Residential Conveyancing

When buying or selling a house, our experienced residential property experts and conveyancers can conclude your purchase or sale successfully.

Kidd Spoor Taylor has an in-depth local knowledge in the residential property market from our offices in North Shields. Our service is professional and cost-effective. Our conveyancing team are highly competant and proactive within the property process.

 

 

We will advise on and identify the issues that may be relevant to the legal elements of the transaction. We give clear communication at all times whether in person, by phone or via email. Our conveyancing Solicitors in North Shields will adapt to your requirements. Our highly skilled solicitors specialise in residential conveyancing acting for clients across the North East from our offices in North Shields. Buying or selling a home usually involves the sellers providing an Energy Performance Certificate for the property, the seller is then responsible for drawing up a legal contract to transfer ownership however an offer isn’t legally binding until contracts are exchanged. Our North Shields Conveyancing Solicitors can help you through this process smoothly and efficiently.

Our professional conveyancing solicitors and support staff are dedicated to helping you every step of the way. We offer a full range of conveyancing legal services to meet your needs, and budget.

Our North Shields Residential Property team undertake residential conveyancing, leasehold property, re-mortgaging, joint ownership/transfer of ownership and right to buy.

Costs for Sale of a Freehold or Leasehold Residential Property

Our residential property team specialises in the sale, purchase, and financing of residential properties. We provide a bespoke service tailored to the individual needs of our clients and their particular transaction. 

Our fees cover the work required to complete the sale of your freehold or leasehold property on your behalf including the redemption of up to one mortgage (if applicable). 

Our fees are based on hourly rates, which range from £150 per hour (plus VAT at 20%) to £250 per hour (plus VAT at 20%) depending on the experience of the fee earner involved. 

Depending on the complexity of the transaction we expect a typical freehold or leasehold residential sale transaction of the type we typically deal with will take between 10 – 25 hours at the hourly rate of the team member dealing with the transaction. 

The exact costs will be dependent on the individual circumstances of the matter and the factors as set out in ‘Our Assumptions’ below. 

If, for example, the transaction is a straight-forward sale of a single registered title freehold property in an urban area, with no title defects and no mortgage to redeem, the costs will be at the lower end of the range. 

A detailed fee quote based on your particular transaction can be provided on request and will be provided at the outset of any transaction on which we are acting. 

In addition to our fees, you will be required to pay disbursements. Disbursements are costs related to your matter that are payable to third parties, such as search fees. We will deal with the payment of disbursements on your behalf. 

Fees and disbursements on the sale of a residential freehold or leasehold property are as follows:

Legal fees

£700.00 – £4,000.00 (plus VAT at 20%).

Official copy title and plan fees

£6.00 (per title).

Obtaining official copy of document

£4.00 (per document referred to as filed in the registered title).

Telegraphic transfer fee

£38.00 (plus VAT at 20%) being the bank’s charge of £16.00 (plus VAT at 20%) plus this firm’s

How long will the process take? 

How long the legal process will take will depend on a number of factors. On average the process takes between 6 -12 weeks; however it can be quicker or slower, depending on the position of the parties in the chain, the type of property and whether the buyer requires a mortgage. 

Stages of the process 

The stages involved in the sale of a residential property can vary according to the circumstances. Below are some of the key stages which a transaction would usually include: 

  • Taking your instructions and giving you initial advice and scoping of the transaction.
  • Contacting your existing mortgage lender to obtain redemption figures. 
  • Obtaining your replies to standard property information forms and a fixtures and fittings form and obtaining from you supporting documents.
  • Drafting the contract, obtaining copies of your property title from the Land Registry and sending the contract pack to buyer’s solicitors.
  • Replying to enquiries raised by the buyer’s solicitor and agreeing the contract
  • Sending the final contract and transfer to you for signature.
  • Exchanging contracts and notifying you that this has happened.
  • Completing the sale.
  • Dealing with redeeming any existing mortgage, paying the estate agent’s fees and paying the net sale proceeds of sale to your account.

Our assumptions 

Our fee estimate assumes that: 

  • This is a standard transaction and that no unforeseen matters arise for example a defect in title which requires remedying prior to completion, or the preparation of additional documents (including advising upon or drafting a Deed of Easement or Overage Provisions).
  • The property is sold with vacant possession.
  • The transaction is concluded in a timely manner without any specific need for urgency or delay.
  • The contract is not a conditional contract.
  • All parties are co-operative and there is no unreasonable delay.
  • No indemnity policies are required. Additional fees and disbursements may apply if indemnity insurance policies are required.
  • The property is not a new build property.
  • The property is for residential use only.
  • There is no sale of part of a registered title to the property nor is the title to the property (or any part of it) unregistered.
  • There is no sale under a court order nor matrimonial transfer on divorce, nor is it a repossession sale.
  • There is no lack of building regulation consents. planning consents or listed building consents for works carried out to the property.
  • The sale does not involve an auction.
  • We will not be advising on planning.
  • We will not be advising on tax.
  • If the property is leasehold, no landlord’s or third party’s consent is required.
  • We will not be advising on any claim for overpaid SDLT.
  • If the property is being sold by Attorneys there is a registered valid Power of Attorney in place.

