Residential Conveyancing

Helping with the buying and selling of property in Malton

There has been a growing confidence in the Housing Market from buyers over the past year. This is evidenced by the Halifax whom recently released their annual First Time Buyer Review showing a reported 22% rise in first time buyers, up from 326,500 in 2014. Following this trend is an increase in government schemes to help first time buyers get on the housing ladder for the first time. It is anticipated that the Housing Market will remain busy through the course of 2015.

For most people, property is a valuable asset and the process of buying and selling a property can seem daunting. At Pearsons & Ward, our friendly, approachable and experienced team of solicitors will show you that buying and selling property does not have to complicated. We will ensure that:

  • we listen to your requirements;
  • our costs are made clear from the outset with no hidden extras;
  • we progress your matter in a timely and efficient manner;
  • we provide regular updates to you as to the progress of your transaction;
  • we give you clear, jargon free advice; and
  • your matter is dealt with by a qualified solicitor.

The Property Team works extremely hard to provide a first-rate service and is proud to confirm:

  • we are both Conveyancing Quality Scheme and Lexcel Accredited (both of which mean you will receive a high level of customer service);
  • we are panel solicitors for all major mortgage providers; and
  • we work closely with surveyors, selling agents, financial advisors and mortgage brokers to ensure effective communication throughout a transaction.

Even before you have found a buyer for your property, we can:

  • help you to gather all the documents you will need to enable your future sale to proceed smoothly;.
  • check through your title deeds and deal with any possible defects that may otherwise have delayed the progress of your sale; and
  • explain the process of selling and buying a property.

Other residential transactions that our experienced Property Team can help you with include:

  • Equity release/Lifetime Mortgages
  • Property and Boundary queries/disputes
  • Cohabitation Agreements
  • Landlord and Tenant issues

Useful downloads

If you would like to discuss your matter in further detail, do give us a call on 01653 692247 and ask to speak to a member of our Property Team.

Costs Transparency – Sales and Purchases – Malton

Our fees cover all of the work required to complete the sale or purchase of your 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.

In addition to our charges we will also need to charge you for disbursements.  Disbursements are costs payable to third-parties that relate to your matter.  See the examples below for descriptions of the type of payments which are normally made.

Our fees also do not include the work required to rectify any defects in the seller’s title.

All prices quoted are subject to VAT.

Property Price

Charges

Up to £250,000

Fees between £550 to £750

£250,001 to £500,000

Fees between £750 to £950

£500,001 to £1M

Fees between £950 to £2500

 

 

Leasehold Properties

Plus £250.00

Expedition Fee if Completed within 28 days

£75.00

 

 

Re-Mortgage

£550.00

Council House Purchase

£550.00

In addition to the above charges we may make additional charges if any additional work is required.  These are referred to in our Terms of Business as Additional Tariffs.  The tables below show which additional work you will be charged for.

Please note, however, that the additional work mentioned below will not apply in all cases.  We can give you an accurate figure once we know more about your property and circumstances.

Additional Administrative Charges:

In additional to our charges for the work we also make an administrative charge for work associated with your file.

Description of Administrative Charges

Additional Charge + VAT

Bank Telegraphic Transfer Fee if we need to send funds direct to another bank account.  E.g. to send completion monies, repay a mortgage, send proceeds of a sale etc.

£35.00

BACS Transfer Fee need to send funds direct to another bank account, usually to send proceeds of a sale

£26.00

End of File fee which covers the administrative costs associated with the closing and storage of your case file

£35.00

Identity Check fee is an administrative fee to carry out the mandatory identity checks

£15.00

Example: Couple buying a Registered Freehold Property in the Malton Area with a Mortgage:

Property purchase price: £250,000 with a mortgage and no additional work required.

This fee breaks down as follows:

Legal fees: Our charges for carrying out the work.

Charge Description

Charge

VAT

Total

Our fee

£700.00

£140.00

£840.00

Bank Telegraphic fee to send completion monies to sellers Solicitor

£35.00

£7.00

£42.00

Identity check fee (2 persons)

£30.00

£6.00

£36.00

Sub Total:

£765.00

£153.00

£918.00

Disbursements: Costs payable to third-parties that relate to your matter.

Charge Description

Charge

VAT

Total

Chancel Search

£14.32

 

£14.32

Environmental Search

£61.20

 

£61.20

Drainage and Water Search

£50.16

 

£50.16

Local Authority Search

£104.00

 

£104.00

Land Registry Search fee

£3.00

£0.60

£3.60

Bankruptcy Search (£2.00 per borrower)

£4.00

£0.80

£4.80

Land Registry Fee

£135.00

 

£135.00

Stamp Duty Land Tax  (Stamp Duty) *

£2,500.00

 

£2,500.00

Sub Total

£2,871.68

£1.40

£2,873.08

* Stamp Duty is subject to change and can vary dependent upon your personal circumstances, for example if you are purchasing a second property.  The figure shown above is for a straightforward purchase where you do not own a second property.  For an accurate figure taking into account your personal circumstances please visit the HMRC website.

