Guide to Buying your Home – the usual key stages, timescales and costs

Your home is more than bricks and mortar. At QualitySolicitors Large & Gibson, we understand the importance of that.

What is conveyancing?

  • Preparation of legal documents by a solicitor to transfer property from one owner to another.
  • 3 main stages - Preliminary (subject to contract), exchange of contract and completion.

Our team of expert property lawyers will make buying and selling property as straightforward as possible. Getting the right property solicitor is vital; we will provide a highly personalised service, with your best interests at heart.

We will:

  • Keep the process on track, giving clear timescales and eliminating delays
  • Keep you informed at every stage
  • Have same day response - crucial for your contractual issues and any property updates
  • Have clear conveyancing fees that are easy to understand and include any necessary legal checks and searches.
  • Have no hidden costs

Moving house no longer has to be complex. At QualitySolicitors Large & Gibson, we will ensure that all your property documentation is double checked and explained to you clearly and thoroughly. Crucially, we will liaise with your lender, estate agents and other parties to ensure all communication is explicit and prompt. By trusting us with your conveyancing, our property lawyers will take care of all legal details.

Our specialist conveyancing team have many years’ experience dealing with the buying and selling of property across Portsmouth, Hampshire and beyond. QualitySolicitors Large & Gibson are members of the Law Society’s Conveyance Quality Scheme (CQS), involving an audit of practice and procedures to meet exacting standards.

For free initial property legal advice, contact us today on 023 92 296296.

Key stages of the matter

Purchase

  1. Find a property
  2. Instruct Solicitors
  3. Review draft Contract pack
  4. Raise enquiries
  5. Verifying the sellers ownership and reporting to you.
  6. Dealing with your mortgage for your lender.
  7. Reporting to you.
  8. Signing Contracts
  9. Exchanging
  10. Preparing for completion/moving
  11. Completing the transaction
  12. Registering the title at HM Land Registry

Typical Timescales

Typically, a sale/purchase will take in the region of 14 - 20 weeks from when we receive or issue a draft contract pack on a freehold transaction. Leasehold transactions can be longer. There are many reasons as to why any transaction it may take longer (due to, but not limited to), length of the chain, mortgage offers, holidays and whether the chain is complete in all respects.

New build transactions are solely at the behest of the Developer and can run into months if the new property is not ready to move into upon exchange of contracts. Please contact us for further information.

N.B. This information is only for individuals on their sales and purchases and not for any transaction by a limited company or partnership.

Prices

Freehold Purchase matters start from £750.00 plus vat

The following expenses (payments to others) apply:

  • Search Pack (Local, Drainage & Environmental) £172.23 plus VAT
  • AML ID Checks £5.00 plus VAT per name
  • Case Management fee £28.61 plus VAT
  • Telegraphic Transfer fee £40.00 plus VAT each
  • Pre-Completion searches (OS1) £3.00
  • Pre-Completion searches (Bankruptcy) £2.00 per name
  • Stamp Duty Land Transaction Tax OR Welsh Land Transaction Tax
  • H M Land Registry registration fee

Leasehold Purchase matters start from £1,100.00 plus VAT

The following expenses (payments to others) apply:

  • Search Pack (Local, Drainage and Environmental) £172.23 plus VAT
  • AML ID Checks £5.00 plus VAT per name
  • Case Management Fee £28.61 plus VAT
  • Telegraphic Transfer fee £40.00 plus VAT each
  • Pre-Completion searches (OS1) £3.00
  • Pre-Completion searches (Bankruptcy) £2.00 per name
  • Stamp Duty Land Transaction Tax OR Welsh Land Transaction Tax
  • H M Land Registry registration fee
  • Notice of assignment fees to Landlord/Managing agent ranging from £100 to £400 plus VAT
  • Deed of Covenant fee with Landlord (if required) ranging from £100 to £400 plus VAT
  • Release of Restriction/Compliance fee (if required) ranging from £100 to £400 plus VAT

If a lease extension is needed, further fees will be incurred, so please contact us for further details, but these start at £995.00 plus VAT for a negotiated settlement, and £1,495.00 plus VAT for a statutory settlement. Landlords solicitor’s fees may also be charged to a tenant and can be a similar figure.

If this matter proves to be more complicated than all parties thought at the outset, then our fees may need to be revised, but only after full consultation and agreement with you in this regard. Please see our note of possible extra fees attached.

   
Dealing with any restrictions/notices on the title     £100 plus VAT
Deed of Variation to a Lease     £275 plus VAT
Dealing with existing Tenancy Agreements (where tenant is to remain) £195 plus VAT
Preparing a Statutory Declaration £95 plus VAT
Obtaining/arranging indemnity insurance   £75 plus VAT
Dealing with Shared Ownership formalities       £250 plus VAT
Dealing with solar panels           £250 plus VAT
Dealing with Help to Buy Equity Mortgage on a purchase to be secured as a Second mortgage £350 plus VAT
Dealing with third party gifts (to comply with Lenders requirements)  £100 plus VAT

Please note VAT will be charged at the prevailing rate.

If you have any questions at all about your potential property transaction, please do not hesitate to call us or e-mail one of team who will be delighted to assist you further.

  • Stamp Duty Land Transaction Tax applies in England only, but some exemptions may apply. Please refer to the HMRC Website
  • Welsh Land Transaction Tax applies in Wales only, but some exemptions may apply.

H M Land Registry Registration fees are payable based on property value.

Fees as at 1st October 2022

 

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