residential

GARNER & HANCOCK

Solicitors

GUIDE TO RESIDENTIAL CONVEYANCING

What will you do to sell my house?

What will you do to buy my house?

What will you do when you receive the draft contracts?

What happens after Exchnage of contracts?

What disbursements will you charge me?

What is the stamp duty at the moment?

Selling your Property

Selling your Property Instruct your solicitor as soon as possible. We will then:

Obtain the deeds
Upon agreed sale send draft contract to buyer's solicitors
Obtain from seller replies to Property Information and Fixtures and Fittings Forms and/or replies to enquiries raised by buyer's solicitors
Agree completion date and form of contact and send to seller for approval and signature
Exchange contracts
Approve form of Transfer and send to seller for signature
Obtain up to date redemption statement
Complete sale and discharge seller's mortgage
Send deeds to buyer's solicitors

Buying your Property

Upon instructions we will make some or all of the following searches:

Local Authority Search - This will check if there are any: Conveyancing Disbursements

Road building proposals
Planning permissions
Charges on the property
Outstanding notices
Public or private drains
Compulsory Purchase Orders
Railway Construction Proposals

Commons Land and Town and Village Green Search:

To ascertain if the property is subject to any Rights of Common or is part of a Village Green.

Mining Search:

To see if the property may be adversely affected by past or future coal mining activities.

Water Authority Search:

This may be required in addition to a local search

Upon receipt of draft contract we will:

Investigate the seller's title
Check the Information Forms and raise any further enquiries needed
Agree form of contract with seller's solicitors
Agree completion date

Specific matters that will be checked are:

Any rights over the property
Any rights with the property
Boundaries
Restrictive or other covenants relating to the property

In the purchase of Leaseholds we also investigate the terms of the Lease to ensure:

That the tenant has the right to assign and sublet
That the Landlord's covenants are acceptable
That the service charge provisions are adequate
That the lease is enforceable between all tenants
That the building is insured by the Landlord

We will:

Ensure the buyer has received an acceptable mortgage offer and then meet with buyer to advise on the contract or send the buyer a Report on Title. Just prior to exchange of contracts the deposit, normally 10% of the purchase price, will be required.

Exchange contracts

Draft Transfer or other purchase Deed

Prepare and obtain signatures to Mortgage Deed

Obtain Mortgage advance from lender and any balance to complete from buyer

Make Title searches

Complete and obtain release of keys

Stamp Transfer, register Title and send deeds to lender

CONVEYANCING DISBURSEMENTS

Local Searches

These vary from Council to Council but some examples are:

Kensington & Chelsea	£200.00
Ealing	£130.00
Hammersmith	£120.00
Camden	£115.00
Richmond	£140.00
Westminster	£115.00
Hounslow	£135.00
Wandsworth	£165.00

Stamp Duty

Payable by the buyer on the Purchase.

£0-£60,000	Nil
£60,001 - £250,000	1.0%
£250,001-£500,000	3.0%
over £500,000	4.0%

On the grant of a new lease duty is also payable on the amount of rent payable e.g. on a ground rent of £300 p.a. and a lease of under 100 years - £36.00

Land Registry Fees (to register title)

These are on a fixed scale and vary from time to time. Current examples are:

Value of Property	fee
£70,000 - 100,000	£100.00
£100,001 - 200,000	£200.00
£200,001 - 500,000	£300.00

Other Land Registry Fees

Office Copy Title	£4.00
Office Copy Plan	£4.00
Office Copy Document	£4.00
Title Search	£4.00
Bankruptcy Search per name	£2.00

Other Fees

Bank Transfer Fees	£24.67
Copy Documents (from local Authority) approx.	£10.00
Landlords Registration Fee approx.	£20.00
Company Search approx.	£30.00
Water Utility Search	£35.25
Managing Agents Fees approx.	£50.00
Commons Search	£ 6.00