Congratulations on taking your first step towards becoming a Homeowner.
Whether you’re buying your first flat, a new family home or building your property portfolio, we can make the whole process surprisingly simple and a straightforward experience.
At Allied Solicitors we offer a full range of conveyancing legal services to anyone across England and Wales, designed to meet your needs and budget.
Our solicitors aim to make the conveyancing process simple, straightforward and stress-free for you. We achieve this by making sure that a dedicated solicitor deals with you from start to finish. They will act promptly and offer advice at each and every step of the conveyancing process.
You can rest easy knowing that our solicitors will take all necessary steps to speed along the conveyancing process so that you can sell your existing home or move into your new home as soon as possible.
Our Residential Conveyancing offer a range of services including:
- Purchase
- Sale
- Re-mortgage
- Buy to Let
- Right to Buy
- Transfer of Equity
- Transfer of Title
- Auction Conveyancing
- Extending your Lease
- New Build Purchase
Our fees cover all of the work* required to complete the 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
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out in our online quote generator. There may be other disbursements which may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller's solicitors.
ANTICIPATED DISBURSEMENTS*
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50.00- £350.00.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50.00- £350.00.
- Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £75.00 - £250.00.
- Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £75.00 - £250.00.
*These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
You should also be aware that 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 this we receive this information.
STAMP DUTY LAND TAX
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC's website or if the property is located in Wales by using the Welsh Revenue Authority's website.
Stamp Duty Land Tax is a personal tax and as such it is recommended that you satisfy yourself as to the amount of Stamp Duty payable by using the official online calculator.
Please note that if your married and your spouse owns property then your property shall be considered as an additional property attracting additional Stamp Duty Land Tax.
STAGES OF THE PROCESS
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages:
- 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
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller's solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Send final contract to you for signature
- Draft Transfer
- 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
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
HOW LONG WILL MY HOUSE PURCHASE TAKE?
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 8-12 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 could take 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.
* Our fee assumes that:
- this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction.
- this is the assignment of an existing lease and is not the grant of a new lease
- the transaction is concluded in a timely manner and no unforeseen complication arise
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
DISCLAIMER
There may be unforeseen variables that could increase the cost of a transaction. Such as (but not limited to), purchase of unregistered Land, Shared ownership, gifted deposits and equity Help to Buy. Furthermore, non-standard titles which require further investigation and resolution could incur further costs. It our belief that you should always contact our office to obtain a specific quote for your transaction from an experience member of our team.
Please be aware that depending on the circumstances and title of your property there could be additional disbursements, which we had not anticipated. In such circumstances, we will update you on any likely additional disbursements i.e.tin mining search, radon gas check and flood report.
We reserve the right to increase our costs should the matter become more protracted or complicated than we initially anticipated. If we anticipate that our Costs will exceed the amount estimated at the outset, we will let you know before increasing the same.
You must be completely transparent with your position in relation to the Stamp Duty Land Tax payable on this matter, which shall be payable on completion. This means that if you are a first-time buyer then you must advise us specifically; or if you are buying an additional property then you must also advise us from outset.
We shall require necessary ID documentation and proof of funds in order to open a file and progress the matter. We will also ask you for £250.00 on account to start the process of ordering the necessary searches.
If you are considering buying or selling a property, let us help you today. Contact us on 0161 660 1505, e-mail [email protected]. Alternatively, you can click on the CALL BACK or CHAT NOW buttons at the bottom right of your screen for a free, no-obligation and confidential discussion about your property.
Team Head
Asad Sheikh
[email protected]