Property

INTRODUCTION AND FEES

We, at Kinas Solicitors, specialize in residential conveyancing transactions and may assist you on your property purchase, sale or remortgage of a property.

Once you instruct us, a qualified solicitor will be allocated to your file, and you will have their contact details including direct dial and email address. You will therefore receive a personal service and should be able to contact your allocated Solicitor via phone or email with any enquiry you may have.

We will keep you updated at each step of the sale or purchase and ensure that any disputes, issues or problems that arise are promptly dealt with in your favour.

Our property service is competitively priced with an estimate of costs laid out upfront depending on the specific factors of your case. Such factors may include the property value, whether there is a mortgage and whether the property is freehold or leasehold.

In any event, the estimated quote we provide shall be based on the information available at the time and if any further factors arise which may change the original estimate, we shall inform you of this well in advance.

RESIDENTIAL CONVEYANCING

The work involved in each transaction can widely vary and thus our professional fees outlined below attempts to capture the potential requirements encountered in a transaction and the additional fees and disbursements likely to be incurred. As such a detailed written quote can be tailored to your transaction once we hold the necessary information upon request.

*Indicative fees do not include VAT and are subject to the complexities of individual cases

Freehold Property:

Sale and Purchase Up to £500,000                                                             £1,450.00 plus VAT

Sale and Purchase Over £500,001 to £750,000                                     £1,600.00 plus VAT Sale and Purchase Over £750,000 to £999,999.99                                         £1,750.00 plus VAT

Sale and Purchase over £1,000,000                                                            £0.25% of the purchase price plus VAT

Remortgage up to £750,000                                                                         £1,000 plus VAT

Remortgage from £750,001 to £999,999                                                 £1,250 plus VAT

Remortgage of 1m and over                                                                        £0.25% of the mortgage plus VAT

Transfer of Equity                                                                                             £1,150 plus VAT

Lease Extensions (non-contentious extension)                                     £1,500 plus VAT

*If the property is Leasehold, an additional surcharge of £400.00 + VAT is applicable to the above

* A minimum additional legal fee of £500.00 + VAT for corporate clients (Company) is applicable to the above

*Stamp duty and land registry fees may be payable which will vary in each transaction (for further guidance and updates you may visit the links below https://www.gov.uk/stamp-duty-land-tax/residential-property- rates and https://www.gov.uk/guidance/hm-land-registry-registration-services-fees)

Please refer to the below list of likely disbursements and our additional fees which may apply to a transaction. We would also encourage you to get in touch with our offices to request a tailored quote.

Likely Disbursements:

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees and we handle the payment of the disbursements on your behalf.

Please note the above is not an exhaustive list, and serves as a guide to the most commonly encountered disbursements on a day-to-day basis. You will be informed in advance if there are any other disbursements likely to be incurred as soon as it become foreseeable.

*An example of this in a purchase transaction may be the cost of obtaining an indemnity policy following an investigation of the documents provided that would be imposed by a lender as a requirement for the transaction to proceed.

 

LAND REGISTRY FEE

A fee is typically required by the HM Land Registry for any application aimed at modifying or updating the register. For instance, when purchasing a property, it is necessary to submit an application to the Land Registry to officially document you as the new owner and to register the particulars of your mortgage.

BANKRUPTCY AND PRIORITY SEARCHES

Bankruptcy Search – refers to a record of bankruptcy petitions and orders that can reveal an individual’s bankruptcy status. Such searches are frequently conducted as part of due diligence, particularly in scenarios like purchasing a home with a mortgage.

Priority Search Fee – these searches are carried out against the title to protect a buyer’s interest in a registered estate when purchasing, leasing, or charging the whole or part of land preventing other interested parties from registering an entry against the property for 30 business days.

ID & AML CHECK DISBURSEMENTS

Law firms in England and Wales are mandated to perform Anti-Money Laundering (AML) checks in accordance with the legal requirements set forth in the Money Laundering Regulations 2017.

These regulations were established to conform to European Union directives and international standards designed to address money laundering and the financing of terrorism.

The Money Laundering Regulations 2017 establish legal responsibilities for law firms to adopt measures aimed at preventing the utilization of their services for money laundering or terrorist financing. It is essential for law firms to maintain comprehensive anti-money laundering (AML) policies and procedures, as well as to perform continuous due diligence assessments on their clients.

As part of our “Know Your Client” and ID” due diligence process, we invite clients to complete and submit their personal information via our third-party app “ThirdFort” or “InfoTrack”.

STAMP DUTY OR LAND TAX

Stamp Duty Land Tax (SDLT) is a tax payable by the purchaser on land transactions in England and Northern Ireland, and Land Transaction Tax (LTT) in Wales is levied by the Government.