Grand Total

Charge

VAT

Total

Total Charges

£3,636.68

£154.40

£3,791.08

Process:

How long it will take from instructing us to the completion of the transaction will depend on a number of factors. The average process takes between 6-8 weeks.

The precise stages involved in the purchase of a residential property vary according to the circumstances.

However, below is the typical sequence of events from when we take instructions through to the end of the transaction:

  • Take your instructions and give you initial advice
  • Send Terms of Business and obtain identification documents
  • Check that finances are in place to fund purchase and contact lender's solicitors if separately represented
  • Obtain Memorandum of Sale from Estate Agents
  • Receive and advise on contract documents
  • Carry out searches
  • Check searches and documentation received
  • Make any necessary enquiries of seller's solicitor
  • Prepare Transfer and SDLT Form
  • Give you advice on all documents and information received
  • Give you advice on mortgage offer
  • Go through the contract and documentation and obtain signatures
  • 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 the purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with service of notices to the Landlord / Management Company if Leasehold
  • Deal with application for registration at Land Registry

Example: Couple selling a Registered Freehold Property in the Malton Area with a Mortgage:

Property purchase price: £250,000 with a mortgage and no additional work required.

This fee breaks down as follows:

Legal fees: Our charges for carrying out the work.

Charge Description

Charge

VAT

Total

Our fee

£700.00

£140.00

£840.00

Bank Telegraphic fee to repay mortgage

£35.00

£7.00

£42.00

Identity check fee (2 persons)

£30.00

£6.00

£36.00

Sub Total:

£765.00

£153.00

£918.00

Disbursements: Costs payable to third-parties that relate to your matter.

Charge Description

Charge

VAT

Total

Office Copies

£6.00

£1.20

£7.20

Sub Total

£6.00

£1.20

£7.20

Grand Total

Charge

VAT

Total

Total Charges

£771.00

£154.20

£925.20

Process:

How long it will take from instructing us to the completion of the transaction will depend on a number of factors. The average process takes between 6-8 weeks.

The precise stages involved in the sale of a residential property vary according to the circumstances.

However, below is the typical sequence of events from when we take instructions through to the end of the transaction:

  • Take your instructions and give you initial advice
  • Send Terms of Business and obtain identification documents
  • Provide Fittings and Contents, Property Information and Leasehold Information forms
  • Obtain any title documentation and mortgage details
  • Obtain Memorandum of Sale from Estate Agents
  • Provide buyers Solicitors with contract pack
  • Obtain management pack from Landlord / Management Company if applicable
  • Answer any enquiries from the buyers Solicitors
  • Go through the contract and documentation and obtain signatures
  • Agree completion date
  • Exchange contracts
  • Obtain mortgage redemption figures
  • Complete the sale

Example: Couple re-mortgaging a Registered Freehold Property in the Malton Area:

Mortgage: £100,000.

This fee breaks down as follows:

Legal fees: Our charges for carrying out the work.

Charge Description

Charge

VAT

Total

Our fee

£550.00

£110.00

£660.00

Bank Telegraphic fee to repay mortgage

£35.00

£7.00

£42.00

Identity check fee (2 persons)

£30.00

£6.00

£36.00

Sub Total:

£615.00

£123.00

£738.00

Disbursements: Costs payable to third-parties that relate to your matter.

Charge Description

Charge

VAT

Total

Environmental Search *

£61.20

 

£61.20

Drainage and Water Search *

£50.16

 

£50.16

Local Authority Search *

£104.00

 

£104.00

Land Registry Fee

£20.00

 

£20.00

Sub Total

£235.36

 

£235.36

Grand Total

Charge

VAT

Total

Total Charges

£850.36

£123.00

£973.36

* Some lenders will you to take out a search insurance policy which is generally cheaper that the search fees.

Process:

How long it will take from instructing us to the completion of the transaction will depend on a number of factors. The average process takes between 4-6 weeks.

The precise stages involved in the re-mortgage of a residential property vary according to the circumstances.

However, below is the typical sequence of events from when we take instructions through to the end of the transaction:

  • Take your instructions and give you initial advice
  • Send Terms of Business and obtain identification documents
  • Check that finances are in place if balance required
  • Obtain details of current mortgage lender
  • Obtain copies of the title
  • Land Searches if required by the mortgage lender
  • Check title and property
  • Obtain mortgage offer and prepare mortgage report
  • Advise on mortgage and obtain signatures to the mortgage deed
  • Agree completion date
  • Obtain mortgage redemption figures
  • Obtain search insurance if required where no searches we carried out
  • Complete the re-mortgage
  • Deal with application for registration at Land Registry

Residential Conveyancing Team:

Our residential conveyancing department consists of a mix of qualified Solicitors, Legal Executives, Licensed Conveyancers, Conveyancing Executives, all supported by a team of experienced paralegals and secretarial staff.

Regardless of who works on your matter, they will be supervised by Michael Peach, Director and Head of Conveyancing.

You can view more information about the individual team members by following the links on our Conveyancing services page.