Additional fees and disbursements are likely to apply to the sale of a residential leasehold property, some of which will be set out in the individual lease relating to the property. This list is not exhaustive and other disbursements may apply depending on the terms of the lease and its requirements in connection with any sale of the property. We will update you on the specific fees following receipt and review of the lease. Anticipated disbursements in relation to leasehold properties can include:

Landlords/managing agents/management company replies to landlord/managing agents property enquiry forms

The fee is provided by the freeholder or management company for the property and can be difficult to estimate as landlords and managing agents charge different fees from property to property. Usually it is between £350.00 – £600.00 (plus VAT at 20%).

Licence to assign or rent deposit deed if required by the lease

The fee is provided by the freeholder or their lawyers for the property and can be difficult to estimate as landlords and their lawyers charge different fees from property to property. Usually it is between £250.00 – £750.00 (plus VAT at 20%).

Who will work on your case? 

Typically, a solicitor, licensed conveyancer, associate, or a Principal will work on your case, and they may be assisted by a paralegal, a trainee solicitor, or a solicitor apprentice. 

Supervision of the work will be undertaken by the Principal. 

Costs for Purchase of a Freehold or Leasehold Residential Property

Our residential property team specialises in the sale, purchase, and financing of residential properties. We provide a bespoke service tailored to the individual needs of our clients and their particular transaction. 

Our fees cover the work required to complete the purchase of a residential freehold or leasehold property on your behalf including:

  • acting jointly for your lender if you are purchasing with a mortgage; 
  • dealing with the registration at the Land Registry; and 
  • dealing with the payment of Stamp Duty Land Tax (SDLT), assuming that the property is located in in England. 

Our fees are based on hourly rates, which range from £150 per hour (plus VAT at 20%) to £250 per hour (plus VAT at 20%) depending on the experience of the fee earner involved. 

Depending upon the complexity of the transaction we expect a residential property purchase transaction of the type that we typically deal with will take between 10-25 hours. 

The exact costs will depend on the individual circumstances of the matter and the factors as set out in ‘Our assumptions’ below. 

If, for example, the transaction involves a straightforward cash purchase of a single registered title freehold property in an urban area, with no title defects the costs will be at the lower end of the range. 

A detailed fee quote based on your particular transaction can be provided on request and will be provided at the outset of any transaction on which we are acting. 

In addition to our fees, you will be required to pay disbursements. Disbursements are costs related to your matter that are payable to third parties, such as search fees. We will deal with the payment of the disbursements on your behalf. 

Fees and Disbursements on the purchase of a residential freehold or leasehold property are as follows:

Our fees

£750.00 to £4,000.00 (plus VAT at 20%)

Search fees

Up to £450.00 (plus VAT at 20%) approximately. This varies from property to property depending upon which precise searches are needed and the size of the area to be searched.

HM Land Registry fee

£40 (for property purchase price £0 – £80,000). 

£80 (for property purchase price £80,001 – £100,000). 

£190 (for property purchase price £100,001 – £500,000). 

£270 (for property purchase price £500,001 – £1,000,000). 

£455 (in respect of properties worth in excess of £1,000,000).

Telegraphic transfer fee

£38.00 (plus VAT at 20%) being the bank’s charge of £16.00 (plus VAT at 20%) plus this firm’s administration fee of £22.00 plus VAT at 20%)

Stamp Duty Land Tax (SDLT)

This will depend on the purchase price of the property and will also be dependent upon the individual circumstances of the buyer. Please see below

SDLT in England depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website however the level of SDLT also depends upon whether you are a first time buyer, or whether the purchase is the replacement of your existing home, or purchasing a single private residence, whether you own a share in another property or other factors. On straightforward transactions we can prepare an SDLT return form and arrange submission to HMRC; however in certain circumstances we will advise you to seek advice from an accountant or an SDLT specialist as we will be unable to advise you.

How long will the process take? 

How long the legal process will take will depend on a number of factors. On average, the process takes between 8 – 12 weeks. It can be quicker or slower, depending on the speed of other parties in the chain, the type of property and the availability of property searches. 

