Buying or selling a house

SELLING A PROPERTY

INTRODUCTION

Moving home should be an exciting experience but it can also be worrying. The purpose of this guide is to explain to you the various stages of the transaction and to give you advice at the outset which will help you to make certain decisions and to understand what is happening as the transaction progresses.

GENERAL PROCEDURE

Once you have agreed to sell your property either directly to the buyer or through an Estate Agent we obtain the title deeds to your property and prepare a sale contract which is sent to the buyer's Solicitors for approval. At the same time, we will send you a Property Information Form asking you to answer questions about the property.

It is important that you answer the questions on the form carefully and fully. If, after the property has been sold, the buyer finds that there are any errors in the answers you have given then the buyer may be able to sue you for damages.

Further, we will send you a Fixtures & Contents Form on which you should indicate which items you are leaving at the property and which you are prepared to sell to the buyer.

The buyer’s Solicitor will then usually raise enquiries some of which I will need to pass onto you for your replies. Once the buyer's Solicitor is satisfied with replies to enquiries and has received satisfactory search results and a mortgage offer (if applicable) we can proceed to an exchange of contracts. It is at this stage you become legally committed to sell the property and the buyer becomes legally committed to buy. It is also at this stage that a completion date is agreed that is the day on which the balance of the purchase monies is handed over and the day on which you have to leave the property.

You will have to ensure that, on the completion date, all your personal belongings are moved out of the property no later than midday. You should arrange for the meters to be read first thing that morning, and leave the keys with the estate agents (unless other arrangements have been made). You will also need to ensure that the removers will arrive early in the morning.

On completion we will pay off any mortgages on the property, settle the Agent’s commission account and send you the balance of any monies due. You should cancel any standing orders or direct debits in respect of these mortgages.

CONVEYANCING TIMESCALES

IMPORTANT INFORMATION REGARDING TIMESCALES

PLEASE NOTE Most conveyancing transactions taking a minimum of 10 – 12 weeks to complete from the date the legal work starts, and this largely depends on the position and circumstances of the other parties, if any, in the chain. We will take all reasonable efforts to complete your transaction as quickly as possible, but we are unable to give any assurance in relation to completion. Delays may be caused by a number of circumstances. Accordingly, you should not commit to any definite arrangements until we confirm to you in writing the date for completion.

COVID-19 restrictions mean that many institutions such as mortgage lenders, valuers, local authorities and search companies are operating under extreme difficulties. This has reduced their ability to supply their own normal level of service and reduced their capacity to provide data and process applications within a reasonable timeframe as they had done in the past. Your Sale (if applicable) - Any delays with the buyers’ searches, mortgage application etc could potentially delay progress, no matter how quickly we act at our end. Your Purchase - Search providers are advising that local authorities are currently inundated with search applications and so search results are taking much longer than usual to be received (searches can only be applied for once we receive the Contract documentation form the sellers’ solicitors). This, adding to the timeframe required to deal with the legal work means that purchase transactions are taking 10 – 12 weeks to complete from the time the contract documents are received from your seller’s solicitors.

SPECIFIC POINTS

Having set out the general procedure for selling a property, we now set out a number of specific points which we would like to draw to your attention. PLEASE TALK TO US IF THERE IS ANYTHING YOU DO NOT UNDERSTAND. THESE POINTS ARE NOT EXHAUSTIVE.

1. TITLE DEEDS

IIf you have a mortgage then we will need to know your mortgage account number and the name and address of the Lender. Some Lenders charge a fee to send out your deeds but this will be added to your mortgage account.

2. MORTGAGES/LOANS ON THE PROPERTY

It is essential that at the outset of the transaction you tell us of ALL mortgages and loans which are secured on the property you are selling. These include not only the loan which you took out with a Lender in order to purchase the property in the first place but also any further loans which you have obtained either from the same Lender or a different Lender and any other loans such as a Home Improvement loan which may be secured on the property.

3. COMPLETION DATE

This is the date on which you must vacate the property and the buyer is entitled to move in. You should discuss prospective dates directly with the buyer or through the Estate Agents and then notify ourselves. If there are unforseen delays, for instance, if there is a delay in the buyer receiving the Local Search or mortgage offer, then the completion date may have to be revised.

You cannot be sure of the completion date until contracts are actually exchanged.  For this reason we would advise you not to make any firm commitment such as giving notice on a job or arranging removals or making holiday bookings without first contacting us so that we can advise you whether you are in a position to make such a commitment.

