RESIDENTIAL CONVEYENCING
INTRODUCTION
Buying or selling your existing home, or remortgaging can be one of the most important transactions that you can make. It can also turn out one of the most complex and stressful experiences; which is where Tiger Law team can help you with specialist advice and service that will give you peace of mind and ensures that the process is as straightforward and easy as possible.
Whether you're stepping onto the property ladder for the first time, moving up, downsizing, or managing a property portfolio, our team ensures your residential property dealings are handled with care, precision, and legal expertise.
With Tiger Law, you have a partner who is as invested in your property success as you are. We pride ourselves on offering comprehensive, client-focused services in both commercial and residential property law, ensuring your legal needs are met with the highest standards of professionalism and efficiency.
Tiger Law are experienced in dealing with all aspects of residential property including and not limited to:
* residential property conveyancing
* mortgages and re-mortgages
* unregistered land
* first registrations of title,
* transfers of equity
* deeds of variation
* landlord and tenant issues
* “right to buy”, “buy to let” and investment properties
* leasehold enfranchisement
* auctions
* legacy and trust properties,
* block and estate management
We can also recommend someone to assist you with the tax implications of the purchase and disposal of property and land and any immigration issues affecting overseas buyers.
Meet our team of property professionals who are here to help you with any questions or concerns.
At Tiger Law, we are not just a team; we are a pride of legal experts, each a specialist in their field. Our dedicated professionals are deeply committed to their areas of law, ensuring that every client receives the most knowledgeable, nuanced, and up-to-date advice available. Whether navigating the complex landscapes of commercial property, untangling the intricate threads of intellectual property law, or providing compassionate guidance through personal legal matters, our specialists are here to advocate for your best interests with precision, dedication, and unparalleled expertise. Choose Tiger Law, where specialised knowledge meets dedicated service.
WHAT IS CONVEYANCING?
If you’re a first time buyer looking to buy your first home or an experienced investor buying your numerous property, you’ve probably heard the term ‘conveyancing’ or ‘the conveyancing process’ by now.
Conveyancing is simply the process of transferring the legal ownership in a property from one person to another. However, that process has three main stages, all of which have to be done properly so that there are no problems in the resulting legal title.
Once you have viewed a property that you like, had an offer accepted and got that excited tingling feeling, the real work begins! When you instruct your solicitor they will begin the three stages leading to completion.
Here is a run down of each stage:
Pre-contract stage
The pre-contract stage involves all the work that is carried out before contracts are exchanged.
A buyer’s solicitor will receive a contract pack from the seller’s solicitor that includes:
* A property information form, that will list a lot of information regarding the property; from any information on whether any extensions have planning permission and building regulation certificates, issues such as neighbour disputes, even who are the current utility providers. This is important, especially for your solicitor, as further questions can be raised or any issues rectified before completion.
* A fixtures and fittings list of items that come with the property. This is important to check to ensure you are expecting there to be items such as a washing machine, but they are not actually included. It will give you an opportunity to either negotiate a price for any items you may like to remain or prepare for moving in.
* A copy of the title. This is the information that Land Registry holds on the property, it will show any mortgage on the property, who the legal owner is, and any ‘charges’ over the property that need to be addressed, for example a loan secured on the property. Your solicitor can then ensure these are all sorted or paid off before you take on the property.
* The contract of sale. This confirms the details of the property and what has been agreed, as well as all the parties involved (seller, buyer and any other interested parties).
When all this information is received from the seller’s solicitor, we will go through and raise any questions, also known as ‘requisitions’ to issues that are seen. At the same time we will also be conducting ‘searches’, again to make sure any issues are flagged before you commit to buying the property.
You may have seen on your quote the term ‘searches’ and wondered what you are being asked to pay for. These can prove very useful and possibly save you a lot of money in the future. Have a look here for how important searches are.
Once the searches are complete, we have had answers to all the issues raised, and your mortgage provider has sent through the mortgage offer, we will the draft contract will be returned to the seller.
Then, it’s time for the contract exchange!! It is at this point that the sale and purchase become binding, to exit the contract you may be liable to fees and any deposit already sent to the seller’s solicitor. It may also be that your mortgage provider requires you have buildings insurance in place at this point, as you will be responsible for the property
The post-contract stage
This is the time that we send the draft purchase deed to the seller’s solicitor.
This includes all the information needed for the land and property to be legally registered. Once approved, both buyer and seller will sign a copy of the purchase deed, this is known as the TR1, this is sent to Land Registry after completion.
It is usually at this stage that a completion date is set.
