Residential Conveyancing

Each property transaction is treated on an individual bespoke basis and our clients are not treated as being just another transaction, as for the vast majority of clients a property is one of the biggest assets that they will ever deal with and accordingly must be given its due regard. Therefore, each case will be handled by a trusted member of our experienced team and once a member has been allocated to the case, the team member will be duly introduced, and our clients will find them to be a lot more accessible than other lawyers they may have dealt with. Regardless of the team member allocated to the case, they will be supervised by one of the partners. For more information about the Solicitors in our firm, please see: Solicitors at Alpha Lexis Law Firm

So as to ensure impartiality for our clients we do not pay referral fees to Estate Agents or Financial Advisors, however we do work closely with them in line with the requirements of our clients.

Our fees cover all the work required to complete a sale, purchase or re-mortgage.

In addition to our fees, various disbursements will be incurred; these are costs payable to third parties such as to search providers and the Land Registry. We estimate these at the outset of the transaction however they will be subject to variation. We will also handle the payment of the disbursements on our client’s behalf to ensure a smoother process.

Our fees vary depending upon the value of the property and intricacies of the transaction involved. However, as a general rule, our fees for each sale and purchase transaction are 0.3% to 0.5% of the property price plus VAT plus Disbursements with a minimum price of £1,250 plus VAT plus Disbursements. Our fees for a remortgage transaction are 0.3% to 0.5% of the mortgage advance being received plus VAT plus Disbursements with a minimum price of £950 plus VAT plus Disbursements.

The aforementioned fees are based on “straight forward” transactions, however there are occasions where the transaction is more complex and by way of example, we set out below the occasions which may make a transaction more complex and therefore more costly however this is not exhaustive and by way of transparency, we always discuss any increase in our fees prior to them being incurred by our clients so that they are kept fully aware:

• The property being sold or purchased is unregistered or leasehold;
• The property being sold or purchased is to be dealt with via an auction;
• Freehold property with an estate management company;
• If there are defects in the title that need to be resolved;
• The property is in the process of being built or is newly built;
• If there are two or more titles being purchased;
• The sale or purchase of a Shared Ownership property;
• If planning permissions, building regulations or other consents required have not been obtained;
• The property being sold or purchased is subject to a tenancy agreement;
• If the property is a listed building or in a conservation area;
• The search results reveal risks associated with contaminated land;
• The purchase is being completed with financing under the Help to Buy ISA Scheme or Help to Buy Equity Loan Scheme;
• If there are more than one charges to be removed from the title, for example Help to Buy Equity Loan redemption;
• Complex financing arrangements for example a loan agreement or gifted deposits
• Considerable and/or complex requirements from the Lender, which need to be satisfied;
• If a Lease Extension is required;
• The level of involvement required (i.e additional meetings) and the seniority of our personnel required to be involved (i.e Partner);
• If we are required to liaise with a third party lawyer, for example when a mortgage lender is separately represented or during matrimonial proceedings;
• If indemnity policies are required;
• Preparation of additional documents such as a Statutory Declaration.

Please note that the above details of our firm’s basic charges is not a quote and our offices should be contacted in order to obtain a bespoke quote taking into account all circumstances.

Please also note that we do not provide any form of Tax advice.

VAT at the prevailing rate of 20% is set by the Government.

Purchase and Remortgage Transactions

Any quotation we provide will cover all of the work required to complete the purchase or remortgage of the property, including dealing with registration at the Land Registry and, if applicable, 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.

In order to purchase or remortgage the property, we carry property searches so as to obtain the latest information held by the public authorities and the costs for the same are dependent on the location of the property and the public body dealing with the search. These searches are carried out by our search providers, and we would suggest £750 plus VAT is budgeted for the same, as we recommend that we obtain a Local Authority Search, Environmental Search, Drainage and Water Search, Flood Search, Highways Search, Chancelcheck and DevAssess.

Please note not all of the above searches will be applicable on a remortgage, however these will be dictated by the Lender’s requirements and so, as soon as we become aware of their requirements, we inform our clients.

The level of Stamp Duty or Land Tax payable depends on the purchase price of the property and the location of the same. If the property is in England then the amount needed to be paid can be found by using HMRC's website or if the property is located in Wales by using the Welsh Revenue Authority's website.

