Services

Conveyancing and Property

Residential Purchase

Our freehold purchase solicitors act for you in respect of your purchase of a residential property:

As part of this service we will:

·         Provide you with a dedicated and experienced team to work on your matter

·         Take your initial instructions and give you initial advice

·         Receive and advise on contract documents

·         Carry out searches

·         Make any necessary enquiries of seller’s solicitor

·         Report to you on all documents and information received

·         Send final contract to you for signature

·         Agree completion date (date from which you own the property)

·         Exchange contracts and notify you that this has happened

·         Advise you of the monies needed for completion

·         Complete purchase

·         Deal with payment of Stamp Duty/Land Tax

·         Deal with application for registration at Land Registry

·         Send you your registration documents once the registration formalities have been concluded

·         Please note this fee is based on all documents, communications being sent to you electronically 

With regards to leasehold properties, we will also:

·         Review your lease and report to you on the terms of the Lease

·         Advise you of any additional costs required pursuant to the Lease in respect of landlord/ managing agents/ management company involved, as appropriate

·         Advise on service charge and ground rent pursuant to the lease.

·         Make enquiries with the Landlord’s or their agents via the Seller’s solicitors in respect of the arrangements for management/ maintenance of the building in which your leasehold property is located, including communal parts

Average timescales

How long it will take from your offer being accepted until you can move in to your new home will depend on a number of factors. The average process takes between 6 to 8 weeks to exchange, and a further one or two weeks before completion, dependent on all parties involved being agreeable to the completion date.

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 to 12 weeks.  However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 to 4 months.  In such situation additional charges would apply.

 What is the Estimated Fee

PRICE OF PROPERTY

OUR FEES

£150,000 and below

£850.00

£151,000 - £200,000

£900.00

£201,000 - £250,000

£950.00

£251,000 - £300,000

£1000.00

£301,000 - £350,000

£1050.00

£351,000 - £400,000

£1100.00

£401,000 - £500,000

£1,350.00

£501,000 - £750,000

£1,650.00

£751,000 - £999,999.99

£1,750.00 - £2,000.00

£1 Million plus

£0.7% of purchase/ sale price

If you are buying with the assistance of a mortgage, we charge an additional fee of £195 plus VAT, assuming the mortgage is being provided by a high street lender. This includes:

·         Checking finances are in place to fund purchase and contact lender’s solicitors if needed

·         Go through conditions of mortgage offer with you, including a report on mortgage

Additional fees may apply in instances that fall outside of the normal conveyancing transaction. Please see Potential Additional Fee section below.

 Please note that for all new clients of the firm, we will conduct an electronic ID search for Anti Money Laundering compliance. The administrative fee for arranging these checks is £15 plus VAT.

 If we are arranging the transfer of funds electronically, we will charge a fee for our time involved in arranging each transfer, for example sending completion money to your seller’s solicitors on completion, the cost of this and the amount we pay to the bank for the transfer is £25 plus VAT per transfer.

Information on Estimated Fees

 The fee will reflect work involved in your transaction. Our fee assumes that:

 This is a normal conveyancing 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 not the grant of a new lease in leasehold matters.

·         The transaction is concluded in a timely manner and no unforeseen complication arises

·         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

·         This work will be undertaken by our Stanmore office by a lawyer supported by various other junior members of the team. If you require a designated lawyer/ fee earner to deal with your transaction additional fees may apply to suit your needs and service requirements.

Likely disbursements and recharges/ expenses (these are costs related to your matter that are payable to third parties. We handle the payment of the disbursement on your behalf to ensure a smoother process)

·      Searches approximately £250 to £350 (plus VAT)

·       Land Registry Priority Searches £4 (no VAT)

·       Bankruptcy Searches – £2 per person purchasing (no VAT))

·       HM Land Registry Fee- this will depend on the purchase price of your property. You can calculate the amount you will need to pay by using HMLR’s website http://landregistry.data.gov.uk/fees-calculator.html

·       Stamp Duty Land Tax- this will depend upon the purchase price of your property. You can calculate the amount you will need to pay by using the HMRC’s website https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

Potential Additional Disbursements

In Leasehold matters we may also need to pay a fee to the Landlords Solicitors or Agents in respect of the Notice of Transfer/ Charge.