Only when contracts are exchanged and a completion date is fixed can you be virtually guaranteed that the completion date will be met.

OUR PROPERTY AND RESIDENTIAL CONVEYANCING TEAM

Your property transaction will be handled by one of our property team, you will be told who is handling the matter at the outset of the transaction details of which will be in our initial client care letter.

Cheryl Maynard, a Director/Solicitor, heads our Commercial Property Department but also undertakes residential conveyancing.

Cheryl is assisted by Rebecca Palfrey.

Our Head of Residential Conveyancing is Ramin Haghighat, Chartered Legal Executive and Director.

Jane Hulme is our Conveyancing Executive.

Both Ramin and Jane are assisted by Anne Hitchcock

Please see “Our Team” and “Contact” sections for further details.

 

 

 

PURCHASING A PROPERTY

INTRODUCTION

Buying your home will probably be the biggest single financial transaction you ever make. It should be an exciting experience but it can also be worrying. The purpose of this guide is to explain to you the various stages of the transaction and to give you certain advice at the outset which it is hoped it will help you to make certain decisions and to understand what is happening as the transaction progresses.

GENERAL PROCEDURE

Once you have agreed to buy a property either directly with the seller or through an estate agent, the seller's solicitor obtains the title deeds to the property and prepares the sale contract which is sent to us for us to approve.

The contract should contain all the terms agreed between you and the seller. We will raise enquiries about the property to be answered by the sellers. The questions will cover some legal points but also contain requests for information or copies of documents relating to the property e.g. Guarantees for Timber Treatment.

We will also make searches at the Local Authority to find out, for example, whether the property will be affected by a new road scheme, as well as drainage and environmental searches.

Once we have received satisfactory replies to enquiries and search results and you have received an acceptable mortgage offer, we will then ask you for a deposit, usually 10%, and we can then proceed to an exchange of contracts.  It is at this stage you become legally committed to buy the property and the seller becomes legally committed to sell. It is also at this stage that a completion date is agreed i.e the day on which the balance of the purchase money is handed over and the day in which you are able to move in. You will be able to collect the keys from the estate agent (unless other arrangements have been made) and should usually be able to move into the property at around lunchtime.

The contract should contain details of all agreements between you and the seller.  It is essential that you tell us of any special agreements without delay - for example that you have agreed to pay extra money to the sellers for the carpets at the property.

Between exchange of contracts and completion, we and the seller's Solicitors agree the Transfer documentation and we will also prepare the mortgage documents for signing by you together with final Searches relating to the seller’s ownership of the property.

On completion we will hand over to the seller's Solicitors the remainder of the purchase money and in return receive the Transfer document and deeds.

We must arrange for Stamp Duty Land Tax (if applicable) to be paid within 30 days of completion and apply for registration of your ownership at the Land Registry.  It is essential that we have money in respect of the Stamp Duty and Land Registry fees by the completion date to enable us to pay it.

CONVEYANCING TIMESCALES

IMPORTANT INFORMATION REGARDING TIMESCALES

PLEASE NOTE Most conveyancing transactions taking a minimum of 10 – 12 weeks to complete from the date the legal work starts, and this largely depends on the position and circumstances of the other parties, if any, in the chain. We will take all reasonable efforts to complete your transaction as quickly as possible, but we are unable to give any assurance in relation to completion. Delays may be caused by a number of circumstances. Accordingly, you should not commit to any definite arrangements until we confirm to you in writing the date for completion.

SPECIFIC POINTS

Having set out the general procedure for buying a property we would now set out a number of specific points which we would like to draw to your attention. PLEASE TALK TO US IF THERE IS ANYTHING YOU DO NOT UNDERSTAND. THESE POINTS ARE NOT EXHAUSTIVE.

PRE-CONTRACT ENQUIRIES

Time can be saved if you tell us at an early stage if there are any particular points about the property or neighbouring property that concern you. We can then ask the seller's Solicitors the relevant questions.

We will send you a copy of the Seller’s Property Information Form filled in by the Seller. This contains information relating to the property, services and central heating. However it is essential that you should satisfy yourself, prior to exchange of contracts, that the services and any central heating system to the property are working properly. If you move into the property and then find that e.g the central heating system doesn't work, you may have no comeback against the seller.

LOCAL AUTHORITY SEARCH

The Search is only against the property itself  and does not cover the surrounding area. The Search will reveal for example planning consents granted for the property, whether it is in a conservation area and whether it is served by publicly adopted sewers, drains and roads.

