Transparency Statement – Conveyancing

CONVEYANCING

Moving house can be an exciting but stressful time and at Houghton Pigot & Co with our experienced and friendly team of lawyers, we will guide you through the whole process.

Whether buying, selling or re-mortgaging a property, we offer an efficient and helpful service at a reasonable price. Although we are a local firm we can deal with the sale of any property in England and Wales.

We aim to keep you fully advised throughout the transaction by letter, telephone, fax or email.

We will give you a competitive and detailed quote for conveyancing, and guarantee that there will no hidden extra costs for our services.

For an immediate quote please contact:

Wigan office: 01942 241 288 and ask for Julie Lacey or Carolyn Cunliffe

or for an instant use our online quote system

Our conveyancing fees – purchase of a residential property

Our average legal fees for acting on the purchase of a property are £810.00 including VAT.

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 (Additional third party costs)

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. These would include:

  • Search fees £293.40 (assuming the property is in the North West of England)
  • Stamp Duty (England) or Land Tax (Wales). The amount you will have to pay depends on the purchase price of your property, whether you are a first time buyer and whether the purchase will result in you owning 2 or more properties. You can calculate the amount you will need to pay by using HMRC’s websiteor if the property is located in Wales by using the Welsh Revenue authority’s website
  • Land Registry fees. The cost will depend on the purchase price of your property and whether the property is already registered at the Land Registry. You can calculate the amount you will need to pay by using HM Land Registry’s Fee Calculator and selecting ‘transfer of whole’. Land Registry Fees vary from £20 (for properties valued at less than £80,000 where the property is already registered at the Land Registry) to £910 (for properties valued at over £1,000,000 which have not previously been registered at the Land Registry.
  • Notice of Transfer fee* – This fee will depend upon the leaseholder’s charges. Often the fee is between £75.00 and £250.00.
  • Notice of Charge fee* (if the property is to be mortgaged) – This fee will depend upon the leaseholder’s charges. Often the fee is between £75.00 and £250.00.
  • Deed of Covenant fee* – This fee is charged by the management company for the property and can be difficult to estimate. Often it is between £180 and £350.
  • Certificate of Compliance fee* – To be confirmed upon receipt of the contract, as can range between £50 and £250.
  • Referral fees – we do not pay, nor charge you, referral fees. We rely on our reputation for providing an efficient and cost-effective service to clients rather than paying 3rd parties to refer clients to us.

*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.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have set out the 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
  • Investigate the title to the property
  • 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
  • Arrange an appointment with you to go through the title, searches and mortgage documentation and to sign the contract and mortgage deed
  • 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
  • Report to you and your lender that the property is registered in your name
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. 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 5 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:

  1. 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
  2. this is the assignment of an existing lease and is not the grant of a new lease
  3. the transaction is concluded in a timely manner and no unforeseen complication arise
  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Our conveyancing fees –sale of a residential property

Our average legal fees for acting on the purchase of a property are £660.00 including VAT.

Our fees cover all of the work* required to complete the sale of your property.

Disbursements (Additional third party costs)

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. These would include

  • Obtaining copies of the land register and official plan £6.00
  • Referral fees – we do not pay, nor charge you, referral fees. We rely on our reputation for providing an efficient and cost-effective service to clients rather than paying 3rd parties to refer clients to us.

Leasehold Properties

Many properties in the area are leasehold properties and in addition to the above you may have one or all of the following additional charges*

  • Obtaining the management pack from the Freeholder or Managing Agents. This fee will depend upon the freeholder’s charges. Often the fee is between £75.00 and £250.00.
  • Obtaining an up to date ground rent receipt. You will need to be able to prove that the ground rent is paid up to date. Many freeholders charge for producing a ground rent receipt and the charges can vary from £50.00 to £200.00
  • Retrospective Consent fees. Many leases contain a covenant that you cannot alter the property without the freeholder’s prior written consent. In cases where the property has been altered (e.g. extension, conservatory, loft conversion) you may need to seek retrospective consent from the freeholder. Charges for this can vary from £75.00 to £1,500.00

*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.

Stages of the process

The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have set out the key stages:

  • Take your instructions and give you initial advice
  • Obtain title deeds from you (or your lender)
  • Obtain any missing title deeds from the Land Registry
  • Investigate the title to the property and draft the contract for sale
  • Send Property Information and Fixtures Fittings and Contents forms to you for completion
  • Submit contract package to the buyer’s solicitors
  • Reply to enquiries raised by the buyer’s solicitor
  • Give you advice on all documents and information received
  • Obtain your signature to the Contract and Transfer deed
  • Agree completion date (date from which you will no longer own the property)
  • Obtain an up to date figure as to the amount required to redeem (pay off) your mortgage
  • Exchange contracts and notify you that this has happened
  • Complete purchase
  • Redeem your mortgage
  • Pay the selling agents’ fees
  • Remit the balance of the sale monies to you.

How long will my house sale take?

How long it will take from you accepting an offer until the property is sold 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 your buyer is a first time buyer with a mortgage in principle, it could take 6 weeks. However, if you are selling 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:

  1. 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
  2. this is the assignment of an existing lease and is not the grant of a new lease
  3. the transaction is concluded in a timely manner and no unforeseen complication arise
  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

 

Our conveyancing fees – re-mortgage of a residential property

Our average legal fees for acting on the re-mortgage of a property are £450.00 including VAT.

Our fees cover all of the work* required to complete the re-mortgage of your property, including dealing with registration at the Land Registry.

Disbursements (Additional third party costs)

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. These would include

  • Search fees £293.40 (assuming the property is in the North West of England)
  • Obtaining copies of the land register and official plan £6.00
  • Referral fees – we do not pay, nor charge you, referral fees. We rely on our reputation for providing an efficient and cost-effective service to clients rather than paying 3rd parties to refer clients to us.
  • Land Registry fees (on re-mortgage)

This depends on the amount of the re-mortgage and whether the property is already registered at the Land Registry. You can calculate the amount you will need to pay by using HM Land Registry’s Fee Calculator and selecting ‘Charge – registration of (registered land)’. Land Registry Fees vary from £20 (for mortgages of less than £80,000 where the property is already registered at the Land Registry) to £910 (for mortgages over £1,000,000 where the property has not previously been registered at the Land Registry.

Leasehold Properties

Many properties in the area are leasehold properties and in addition to the above you may have one or all of the following additional charges*

  • Notice of Charge fee – This fee will depend upon the leaseholder’s charges. Often the fee is between £75.00 and £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.

Stages of the process

The precise stages involved in the re-mortgage of a residential 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
  • Receive mortgage instructions from your lender
  • Carry out searches
  • Investigate the title to the property
  • Obtain further planning documentation if required
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer with you
  • Arrange an appointment with you to go through the mortgage documentation and to sign the mortgage deed
  • Agree completion date
  • Obtain an up to date figure as to the amount required to redeem (pay off) your mortgage
  • Arrange for all monies needed to be received from lender and you
  • Redeem your existing mortgage
  • Complete re-mortgage
  • Remit any surplus funds to you
  • Deal with application for registration at Land Registry
  • Report to you and your lender that the new mortgage is registered
How long will my re-mortgage take?

How long it will take from your application being approved by the Lender to the re-mortgage being completed will depend on a number of factors. The average process takes between 3-6 weeks. It can be quicker or slower, depending on the requirements of your new Lender.

* Our fee assumes that:

  1. 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
  2. the transaction is concluded in a timely manner and no unforeseen complication arise
  3. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  4. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.