The seller’s solicitor will at this point confirm the amount needed for completion, which will need to be sent to the buyer's solicitor before completion; this may come from the buyer alone or with funds from a mortgage provider.
Once all the money is received, the buyer's solicitor will be able to confirm they have received the full balance and prepare for completion.
The post completion stage
Congratulations to everyone! – this is the point that you can collect the keys, pack your boxes and start making your home, into your home.
At this point, the seller will have their sale funds, and the buyer will have their keys.
It isn't the end of our work however, if we are acting for the buyer. We will be payment of Stamp Duty and applying to the Land Registry for your legal title on the property to be registered, and of course updating our clients as we go.
Additional Resources
RESIDENTIAL PROPERTY – IN DEPTH
Buying or selling your existing home, or remortgaging can be one of the most important transactions that you can make. It can also turn out one of the most complex and stressful experiences; which is where Tiger Law team can help you with specialist advice and service that will give you peace of mind and ensures that the process is as straightforward and easy as possible.
Valuations and Surveys
If you are a buyer who is taking out a mortgage, your lender will require mortgage valuation to ensure that the property values up properly against the mortgage amount so that it knows there is sufficient security available.
A valuation is not protection for the borrower and will not highlight potential issues such as structural problems, electrical issues, and repairs that might be needed. We would always recommend a survey is carried out (particularly for a house purchase) and this is normally done before exchange of contract allowing the buyer to reassess any major issues and the purchase price.
Types of buyers’ surveys:
* Condition report, is a basic survey that provides a summary of any obvious concerns or risks associated with the property.
*
Home buyer’s report, is a more detailed survey that provides information about major problems, and includes a valuation. This is a non-intrusive survey, however, which means the surveyor doesn’t investigate hard-to-reach areas such as underneath floorboards or above the ceiling.
*
Building surveys are much more extensive, and offer a detailed report on every inch of the property, along with repair advice and estimates.
What are property searches?
Searches are carried out during the conveyancing process in order to gain important information about the property.
The searches carried out normally include:
Local Searches
This involves contacting the local council to obtain information on any future plans that may affect the value of the property, such as a new by-pass or superstore just by the property.
Environmental Searches
This search is essential, and is carried out to make sure the land where your property is built is not contaminated in any way.
Water Search
This vital query is raised to ensure the property has mains water and a drainage system and whether they are in good working order.
We have a list of number of searches that we send to our clients to choose from.
Occasionally we are instructed to buy residential property without carrying out any property searches. If so, it is important that our clients fully understand the implications of that decision.
Tenants in common or Joint Tenants?
What does this even mean?! Well, it’s to do with how joint owners own their property together. Many conveyancers have their default position but this might suit everyone.
The two different ways of doing this are:
*tenants in common – this means you own the property in identifiable percentages that can be dealt with independently of each other. For example, you might want to sell your 50% or leave it to your family in your will. We would always suggest have a background ‘declaration of trust’ setting out the precise details as the Land Registry title will almost certainly not list these details, or
*joint tenants
– this is where you both own 100% jointly. Sounds odd but essentially the ownership is indivisible so you cannot deal with your ‘part’ independently and if one of you passes by, it doesn’t matter what is in the will, the surviving joint tenant will automatically own the whole property. This many suit married couples with regard to their estate planning.
We would recommend that you seek both legal and financial advice before reaching a decision, which way you wish to proceed.
What are restrictive covenants?
An easement is a right that one owner has over land owned by someone else.
A restrictive covenant is a promise not to do certain things on your own property. For example, quite apart from planning issues, your title documents might prevent you from the following activities:
* running a business from the property
* keeping any animals or livestock on the property
* parking any commercial vehicles, boats, caravans on the land or property.
This sort of right belongs to the land not the owner, so when that owner sells, that right will pass with the land/property that is being sold.
We would always recommend that a buyer is fully aware of any such restrictions prior to buying, if you have a particular purpose in mind and later on find that it is prohibited you will be left with potentially complex and expensive solutions.
What is SDLT ?
Stamp duty land tax (SDLT) came in to force during 2003, replacing an older regime.
SDLT applies to any ‘disposal’ or an interest in land, whether it’s freehold or leasehold (like most flats).
There have been quite a few developments around the bands of value of property prices and percentage of SDLT that is payable, and also news for first time buyers and even some relaxation due to Covid-19 and supporting the property market in 2020.
So when is SDLT payable?
SDLT is payable on the purchase of property or land in the UK where the amount paid is above a certain threshold. In 2020, these thresholds are:
* residential properties £125,000, and
* non-residential properties £150,000, but don’t forget
* if the transaction is subject to the higher rate with the 3% surcharge, then the first threshold is £40,000.
