Purchase of shared ownership property

Thank you for looking at our property services. Whether you are a first-time buyer or an investor, we are here to take the stress out of buying and selling a home. We will guide you through each step of the transaction and tailor our service to your personal requirements, so you get exactly the service you need.

When it comes to buying a property, there are important decisions you need to make and we are here to ensure that your all your legal obligations are met. There are lots of boxes to tick and we want to assist you in buying your house quickly and efficiently.

Why Us

We have an experienced team who understand the stresses involved in purchasing a property. Our approach is a simple – we provide a first-class service from our expert team who make the difference by taking care of all the important legal details and removing any confusion and uncertainty from the process of purchasing a property.

Whether you are purchasing a property through an estate agent or privately, we will make everything as clear as possible. Our team are made up of highly qualified professionals who have the legal and technical “know how” to resolve any issues as they arise in a professional and efficient manner.

We also recognise that communication is key, especially where there are complex issues to deal with, so will ensure you are always kept up-to-date and get answers to your questions in plain English.

We want you to feel confident that you are a priority, with our aim being that any member of the team is available to speak with you when you need some clarity and certainty at any stage in the process. We feel this provides reassurance and gives you an outlet for any concerns that you may have. We know property is often the biggest investment you have, so we want to offer a reliable, first-class service to protect that investment, while giving you value for money with no hidden fees.

We are proud to hold the CQS Accreditation, issued by the Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain high levels of client care.

Pricing

We know how important cost is when deciding who to use for your conveyancing, so we review our fees on a regular basis, taking into account clients’ feedback, so we can make sure we always offer great value.

Our fees cover all 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.

Fees and Disbursements

• Legal Fee £700.00 plus vat
• Telegraphic Transfer fee £25.00 plus vat
• Electronic ID fee £15.00 plus vat (per person)
• Search fees £200.00 inc vat
• Compass SDLT fee £60 inc vat
• Land Registry search fee £3.00
• Bankruptcy search fee £2.00 per name
• Land registry fee(Determined by % of purchase)

Disbursements

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 Land Tax

This will depend 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 here.

Additional cost information

Factors that may lead to an increase in cost include:

• If a legal title is defective or part of the property is unregistered
• If crucial documents, we have previously requested from you or third parties have not been provided to us
• The transactions concluded in a timely manner and no unforeseen complications arise
• If you require to exchange or complete within 6 weeks of instructing us
• If you require simultaneous exchange and completion

We typically work on a fixed fee basis, so that from the outset you know what the fees will be for your transaction. If during the transaction there is a new development, additional costs may arise due to the particular circumstances of the transaction, or in response to additional advice or recommendations from ourselves  We will advise you and if that is the case, we will inform you about any additional costs when they arise.  Please see a non-exhaustive list of examples and the fees we charge below:

• Unregistered Property £100.00
• Effecting Indemnity Policy £40.00
• Repayment of Loan on condition of Mortgage Offer £75.00
• Reconstitute Lost Title Deeds £200.00
• Leasehold Titles £150.00
• Freehold Management Company £100.00
• Dealing with Solar Panels £125.00
• Statutory declaration (from) £125.00
• Licence to Occupy £100.00
• Listed Building £150.00
• Obtaining Copies of Lost Deeds £150.00
• Extensive Additional Enquiries £50.00
• Dealing with Second Mortgage Loan (or top up loan) £50.00
• Removal of Restriction £100.00
• Joint Access Deeds £250.00
• Discharge of second charge £50.00
• Intensive Client Attendance(including excessive emails and telephone calls) £100.00
• Deed of Covenant £100.00
• Limited Company Client £75.00
• Dealing with third party Solicitors £250.00 +
• Help to Buy ISA Scheme administration costs £50

ALL FEES ARE SUBJECT TO VAT

What happens if the transaction does not complete

If the transaction does not complete we shall make a charge for the work carried out up to the date / cessation as follows:

Stage:1      Upon commencement of drafting documentation or perusing draft documentation received we will make a charge that represents 25% of the fees quoted.

Stage: 2     Upon finalising the draft documentation we will make a charge up to a maximum of £250.00 plus VAT.

Plus disbursements incurred

Exclusions

We do not undertake tax advice.

Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.

Factors that may lead to an increase in cost include:

• If a legal title is defective or part of the property is unregistered
• If you discover building regulations or planning permission has not been obtained
• If crucial documents, we have previously requested from you have not been provided to us
• If the property is a new build
• If the property is less than 10 years old
• If you require to exchange within 6 weeks of instructing us
• If you require completion within 6 weeks of instructing us
• If you require simultaneous exchange and completion

Time Scales

For any transaction, the timescales are subject to change depending on when your offer is accepted and factors involved such as:

• Number of parties in the chain
• Whether you have a mortgage in place
• Whether you are buying a new build property
• Whether you need a lease extension for a leasehold property

A typical transaction will take between 10-14 weeks. However, if any of the above apply, or there are other factors we need to take into consideration, it may increase the time by a further 4-6 weeks and additional charges may occur. We will discuss this with you at the earliest opportunity so you always have a clear picture of how long things are likely to take.

Key Milestones

With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:

• Taking your instructions and give initial advice based on the information you have provided
• Checking finances are in place to fund the purchase and contacting the lender’s solicitors if needed
• Receiving and advising on contract documents
• Undertaking searches
• Obtaining further planning documentation if required
• Making any necessary enquiries of the seller’s solicitor
• Providing advice on all documents and information received
• Advising you of the mortgage offer conditions
• Finalising contracts and sending to you for signature
• Agreeing a completion date (the date from which you will legally own the property)
• Exchanging contracts and notifying you that this has happened
• Ensuring all monies have been received from you and the lender(s)
• Completing the purchase
• Dealing with payment of Stamp Duty/Land Tax
• Completing and submitting an application for registration at the Land Registry

For more information about the purchase of your property, please contact:

Miss Jessica Mason, Mrs Jill McKay or Mrs Anna Betteridge in our conveyancing team on 01302 340005 or by email to info@malcolmcfoy.co.uk