This cost varies from one property to the next, depending on the fees confirmed in the Lease/ agreed with the landlord. We will advise you of this cost; however this usually ranges between £25-£75 per Notice plus VAT.

 

In leasehold matters, your Lease may require a Deed of Covenant, depending on the terms of the Lease.

The Landlord/ Management Company/ Agent may charge a fee for registering this document with them on completion of your purchase.

We will advise you of this cost, if appropriate, however the cost could range between £75 to £200 plus VAT

 

In leasehold matters, it may be required, as a term of your lease that you require a Certificate of Compliance from the Landlord/ Managing Agent / Company.

The fee will be confirmed to you once we have reviewed the Lease and made enquiries with the Landlord/ Management Company/ Agent; however, the cost could range from £75 to £200 plus VAT.

You should note that these disbursements can vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate indication of costs once we have had sight of the specific documents for your purchase.

Other disbursements may apply depending on the terms of your Lease. We will update you on the specific fees upon receipt and review of the lease from the Seller’s solicitors

Potential incidental Fees

Atlantic Solicitors always provide clients with a fee estimate at the start of each new matter,

therefore if you would like a bespoke estimate for your particular matter/ case please contact

us to discuss.

If your case involves unexpected complications, we will always inform you, including any additional

fees that may apply, so that you can make an informed decision as to how to proceed.

You should be aware that additional fees will apply in the following situations:

  •   Acting for an additional lender
  •   If your lender wishes for another legal representative to act for them
  •   Administering Service Charge Retentions in leasehold matters
  •   Administration Fees if you require your documents by post.
  •   Approving a lease extension
  •   Approval of a tenancy Agreement
  •   Additional bank transfer costs (per transfer)
  •   Administration fees for unpaid cheques
  •   Administration costs for cheques stopped at client request
  •   Completion required within 7 days of exchange of contracts
  •   Dealing with share of freehold
  •   Dealing with sitting tenants or occupiers
  •   Dealing with third party lawyers, e.g. in a matrimonial dispute
  •   Dealing with trust property
  •   Deed of Covenant
  •   Deed of Easement
  •   Deed of Gift- per gift
  •   Deed of Grant or variation
  •   Deed of Guarantee
  •   Drafting Statutory Declaration or Statement of Truth
  •   File Retrieval after completion from storage
  •   General Power of Attorney
  •   Investigating bankruptcy Entry
  •   Land Registry Restriction (each)
  •   Leasehold Property supplement
  •   Letter of Postponement or Deed of Postponement
  •   Liaising with Trustee in Bankruptcy
  •   Mutual Deed of Covenant for flying freehold
  •   Obtaining Indemnity Insurance (each)
  •   Purchase at an undervalue
  •   Registration at Companies House
  •   Redemption of Mortgage
  •   SDLT supplemental fee
  •   Shared Equity/ Help to Buy
  •   Shared Ownership
  •   Simultaneous exchange and completion
  •   Staircasing
  •   Unregistered land
  •   Voluntary First Registration for a sale property

VAT will be chargeable in addition on all fees quoted. Please visit the government website for more information on VAT <https://www.gov.uk/vat-rates>

This list is not exhaustive, and if there are additional fees that you may incur we will inform you in advance. In addition to our legal fees for some items above  you may incur an associated disbursement, such as additional Land Registry Fees, or Landlord Fees (if appropriate). We will inform you accordingly.

If you are ever in need of a freehold purchase solicitors London, you can get in touch with Atlantic Solicitors.

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Atlantic Solicitors Limited is Authorised and Regulated by the
Solicitors Regulation Authority with Registration No: 639404.
Atlantic Solicitors
is the trading name of Atlantic Solicitors Limited,
a company registered in England and Wales with Company No.: 10811768.
Company Registered Office: Suite 206, Island Business Centre, 18-36 Wellington Street London SE18 6PF.
VAT Registration No: 944 4461 14. A list of the Directors can be inspected at our Company Registered Office


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