Again the level of Land Registry Fee for a purchase or remortgage transaction is also dependent on the value of the Property and, as this set by HM Land Registry the current fee level can be found by using Land Registry’s website Fees Calculator (landregistry.gov.uk) and selecting the appropriate transaction

If the property is leasehold, then the following Disbursements are likely to be incurred by virtue of the lease and again once we know the exact cost to be incurred, we inform our clients immediately. By way of indication, we set out below the likely fees, which are all payable to third parties such as the Landlord or managing agent and are subject to the terms of the lease:

• Notice of Transfer fee – often the fee is between £25 – £200 plus VAT.
• Notice of Charge fee (if the property is to be mortgaged) – often the fee is between £25 – £200 plus VAT.
• Deed of Covenant fee – This fee is payable to the management company for the property and can be difficult to estimate. Often it is between £250 – £300 plus VAT.
• Certificate of Compliance fee - To be confirmed upon receipt of the lease and can range between £25 – £200 plus VAT.
• Membership Fee – Often range between £25 – £300 plus VAT

Please note that ground rent and service charges are likely to apply throughout the ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.

In addition to our fees in respect of purchase and remortgage transactions, we also charge the following, however the need for these will be dictated by the requirements of our client and any lender:

• CHAPS Bank Transfer Processing Fee – £50 plus VAT per transfer
• Bankruptcy search processing fee – £2 plus VAT per search
• Land Registry Search processing fee – £3 plus VAT per search
• Stamp Duty Land Tax submission processing fee – £90 plus VAT
• Search processing fee – £75 plus VAT

The average process takes between 8 – 12 weeks, however it can be quicker or slower, depending on a number of factors e.g., the number of parties in the chain, whether funding is in place for the purchase, whether a survey has been carried out and the results of the same or any of the factors listed as making the transaction complicated apply.  We shall, of course, discuss requirements in these regards at the outset and shall keep our clients updated as to timescales as the transaction proceeds.

The stages involved in the purchase of a residential property vary according to the circumstances. However, below is a non-exhaustive list of key stages to a purchase that may take place:

• Carry out the initial file opening requirements;
• Take instructions and give initial advice;
• Check finances are in place to fund purchase and contact lender's solicitors if needed;
• Receive and advise on contract document;
• Carry out searches;
• Obtain any further information including planning documentation, if required;
• Make any necessary enquiries of seller's solicitors;
• Give advice on all documents and information received;
• Advise on Joint Ownership, if applicable;
• Go through conditions of mortgage offer;
• Send final contract to all parties for signature;
• Agree a completion date that is convenient to all parties;
• Exchange contracts and confirm to all parties that this has happened;
• Arrange for all monies needed to be received from our client and their lender, if applicable;
• Complete the purchase;
• Deal with payment of Stamp Duty/Land Tax;
• Deal with application for registration at Land Registry;
• Deal with any post completion formalities associated with a leasehold transaction e.g. serving a notice of assignment and/or notice of charge, providing a deed of covenant to the Landlord etc.

Sale Transactions

Any quotation we provide will cover all of the work required to complete the sale of the property.

For Leasehold properties there is a necessity to obtain a Seller’s Pack containing replies to Leasehold Property Enquiry Form (LPE1) which is provided by the Freeholder / Landlord or their Managing Agents. There is a usually a charge for providing a Seller’s Pack which varies from property to property but can be anything from £100 plus VAT to £500 plus VAT. The exact fee payable can only be determined by us once we are instructed and we correspond with the relevant party, however a provision for the aforementioned amount should be made, as this will not be included in any quote due to us not knowing the fee to be incurred.

In addition to our fees in respect of sale transactions, we also charge the following, however the need for these will be dictated by the requirements of our client and any lender:

• CHAPS Bank Transfer Processing Fee – £50 plus VAT per transfer
• Land Registry Search processing fee – £3 plus VAT per search

The timescales involved from initial instruction to the completion of the sale of the property will depend on a number of factors, however the average process takes between 8 – 12 weeks. It can be quicker or slower, depending on the parties in the chain and the complexity of the sale. Once instructed and upon hearing from all parties we will be able to provide a more bespoke timescale.

The stages involved in the sale of a residential property vary according to the circumstances. However, below are some key stages that may take place:

• Take instructions and give initial advice.
• Draft, negotiate and advise on the sale contract as well as prepare a full pack of papers.
• Obtain any information from third parties, if relevant.
• Respond to enquiries from the buyer's solicitor.
• Send agreed contract to all parties signature.
• Agree a completion date, which is mutually convenient to all parties.
• Exchange contracts and notify all parties that this has happened.
• Prepare completion statements and obtain redemption statements from any lender made up to the date of completion and also obtain any estate agent fees that are payable on the day of completion.
• Arrange for mortgages to be redeemed and discharged from Land Registry.
• Complete sale and pay any third parties their fees including any estate agent that may have negotiated the sale.
• Redeem mortgages and send any surplus monies to the client.
• Contact any Landlord or Management company in the case of a leasehold property to deal with any settlement of accounts relating to our client(s) period of ownership