Residential Property

Our team can advise on all aspects of residential conveyancing whether it is buying, selling, transfer of equity, remortgaging or a boundary query
 

Property Transactions

We at GoodyBurrett LLP offer a bespoke service and can attend to matters outside a ‘straightforward’ purchase or sale. We can work with you on:

Transfer of Equity

If you have been left a house in a will or want to transfer it to a child or spouse let us help put it in the right name

Re-mortgages

We can help you redeem and existing mortgage and put a new one on your property with minimum fuss keeping you fully informed throughout
*

Boundary Disputes

If you have a query over where your land ends (or should end) give us a call…
l

Extending a leasehold

This can be a complicated process, but we will walk you through it step by step

Agricultural land

If you need assistance with agricultural tenancies or options for development we’d be happy to assist
j

First registrations

You can look to register your land voluntarily or on transfer
v

Landlord & tenants

We can help to draft a tenancy agreement or assist with notices to remove a tricky tenant

Conveyancing Process

What is conveyancing and what exactly is involved?

Buying a Property?

Our friendly and highly experienced team always takes a very proactive approach ensuring completion and registration take place effectively and swiftly.

Here at GoodyBurrett LLP we understand just how important dealing in property is for you. It is the most expensive purchase you will ever make and it is your home.

Whether you’re a first time buyer or building up a portfolio your purchase is important.

We deal with a variety of matters including the following:

  • Freehold;
  • Leasehold;
  • Joint Ownership;
  • Unregistered;
  • Probate sales.

We are approved to work with a wide range of lenders and are CQS accredited, which is a the Conveyancing Quality Scheme run by the Law Society.

In April 2016 the Stamp Duty Land Tax (SDLT) scheme rues changed.  This means that anyone who is buying additional property (i.e. in addition to their main residence) must pay a higher rate of tax.

The scheme rules are still fairly new and incredibly complex so please be on notice of this additional fee (3% above the previous threshold) if you own property, including houses abroad.

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 8-12 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 8-10 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. Additionally, please note that, 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. However, below we have suggested some key stages that you may wish to include:

  • 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 (these can take 3 weeks or so to come back in full)
  • Obtain further planning documentation if required
  • Make any necessary enquiries of seller’s solicitor (this can take some time if the seller cannot provide replies in a timely fashion)
  • 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 exchange and completion date (date from which you own the property). This can take some time if the chain is long.
  • 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

 

Selling?

Whether you are selling a farm with extensive land, or a town centre flat we are more than happy to assist. Please get in touch if you have any questions or if you would like a quote.

Our team at GoodyBurrett is dedicated to making your experience of selling a property as smooth and stress free as possible by taking you comprehensively through the transactions one step at a time.

 

Costs

Registered Freehold Purchase:

 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 for a Registered, Freehold Purchase

  • Legal fee – typically £600 – £1,000 + VAT

 our fees are based on the purchase price of the property and whether it is a new build, whether you are using a lender and/or whether you are utilising a  Help to Buy Scheme (we increase our fees by a small additional sum [IRO £100-£250 + VAT each] for transactions involving these additional items as they involve a significant amount of additional work)

  • Search fees – typically in the region of £275 (inclusive of VAT)
  • HM Land Registry fee – £135 for a £250,000 property. These fees are based on purchase price and no VAT is payable on this fee.
  • Electronic money transfer fee £35 + VAT
  • Collation and submission of SDLT Form £60+VAT
  • Land Registry Search Fees – in the region of £7 no VAT is payable on this fee.

 Estimated total: £1,216

 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.

 Stamp Duty or Land Tax (applicable on purchase only)

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.

 Estimated total on a freehold purchase of £350,000 where:

  • The purchasers are married;
  • No one owns any other property;
  • Neither is a first time buyer; and
  • The house will be the main residence of the purchasers

 Estimated total £7,500

When you’re buying or selling a property we understand that costs can mount up quickly. We appreciate you want a good price for the service you’re given with all the extras included. We try and provide a quote which is “all in”. You’ll be given the overall cost and how it breaks down.

However, sometimes there will be further work to attend to which couldn’t have been foreseen. If this happens we will let you know straight away.

Registered Leasehold Purchase:

 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 for a Registered, Leasehold Purchase

  • Legal fee – typically £900 – £1,000 + VAT

 our fees are based on the purchase price of the property and whether it is a new build, whether you are using a lender and/or whether you are utilising a Help to Buy Scheme (we increase our fees by a small additional sum [IRO £100-£250 + VAT each] for transactions involving these additional items as they involve a significant amount of additional work)

  • Search fees – typically in the region of £275 (inclusive of VAT)
  • HM Land Registry fee – £135 for a £250,000 property. These fees are based on purchase price and no VAT is payable on this fee.
  • Electronic money transfer fee £35 + VAT
  • Collation and submission of SDLT Form £60+VAT
  • Land Registry Search Fees – in the region of £7 no VAT is payable on this fee.
  • Notice fees post completion – These depend on the development you are buying into but are typically in the region of £350

 Estimated total: £2,021

 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.

 Stamp Duty or Land Tax (applicable on purchase only)

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.

 Estimated total on a leasehold purchase of £350,000 where:

  • The purchasers are married;
  • No one owns any other property;
  • Neither is a first time buyer;
  • The house will be the main residence of the purchasers; and
  • The ground rent is £250 per annum

 Estimated total £7,500

Remortgage

 Our fees cover all of the work required to complete the remortgage of your property, including dealing with registration of the new charge at the Land Registry and discharging of the previous charge.

 Conveyancer’s fees and disbursements for a Remortgage

  • Legal fee – typically £650 + VAT our fees are based on the transaction value
  • Search fees – typically in the region of £275 (inclusive of VAT)
  • HM Land Registry fee – £135 for a £250,000 property. These fees are based on purchase price and no VAT is payable on this fee.
  • Electronic money transfer fee £35 + VAT
  • Land Registry Search Fees – in the region of £7 no VAT is payable on this fee.

 Estimated total: £1,239

 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.

 How long will my remortgage take?

Typically these types of transactions take 4-6 weeks.

 Stages of the process

In order to attend fully to a remortgage title information needs to be obtained and reviewed. The mortgage offer is checked and any special conditions noted. Searches or search insurance is likely to be required and the level of reporting needs to be ascertained.

 If the event the transaction needs to tie in with another communication and planning is required to ensure all the Land Registry searches (priority searches reserving the lender’s position ‘in line’ to register a charge against the title) have to line up.  This can be a time consuming and technical process.

For a quote for your transaction please call us on 01206 577676 or email law@goodyburrett.co.uk.

Conveyancing Quality Scheme

For a quote for your transaction

please call us on 01206 577676 or email law@goodyburrett.co.uk