed of Covenant, Notice of Assignment and Charge, Compliance Certificate and Company Membership fee.  These fees will be confirmed as soon as the information is received.

Leasehold Transfer of Equity / Remortgage

A notice of Charge or Assignment will most likely need to be served on the Landlord / Management Company following completion where there has been a transfer of equity or a remortgage. A Deed of Covenant may also need to be entered into where there has been a transfer of equity. These fees will be confirmed once the information has been obtained.

Indemnity Insurance

If, during the course of your transaction, it transpires that you will require an indemnity insurance policy, e.g. due to lack of building regulations approval for works carried out, a missing deed, breach of unknown restrictive covenant, ‘no search’ indemnity or some other issue, then we will advise you of the cost of the policy at the appropriate time.

Timescales

We will always do our best to work to your particular time frame, but this is dependent on the circumstances of your conveyancing transaction.   The time frame of a conveyancing matter is extremely difficult to predict.

You should allow between 6 to 8 weeks for a sale or purchase to proceed to completion when there is no chain involved. This timescale applies from the date of receipt of the draft contract papers for a purchase and the issuing of the draft contract papers for a sale. If there is a chain involved, you should perhaps add an additional 2 to 3 weeks to that time frame for each property in the chain on either side of you.  We have broken down the sale and purchase timescales below.

A remortgage or transfer of equity transaction should take less time and we would estimate 4 weeks.

Purchases

Exchange of Contracts:  
4 to 6 weeks approximately from receipt of draft contract papers

Completion:
can be simultaneous with exchange of contracts or a week to 4 weeks after exchange. In some cases, the parties may agree on a longer period between exchange and completion

Post completion formalities:
These are concluded within 30 days which includes filing the SDLT Return at HMRC, payment of SDLT, lodging the application to register the new ownership at Land Registry and dealing with any other post completion formalities, e.g., serving notices etc on the Landlord / Management Company for a leasehold property.

(For a new build property, the time scales will depend on the terms of the contact and the anticipated completion date of the construction of the property itself.  Exchange of contracts is usually required to take place within 4 to 6 weeks of receipt of draft contract papers with a ‘long stop date’ being agreed by which completion of the purchase must take place.)

Sales

Exchange of Contracts:  
4 to 6 weeks approximately from receipt of draft contract papers

Completion:  
can be simultaneous with exchange or a week to 4 weeks after exchange although in some cases the parties may agree on a longer period between exchange and completion

Post Completion Formalities:  
On completion any mortgage(s) registered against the property will be redeemed, agent’s invoice will be settled, and any sale proceeds are sent to clients on the day of completion or the following working day.

 

Who will be dealing with your matter?

Our Property Team consists of Partners, Solicitors, a Trainee Solicitor and Paralegals. Your matter will be dealt with by a Partner, Solicitor or Trainee Solicitor who will be assisted by our Paralegals. Please go to Our Team page for details of the members of our Property Department.

In residential conveyancing and in some other cases we can agree a fixed fee for the whole case or certain stages in a case. We will be able to give you an indication as to whether your case is suitable for a fixed fee after an initial consultation

We are obliged to provide you with detailed information in relation to costs for work undertaken in certain areas of law. Please click on the links below and feel free to contact us should you have any queries.

Links Legal was formed in 2004. The firm provides fast and efficient legal services and occupies modern offices with client parking facilities in Redbridge.

We have invested in state of the art technology and have a team of experienced secretaries and paralegals available to assist all our solicitors.

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020 3693 7355

Redbridge Office:
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020 8551 0999