FRISBY & SMALL
SOLICITORS LEICESTER
5 De Montfort Street, Leicester LE1 7GE
72B Main Street, Broughton Astley, Leicester LE9 6RD
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Conveyancing FAQ

Below are some of the most frequently asked questions about Conveyancing. If you have a question that is not answered here, please contact us and we will be happy to help you.

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What is Conveyancing?

Conveyancing is the process of transferring ownership of property or land from one person to another.

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How long will my Conveyancing take?

This will depend on a number of factors, such as:

  • How long the chain is, that is the number of other transactions linked together. The longer the chain, the more coordination of dates is required and the more likelihood of a problem occurring.
  • Do you require a mortgage and have you got the offer in place?
  • Are the other parties to the transaction willing to move quickly with the transaction?

If a transaction goes ahead without any major problems then in can often complete in around 6 weeks. This is only a very general guide. Transactions often take longer than this, but some can be quicker.

Here at Frisby and Small solicitors we will do everything possible to ensure a quick and efficient transaction and to work with you on proposed moving dates where practical.

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I've had a quote from you. Are there any hidden charges?

We want to provide transparent pricing and will always quote you honestly. A quote for Conveyancing is made up of two parts, the legal fee (our fee for doing the work) and the disbursements (expenses incurred on your behalf, such as searches).

We will quote you a legal fee to cover the work we have to do. We will also quote you all the standard disbursements for your transaction based on the information we have at the time.

Fees and disbursements will only ever change if something comes to light during the will always contact you before incurring additional expenses on your behalf.

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What are disbursements?

Disbursements are expenses which are incurred on your behalf during the Conveyancing process.

These are things such as Land Registry Fees and property searches. Your solicitor will give you a full breakdown of any likely disbursements. A detailed explanation of disbursements can be found on our Conveyancing Jargon explained page.

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What is 'exchange of contracts'?

Exchange of contracts means the transactions has becomecontact Frisby & Small solicitors binding. On exchange of contracts the completion date (moving date) is confirmed. Contracts are exchanged between solicitors, on the telephone. You do not need to be present for us to exchange contracts.

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When can I book my removals?

It is best to avoid booking your removals until after contracts have been exchanged. Before exchange of contracts, the moving date is not definite and you may end up losing money if it changes after you make your booking.

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What happens on the completion date?

On completion the following will happen:

  • The buyer's solicitors send the seller's solicitors the money needed to complete the purchase.
  • If you are buying, we will arrange for your mortgage lender to send us your mortgage money on the completion date.
  • If you are selling, we will pay off your mortgage when we receive the money from your buyer's solicitor.
  • When the money has changed hands, keys must be handed into or collected from the estate agents (depending on whether you are selling or buying). We will let you know when it is key hand-over time.

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Do I need a survey?

If you are obtaining a mortgage your lender will have the property inspected to see if it is suitable for them to lend against. It is important to realise that this is a very rudimentary valuation aimed only at protecting the lenders investment and not your interests.

For an extra fee you have the option of having a survey done which will provide you with more detailed information about the property, and it may highlight any problems with the property that you should be aware of.

It is often advisable to have a more detailed survey carried out on older properties, or simply if you want the additional peace of mind that a detailed survey can bring.

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We are unmarried and I am putting a bigger deposit into the property. Can I protect it?

If you are putting unequal amounts into the property the person who is paying the larger amount can protect that money by a "trust deed".

This is a legal document which sets out who has put what into the property and it outlines who will get what from the proceeds of theconveyancing quote property in the event of separation. For example, it can state that if the house is sold, the person who put in the deposit gets that amount first, before the remainder of the value is shared out.

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What will I be charged if my transaction falls through?

If your transaction falls through we will charge a proportion of our fee which relates to the amount of work we have carried out, therefore the cost to you will depend on what stage the transaction failed. Any expenses (disbursements) already incurred on your behalf will also be payable.

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We've split up and are selling the house - is it different?

Yes and no - the actual house sale procedure is the same, but the administration is made a bit more complicated because you'll each have to sign and agree to everything. This often means the forms are filled out by one party and we send them to the other party for them to confirm they agree - inevitably this can lead to some delay and disagreements. If the couple are splitting up and matrimonial proceeds are involved we are quite often asked to transfer the money to one of the solicitors involved who will hold onto it (in an interest bearing account) until they can both agree on how it's going to be split.

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How much will it cost?