However it is important to note the Search will not reveal any Planning Permissions or matters affecting land or buildings outside the boundaries of the property.  It is important therefore for you to tell us at the start of the transaction if you want information on any particular point or if you wish us to ask any particular question of the Local Authority.

WATER AND DRAINAGE SEARCH

The search will show if the property is connected to the mains surface and foul drains and mains water supply. 

Some properties may have surface water drainage (rain water) by way of a soakaway as it doesn’t drain directly to the public sewer.  This is a common set up, but if you need any further information and/or advice please refer the matter to your surveyor. 

Foul drainage may be by way of a Septic Tank and further enquiries would need to be made in this respect.

Where a property is connected to a public sewer, as of October 2011 all drains and sewers within the boundaries of residential properties became the responsibility of the Water Authority.  Your surveyor should be able to advise you of the route of any drains and sewers that cross the property, but the plans attached to the Water & Drainage search will show a rough guide to this.  We would also mention that no buildings should be erected over or within 3 metres of a drain or sewer that is the responsibility of the Water Authority without the Authority’s consent.

ENVIRONMENTAL MATTERS

It is now possible for environmental liabilities to be passed onto a purchaser of land. When buying a property it can be difficult to tell if it is built on, or close to, land previously used for highly contaminative use, such as petrol station, sewage farm, light industrial use, brick works, railway sidings, gas works, landfill etc.

If you buy contaminated land you may take on the responsibility for the cost of decontaminating the site and the resulting expenditure could be many times the value of the property. It is therefore important to assess so far as possible the risk of contamination of the property, and to take further specialist advice if necessary.

An Environmental Search is included in the Conveyancing Search package. The search will provide an Environmental Surveyor's opinion on whether the value of the property is adversely affected by contamination issues, and will also indicate the risk of subsidence, and how close the property is to a flood plain. This information will enable you to make further enquiries if required. If the property is revealed to be at risk of flooding, we would then strongly advise that a further specialist Flooding Search is carried out.

SURVEYS

If you are buying a property you should be aware that the property is "sold as seen" thereforeit is for you the buyer to discover any physical defects by means of inspection and survey.  As we have mentioned before this also includes any problems with say the central heating system at the property.

Many properties are bought with the assistance of a mortgage and the lender concerned will require a mortgage valuation. However this is not a survey. Although the Valuer who carries out the valuation may be negligent if he or she misses anything that is seriously wrong with the property e.g subsidence, they will not necessarily report on other problems with the property which although less major could involve you in extra expense.

Our advice therefore is that you should have an R.I.C.S Home Buyer's Report prepared by a qualified Surveyor. This will cost more than a mortgage valuation but in our view it is money well spent.

If you tell the lender when you make your application that you would like their surveyor also to carry out an R.I.C.S. Home Buyer's survey then this will probably be cheaper than if you instruct an independent surveyor.

It is possible to go one step further and to have a full structural survey of the property. However, we would advise that this is not normally necessary unless the property is within an area with known problems e.g. subsidence or if it is an extremely old property.

DEPOSIT

On exchange of contracts the seller can insist upon receiving from you a deposit representing 10% of the purchase price. However, reduced deposits are often agreed these days although many sellers will expect either a minimum of 5% or the difference between the purchase price and the amount of your mortgage if it is more than 95%.

However if you pay a reduced deposit and then fail to complete the purchase through no fault of the seller then under the terms of the contract you will be required to make up the deposit to a full 10%.

You may also have to pay compensation to the seller if the seller loses out through your failure to complete.

CONDITION OF THE PROPERTY AND INSURANCE

The standard form of contract provides that the buyer must take the property in the same physical state as it was at the date of exchange of contracts (and not completion). In those circumstances you must arrange to inspect the property on the date or as near as possible to the date of exchange of contracts. Generally speaking if anything happens between exchange and completion the seller will be liable to put it right, but sometimes the special conditions in the contract change that obligation in particular if, for example, it is agreed that the buyer should have access to the property before completion to carry out repairs or alterations as sometimes happens. Even if the seller retains responsibility for the property to the date of completion, he or she is not under an obligation to insure it. In those circumstances we would advise all our clients to arrange insurance cover on the property from the date of exchange of contracts  and not just from completion. If you are arranging the insurance yourself then you must have this in mind and make sure that your broker or insurance company, if you are dealing direct, holds the property covered from the date of exchange. This may mean that there are two insurance policies in force between exchange and completion so that the insurers may share the risk between themselves, but that is much better than not being insured at all.

