PERCY WALKER SECURES LAW SOCIETY’S NEW CONVEYANCING QUALITY MARK

Percy Walker in Hastings has become one of the first practices in the country to secure membership to the Law Society’s Conveyancing Quality Scheme – the mark of excellence for the home buying process.

Percy Walker underwent rigorous assessment by the Law Society in order to secure CQS status, which marks the firm out as meeting high standards in the residential conveyancing process.

The Law Society introduced CQS to help to recognise high standards in the home buying process and deter fraud in the residential property market.

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RESIDENTIAL CONVEYANCING

BUYING AND SELLING YOUR HOME

We will ensure your transactions proceed as smoothly as possible with all legal work being carried out by a partner in the firm at competitive rates.

We have many years of experience in this area of the law.

If you would like further information please telephone (01424) 721234 and one of our team will be happy to speak to you and give you a costs estimate.

Conveyancing

LEASEHOLD

Purchase of leasehold residential property

Our 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.

Legal fees – one-half percent (0.5%) of the transaction price with a minimum of £600 plus VAT

Search fees – these can vary depending on what searches are required, but normally for a purchase would be in the region of £550.

Land Registry fee – this is based on a scale dependent on the price and specific advice will be given on this if we are instructed to proceed.

Electronic money transfer – this is £25.00 (which includes £16.00 bank charges and £9.00 legal costs) plus vat

VAT – this will depend on the price and the costs but will be charged currently at 20%

Disbursements and costs payable to third parties such as Land Registry and search fees – we handle the payment of disbursements on your behalf to ensure a smooth process. There are certain disbursements which will be set out in the individual lease relating to the property. The disbursement which we anticipate will apply is indicated below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease and other papers from the seller’s solicitors.

Legal fees – one-half percent (0.5%) of the transaction price with a minimum of £600 plus VAT

Search fees – these can vary depending on what searches are required, but normally for a purchase would be in the region of £550.

Land Registry fee – this is based on a scale dependent on the price and specific advice will be given on this if we are instructed to proceed.

Electronic money transfer – this is £25.00 (which includes £16.00 bank charges and £9.00 legal costs) plus vat

VAT – this will depend on the price and the costs but will be charged currently at 20%

Anticipated disbursements

Notice of Transfer fee – This fee will be set out in the Lease, but this can vary between £30 plus VAT and £90 plus VAT.

Notice of Charge fee (if the property is to be mortgaged) – This fee is often the same as that for the Notice of Transfer fee mentioned above.

Deed of Covenant fee – This fee is provided by the management company for the property and is difficult to estimate. Often it is between £60 and £100.

Certificate of Compliance fee – This fee, if applicable, would be advised on receipt and review of the lease.

All these fees vary from property to property and on the management company concerned, and can on occasion be significantly more than the ranges indicated above.. A more accurate figure can be given once we have sight of the specific documents for the property. You should also be aware that ground rent and service charges are likely to apply throughout your ownership of the property. We can confirm the ground rent and anticipated service charge when we have seen the documentation package for your purchase.

This depends on the purchase price of the property.    You can calculate the amount you will need to pay by using HMRC’s website (https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax) or if the property is located in Wales by using the Welsh Revenue’s website (https://beta.gov.wales/land-transaction-tax-calculator).

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However they may run as follows:

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 and report thereon;

Obtain further planning documentation if required;

Make any necessary enquiries of the seller’s solicitor;

Give advice on all documents and information received;

Advise you on joint ownership;

Go through conditions of mortgage offer with you;

Send final contract to you for signature and return;

Draft Transfer;

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

Exchange Contracts and notify you that this has happened;

Obtain pre-completion searches;

Arrange for all monies needed to be received from lender and you;

Complete the purchase;

Deal with payment of Stamp Duty Land Tax / Land Transaction Tax;

Deal with application for registration at Land Registry;

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors.  The average process takes between 8-10 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 14 weeks.  However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3-4 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 the title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction;
  2. this is an 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 complications 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 this is necessary;

FREEHOLD

Purchase of freehold residential property

our 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 if the property is in England, or Land Transaction Tax if the property you wish to buy is in Wales.

Legal fees – one-half percent (0.5%) of the transaction price with a minimum of £600 plus VAT

Search fees – these can vary depending on what searches are required, but normally for a purchase would be in the region of £550.

Land Registry fee – this is based on a scale dependent on the price and specific advice will be given on this if we are instructed to proceed.

Electronic money transfer – this is £25.00 (which includes £16.00 bank charges and £9.00 legal costs) plus vat

VAT – this will depend on the price and the costs but will be charged currently at 20%

Disbursements and costs payable to third parties such as Land Registry and search fees – we handle the payment of disbursements on your behalf to ensure a smooth process.

This depends on the purchase price of the property.    You can calculate the amount you will need to pay by using HMRC’s website (https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax) or if the property is located in Wales by using the Welsh Revenue’s website (https://beta.gov.wales/land-transaction-tax-calculator).

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, the stages may run as follows:

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 and report thereon;

Obtain further planning documentation if required;

Make any necessary enquiries of the seller’s solicitor;

Give advice on all documents and information received;

Advise you on joint ownership;

Go through conditions of mortgage offer with you;

Send final contract to you for signature and return;

Draft Transfer;

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

Exchange Contracts and notify you that this has happened;

Obtain pre-completion searches;

Arrange for all monies needed to be received from lender and you;

Complete the purchase;

Deal with payment of Stamp Duty Land Tax / Land Transaction Tax;

Deal with application for registration at Land Registry;

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 8-10 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 14 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3-4 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 the title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction;
  2. this is an 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 complications 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 this is necessary;

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