Residential Conveyancing

The process of selling a property is as follows:

Instructions & Issuing Contracts

On instructing us, a file will be opened, and subsequently a number of forms will be sent to you for you to complete (Fixtures & Fittings, Seller’s Property Information Form along with some others). We will also ask you to fill in a Sale Questionnaire.  We will also ask you to provide us with any pre-registration documents, guarantees, certificates and planning/building regulation information relating to your property and to supply your evidence of identity and a payment on account. Once we are in receipt of these we can look to obtain an up to date copy of your title/check your unregistered deeds and then issue a Contract Pack to your Buyer’s Solicitors.

Enquiries and discussing a Completion Date

The Buyer’s Solicitors will check the paperwork we have provided them with and then usually ask some questions (raising enquiries).  We will discuss these with you and then reply accordingly.  Once the Buyer’s Solicitors are happy with our responses, and are in receipt of any search results (if needed) and a mortgage offer (if needed), they will look to report to their clients, at which point we can all discuss a possible completion/moving out date.  Once a date is agreed (in principle) by all parties, we will then apply for a Repayment Figure from your Mortgage Lender (if applicable), obtain your Estate Agent’s Account (if applicable) and provide you with a Completion Statement (a breakdown of the equity funds remaining).  At this point, we would ask you to consider contacting a removal company to check availability but not to book them until exchange has taken place.

Exchange of Contracts

Before we exchange contracts, we will call you to make sure that we have your permission to set this date in stone because once exchange of contracts takes place, the completion date/moving out date is final, and you are legally bound by the contract to vacate the property by no later than 2pm (unless this time is varied) that day.  Once we have confirmed that exchange has taken place, you must then finalise your arrangements for moving out.

Completion

On the day of completion, the Buyer’s Solicitors will send the Sale Monies via Bank Transfer, which means that there is no set time in which this may arrive.  Once it does arrive, we will call you to confirm that completion has taken place.  We will then also arrange repayment of your current mortgage (if applicable), pay your Estate Agents Fees (if applicable) and release any balance funds to you.  All keys for the property (and alarm codes) must be given to the Estate Agents (if any) by 1pm that day.  We will contact the Estate Agents and allow them to release the keys once the Sale Monies arrive.  We will then release any original Deeds, Certificates and documents relating to the property along with your signed Transfer Deed to the Buyer’s Solicitors.

For a Fixed Fee Quote call us on 01709 511100

Instructions and Searches

On instructing us, a file will be opened, and subsequently a client care letter and a Purchase Questionnaire will be sent to you to complete.  We will require a payment on account to cover the cost of your Searches (the amount will be set out in your letter) and your evidence of identity.  We will then contact the Seller’s Solicitors to chase their Contract papers.  Until these Contract papers arrive, we are unable to move your purchase forward.  We will advise you once we are in receipt of your formal signed instructions, your evidence of identity, your payment on account and the Contract papers from the Seller’s Solicitors.  We then need your permission to apply for the Property Searches, as once these have been applied for, the cost is non-refundable. At this point, we can proceed to check the contracts.

Reports and Enquiries

We will check the contract papers and ask the Seller’s Solicitors some questions (raising enquiries).  These questions will be raised quickly (by email if possible) and you will be provided with a copy.  We will then prepare an Initial Report for you and enclosed with this you will receive a number of documents such as a Contract, Transfer, Property Plan, Stamp Duty Land Tax Form and a Confirmation of Approval Form to sign. These will be clearly marked so that it is evident which you need to return to us.  You can attend the office in person to sign these documents if you prefer. Should you have any concerns regarding the property or documents, we can discuss these at this point and then raise more questions (specific to the title) on your behalf. Once the Search results are received by us, they will be checked and you will be sent a Search Report explaining the findings.  Once your Mortgage Offer arrives (if applicable), this will be checked and you will be sent a Mortgage Report explaining the mortgage in straight forward terms.  There will also be a Mortgage Deed for you to sign, which must be witnessed by an independent party (not by your partner or a family member).  We will check the Survey Report (if provided) and raise any issues that may be evident within the report.  Once we are content with the replies to the questions we have raised with the Seller’s Solicitors, you will be issued with a Final Report along with a Completion Statement detailing the balance funds that we require from you. Once you have provided satisfactory proof of funds (this will include bank statements and/or any other means of evidence of funds to stipulate where the funds originated from) we can arrange to take the balance payment from you, and as soon as the payment has cleared, we can discuss a completion/moving in date with you and the chain.