COMPLETION DATE

This is the date on which the seller must vacate the property and you are entitled to move in. You should discuss prospective dates directly with the seller or through the Estate Agents and then notify ourselves. If there are unforeseen delays for example in receiving the Local Search or mortgage offer, then the completion date may have to be revised.

You cannot be sure of the completion date until contracts are actually exchanged. FoFor this reason we would advise you not to make any firm commitments such as giving notice on a job or arranging removals or making holiday bookings without first contacting us so that we can advise you whether you are in a position to make such a commitment.

Only when contracts are exchanged and a completion date is fixed can you be virtually guaranteed that the completion date will be met.

Please could you let us know whether you wish your sale and purchase transactions to coincide.

FINANCE

You should not commit yourself to buy the property until your financial arrangements are certain.

If you are having any difficulties in arranging a mortgage then please let us know as we may be able to help.

WWe strongly advise you not to exchange contracts until you have received an acceptable written offer of mortgage.

Our property and residential conveyancing team

Your property transaction will be handled by one of our property team, you will be told who is handling the matter at the outset of the transaction details of which will be in our initial client care letter.

Cheryl Maynard, a Director/Solicitor, heads our Commercial Property Department but also undertakes residential conveyancing.

Cheryl is assisted by Rebecca Palfrey.

Our Head of Residential Conveyancing is Ramin Haghighat, Chartered Legal Executive and Director.

Jane Hulme is our Conveyancing Executive.

Both Ramin and Jane are assisted by Anne Hitchcock

Please see “Our Team” and “Contact” sections for further details.

 

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PURCHASE FEES AND EXPENSES (FREEHOLD)

LAND TRANSACTIONS

DETAILS OF WORK

The work will consist of the following:
(a) investigating the title(s) to the property, to include:
   (i) carrying out searches with respect to title and local government information for the property;
   (ii) reviewing replies given by the seller to pre-contract enquiries;
(b) negotiating a purchase contract;
(c) negotiating a transfer document;
(d) advising you in respect of your mortgage offer (if any);
(e) preparing a report on title;
(f) proceeding to exchange of contracts and then completion of the purchase;
(g) transferring funds by telegraphic transfer to the seller’s solicitors;
(h) calculating stamp duty land tax (SDLT) on the purchase and preparing and submitting to HM Revenue & Customs the appropriate SDLT forms; and making payment
(i) registering the purchase and the mortgage at the Land Registry. The price has been calculated on the basis that
(a) the property is currently held under a single freehold title at the Land Registry with no title defects;
(b) one contract is submitted to one purchaser;
(c) the purchase will be on the basis of an unconditional contract and the property is acquired with vacant possession;
(d) completion takes place on the date agreed in the contract; If it becomes apparent that there are unforeseen circumstances in connection with the purchase we may have to increase our charges, but if that is the case, we shall inform you before we incur any additional costs.

ADDITIONAL EXPENSES (STANDARD)

In addition, there are a number of additional expenses which have to be paid to third parties to enable us to complete your purchase. These charges must also be paid by you.

if additional search reports are required these will be advised and additional costs payable

Land Registry registration fees - please see link to scale of fees and go to Scale 1
https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

Stamp Duty Land Tax – please see link to calculator
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

Although it is the responsibility of the Seller, on occasion it may be asked of you as the Buyer to pay for an Indemnity Policy for the lack of: Planning Permission/Building Regulations (Extensions/Conservatories/other internal work) Absence of Easement (i.e. Access)
Breach of Covenant (there may be restrictions/covenants on the property and have been breached)
If this is the case, we will advise you at the time the request is received. Costs can vary as it does depend on the sale price. Please ask

VAT

Due to a recent ruling by HMRC, we have to impose or recharge VAT on some of the expenses which we incur for you. This means that we will show them in our VAT invoice which we send to you. Where VAT is already included in the expense (for example the cost of the local search), we will pass it on to you but without any additional VAT.
However, there are some expenses (for example the official copies obtained from the Land Registry) where we have not previously charged VAT, but which we will now have to tax at the current VAT rate.