Why would your transaction be subject to a higher rate?
How much SDLT do I have to pay?
Lots of different factors come into play, all of the following (and more) will affect how much SDLT is payable:
* If the property residential or non-residential?
* Is the property is freehold or leasehold?
* If the property is residential, does the buyer have other properties?
Are there any exemptions?
Yes, some types of transactions that are exempt from SDLT or where reliefs can reduce the amount payable. For example:
* gifts
* property that is left in a will (although inheritance tax may apply)
* transfers of property in a divorce or when a civil partnership is dissolved.
There are more exemptions which we can help you to explore with your accountant.
Purchase of a Freehold or Leasehold Residential Property
Our Legal Fees cover all of 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.
Legal Fees
Legal Fees are the amount you will be required to pay for all of the work performed by us in actioning your instructions, from commencement of your case to conclusion.
Freehold Purchase
Our average standard legal fee for a residential freehold property purchase is from £1,094.50 – £1,644.50 plus VAT (£1,313.40 – £1,973.40 Inc. VAT) for properties up to the value of 1.1 million. Please see our fee scale below:
Leasehold Sale
Our average standard legal fee for a residential leasehold property purchase is from £1,259.50 – £1,809.50 plus VAT (£1,511.40 – £2,171.40 Inc. VAT) for properties up to the value of 1.1 million. Please see our fee scale below:
• For purchases using a corporate vehicle there is a supplemental fee of £15 plus VAT (£18 Inc. VAT) due to companies house registration requirements and additional documents required for lending purposes.
• The value of the property and any complexities of the sale will dictate the final fee charged within this range.
• For electronic money transfers we will charge the sum of £12.50 for any transactions up to £200k and £25.00 for any over. Below, we detail what services are covered in our standard fee.
• VAT will be payable on our fees and some disbursements and we will clearly confirm which disbursements carry VAT in our formal quotation or as we advise you to incur them.
Below we detail what services are covered in our standard fee.
If at any stage our fees change, we will notify you and discuss the reason for any changes. This would typically occur if you change your instructions or your case involves an unforeseen complexity which can include matters such as delays in searches, issues with a mortgage, issues raised in a survey or delays from the other party or their solicitor.
Our average fees assume that:
1. This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction.
2. For Leasehold matters this is the assignment of an existing lease and is not the grant of a new lease.
3. The transaction is concluded in a timely manner and no unforeseen complication arise.
4. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
5. No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Additional charges on a residential purchase
As an example, below are some additional charges that could be applicable to your transaction:
• For acting for your mortgage lender – £150 plus VAT (£180 incl. VAT). This is on the assumption that we are on the panel of solicitors appointed by your lender.
• Help to Buy Equity Mortgage – £195.00 plus VAT (£234.00 incl. VAT)
• Help to Buy ISA (per bonus) – £95.00 plus VAT (£114.00 incl. VAT)
Typical Property Search Fees
Search fees vary from case to case depending on the local authority. We will advise you which searches you need for your transaction and the cost of each search.
Our average fee for a standard property search pack is from £260.00 plus VAT (£312.00 Inc. VAT). Typical local searches include:
• Local land charges search;
• Enquiries of the local authority;
• Environment search;
• Planning Search;
• Chancel repair liability indemnity; and
• Water and Drainage search
Other official local searches may be required by your lender and your conveyancer will use their local knowledge to confirm which local searches you will need. A standard local authority search will reveal whether any legal restrictions or obligations affect the property. These include tree preservation orders, smoke control orders, flood searches as well as the property’s planning and building enforcement history. We will advise you which searches you need for your transaction and the cost of each search.
Anticipated disbursements for a leasehold purchase
There may be further disbursements for a Leasehold purchase or the purchase of a freehold property where there is a Management Company which if chargeable is set out in the Lease or Transfer and usually paid to the Landlord or Management Company.
These can include:
• Notice of Transfer fee – This fee, if chargeable, is set out in the lease and is often between £0 – £250 + VAT (£0 – £300 Inc. VAT)
• Notice of Charge fee – If the property is to be mortgaged. This fee is set out in the lease and is often between £0 – £250+ VAT (£0 – £300 Inc. VAT)
• Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate but is often between £0 and £250. + VAT (£0 – £300 Inc. VAT)
• Certificate of Compliance fee – o be confirmed upon receipt of the lease as can range between £0 and £250. + VAT (£0 – £300 Inc. VAT)
These fees are set by the management company / freeholder and can vary from property to property. They can, on occasion, be significantly more than the ranges given above and VAT may be charged. We can give you an accurate figure once we have sight of your specific documents.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property.
