We offer a fast and cost-effective service in all types of Conveyancing matters. Whether you are buying or selling property, Hayat & Co. can help in making your purchase or sale as smooth and as stress-free as possible.
We offer very competitive fees in both freehold and leasehold matters (please see Our Fees* page).
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. We do not qualify to charge VAT on our fees.
There will also be disbursement costs. Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. Disbursements will usually attract VAT. We handle the payment of the disbursements on your behalf to ensure a smoother process.
What happens in a conveyancing transaction (e.g. sale transaction)
Once a sale price for the property has been agreed, you will need to instruct a solicitor. The buyer should have a Mortgage Offer in writing which help will speed the sale up.
The solicitor for both the buyer will begin to investigate the property. The seller’s solicitors will send a “HIPS” which will provide the buyer with important information on the property. The buyer’s solicitor will then raise pre-contract enquiries.
The next step is for Exchange of Contracts. At this stage, the buyer and seller become legally bound to the contract of sale. Usually a Deposit of 10 % of the purchase price is required from the buyer at the time of exchange. However, the amount of deposit is negotiable between the buyer and the seller. A date for completion will also be set at this stage.
On Completion, the property will change hands from the seller to the buyer. The buyer will release the funds to the seller’s solicitor and in return, the buyer will then be given the keys to the property.
The final stage is Post-Completion which is where the new buyer has his details registered as being the owner of the property.
It takes on average 4-8 weeks to complete a conveyancing transaction but some transactions can be done quicker although some may take longer.
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 price range from £1,199.00 to £1,499.00
- Electronic money transfer fee £20
- VAT £N/a
- Subtotal £1,219.00 to £1,519.00
Disbursements
- Search fees £200.00
- HM Land Registry fee £200.00
- VAT £40.00
- Subtotal £440.00
Estimated total (excluding Stamp Duty or Land Tax – see below):
£1,659.00 to £1,959.00
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 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 6 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
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. Fees will be very similar to the those above save for an extra hour or two dealing with additional third parties such as managing agents and/or a Freeholder.