 

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SALE FEES and EXPENSES (FREEHOLD)

LAND TRANSACTIONS

DETAILS OF WORK

The work involves:

(a) investigating the title(s) to the property
(b) drafting Contract and sending to Buyers Solicitors with accompanying documents
(c) negotiating a sale contract;
(d) dealing with any enquiries raised by Buyers Solicitors
(e) corresponding with mortgage lender (if applicable) in respect of a charge on the property.
(f) negotiating a transfer document;
(g) proceeding to exchange of contracts and then completion of the sale;

 

The price has been calculated on the basis that

(a) the property is currently held under a single freehold title at the Land Registry with no title defects; (b) one contract is submitted to one purchaser; (c) the purchase will be on the basis of an unconditional contract and the property is sold with vacant possession; (d) completion takes place on the date agreed in the contract;

If it becomes apparent that there are unforeseen circumstances in connection with the purchase we may have to increase our charges, but if that is the case, we shall inform you before we incur any additional costs.

In addition, there are a number of expenses which have to be paid to third parties to enable us to complete your sale.

EXPENSES

On occasion it may be asked of you as the Seller to pay for an Indemnity Policy for the lack of: Planning Permission/Building Regulations (Extensions/Conservatories/other internal work) Absence of Easement (i.e. Access)
Breach of Covenant (there may be restrictions/covenants on the property and have been breached)
If this is the case, we will advise you at the time the request is received. Costs can vary as it does depend on the sale price. Please ask

If we find that there are other additional expenses which need to be incurred, we shall let you know the reason for the extra expense, the likely amount, and when we shall need payment.
General for all transactions - If, for any reason, we have to abort the transaction we will break the transaction down into stages and advise what percentage of the estimated fee will be charged at each stage

VAT

Due to a recent ruling by HMRC, we have to impose or recharge VAT on some of the expenses which we incur for you. This means that we will show them in our VAT invoice which we send to you. Where VAT is already included in the expense (for example the cost of the local search), we will pass it on to you but without any additional VAT.

However, there are some expenses (for example the official copies obtained from the Land Registry) where we have not previously charged VAT, but which we will now have to tax at the current VAT rate.

 

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RE-MORTGAGE COSTS AND EXPENSES

FEE

£750 plus VAT

The work will consist of the following:

(a) investigating the title to the property, to include:
(b) advising you in respect of your mortgage offer (if any);
(c) Redemption of your existing mortgage
(e) completing and registering the mortgage at the Land Registry.

If it becomes apparent that there are unforeseen circumstances in connection with the re-mortgage we may have to increase our charges, but if that is the case, I shall inform you before we incur any additional costs.
In addition, there are a number of expenses which have to be paid to third parties to enable us to complete your purchase. These charges must also be paid by you.

 

The other likely expenses are:

Land Registry registration fees - please see link to scale of fees and go to Scale 2
https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

If we find that any additional expenses need to be incurred after we have considered the contract, searches and title documents, I shall let you know the reason for the extra expense, the likely amount, and when we shall need payment.

 

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COMMERCIAL TRANSACTIONS

We can help you with transactions for commercial properties, for example the buying and selling of leases, or for the buying and selling of businesses.

The contract for sale or purchase of a business can be quite complicated, involving plant and machinery, goodwill, employees and other matters affecting the business. We can help you with all of this.

Grant or taking a new lease of a commercial property also needs, specialist advice, which we can give.

SALES AND PURCHASES OF BUSINESSES; SALES AND PURCHASES OF PREMISES and LEASE TRANSACTIONS

Including Lease Extensions, Deeds of Variation, Deeds of Covenant, Notice of Assignment

FEE

Time costed at £300 per hour plus VAT

ADDITIONAL EXPENSES (IF APPLICABLE)

In addition, there may be a number of additional expenses which have to be paid to third parties to enable us to complete your purchase. These charges must also be paid by you.

if additional search reports are required these will be advised and additional costs payable

 

 

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Voluntary First Registrations

FEE

£1,000 plus VAT

Work includes the following:

a) Obtaining and investigating unregistered deeds
b) Drafting and completion of First Registration application form and accompanying documents
c) Land Registry – index map search and appropriate Land Charges searches
d) Registration at the Land Registry

EXPENSES:

Land Registry registration fees are based on the current value of your property. Please see link to scale of fees and go to Scale 1 (final column)

https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

VAT

Due to a recent ruling by HMRC, we have to impose or recharge VAT on some of the expenses which we incur for you. This means that we will show them in our VAT invoice which we send to you. Where VAT is already included in the expense (for example the cost of the local search), we will pass it on to you but without any additional VAT.

However, there are some expenses (for example the official copies obtained from the Land Registry) where we have not previously charged VAT, but which we will now have to tax at the current VAT rate.