Stages of the process 

The stages involved in the purchase of a residential property can vary according to the circumstances. Below are some of the key stages which a transaction would usually include:

  • Taking your instructions and giving you initial advice and scoping of the transaction. 
  • Advising you on joint ownership (if applicable). 
  • Advising on, negotiating (if appliable) and agreeing the contract. 
  • Reviewing and reporting to you on the title to the property. We will advise you of any defects in the title and advise on how such matters can be remedied. If the property is leasehold we will advise you on the lease terms.
  • Carrying out searches and reviewing the results. 
  • Raising any necessary enquiries of the seller’s solicitor. If the property is leasehold we will request and review any management information. 
  • If applicable, reviewing and explaining to you the conditions of your mortgage offer and the nature and effect of you signing and entering into the mortgage documents. 
  • Drafting the Transfer which is the document which transfers ownership of the property to you. 
  • Sending the final documents to you for signature. 
  • Obtaining deposit funds from you. This is usually 10% of the purchase price of the property 
  • Exchanging contracts and notifying you that this has happened. 
  • Carrying out pre-completion searches. 
  • Preparing a completion statement and requesting completion monies from the lender (if applicable) and you. 
  • Completing the purchase. 
  • Dealing with the payment of SDLT. 
  • Dealing with the application for registration at the Land Registry. 
  • If the property is leasehold we will deal with the service of notice of transfer and charge on the freeholder which will be required under the terms of the lease.

Our Assumptions 

Our fee estimate assumes that: 

  • This is a standard transaction and that no unforeseen matters arise for example a defect in title which requires remedying prior to completion, or the preparation of additional documents (which would include such matters as advising upon or drafting a Deed of Easement or Overage Provisions). 
  • The property is sold with vacant possession. 
  • Your lender is not separately represented. 
  • The transaction is concluded in a timely manner without any specific need for urgency or delay.
  • The contract is not a conditional contract.
  • All parties to the contract are co-operative and there is no unreasonable delay. 
  • No indemnity policies are required. Additional fees and disbursements may apply if indemnity policies need to be obtained. 
  • The property is not a new build property. 
  • The property is for residential use only.
  • There is no sale of part of a registered title nor is the title to the property unregistered. 
  • There are no lack of building regulation, planning or listed building consents for works carried out to the property or breach of such consents. 
  • The purchase does not involve an auction. 
  • The transaction does not involve the first registration of title.
  • The property has not been repossessed. 
  • The purchase does not involve a shared ownership scheme or involving a help to buy scheme, equity loan or ISA or purchase under right to buy. 
  • We will not be advising on planning. 
  • We will not be advising on tax. 
  • The property is not being purchased through a company or Trust. 
  • If the property is being purchased by Attorneys there is a registered valid Power of Attorney in place.
  • This is an arm’s length transaction between unconnected parties.

Additional fees and disbursements are likely to apply to the purchase of a residential leasehold property, some of which will be set out in the individual lease relating to the property. This list is not exhaustive and other disbursements may apply depending on the terms of the lease and its requirements in connection with any sale of the property. We will update you on the specific fees following receipt and review of the lease and information from the seller’s solicitors.

Notice of transfer fee

This fee is chargeable if set out in the Lease. Usually the fee is between £50 – £175 (plus VAT at 20%).

Notice of charge fee (if the property is to be mortgaged)

This fee is set out in the Lease. Usually the fee is between £50 – £175 (plus VAT at 20%).

Deed of covenant fee

This is the fee provided by the management company/freeholder for the property. The exact amount is difficult to estimate as it will vary from property to property. Usually it is between £250- £750 (plus VAT at 20%).

Certificate of compliance fee

To be confirmed upon receipt of the lease. Usually the fee is between £50 – £150 (plus VAT at 20%).

Transfer of a share in a freehold or residents management company

To be confirmed upon receipt of the information from the managing agents. Usually the fee is between £50 – £150 (plus VAT at 20%).

Who will work on your case? 

Typically, a solicitor, licensed conveyancer, associate, will work on your case, and they may be assisted by a paralegal, a trainee solicitor, or a solicitor apprentice. 

Supervision of the work will be undertaken by the Principal.

Costs for Residential Property: Mortgage or Remortgage

Our residential property team specialises in the sale, purchase, and financing of residential properties. We provide a bespoke service tailored to the individual needs of our clients and their particular transaction. 

Our fees cover the work required to complete the mortgage or re-mortgage of a residential freehold or leasehold property on your behalf including: 

  • acting jointly for your lender; 
  • redeeming up to one existing mortgage; and 
  • dealing with the registration of the mortgage at the Land Registry. 

Our fees are based on hourly rates, which range from £150 per hour (plus VAT at 20%) to £250 per hour (plus VAT at 20%) depending on the experience of the fee earner involved. 

