Residential Property

Barton Legal Residential Pricing Policy
Last reviewed December 2018

1. Introduction

At Barton Legal we aim to be as transparent as possible with regard to our costs. This Residential Pricing Policy explains our costs in relation to residential property work. This includes:

  • Freehold sale or purchase
  • Leasehold sale or purchase
  • Mortgage or re-mortgage

The policy includes the fixed fee services that we offer and information on additional costs and taxes that may be payable.

All residential conveyancing work is either carried out or closely supervised by Trish Barton, a solicitor with over 20 years’ experience of a wide variety of commercial and residential property work.


2. Value Added Tax (VAT)

Unless stated, all costs outlined below do not include VAT. VAT is payable in addition to the price displayed.


3. Our Charges

We aim to provide a fixed fee for residential sales and purchases. This would only increase in the event of unforeseen factors as set out below.

Our fees are chargeable even if the matter is not completed.

Whilst we do always aim to keep your costs to a minimum, certain factors do typically increase our costs. These factors include, but are not limited to:

  • Issues in relation to defective titles
  • Property that is not yet registered at the Land Registry
  • A discovery that building regulations or planning permission has not been obtained
  • A delay in receiving crucial documents
  • Unforeseen issues with a buyer’s lender

The precise stages involved in the purchase of a residential property vary according to the circumstances. Some key stages are outlined below:

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase
  • 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
  • Arrange for contract to be signed
  • Draft Transfer
  • Advise you on joint ownership if appropriate
  • 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 from you
  • Complete purchase
  • Deal with payment of Stamp Duty Land Tax
  • Deal with application for registration at Land Registry


4. Our Fixed Prices (Exclusive of VAT and additional fees and disbursements)

            Freehold Sale                                                               £850.00

            Freehold Purchase                                                       £950.00

            Leasehold Sale                                                             £900.00

            Leasehold Purchase                                                     £999.00

            Mortgage/remortgage                                                   £750.00


5. Additional Fees and Disbursements

Our fees cover all of the work required to complete your purchase. In addition to our fees, there are a number of additional costs and disbursements which you may need to pay.

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. We will inform you of the specific fees that are applicable to you.

An indication of the additional fees and disbursements which may apply are set out below. This list is not exhaustive and other fees and disbursements may apply, depending on the circumstances:

Search fees (applicable when purchasing a property)

£300 (approximately)

HM Land Registry fee (applicable when purchasing a property)

£95 – £270 (the fee payable depends on the price paid for the property, but most properties fall within this range)

Official copies of the title (applicable when selling a property)

£6

Electronic money transfer fee

£15 (this is the fee charged by the bank)

VAT payable  

Currently charged at 20%

Stamp Duty Land Tax*

£Variable (see below)

These fees vary from property to property and can on occasion be significantly more than the prices given above. We can give you an accurate figure once we have sight of your specific documents.

*The amount of Stamp Duty Land Tax depends on the purchase price of your property as well as other factors such as whether you are a first time buyer or own other properties. You can calculate the amount you will need to pay by using the links below:

If the property is in in England https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

If the property is in Wales https://beta.gov.wales/land-transaction-tax-calculator

If the property you are buying is leasehold, you should also be aware that there are likely to be additional charges. These vary from property to property but may include:

  • Fee payable to the freeholder for registration of Notice of Transfer of the leasehold title. This fee if chargeable is set out in the lease.
  • Fee payable to the freeholder for registration of Notice of Charge - if the property is to be mortgaged. This fee if chargeable is set out in the lease.
  • Deed of Covenant fee – this is a document by which you promise to comply with the obligations under the Lease. The fee is usually charged by the management company for the property and can be difficult to estimate.
  • Certificate of Compliance fee – this fee will 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.

If you would like an explanation of any of these fees, please contact us using the contact details in section 7 below.


6. How long will the purchase take

How long it will take from your offer being accepted until completion of the sale or purchase will depend on a number of factors. The average process takes between 6-8 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer with a mortgage in principle, it may be shorter than if you are buying a leasehold property that requires an extension of the lease. In such a situation, additional charges would apply.

As outlined in section 3 above, where additional charges do apply, we will ensure that you are kept up to date with all costs and where possible, an explanation as to the cause of the delay.

 

7. Contact

Telephone: 0113 202 9550

Email: leeds@bartonlegal.com