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.There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out below, but 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.
These are additional disbursements that vary from property to property and can on occasion be significantly more than the ranges given below. We can give you an accurate figure once we have sight of your specific documents.
- Notice of Transfer fee – This fee if chargeable is set out in the lease.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease.
- Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease
- 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.
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.
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.This will be additional to the fees quoted above.
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 factors such as for example: the number of parties in the chain, if you are a first-time buyer, purchasing a new build property with a mortgage in principle or if you are buying a leasehold property that requires an extension of the lease. In such situations additional charges would also apply that you can contact us to obtain a quote for.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are some key stages of work that we are likely to undertake:
- 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
- Send final contract to you for signature
- Draft Transfer
- Advise you on joint ownership
- Obtain pre-completion searches
- 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
Our estimated fees assume that:
- 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
- the transaction is concluded in a timely manner and no unforeseen complication arise
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Other Conveyancing work that we do:
- Sales of residential properties
- Lease extensions
- Transfer of equity
- Commercial & Residential
- Sale (Leasehhold, freehold, share of freehold)
- Purchase (Leasehhold, freehold, share of freehold)
- Transfer of Equity
- Deed of Trust
- Help to buy
- Leasehold extensions
Please contact us for quotations if you require help with any of this area of work