CONVEYANCING

We deal with residential* and commercial property matters.

Please note that for residential conveyancing we are not on a lenders panel.

Choosing Morden Solicitors LLP for your purchase gives you:

 

• A friendly and caring expert conveyancer, assigned to you.
• Efficient and proactive service from a team of professionals.
• Helpful and responsive communication, keeping you informed throughout your purchase.

 

The purchase of your first property is an exciting time. Whether you’re looking to buy a ‘fixer upper’ to put your stamp on or a modern ‘move in ready’ flat, there are a few legal stages to go through before you get the keys.

 

With multiple people to deal with and lots to organise and get in place before you can exchange contracts, buying your first property can feel daunting which is why it’s important to choose the right conveyancer to help you through the process.

 

Purchase of a freehold residential property

 

Our 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.

 

Conveyancer’s fees and disbursements

 

• Legal fee £1000.00 -£3000.00 + VAT for properties up to £1 million. 
• Electronic money transfer fee (per transfer): £25.00
• VAT £200.00 calculated at 20% at present (or the legal rate as per the law of the country at the time of transaction)

 

Disbursements

 

• Search fees £150.00 to £500.00 (as price varies with every Local Authority and variety of the searches required) Plus Vat at 20% at present (or the legal rate as per the law of the country at the time of transaction)
• HM Land Registry fee £tba (£20 to £500)
• SDLT – as shown by the chart (subject to change)

 

Up to £125,000	Zero
The next £125,000 (the portion from £125,001 to £250,000)	2%
The next £675,000 (the portion from £250,001 to £925,000)	5%
The next £575,000 (the portion from £925,001 to £1.5 million)	10%
The remaining amount (the portion above £1.5 million)	12%

 

 

Estimated total (excluding Stamp Duty or Land Tax – see below): 

 

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 or Land Tax (on purchase)

 

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using the SDLT calculator available at HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.

 

 

How long will my house purchase take?

This is dependant on a number of factors, however the average time to conclude a purchase is 6 – 28 weeks. If there is any delay we will notify you and provide you an estimate timescale.

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 6-18 weeks. Again, this is a rough time estimate, If there is any delay we will notify you accordingly. 

 It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a new build property with a mortgage in principle, it could take 6-15 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 1 and 6 months. In such, a situation additional charges would apply.

It should be noted that the timescale above is only an estimated and is reliant upon all parties working together t to conclude the transaction. If we realised there is likely to be delay we will contact you and explain the reason of delay.   

 

Stages of the process

 

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:

 

• Take your instructions, you may be asked for evidence of your identity and your address if not provided by the estate agent.
• Once we receive the results, we will review them and raise any further enquiries with the seller’s solicitors.
• We will give you initial advice, send you a pack of information and some forms to complete and return.
• You will be asked to provide money on account for third party expenses such as searches.
• Check finances are in place to fund purchase and contact lender’s solicitors if needed
• Receive and advise on contract documents
• Carry out searches
• Obtain further planning documentation if required
• We will contact the seller’s solicitors to request:
  • The contract
  • Details of the title to the property
  • A Fixtures and Fittings Form
  • A Property Information Form (Protocol forms)

 

• If you are obtaining a mortgage, we will contact the lender at the outset, with complete details and status of our firm to confirm whether they will be happy to release funds to our firm, if so your lender will send us a mortgage offer. Once received, we will review the offer and deal with any special conditions so that on completion we can get the mortgage funds from your lender.
• If you have a Help-To-Buy ISA you will need to provide us with your closing statement at least three weeks before completion. You can get this from the bank or building Society managing your ISA. We will need this together with a signed First Time Buyer declaration to enable us to obtain the bonus. It is imperative that you provide this to us; any delay could result in the bonus being delayed. If we do not have this on completion you will lose the bonus as we are unable to utilise this after completion under the scheme rules. Further information can be found here.
• Once we and your lender (if applicable) are satisfied regarding enquiries and searches, we can discuss a completion date with your seller’s solicitors and commit (exchange contracts) to moving (completion).
• Send final contract to you for signature in readiness for exchange of contracts we will require your deposit.
• We will carry out final searches before completion in case anything has changed. We will also request the funds from your lender (if applicable) and any balance funds from you. On the day of completion, we will pay the purchase monies to the seller’s solicitors.
• Agree completion date (date from which you own the property)
• Exchange contracts and notify you that this has happened
• Arrange for all monies needed to be received from lender and you
• Complete purchase
• Deal with payment of Stamp Duty/Land Tax
• Deal with application for registration at Land Registry
• We will hand over the title deeds and original documents to you once completed, a copy of the same will be saved in our database for a period of 6 years. 