 

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Transfers of properties

FEES

£1,000.00 (plus VAT)

Work involved:

(a) investigating and advising on the title to the property, to include:
(b) Preparation and completion of a Transfer Deed;
(c) advising you in respect of any charges (if any);
(d) Redemption of your existing mortgage (if any);
(e) completing and registering the mortgage at the Land Registry.

EXPENSES:

Land Registry registration fees please see link to scale of fees:

• If the transfer is of consideration, please go to Scale 1
• If the transfer is of no consideration, please go to Scale 2 (it will be based on the current value of your home)

https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

If there is a consideration payable, Stamp Duty Land Tax may be payable please see link to HMRC calculator

https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

 

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Probate costs and timescales

It is not possible to give a ‘one size fits all’ quote in relation to the administration of estates, but the following should provide some information to assist in understanding how our fees are structured.

Some estates are complex, and others are simple, (known as ‘excepted estates’). With excepted estates there is no requirement to submit a complex inheritance tax return in order to apply for the grant of probate.

The administration of all estates, whether simple or complex, consists of two stages:

• obtaining the grant of representation
• post grant work.

how the work breaks down

Steps to obtain the Grant of representation is likely to include the following:

• meeting with you to go through the terms of the Will, or explain the intestacy provisions if there is no Will
• identifying the extent of the estate, the assets and liabilities and ascertaining their value in accordance with HMRC's requirements, for inheritance tax purposes (including any charges on properties)
• arranging for personal belongings to be valued
• corresponding with HMRC to confirm the income tax position up to the date of death and computing final lifetime tax returns, if required
• investigating and considering any available inheritance tax reliefs that may be applied to the estate
• preparing the appropriate legal statement for executors/administrators
• securing the property and ensuring that buildings insurance is maintained
• drafting the appropriate inheritance tax return forms
• arranging for payment of inheritance tax
• submitting statutory notices to notify creditors of the death
• submitting the application to the Probate Registry and receiving the grant.

 

Our work post-Grant is likely to include:

• selling or collecting in all assets
• settling all liabilities
• finalising the inheritance tax liability and advising on any instalments of tax to be paid
• registering an estate as a 'complex estate' with HMRC
• producing full estate accounts for approval
• advising on and dealing with the distribution of the estate to all the beneficiaries, including on interim distributions.

HOW MUCH WILL IT COST?

Our hourly rates are as follows:

Initial consultation with a Solicitor will be charged at £300 plus VAT

As a very broad benchmark we would expect costs to fall into the following ranges:

• Application only for grant of probate in an excepted estate £800 - £1,500 (plus VAT)
• Application for grant of probate and post grant work in an excepted estate £2,000 - £5,000 (plus VAT)
• Application only for grant of probate in a taxable estate, or an estate which requires the submission of an IHT400 because of other complexities £2,000 - £6,000 (plus VAT)
• Application for grant of probate and full estate administration in a taxable and otherwise complex estate £4,000 - £18,000 (plus VAT)

The final cost will vary depending upon the type of assets involved, the size and complexity of the estate and the terms of the will. For example, if there is one beneficiary and no property and no disputes and no inheritance tax payable, costs will be at the lower end of the range. If there are multiple beneficiaries, multiple properties and/or multiple other assets, costs will be at the higher end. If the deceased dies intestate the cost will also be greater. We will keep you informed as the case progresses as to the costs position.

ADDITIONAL COSTS

Additional costs known as disbursements may include the following:

• No Probate Court fees under the value of estate of £5,000.
• Probate court fees of £300 per application, with a further £1.50 for each official copy, for value of estates over £5,000.
• Bankruptcy Land Charges Department searches - £6 (plus VAT) per beneficiary,
• £62.15 (plus VAT) to place a notice in The London Gazette (to protect against unexpected claims from unknown creditors), and
• £127.80 (plus VAT) to place a notice in a local newspaper also to help to protect against unexpected claims.
• £7.00 per document (plus VAT) to search for property information at the Land Registry.
• Deeds of Variation £300 per hour (plus VAT) per Deed
• If a Property Sale arises there are additional costs. Please see Residential Sales Information.

We might also need to instruct third parties who will need to be paid, such as accountants to assist with the income tax return, surveyors to produce valuations of property, auctioneers to value house contents, or a barrister to advice on complex technical points of law. We will always advise you and discuss with you if we feel that the need to instruct a third party has arisen.

TIMESCALES

On average, estates are dealt with within 18 months. Typically, obtaining the Grant of Probate takes 16 weeks. The collection of assets can take between 8-10 weeks. Once this has been done, we can distribute the assets, which normally takes 4 weeks.