Exchange of Contracts

Once a date has been discussed and agreed in principle with the chain, we will apply for your Mortgage Funds (if applicable).  An Exchange of Contracts can then take place, after which the completion/moving in date becomes definite.  Once exchange has taken place, your contract becomes legally binding and you are free to make your moving in arrangements.  We will let you know once exchange has occurred and at this point your Buildings Insurance must be in place to start.  We require a copy of your Buildings Insurance.  Your final searches are then carried out and your file will be set up for in preparation for the completion day.

Completion

On the day of completion/the move date we will arrange for your Purchase Monies to be sent via Bank Transfer to the Seller’s Solicitors.  This means that there is no set time for your keys to be released and for you to arrange collection.  Once the money does arrive and we have obtained confirmation of this, we will call to let you know.  The sellers of the property have until 2pm (unless varied) to move out of the property.  The keys will either be collected from the Estate Agents or from the Sellers directly.  We will let you know on the day.  At this stage you will become the new owner of the property and after this time we will apply to the Land Registry to formally arrange for the property to be registered in your name.  We will also deal with payments of Stamp Duty, put in place any policies and serve any necessary notices.   Once the property has been formally registered (which will take a few weeks or longer if unregistered) we will send you a copy of the Title Information Document and place your Deeds in our Deeds Store (if required).

For a Fixed Fee Quote call us on 01709 511100

If you own the Leasehold Title of your property the Landlord/Freeholder may sell their Freehold Title to you.  The Landlord will arrange for the value of the Freehold to be calculated and then you will be given an opportunity to purchase this from them.  It is usual practice that you (as the Leaseholder) will be responsible for yours and the Landlords Legal Fees and both parties must instruct their own solicitor.  Once you own the Freehold Title you are in essence your own Landlord and you are then usually (as long as there is not a Head Landlord too) no longer bound by the strict terms of the Lease such as paying ground rent or obtaining landlord’s prior consent before making structural alterations or additions to your property.

For a Fixed Fee Quote call us on 01709 511100

A re-mortgage is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security.  The process of re-mortgaging does not usually involve moving home or taking out a second mortgage on the property; it is in effect the transfer of a mortgage from one lender to another.

For a Fixed Fee Quote call us on 01709 511100

If you currently own a property which is in your name only and you wish to add your partner or another party so they own the property with you, you will require a Transfer of Equity Deed.  If you do not have a mortgage, this process is straight forward.  If you have a mortgage, please contact your Mortgage Lender first to obtain their permission.  Each Mortgage Lender has different processes but usually there will be a form to complete and an administration fee to pay.  Once the Mortgage Lender agrees to the other party joining the current mortgage, you must instruct a Conveyancing Firm to act on your behalf.

If you own a property jointly and you wish to remove one party’s name from the Title, you will need a Transfer of Equity Deed.  If you do not have a mortgage, the process is straight forward; however, the same solicitor cannot act for both parties.  It is strongly advisable for both parties to seek independent legal advice before proceeding with this process.  If there is a mortgage registered against the property, you must first obtain the Mortgage Lender’s prior approval/consent to the party being released from the title and the mortgage obligations.

For a Fixed Fee Quote call us on 01709 511100

A GUIDE TO PRH RESIDENTIAL CONVEYANCING SERVICES & FEES

INTRODUCTION

SALE

At PRH our Property team is committed to providing a first class service. We take the stress out of residential property matters with our experienced and friendly team.

We have an experienced team who can help you to buy and/or sell your home and deal with re-mortgages so that the process is as stress free as possible.

We have a large team of support staff on hand to ensure that all transactions complete as quickly and smoothly as possible.

We offer fixed fees on all of our property matters.

How much does it cost?

Sale fees and disbursements – see example below.

Parker Rhodes Hickmotts Solicitors Costs of Sale

All VAT at the prevailing rate of 20%

Referral fee (if any) – If work is referred to PRH through a business relationship with a 3^rd party provider of property services we will advise in writing and explain the referral fee paid for the business introduction.

• Referral fees start from £50 plus VAT (£10)

Our fees cover all of the work* required to complete the sale of your home, including dealing with repayment of your mortgage (if any).

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. The disbursements that we anticipate will apply are detailed above:

* 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 a freehold sale
3. The transaction is concluded in a timely manner and no unforeseen complications 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 such policies are required.