 

Example template: Purchase of a leasehold residential property

 

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 is in Wales.

 

Conveyancer’s fees

 

• Legal fee £1200 -£1800 + VAT
• Fee for acting on behalf of the mortgage lender £ 1500 – £1800
• VAT £240 calculated at 20% at present (or the legal rate as per the law of the country at the time of transaction)
• Subtotal £1440.00 -£ 2160

 

Disbursements

 

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

 

Anticipated Disbursements^*

 

• Leasehold Management Pack: £200 to 1500 + VAT (In the Sale only)
• To obtain/download title deeds from HM Land Registry: £12 to £20 (In the Sale only)
• Notice of Transfer and Charge to the Landlord: £100 – £150
• Stamp Duty Land tax: £To be assessed
• Land registry fee: £20 to £500
• VAT £240 calculated at 20% at present (or the legal rate as per the law of the country at the time of transaction)
• Estimated total: £ 240 – £2500 + SDLT

 

• Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50 to £150
• Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50 to £150.
• Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £75.00 to £150.00
• Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £100.00 to £150.00

 

*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.

 

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.

 

Stamp Duty Land Tax

 

Up to £125,000

The next £125,000 (the portion from £125,001 to £250,000)

The next £675,000 (the portion from £250,001 to £925,000)

The next £575,000 (the portion from £925,001 to £1.5 million)

The remaining amount (the portion above £1.5 million)

 

 

 

This depends 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.

 

 

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:

 

• Take your instructions and give you initial advice
• Check finances are in place to fund purchase and contact lender’s solicitors if needed
• Receive and advise on contract documents
• Carry out searches
• Obtain further planning documentation if required
• Make any necessary enquiries of seller’s solicitor
• Give you advice on all documents and information received
• Go through conditions of mortgage offer
• Send final contract to you for signature
• Draft Transfer
• Advise you on joint ownership
• Obtain pre-completion searches
• Agree completion date (date from which you own the property)
• Exchange contracts and notify you that this has happened
• Arrange for all monies needed to be received from lender and you
• Complete purchase
• Deal with payment of Stamp Duty/Land Tax
• Deal with application for registration at Land Registry

 

How long will my house 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 takes between 8 weeks to 16 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a new build property with a mortgage in principle, it could take 20 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 20 and 24 months. In such, a situation additional charges would apply.

 

* Our fee assumes 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. 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.

 

If you wish to use an online quote calculator for residential conveyancing

 

Below is list of things you may wish to consider if you use an online quote calculator for conveyancing matters. You could, if you wish, build questions to find out the following information:

 

• value of the property
• first-time buyer
• re-mortgage
• freehold or leasehold
• new build
• first registration of title
• whether a mortgage or not, or 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

 

The Stages and Process in the Sale of your Property.

 