Disbursements and Other Costs
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.
You will be provided with a full list of disbursements in our formal quotation. If you need to incur any further disbursements during your case, you will be notified in advance of the reason and the amount.
Typical disbursements and other costs that may apply in you matter will include: –
• HM Land Registry fee. The fees chargeable by the land registry can be found here https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
• Land Registry Priority Search fees (per title) £3.00
• Bankruptcy search fees £10.00
HM Land Registry (Stamp Duty*) applies to most property purchase transactions. We will advise you of the stamp duty applicable to your matter and you can visit the HMRC website for more information (see below)
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
We are required by our regulator to undertake Client Due Diligence (CDD) which is made of up KYC (Know Your Client) and AML (Anti Money Laundering) details of which are contained within our terms of engagement which will be sent to you when instructing us.
In addition to our standard charges as referred to above, the firm will apply a CDD charge of:
• KYC ID Check – £10.00 plus VAT (£12.00 Inc. VAT) per person
• Source of funds check – £12.00 plus VAT (£14.40 Inc. VAT) per transaction
How long will my property purchase take?
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors.
• The average process for a residential freehold property purchase is between 6 – 8 weeks.
• The average process for a residential leasehold property purchase is between 6 –12 weeks.
It can be quicker or slower, depending on a number of factors and we will notify you if we believe your transaction may take longer than average or if something occurs in your case to extend the transaction time we will inform you.
If you are buying a leasehold property that requires an extension of the lease, this can take longer. In such a situation, additional charges would apply and we will notify you of the additional charges and time estimate when we have engaged the landlord to discuss the extension.
Stages of the Process
The precise stages involved in the purchase of a residential property vary according to the circumstances.
We have set out the key stages of a standard transaction: –
• Taking your instructions and giving you initial advice.
• Undertaking regulatory checks.
• Checking that finances are in place to fund the purchase and contact lender’s solicitors if needed.
• Receiving and advising on contract documents.
• Carrying out and advising on searches.
• Obtaining of further planning documentation, if required.
• Making any necessary enquiries of seller’s solicitor.
• Giving you advice on all documents and information received.
• For Leasehold properties – obtaining and advising on the Management Pack, thee Lease and identifying transfer fees.
• Advising you on joint or shared ownership.
• Going through conditions of any mortgage offer if appropriate.
• Sending final contract to you for signature.
• Agreeing completion date (date from which you own the property).
• Exchanging contracts and notifying you that this has happened.
• Arranging for all monies needed to be received from your lender (if applicable) and you.
• Completing the purchase and notifying the relevant parties.
• Dealing with payment of Stamp Duty/Land Tax.
• Dealing with the application for registration at Land Registry.
The stages above are indicative only. Additional fees may apply if more work is required.
For the purchase of a leasehold residential property, our fees cover all the work required to complete the purchase, including dealing with registration at the land registry and dealing with the payment of stamp duty.
Other Factors
Other Factors to consider which may affect your Legal Fees and disbursements are:
• Value of the property.
• First-time buyer.
• New build.
• First registration of title.
• Islamic mortgage.
• In purchase cases, whether primary residence, buy to let or second/holiday home.
• Multiple owners.
• Shared ownership scheme.
• Using a help to buy scheme, and whether it is an equity loan or ISA.
• Purchase under right to buy.
• Purchase at auction.
• Property has been repossessed.
These fees vary from property to property and can on occasion, be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
Fee Earners
We have several experienced property lawyers who may work on your property transaction. Regardless of who works on your case, they will be supervised by Vanessa Challess, Principle and Founder of Tiger law. For more information meet the team here.
Questions
If you have any questions relating to our services and our fees, please contact us on admin@tiger-law.com
Mortgages & Re-mortgage for Residential Property
Our Legal Fees cover all of the work required to complete the legal advice required to mortgage or re-mortgage your residential property.
Legal Fees and Disbursements
Other Factors to consider which may affect your Legal Fees and disbursements are:
• Legal Fees are the amount you will be required to pay for all of the work performed by us in actioning your instructions, from commencement of your case to conclusion
• Our average standard legal fee for a residential mortgage / re-mortgage application on a Freehold Residential Property is £495.00 plus VAT (£597.00 Inc. VAT).
• Our average standard legal fee for a residential mortgage / re-mortgage application on a Leasehold Residential Property is £595.00 plus VAT (£714.00 Inc. VAT).
• The value of the property, location and any complexities of the purchase will dictate the final fee charged.
• For purchases using a corporate vehicle there is a supplemental fee of £15 plus VAT (£18 Inc. VAT) due to companies house registration requirements and additional documents required for lending purposes.