Additional costs if selling a leasehold residential property

There are additional costs payable which will be set out in the lease and it may be necessary to request that the landlord or managing agent replies to standard leasehold enquires (Form LPE), which we will not know about at the start of the transaction. Once we do know the sums due we will of course update you.

A tariff of likely additional charges that may apply dependent on the specifics of the transaction are detailed above.

Timescales

The average process takes 8-14 weeks, depending on a number of factors, such as:

• The number parties in the chain and their situation
• If your buyer needs a mortgage and any enquires the lenders may raise
• Whether there are any issues revealed by the search results
• Whether there are any issues revealed by the survey
• The amount of enquires raised by the buyer and the time it takes to collect the necessary information to answer the enquires

The above factors can delay a transaction and can sometime warrant an increase in our initial fee quote, but we will always discuss any increase with you as soon as we become aware of any matter that affects our initial quote.

Stages of the process

On instructing us your file will be opened and we will attend to the following:

• We will take your initial instructions, give you advice, and once we receive the terms of the sale from the estate agent we will check these coincide with your instructions.
• Send you the initial paperwork for you to complete and return
• Request any deeds and copies of the title from the Land Registry
• Once we receive your completed forms we will check your replies before we send them to the buyers solicitor for their approval
• Prepare contract and send this to the buyer’s solicitors
• Once we receive enquires from the buyer’s solicitors we will deal with the replies and will approve the transfer deed
• Obtain your signature to the necessary documents
• Discuss and agree exchange and completion dates
• Request a redemption figure to re pay your mortgage
• Exchange and complete and repay any money to the lender and return any surplus to you

 PURCHASE OF A FREEHOLD RESIDENTIAL PROPERTY

 Introduction

 At PRH our Property team is committed to providing a first class service. We take the stress out of residential property matters with our experienced and friendly team.

We have an experienced team who can help you to buy and/or sell your home and deal with re-mortgages so that the process is as stress free as possible.

We have a large team of support staff on hand to ensure that all transactions complete as quickly and smoothly as possible.

We offer fixed fees on all of our property matters.

How much does it cost?

Purchase fees and disbursements – see example below.

Parker Rhodes Hickmotts Solicitors Costs of Purchase

All VAT at the prevailing rate of 20%

Referral fee (if any) – If work is referred to PRH through a business relationship with a 3^rd party provider of property services we will advise in writing and explain the referral fee paid for the business introduction.

• Referral fees start from £50 plus VAT (£10)

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 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?

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 8-12 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 8-10 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 8 months. In such, a situation additional charges would apply.

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 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 with you
• Send final contract to you for signature
• 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

Stamp Duty Land Tax

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.

We will always endeavour to advise you of a grand total so you have a clear understanding of the total costs of the transaction.

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 8-12 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 8-10 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 8 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.

REMORTGAGE OF A RESIDENTIAL PROPERTY

 Introduction

At PRH our Property team is committed to providing a first class service. We take the stress out of residential property matters with our experienced and friendly team.

We have an experienced team who can help you to buy and/or sell your home and deal with re-mortgages so that the process is as stress free as possible.

We have a large team of support staff on hand to ensure that all transactions complete as quickly and smoothly as possible.

We offer fixed fees on all of our property matters.

How much does it cost?

Remortgage fees and disbursements – see example below.

Parker Rhodes Hickmotts Solicitors Costs of Remortgage

All VAT at the prevailing rate of 20%

Referral fee (if any) – If work is referred to PRH through a business relationship with a 3^rd party provider of property services we will advise in writing and explain the referral fee paid for the business introduction.

• Referral fees start from £50 plus VAT (£10)

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.

How long will my re-mortgage take?

How long it will take from your mortgage offer being accepted until completion will depend on a number of factors. The average process takes between 6-10 weeks.

Stages of the process

The precise stages involved in the re-mortgage 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 and give you initial advice
• Obtain the Deeds and check the title
• Receive and advise on the mortgage offer
• Carry out searches
• Obtain further planning documentation if required
• Make any necessary enquiries
• Give you advice on all documents and information received
• Go through conditions of mortgage offer with you
• Send the mortgage deed to you for signature
• Order a redemption statement
• Complete
• Deal with application for registration at Land Registry

Please note additional costs may apply. Please see Tariff of Additional Charges below.

All VAT at the prevailing rate of 20%