• Having taken your detailed instructions (by confirming your ID, address, and ownership of the property) we will send you a pack of information and some forms to complete and return. You will need to complete a Fixtures and Fittings Form and a Property Information Form (Protocol forms) which we will forward to your buyer’s solicitors.
• You will be asked to provide money on account for third party expenses. These can include copies of the deeds (Official Copies) & evidence of your identity and your address.
• Once we have your completed documents, we will get copies of the deeds. These can usually be obtained quickly from Land Registry.
• We will then prepare and send a contract, your completed Protocol forms and Official Copies to your buyer’s solicitors.
• We will send you the contract and a plan to sign at this stage. We can then ensure the boundaries of the property you are selling are correct and have a signed copy in readiness for exchange of contracts.
• If you have a mortgage, we will obtain a redemption figure from your bank or building society to ensure we have enough funds to repay the mortgage on completion.
• Once your buyer’s solicitors have received our contract pack, they will request searches and raise enquiries regarding the property which we will discuss with you and respond to. The Buyer’s search results will take around 10-14 days, so things may be a little quiet during this time.
• Once the buyer has their mortgage arranged and the buyer’s solicitors have completed their enquiries and searches, they can advise their clients, have documents signed, agree a completion date, and commit (exchange contracts) to moving (completion).
• Upon completion we will receive the sale monies from the buyers’ solicitors, we will repay your mortgage (if any), our fees and pay your estate agent fees, the balance will then be sent to you or used in connection with a purchase if you are also buying a property.
• You will need to vacate the property on completion, usually by 12.30 – 1pm. You will need to ensure items referred to as staying in the Fixtures and Fittings form are left behind and that items not agreed to remain, and all rubbish is removed from the property.

 

The re-mortgage conveyancing process:

 

Step 1 – Verify your identity

 

Once you have applied for a new mortgage, and instructed our firm to work for you, we will need to verify your identity and carry out money laundering checks.

 

Normally we will now verify your identity using a third-party online service that costs around £10 per person.

 

COVID-19 has led to some innovation in the process. We are sometimes asking the client to email a copy of their ID. A video call is then scheduled during which the client holds up a picture of their ID next to their face for verification during the call.

 

We will need to verify the identity of each person named on the mortgage and property deeds.

 

Step 2 – Check the source of funds

 

If you are paying off part of your existing mortgage, we will need to check the source of your funds in accordance with the Anti Money Laundering (AML) regulations.

 

The documents you need to provide funds will depend on the source of your funds. We will provide you with details of the documents you will need, which could include:

 

Source	Evidence
Savings	Bank or building society statements
Pension release	Pension statement
Property sale	A copy of the completion statement, and a bank statement proving that you have received the funds from the solicitor who handled the sale
Inheritance	A letter from executors confirming how much you have received, and a bank statement showing the funds were received from the executor’s account
Share sales or dividends	Share release or dividend certificate and proof you have received the fund from the company

 

Funding sources may even be as diverse as lottery winnings and injury compensation payments.

 

Cash cannot be used to repay your existing mortgage as it can be hard to prove where the money came from. If you plan to use cash to settle part of your existing mortgage, we may be able to advise you further on your options.

 

Step 3 – Check HM Land Registry title deeds

 

We will obtain title registration documents for your property from HM Land Registry. These title deeds (called Official Copies) confirm you are the legal owner of the property you are re-mortgaging.

 

The deeds also detail any legal charges registered against the property to protect a mortgage loan. The existing lender’s legal charge over the property will be removed when the mortgage is repaid.

 

We will need to confirm that there aren’t any other parties with a charge over the property

 

If you are re-mortgaging a leasehold property, we will check the title deeds to confirm that the leasehold title meets your new mortgage lender’s requirements.

 

The leasehold title deeds may also include covenants that we will inform you whom to notify if the charges on the property change or are repaid. The freeholder will also need to be notified.

 

Step 4 – Review your mortgage offer

 

Your lender will issue the formal mortgage offer to our firm if we are your instructed solicitors.

 

The mortgage offer sets out what we as solicitor must do to satisfy the mortgage lender’s requirements. These requirements are set out in the UK Finance Mortgage Lenders’ Handbook.

 

Each lender has different lending criteria. Lenders will have specific requirements for leasehold properties, such as a minimum unexpired lease term.

 

Step 5 – Request current mortgage statement

 

We will ask your existing mortgage lender to provide a current mortgage statement.

 

This statement will confirm the amount required to redeem the mortgage. This outstanding balance will be repaid when the re-mortgage conveyancing process completes.

 

Step 6 – Apply for local authority searches

 

The Lenders’ Handbook also sets individual lender’s property search requirements. Most lenders will only require a Local Authority (LA) search and many will accept a search indemnity policy instead. An indemnity policy is certainly the quickest and cheapest option so ask your solicitor if you can avoid the cost of a full search.