 

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MENTAL CAPACITY AND POWERS OF ATTORNEY

Mental incapacity can affect anyone and can arise as a result of sudden events that cannot be anticipated. It can also be a gradual process related to illness or to old age. It is vital for individuals to be prepared for the possibility of mental incapacity.

We can assist with the drafting and advising on Lasting Power of Attorney documents. If there are specific concerns about any medical treatment, these can be addressed by an Advance Decision, which has been given a statutory footing by the Mental Capacity Act in 2005.

IN PARTICULAR WE CAN ASSIST WITH:

• Application for Deputyship Orders
• registration of Enduring Powers of Attorney (created before 1 October 2007)
• preparation of Personal Welfare Lasting Powers of Attorney
• preparation of Property and Affairs Lasting Powers of Attorney
• registration of Lasting Powers of Attorney with the Office of the Public Guardian
• advice to attorneys as to duties under registered powers of attorney
• advice regarding deputyship where no power of attorney exists
• dealings with the Court of Protection
• advice regarding an Advance Decision

FEES

Preparation and registration of:

• Single LPA                                      £500 (plus VAT)
  (for an individual making one type of LPA)
• Double LPA                                    £700 (plus VAT)
  (for an individual making two types of LPAs or for two individuals making one type of LPA each)
• Four LPAs                                        From £1,000 (plus VAT) *
  (for two individuals making two types of LPAs each)
• Registration only of LPA or EPA   £400 (plus VAT)

*with discretion for further charging depending on complexity and will be discussed at your initial meeting.

In addition to which there is a registration fee payable to the Office of the Public Guardian of £82 per form. There are some circumstances however in which this fee is not payable.

Some home visits outside the Stroud valleys area may give rise to an extra charge, but this depends on the circumstances of the individual, and this will be discussed on making an appointment

COURT OF PROTECTION

Applications to the Court of Protection (for example an application for a Deputyship Order) are time costed, based on our hourly rate at £300 per hour (plus VAT).

Making an application to the Court of Protection can be time consuming and costly. Although the Court allow the legal sector a minimum sum of £950 plus VAT to make such an application, from our own experience of this complex and time consuming process our fees are more likely to be in the region of £2,000/£3,000 plus VAT.

Further information and an indication of our fees and applications to be made will be discussed at our initial meeting.

In addition, there is a Court fee which is currently £408 per application

 

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WRITING A WILL

Research suggests that more than two-thirds of people in the UK don’t have a Will. Many people believe they are either too young to write a Will or that it’s too expensive or they don’t have enough money or property to make writing a Will worthwhile.

Before making a will, we can help you consider everything relevant, such as how to protect your Estate as far as possible from avoidable taxation, who to entrust with the responsibility of acting as Executor, and what needs to be arranged for any children, especially if they have particular needs. If we believe that trust arrangements will help achieve your aims, we can draft the necessary trust deeds.

If you have care fees to plan for, we can advise you on whether you can adjust your affairs to preserve your assets, and how to get all the funding from the state you are entitled to.

If you have made a will already, is it up to date? Marriage may invalidate it, and if it was made several years ago, your will might need adjusting to take into account changes to the tax rules or to your means and circumstances.

FEES

• Simple single will                                               £300 (plus VAT)
• Simple mirror wills                                            £450 (plus VAT)
• Wills including property trusts                        £800 (plus VAT)
• Hourly rate charges may apply where more complex tax planning is involved.
  • Partner/Director Level Solicitor          £300 per hour (plus VAT)
  • Solicitor                                                  £250 per hour (plus VAT)
  • Paralegal/Probate Assistant/Trainee £225 per hour (plus VAT)

ADDITIONAL FEES

Some home visits outside the Stroud valleys area may give rise to an extra charge, but this depends on the circumstances of the individual, and this will be discussed on making an appointment

 

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PURCHASE FEES AND EXPENSES (LEASEHOLD)

FEES

From £1,650 plus VAT

DETAILS OF WORK

The work will consist of the following:

(a) Investigating the Landlord’s Freehold Title to the property
(b) Investigating Leasehold Title and advising you on the same
(c) Obtaining Management Company Pack from Sellers Solicitors
(d) Raising enquiries and reporting to you on the same
(e) carrying out searches with respect to the Leasehold title and local government information for the property;
(f) reviewing replies given by the seller to pre-contract enquiries;
(g) negotiating a purchase contract;
(h) negotiating a transfer document;
(i) advising you in respect of your mortgage offer (if any);
(j) preparing a report on title;
(k) proceeding to exchange of contracts and then completion of the purchase;
(l) transferring funds by telegraphic transfer to the seller’s solicitors;
(m) calculating stamp duty land tax (SDLT) on the purchase and preparing and submitting to HM Revenue & Customs the appropriate SDLT forms; and making payment
(n) registering the purchase and the mortgage at the Land Registry.

