Typically the work involved in a purchase of a property can be summarised as follows:
- Carry out a Local Search and make enquiries of the Local Authority which will reveal whether the Local Authority has any proposals which will directly affect the property. In some areas Coal Mining and Drainage Searches may also be necessary.
- Investigate the terms of the Contract and fully advise on them.
- Make such enquiries about the property as considered necessary.
- Check that the Seller has a good title to the property.
- Consider the terms of any Mortgage Offer and advise upon them.
- Drafting the Deed of Transfer for the Seller's Solicitors approval.
- Make Searches at the H M Land Registry against the property and at the Land Charges Register (Bankruptcy) against the purchaser as required by the mortgage company.
- Provide a Report on Title to the Mortgage Company and request Mortgage Funds in time for completion.
- When all the preliminary work is completed and everyone is ready, a moving date will be agreed and Contracts with the Seller's Solicitors exchanged simultaneously with an exchange of Contracts for the sale of any property.
- On the moving day, arrange for the purchase monies to be paid to the Seller's Solicitors.
- Submit Stamp Duty Return and pay Stamp Duty, if any, to HMRC.
- After completion, register the purchase at the H M Land Registry along with the Mortgage in favour of the Mortgage Company.
- When the registration has been completed forward the deeds and documents of title to the Mortgage Company as this is their security.
Our costs are related to the purchase price of the property and hence can vary. Typically on a freehold property with a purchase price of '£200,000 our fees would be about '£450 including VAT. A Local Authority Search fee is around '£200 and other search fees may be required. Stamp Duty starting at 1% of the purchase price of the property over '£125,000 is payable, rising to 3% on properties over '£250,000. Hence the overall costs of buying a property are considerable and our fees can be only a relatively small element of these.
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