Kidderminster law firm in Harriers promotion push partnership
Kidderminster law firm in Harriers promotion push partnership Law firm mfg Solicitors has...
Thank you for looking at our property services. Whether you are a first-time buyer or an investor, we are here to take the stress out of buying and selling leasehold property.
We will guide you through each step of your transaction, tailoring our service to fit your requirements, so you can have complete peace of mind that every detail has been properly handled. Where necessary, we can also recommend other professionals such as Surveyors, IFA’s and property valuers, giving you access to all the expertise you need.
At a time where money really matters, we take care to provide a high quality, value-for-money service you can rely on. We will keep you regularly advised of every detail you need to know so you can make informed decisions and conclude your leasehold property transaction promptly and with the minimum possible stress and hassle.
Why us?
We have an experienced team who understand the stress involved in buying, selling or re-mortgaging your property. Our approach is a simple – we provide a first-class service from our expert team who make the difference by taking the stress away from you and dealing with all the details of your transaction on your behalf.
We know that communication is key, especially when dealing with the complex issues that can sometimes be involved with leasehold property. Our team are made up of highly qualified Solicitors who have the legal and technical “know how” to resolve any issues as they arise in a professional and efficient manner, but also have the people skills to ensure you are kept informed of everything you need to know in plain English.
You will have the confidence that you are our priority, with our aim being that any member of the team is available to speak with you when you need some clarity and certainty at any stage in the process. We feel this provides reassurance and gives you an outlet for any concerns that you may have.
We realised that this is potentially the biggest investment of your life and we not only want to provide the first-class service you deserve, but also real value for money with no hidden fees.
We are proud to hold an ISO9001 Accreditation and a CQS Accreditation (issued by the Law Society). This involves the firm undergoing a rigorous audit process which ensures we maintain the highest levels of client care.
Pricing
We know how important cost is when deciding who to use for leasehold conveyancing, so we review our fees on a regular basis, taking into account clients’ feedback, so we can make sure we always offer great value.
We typically work on a fixed fee basis, ensuring that you know what the fees will be for your transaction from the outset. If, during the transaction, there is a new development, we will discuss the change in fees with you and agree a way forward.
Our fees cover all 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 (SDLT) if the property is in England, or Land Transaction Tax (LTT) if the property is in Wales.
We work on a fixed fee basis which will be agreed with you at the outset based on the value of the property. Indicative costs are set out below but please contact us directly using the Conveyancing Quote Form for a detailed quote.
Indicative Fees
Sale Price | Our basic costs (ex-VAT) | Costs for bank transfer & ID check* (ex-VAT) | Total VAT on costs (20%) | TOTAL mfg COSTS (inc. VAT) |
|---|---|---|---|---|
£250,000.00 | £1,800.00 | £60.00 | £372.00 | £2,232.00 |
£500,000.00 | £2,100.00 | £60.00 | £432.00 | £2,592.00 |
£750,000.00 | £2,800.00 | £60.00 | £572.00 | £3,432.00 |
*based on two purchasers. Bank transfer fee of £30+VAT, ID checks £15+VAT per person
Disbursements
A leasehold purchase will also necessitate the payment of disbursements (costs related to your matter that are payable to third parties, such as Land Registry 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 separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on specific fees upon receipt and review of the lease from the seller’s solicitors.
These fees may be subject to change if further information relating to your property becomes available.
Anticipated Disbursements
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 separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on specific fees upon receipt and review of the lease from the seller’s solicitors.
Item | Range from | Range to |
|---|---|---|
Notice of Transfer fee, this fee if chargeable is set out in the lease. Often the fee is: | £10.00 | £150.00 |
Notice of Charge fee (if the property is to be mortgaged), this fee is set out in the lease. Often the fee is: | £10.00 | £150.00 |
Deed of Covenant fee, this fee is provided by the management company for the property and can be difficult to estimate. Often the fee is: | £50.00 | £250.00 |
Certificate of Compliance fee – to be confirmed upon receipt of the lease. The range can be: | £50.00 | £150.00 |
Searches
We will complete a number of detailed searches as part of our enquiries which will be charged as disbursements. The typical cost will be £300 - £350, but it could be more depending on the area in which you are purchasing a property.
Stamp Duty Land Tax/Land Transaction Tax
You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England and Northern Ireland. If you are purchasing a property in Wales you will need to pay Land Transaction Tax (LTT). The amount you will be liable for depends on various factors and you can use the calculators here (SDLT) or here (LTT) to indicate your tax liability. We will arrange payment of the relevant tax as part of our service.
Land Registry Fees
HMLR Registration Service fees will be payable as part of your purchase. The administration of HMLR registration is included within our costs, but the registration fee is payable as a disbursement.
The table below indicates likely costs, but please see the gov.uk guidance for more information:
Purchase Price | Fee |
|---|---|
0 to £80,000 | £20 |
£80,001 to £100,000 | £40 |
£100,001 to £200,000 | £100 |
£200,001 to £500,000 | £150 |
£500,001 to £1,000,000 | £295 |
£1,000,000 and over | £500 |
Overall Indicative Costs
The table below indicates the likely total cost to you for a freehold purchase (fees and disbursements, including tax).
Purchase Price | mfg costs (inc. Vat) | Indicative Search Fees | Indicative HMLR Fees | Indicative other anticipated disbursements | Indicative Stamp Duty* | Overall Indicative cost to you (fees + disbursements |
|---|---|---|---|---|---|---|
£250,000.00 | £2,220.00 | £350.00 | £150.00 | £400.00 | £0.00 | £3,120.00 |
£500,000.00 | £2,580.00 | £350.00 | £150.00 | £400.00 | £12,500.00 | £13,400.00 |
£750,000.00 | £3,420.00 | £350.00 | £295.00 | £400.00 | £25,000.00 | £26,045.00 |
*assuming that the property is in England, you are not first time buyers, it is your main residence and that you will not own any other property. This will need to be clarified in a final quote.
Please note that this is only an indication. For a personalised, accurate quote please use our Conveyancing Quote Form.
Exclusions
The Conveyancing Department does not undertake tax advice.
Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.
Factors that may lead to an increase in cost include:
- If a legal title is defective or part of the property is unregistered
- If you discover building regulations or planning permission has not been obtained
- If crucial documents, we have previously requested from you have not been provided to us
- If the property is a new build
- If the property is less than 10 years old
- If you require to exchange within 6 weeks of instructing us
- If you require completion within 6 weeks of instructing us
- If you require simultaneous exchange and completion
Timescales
For any transaction, the timescales are subject to change depending on when your offer is accepted and other factors involved. The average process takes between 10-14 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 10 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 (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
Key Stages
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:
- Taking your instructions and giving you initial advice
- Checking finances are in place to fund purchase and contacting lender's solicitors if needed
- Receiving and advising on contract documents
- Carrying out searches
- Obtaining further planning documentation if required
- Making any necessary enquiries of seller's solicitor
- Giving you advice on all documents and information received
- Going through the conditions of your mortgage offer
- Sending the final contract to you for signature
- Draft Transfer
- Advising you on joint ownership
- Obtaining pre-completion searches
- Agreeing a completion date (the date from which you own the property)
- Exchanging contracts and notifying you that this has happened
- Arranging for all monies needed to be received from lender and you
- Completing purchase
- Dealing with payment of Stamp Duty/Land Tax
- Dealing with application for registration at Land Registry