 

The price has been calculated on the basis that:

(a) the property is currently held under a single leasehold title at the Land Registry with no title defects;
(b) one contract is submitted to one purchaser;
(c) the purchase will be on the basis of an unconditional contract and the property is acquired with vacant possession;
(d) completion takes place on the date agreed in the contract;

If it becomes apparent that there are unforeseen circumstances in connection with the purchase we may have to increase our charges, but if that is the case, we shall inform you before we incur any additional costs.

ADDITIONAL EXPENSES (STANDARD)

In addition, there are a number of additional expenses which have to be paid to third parties to enable us to complete your purchase. These charges must also be paid by you.

if additional search reports are required these will be advised and additional costs payable

Land Registry registration fees - please see link to scale of fees and go to Scale 1

https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

Stamp Duty Land Tax – please see link to calculator

https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

ADDITIONAL EXPENSES TO THIRD PARTIES

Although it is the responsibility of the Seller, on occasion it may be asked of you as the Buyer to pay for an Indemnity Policy for the lack of:

Planning Permission/Building Regulations (Extensions/Conservatories/other internal work)

Absence of Easement (i.e. Access)

Breach of Covenant (there may be restrictions/covenants on the property and have been breached)

If this is the case, we will advise you at the time the request is received. Costs can vary as it does depend on the sale price. Please ask

VAT

Due to a recent ruling by HMRC, we have to impose or recharge VAT on some of the expenses which we incur for you. This means that we will show them in our VAT invoice which we send to you. Where VAT is already included in the expense (for example the cost of the local search), we will pass it on to you but without any additional VAT.

However, there are some expenses (for example the official copies obtained from the Land Registry) where we have not previously charged VAT, but which we will now have to tax at the current VAT rate.

 

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SALE FEES and EXPENSES (LEASEHOLD)

FEES

From £1,650 plus VAT

DETAILS OF WORK

The work involves:

(a) investigating the title(s) to the property
(b) drafting Contract and sending to Buyers Solicitors with accompanying documents
(c) negotiating a sale contract;
(d) obtaining Sellers Pack from the Management Company
(e) dealing with any enquiries raised by Buyers Solicitors
(f) corresponding with mortgage lender (if applicable) in respect of a charge on the property.
(f) negotiating a transfer document;
(g) proceeding to exchange of contracts and then completion of the sale;

 

The price has been calculated on the basis that

(a) the property is currently held under a single leasehold title at the Land Registry with no title defects;
(b) one contract is submitted to one purchaser;
(c) the purchase will be on the basis of an unconditional contract and the property is sold with vacant possession;
(d) completion takes place on the date agreed in the contract;

If it becomes apparent that there are unforeseen circumstances in connection with the purchase we may have to increase our charges, but if that is the case, we shall inform you before we incur any additional costs.

In addition, there are a number of expenses which have to be paid to third parties to enable us to complete your sale.

EXPENSES

On occasion it may be asked of you as the Seller to pay for an Indemnity Policy for the lack of: Planning Permission/Building Regulations (Extensions/Conservatories/other internal work)
Absence of Easement (i.e. Access)
Breach of Covenant (there may be restrictions/covenants on the property and have been breached) If this is the case, we will advise you at the time the request is received. Costs can vary as it does depend on the sale price. Please ask

If we find that there are other additional expenses which need to be incurred, we shall let you know the reason for the extra expense, the likely amount, and when we shall need payment.

General for all transactions - If, for any reason, we have to abort the transaction we will break the transaction down into stages and advise what percentage of the estimated fee will be charged at each stage

VAT

Due to a recent ruling by HMRC, we have to impose or recharge VAT on some of the expenses which we incur for you. This means that we will show them in our VAT invoice which we send to you. Where VAT is already included in the expense (for example the cost of the local search), we will pass it on to you but without any additional VAT.

However, there are some expenses (for example the official copies obtained from the Land Registry) where we have not previously charged VAT, but which we will now have to tax at the current VAT rate.

 

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ADDITIONAL FEES

 

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