 

Step 7 – OS1 priority search and bankruptcy check

 

We will then take out a pre-completion search called an ‘Official search with priority: whole title (OS1)’.

 

The OS1 search prevents any other charges from being registered against the property. This ensures that the registered title cannot be changed until after the re-mortgage process has completed.

 

We will also carry out a bankruptcy check to confirm that none of the legal owners is bankrupt.

 

Step 8 – Send the Certificate of Title

 

Once we are satisfied that you, any other registered owners of the property, and the property itself all meet your new lender’s conditions, a completion date can be agreed upon.

 

We will send a ‘Certificate of Title’ to your new lender confirming that all matters relating to the property are acceptable. We will then request that the lender releases the re-mortgage funds.

 

Step 9 – Completion Day

 

Before completion, your re-mortgage we will send to you a statement confirming:

 

• The outstanding balance that you must pay to complete the re-mortgage, or,
• The money you will receive once the re-mortgage process completes

 

The statement will set out the mortgage advance from the new lender, but will also include an itemised list of other fees and disbursements incurred during the re-mortgage process, such as:

 

• Legal fees: £1000 – £2000 + VAT
• HM Land Registry fees: £45 – to £305 (as per value of the property in question) 
• Local Authority search fees: £150 to £350 (Varies with Council to Council) 
• ID and bankruptcy checks: £10 to £20

 

Once we receive the mortgage funds from your new lender and they are ready to complete, we will use these funds to repay (redeem) your current mortgage. The funds will also be used to settle the lender’s legal fees and disbursements.

 

If any money remains (for example, you may have taken out a larger mortgage to fund the construction of an extension), these funds will be paid to you.

 

Step 10 – Post-completion

 

After completion, we will register the new mortgage at HM Land Registry.

 

HM Land Registry may take some time to update the title register to reflect the new mortgage. This process can take months, particularly if the property is leasehold, but it won’t affect the date your new mortgage rate starts.

 

Leasehold-related delays can also be caused by late payment of ground rent and service charges, or where the freeholder is refusing to release their notice until service charges are paid.

The conveyancing process for a re-mortgage is more straightforward than it is for a property purchase or sale. We can usually complete the legal work on a re-mortgage in a few weeks.All fees marked * are subject to VAT at the prevailing rate.

Abortive fees

For a fixed fee transaction we would charge a fixed abortive fee of minimum £200.00 excluding VAT and it will not be more than 50% of the full fee.

Other commercial matters:

Quotations for fees and abortive charges on all other business and Commercial Conveyancing matters are available upon application. In relation to Small Business Transactions and Pubs & Licensed Premises, your legal costs will be fixed and guaranteed by us from the outset, based on the purchase price for the business, the value of any property, and the length of and rent payable under any lease.

In addition there is a fee payable of up to £30.00 to HM Land Registry to obtain copy documents. 

1. Stamp Duty Land Tax***

Property Value	Cost
£0 – £125,000	zero
£125,001 – £250,000	2% of this band
£250,001 – £925,000	5% of this band
£925,001 – £1,500,000	10% of this band
£1,500,000 +	12% of this band*

2. Land Registry

Property Value	Cost
£0 – £80,000	£40
£80,001 – £100,000	£80
£100,001 – £200,000	£190
£200,001 – £500,000	£270
£500,001 – £1,000,000	£540
£1,000,000 +	£920

3. Local Authority Searches

Cost will vary dependent upon local council. Approximately between £100 and £200

4. Fee For Arranging Transfer Of Money Via Telegraphic Transfer

£30.00 (plus VAT) each transfer**

5. Land Registry Searches

£3.00 per search

6. Bankruptcy Searches

£2.00 (each name)

Written quotations available on request.

** Telegraphic Transfer Fees will be incurred for redeeming mortgage(s), purchase monies and balances sent direct to bank accounts.

** For second homes and buy-to-let properties, please refer to us for a quotation.

*** If you are a first time buyer and are looking to claim first time buyers relief please contact us and we will be happy to provide a quote