• For electronic money transfers we will charge the sum of £12.50 for any transactions up to £200k and £25.00 for any over. Below, we detail what services are covered in our standard fee.
• VAT will be payable on our fees and some disbursements and we will clearly confirm which disbursements carry VAT in our formal quotation or as we advise you to incur them.
Below we detail what services are covered in our standard fee.
If at any stage our fees change, we will notify you and discuss the reason for any changes. This would typically occur if you change your instructions or your case involves an unforeseen complexity.
Our Fee Assumes That:
1. this is a standard transaction and that no unforeseen matters arise.
2. the transaction is concluded in a timely manner and no unforeseen complications arise.
3. all parties to the transaction are co-operative and there is no unreasonable delay from any parties providing documentation.
Disbursements and Other Costs
Other Factors to consider which may affect your Legal Fees and disbursements are:
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.
You will be provided with a full list of disbursements in our formal quotation. If you need to incur any further disbursements during your case, you will be notified in advance of the reason and the amount.
Typical disbursements are:
Typical disbursements and other costs that may apply in you matter will include: –
• HM Land Registry fee. The fees chargeable by the land registry can be found here https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
• Land Registry Priority Search fees (per title) £3.00
• AML Search Fee (per search) £7.00 + VAT (£8.40 Inc. VAT)
• Bankruptcy search fees £2.00
• Lawyer checker £12 + VAT (£14.40 Inc. VAT)
We are required by our regulator to undertake Client Due Diligence (CDD) which is made of up KYC (Know Your Client) and AML (Anti Money Laundering) details of which are contained within our terms of engagement which will be sent to you when instructing us.
In addition to our standard charges as referred to above, the firm will apply a CDD charge of:
• KYC ID Check – £10.00 plus VAT (£12.00 Inc. VAT) per person
• Source of funds check – £12.00 plus VAT (£14.40 Inc. VAT) per transaction
Typical Property Search Fees
Search fees vary from case to case depending on the local authority. We will advise you which searches you need for your transaction and the cost of each search.
Our average fee for a standard property search pack is *£260.00 plus VAT (£312.00 Inc. VAT) Typical local searches include:
• Local land charges search;
• Enquiries of the local authority;
• Environment search;
• Planning Search;
• Chancel repair liability indemnity; and
• Water and Drainage search
Other official local searches may be required by your lender and your conveyancer will use their local knowledge to confirm which local searches you will need. A standard local authority search will reveal whether any legal restrictions or obligations affect the property. These include tree preservation orders, smoke control orders, flood searches as well as the property’s planning and building enforcement history. We will advise you which searches you need for your transaction and the cost of each search.
We will advise you which searches you need for your transaction and the cost of each search.
* Your lender may agree to waive the requirement for searches and proceed with a search indemnity policy which would cost substantially less than the searches. We can obtain a cost once we have details of your transaction.
Stages of the Process
The precise stages involved in the mortgage application of a residential property vary according to the circumstances.
We have set out the key stages of a standard transaction: –
• Taking your instructions and giving you initial advice.
• Undertaking regulatory checks.
• Receiving and advising on contract documents.
• Advising the mortgage offer and its conditions.
• Giving you advice on all documents and information received.
• Advising you on joint or shared ownership.
• Sending final mortgage deed to you for signature.
• Discharging any existing charge or charges
• Registering the Charge on the property.
How long will my Mortgage Application take?
The average mortgage or re-mortgage will take between 4-8 weeks.
It can be quicker or slower, depending on a number of factors and we will notify you if we believe your transaction may take longer than average or if something occurs in your case to extend the transaction time we will inform you. Matters that can typically delay a transaction include delays in searches, issues with a mortgage offer or issues raised in a survey.
Other Factors
Other Factors to consider which may affect your Legal Fees are:
Other Factors to consider which may affect your legal fees: –
• Multiple owners.
• Unregistered Land
• Adding or removing a party (transfer of equity) alongside a remortgage
• Removing a restriction/caution/notice
• Property subject to Tenancy
• Shared ownership scheme.
• Mortgaging where there is a help to buy scheme, and whether it is an equity loan or ISA.
• Mortgaging property under right to buy.
These fees vary from property to property and can, on occasion, be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.on, be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
Who Will Carry Out The Work?
We have several experienced property lawyers who may work on your property transaction. Regardless of who works on your case, they will be supervised by Vanessa Challess, Principle and Founder of Tiger law. For more information meet the team here.
Questions
If you have any questions relating to our services and our fees, please contact us on admin@tiger-law.com
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