The amount applicable to each transaction depends on a number of circumstances and the latest rules in force.

Some factors may include but are not limited to; (a) the value of the property, (b) whether or not the transaction amounts to a buy to let, (c) a second homeowner, and (d) the current rules in force for relief as a first-time buyer. You may be able to calculate the amount you will need to pay by using HMRC’s website.

Our Additional Fees

The fees presented above are established based on a combination of competitive market pricing and an hourly rate that reflects the anticipated workload performed by a qualified solicitor, which is fixed at £250.00 plus VAT. In the event that any tasks are carried out by a paralegal, the rate will be £138.00 + VAT per hour.

OVERVIEW OF SERVICES RELATED TO RESIDENTIAL CONVEYANCING

*Key stages in a Purchase transaction

1. Gather and advise on sale pack and supporting documents
2. Perform searches and initiate any essential inquiries with the solicitor representing the seller
3. Inform you of any stipulations or specific terms associated with the mortgage offer
4. Prepare and finalize the Transfer Deed
5. Compile a report and advise you on all documentation provided by the Seller
6. Arrange for your signature on the engrossed contract, transfer deed and mortgage deed
7. Advise you on understanding joint ownership arrangements
8. Carry out pre-completion searches
9. Agree on completion date (the date from which you own the property)
10. Exchange contracts and notify you that this has happened
11. Arrange for all monies needed to be received from the lender and you
12. Complete Purchase
13. Deal with payment of Stamp Duty/Land Tax (if applicable)
14. Deal with applications for registration at the Land Registry

*Key stages in a Sale transaction

1. Compile Sale Pack and issue to the Buyer’s Solicitors
2. Gather all relevant leasehold and management sale packs from the Landlord/Management Company for leasehold properties
3. Facilitate and aid you in managing all responses to inquiries received from the Buyer
4. Approve the final version of the Transfer Deed
5. Arrange for your signature on the final contract and Transfer deed
6. Procure the redemption figure of an existing mortgage (if any)
7. Agree on dates for exchange and completion
8. Complete Sale and redeem outstanding mortgage (if any)

*Key stages in a Remortgage transaction

1. Gathering all pertinent titles and related documentation to fulfil the requirements of the
2. In the case of leasehold properties, obtaining the re-mortgage leasehold information pack from the Landlord
3. Arranging for all essential search or indemnity insurance where appropriate
4. Requesting a redemption sum from your current lender
5. Soliciting funds from your new lender to pay off your existing mortgage
6. The registration of your new mortgage must be submitted to the HMLR, as well as with the freeholder if it is a leasehold property

The preceding information outlines comprehensive details regarding three specific types of conveyancing matters. We are pleased to offer an equally thorough service for any other residential conveyancing transactions.

HOW LONG WILL MY PROPERTY TRANSACTION TAKE?

The time it takes from taking your initial instructions to the completion of your sale or purchase will depend on a number of factors and the number of parties in a chain of transactions. The average process takes between 10-12 weeks to a point of exchange.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a freehold property with a mortgage in principle, it could take 10-12 weeks to exchange. However, if you are buying a leasehold property, this can take significantly longer, between 14 and 18 weeks.

We will keep you informed throughout the process as each sale or purchase can vary depending on the matters related to.

LIST OF ISSUES/FACTORS THAT WILL AFFECT THE TRANSACTION AND CHARGES

1. Value of the Property
2. First-Time Buyer
3. Remortgage
4. Freehold or Leasehold
5. New Build
6. Source of the deposit
7. First Registration of Title
8. Whether there is a mortgage or not, or Islamic Mortgage
9. In Purchase cases, whether primary residence, buy to let or second/holiday home
10. Multiple Owners
11. Shared Ownership Scheme
12. Using A Help To Buy Scheme, And Whether It Is An Equity Loan Or Isa
13. Purchase Under Right To Buy
14. Purchase At Auction
15. Property Has Been Repossessed
16. If The Estate Agent Requires A Fee For Referring You To Us
17. The number of parties (Chain) involved in your

Please note our fees assume that the transaction is straightforward without any unforeseen complexity or issues. It is further assumed that all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation. In the event that the issue escalates in complexity, an extra charge will apply. Instances of this may include, though are not restricted to:

• Where a lease extension is involved
• If leasehold, it is the transfer of an existing lease and not the grant of a new lease
• Missing or absent Landlords
• Where a transaction requires to be expedited
• Where freeholder consent for any reason may be required

For further information and to discuss your requirements, don’t hesitate to get in touch with us;

Email: Info@kinas.co.uk 

Telephone: 020 8348 8233