XCHANGE PROPERTIES ARE PARTNERED WITH COCKS LLOYDS OF NUNEATON

Cocks Lloyd understand that the most important financial decision most individuals make is buying a home. We are able to provide a comprehensive, cost effective service to assist you. Unlike some firms we have no hidden costs, and will not charge additional fees for parts of our service that you will require.

Therefore, if you require an approachable, efficient service from our experienced team then please contact us for a quotation.

WE CAN ASSIST WITH:

• Sale and Purchases
• Freehold interest purchases
• Right to buy schemes offered by local authorities
• Transfers of Equity
• Re-Mortgages
• Lease Extensions
• Lease Variations
• Auctions
• First Registrations

PURCHASE OF A FREEHOLD RESIDENTIAL PROPERTY

Our legal 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.

CONVEYANCER’S FEES AND DISBURSEMENTS

• Legal fees £645.00 plus VAT – SALE or PURCHASE of residential property (based on a purchase price not exceeding £250,000)
• Search fees (Purchase only) approximately £150.00 (approximately £180.00 if a coal mining search is required)
• HM Land Registry fee – depends on the value of the property (see http://landregistry.data.gov.uk/fees-calculator.html)
• Electronic money transfer fee £42.00 (inc VAT and £17 bank fee)

Estimated PURCHASE total: £965.00 plus Land Registry registration fee and Stamp Duty.

Disbursements are 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.

STAMP DUTY OR LAND TRANSACTION TAX (ON PURCHASE)

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.

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 6-12 weeks from receipt of draft contracts.

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 6-8 weeks (depending on the build status of the new build). However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 6 months. In such a situation additional charges would apply.

STAGES OF THE PROCESS

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to consider:

• Take your instructions and give you initial advice
• Check finances are in place to fund purchase and contact seller’s solicitors
• Receive and advise on contract documents
• Carry out searches
• Obtain further planning documentation if required
• Make any necessary enquiries of seller’s solicitors
• Give you advice on all documents and information received
• Go through conditions of mortgage offer with you
• Send final contract to you for signature or meet with you to sign
• Draft the Transfer Deed used to transfer ownership
• Advise you on joint ownership (if applicable)
• Obtain pre-completion searches
• Agree a completion date (date from which you own the property)
• Arrange for all monies needed to be received from lender and you
• Exchange contracts and notify you that this has happened
• Complete purchase
• Deal with payment of Stamp Duty/Land Transaction Tax
• Deal with application for registration at Land Registry
• Send you the updated title documentation once registered.

PURCHASE OF A LEASEHOLD RESIDENTIAL PROPERTY

Our legal 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 (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.

CONVEYANCER’S FEES AND DISBURSEMENTS

• Legal fee £895.00 – SALE or PURCHASE plus VAT (based on a purchase price not exceeding £250,000)
• Search fees (Purchase only) approximately £150.00 (approximately £180.00 if a coal mining search is required)
• HM Land Registry fee – depends on the value of the property (see http://landregistry.data.gov.uk/fees-calculator.html)
• Electronic money transfer fee £42.00 (including VAT and £17 bank fee)

Estimated PURCHASE total: £1,265 plus Stamp Duty and Land Registry registration fee

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 separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease and the requirements of the landlord and/or management company.. 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 plus VAT and £180 plus VAT but can vary.
• 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 plus VAT and £180 plus VAT.
• Deed of Covenant fee – This fee is charged by the management company for the property and can be difficult to estimate. Often the fee is between £50 plus VAT and £180 plus VAT.
• Certificate of Compliance fee – To be confirmed upon receipt of the lease and the title documentation. This can range between £50.00 plus VAT and £180 plus VAT.

* 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 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.

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 that you may wish to include:

• Take your instructions and give you initial advice
• Check finances are in place to fund your purchase and contact seller’s solicitors
• 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 or meet with you to sign
• Draft the Transfer Deed used to transfer ownership
• Advise you on joint ownership (if applicable)
• Obtain pre-completion searches
• Agree completion date (date from which you own the property)
• Arrange for all monies needed to be received from lender and you
• Exchange contracts and notify you that this has happened
• Complete purchase
• Deal with payment of Stamp Duty/Land Transaction Tax
• Deal with application for registration at Land Registry
• Send you the updated title documentation once registered.

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 (if leasehold)
• The transaction is concluded in a timely manner and no unforeseen complications arise
• All parties to the transaction are co-operative and there is no unreasonable delay from third parties. If for example in providing documentation
• No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

All work is supervised by a qualified Solicitor.

Specific experience can be seen looking at the individual profiles