Depending upon the complexity of the transaction, we expect a residential freehold property mortgage or re-mortgage transaction of the type that we typically deal with will take between 6 – 20 hours. 

The exact costs will depend on the individual circumstances of the matter and the factors as set out in ‘Our assumptions’ below.

Depending upon the complexity of the transaction, we expect a residential freehold property mortgage or re-mortgage transaction of the type that we typically deal with will take between 6 – 20 hours. 

The exact costs will depend on the individual circumstances of the matter and the factors as set out in ‘Our assumptions’ below. 

If, for example, the transaction is a straight-forward mortgage of a single registered title freehold property, with no title defects the costs will be at the lower end of the range. 

A detailed fee quote based on your particular transaction can be provided on request and will be provided at the outset of any transaction on which we are acting. 

In addition to our fees, you will be required to pay disbursements. Disbursements are costs related to your matter that are payable to third parties, such as search fees. We deal with the payment of the disbursements on your behalf. 

Fees and disbursements on the mortgage of a residential freehold or leasehold property are as follows:

Legal fees

£750.00 – £4,000.00 (plus VAT at 20%)

Search fees

Up to £450.00 (plus VAT at 20%) approximately. This varies from property to property depending upon which precise searches are needed and depending upon the size of the area to be searched.

HM Land Registry fee

£20 (for loan £0 – £100,000) £30 (for loan £810,001 – £200,000) £40 (for loan £200,001 – £500,000) £60 (for loan £500,001 – £1,000,000) £125 (in respect of loans in excess of £1,000,000).

Telegraphic transfer fee

£38.00 (plus VAT at 20%) being the bank’s charge of £16.00 (plus VAT at 20%) plus this firm’s administration fee of £22.00 plus VAT at 20%)

How long will the process take? 

How long it will take from your offer being issued until completion will depend on a number of factors; however on average the process takes approximately 4 – 6 weeks. It can be quicker or slower, depending on how quickly during the process the mortgage offer is issued, the conditions of the offer, the type of property and the availability of the property searches. 

Stages of the process 

The stages involved in the mortgage of a residential freehold or leasehold property vary according to the circumstances. Below are some of the key stages which a transaction would usually include: 

  • Taking your instructions and giving you initial advice and scoping of the transaction. 
  • Contacting your existing lender (if any) to obtain redemption figures. 
  • Reviewing the property title and checking with you that any title covenants have been complied with. 
  • Carrying out searches and reviewing the results. 
  • Reviewing and advising you on the conditions of your mortgage offer and the nature and effect of your signing the mortgage documents. 
  • Obtaining your signature to the mortgage deed. 
  • Certifying the title to the property to the lender and requesting drawdown of funds.
  • Carrying out pre-completion searches. 
  • Requesting any shortfall payment required from you (if applicable) 
  • Attending to completion of the mortgage and redemption of the existing charge (if applicable). 
  • Dealing with the application for registration of the mortgage at the Land Registry and discharge of the existing charge (if applicable). 

Our assumptions 

Our fee estimate assumes that: 

  • This is a standard transaction and that no unforeseen matters arise for example a defect in title which requires remedying prior to completion, or the preparation or advising on additional documents. 
  • Your lender is not separately represented.
  • The transaction is concluded in a timely manner without any specific need for urgency or delay. 
  • The mortgage does not require a guarantee from you or a third party. 
  • There is no unreasonable delay. 
  • No indemnity policies are required. Additional fees and disbursements may apply if indemnity policies are required. 
  • The property is for residential use only. 
  • That the mortgage does not relate to part of a registered or unregistered title nor is the title to the property unregistered.
  • There is no lack of building regulation, planning or listed building consents for works carried out to the property or breach of such consents. 
  • There are no tenancies which we would need to review and report on. 
  • The transaction does not involve the first registration of title. 
  • The borrower is not a company. 

Additional fees and disbursements will be charged in relation to a mortgage of a leasehold property (these will vary depending upon the property and we can confirm the figures once we have had sight of the lease and supporting information):

Certificate of compliance fee

To be confirmed upon receipt of the lease. Usually the fee is between £50 – £150 (plus VAT at 20%).

Notice of charge fee

This fee is set out in the Lease. Usually the fee is between £50 – £175 (plus VAT at 20%)

Who will work on your case? 

Typically, a solicitor, licensed conveyancer, or an associate will work on your case, and they may be assisted by a paralegal, a trainee solicitor, or a solicitor apprentice. 

Supervision of the work will be undertaken by the Principal.

Get in Touch

Phone

0191 257 3101

Address

25 Northumberland Square
North Shields
NE30 1PW

Email

law@kiddspoortaylor.co.uk

Kidd Spoor Taylor Solicitors