Buying or selling your propery
If you are currently buying, selling or transferring your property to another person, the team here at K Boswell & Co can help.
We understand that his process can seem like a headache, but it doesn’t have to be! Our trained conveyancers will get you through it with ease.
We will take care of all the documents and research required to make sure the property transaction is both legal and sensible for the persons involved.
How long will my property transaction take?
How long it will take from accepting an offer will depend on a number of factors. The process usually takes 4 – 8 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are selling to a first time buyer, 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 2 and 4 months.
You can rest assured you will get fast and professional help for conveyancing law with K Boswell & Co.
Purchase of a Freehold Residential Property
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.
Conveyancer’s Fees and Disbursements
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.
- Legal fee £474 (including VAT at current rate)
- Search fees – this depends on the local authority area but typically in the Sunderland City Council area, the local authority search is £126.60 and the water company search is £41.40 i.e. £168.00.
- HM Land Registry fee – this depends on the purchase price but £95 is the fee for a purchase between £100,001.00 and £200,000.00
- Land Registry search fee £3
- Bankruptcy search fee £2 per person
- Electronic money transfer fee £24 (including VAT at current rate)
Estimated total: £768 (but this depends on the local authority search, the land registration fee being as above and bankruptcy search fees of £4).
Stamp Duty or Land Tax (on purchase)
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website
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 process usually takes 4 – 8 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 6 weeks.
However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 4 months. In such, a situation additional charges would apply.
Stages of the Process
The precise stages involved in the purchase of a residential property vary according to the circumstances. Below we have included some 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
- 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
- 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
- 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
Purchase of a Leasehold Residential Property
The costs, disbursements and the process are the same as a Freehold Property except as follows:
There are certain extra disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately 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 from the seller’s solicitors.
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £40.00 and £200.00.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £40.00 and £200.00.
- Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £50.00 and £150.00.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50.00 and £100.00.
*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.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.
Sale of a residential property
Our fees cover all of the work required to complete the sale of your property and including obtaining proof of ownership, submitting contracts to the buyers solicitors, liaising with estate agents and reporting to you throughout.
Conveyancer’s fees and disbursements
- Legal fee £450 (including VAT at current rate)
- Land Registry title documents £6
- Mortgage redemption money transfer fee £24 (including VAT at current rate) if applicable
Estimated total: £480
If there are documents referred to on the Land Registry title that need to be produced, and a copy has to be obtained from the Land Registry, there is a fee payable, currently £3 per document
Also, the charges that we have quoted you are on the basis of acting for you in the sale of a normal good and marketable title.
If there is any defect in the title (i.e. some problem with your ownership arising out of, for example, non compliance with terms and conditions affecting the property), then we reserve the right to charge a further fee of £100.00 plus VAT for the unforeseen extra work involved.