Sales

Sale price

Freehold

Leasehold

Up to £150,000

£600 plus VAT

£750 plus VAT

£150,001 to £200,000

£650 plus VAT

£825 plus VAT

£200,001 to £250,000

£750 plus VAT

£850 plus VAT

£250,001 to £300,000

£850 plus VAT

£950 plus VAT

£300,001 to £400,000

£950 plus VAT

£1,000 plus VAT

£400,001 to £500,000

£1.,000 plus VAT

£1,100 plus VAT

£500,001 to £600,000

£1,050 plus VAT

£1,200 plus VAT

£600,001 to £700,000

£1,100 plus VAT

£1,300 plus VAT

£700,001 to £800,000

£1,200plus VAT

£1,400 plus VAT

£800,001 to £900,000

£1,300 plus VAT

£1,500 plus VAT

£900,001 to £1m

£1,400 plus VAT

£1,750 plus VAT

£1m to £1.5m

£1,750 plus VAT

£2,000 plus VAT

£1.5m to £2m

£2,000 plus VAT

£2,500 plus VAT

The likely disbursements payable in relation to each purchase transaction are as follows - please note these are merely guidance and we will advise in more detail on enquiry

Land Registry fees - £12

Managing Agent fees - £200 - £500

What our fees cover

Our fee covers all of the work required to complete the sale of your property (other than disbursements), including repaying any mortgages.

A bank transfer fee of £36 (inclusive of VAT) is payable for sending each CHAPS payment in the course of a sale - for example to remit completion money to you and to repay your mortgage.

In addition to our fees, you will need to pay some 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 and we will ask you for a payment on account of disbursements and fees when you instruct us. This payment on account is normally £100

What our work includes

Our fee assumes that:

  • 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 or dealing with any restrictions that are registered against the title
  • the transaction is concluded in a timely manner and no unforeseen complications arise
  • all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  • no indemnity policies are required. Additional disbursements may apply if indemnity policies are required
  • there is no agricultural or commercial land included in the sale
  • there are no special conditions such as overage/clawback or the transaction being subject to planning
  • the property is being sold with vacant possession and there are no third parties in occupation
  • the lender does not require separate representation
  • the title is a single registered title and will not be a transfer of part (most commonly when a purchase is from a builder - but also applicable at other times)
  • the property is not being sold at auction

Our service includes:

  • Taking your initial instructions
  • Preparing and approving contract documents
  • Obtaining information from you and responding to any enquiries received from the buyer’s conveyancer
  • Sending the documents to you for signature or attending on you at our offices
  • Agreeing a completion date
  • Exchanging contracts and notifying you that this has happened
  • Completing the sale
  • Repaying your existing mortgage
  • Paying the estate agents
  • Sending the net sale proceeds to you

Our service does not include:

  • Advice on tax implications
  • Dealing with any agricultural, commercial or businessę issues
  • Negotiating with any third party, including lenders, on your behalf

Timescale

The average process takes anywhere between 3 weeks and 3 months. It is impossible to tell without further details how long it is likely your matter will take.

Purchases

Fees and costs

Purchase price

Freehold

Leasehold

Up to £150,000

£650 plus VAT

£850 plus VAT

£150,001 to £200,000

£700 plus VAT

£900 plus VAT

£200,001 to £250,000

£800 plus VAT

£950 plus VAT

£250,001 to £300,000

£900 plus VAT

£1,000 plus VAT

£300,001 to £400,000

£1,000 plus VAT

£1,100 plus VAT

£400,001 to £500,000

£1,100 plus VAT

£1,200 plus VAT

£500,001 to £600,000

£1,200 plus VAT

£1,300 plus VAT

£600,001 to £700,000

£1,300 plus VAT

£1,400 plus VAT

£700,001 to £800,000

£1,400 plus VAT

£1,500 plus VAT

£800,001 to £900,000

£1,500 plus VAT

£1,600 plus VAT

£900,001 to £1m

£1,600 plus VAT

£1,800 plus VAT

£1m to £1.5m

£2,000 plus VAT

£2,200 plus VAT

£1.5m to £2m

£2,250 plus VAT

£2,400 plus VAT

£2m to £2.5m

£2.500 plus VAT

£3,000 plus VAT

£2.5m to £3m

£3,000 plus VAT

£3,500 plus VAT

£3m to £4m

£4,250 plus VAT

£4,750 plus VAT

£4m to £5m

£5,000 plus VAT

£5,500 plus VAT

Note that we do not make a charge for acting for a normal institutional lender in the course of your purchase - in other words, we do not charge extra to deal with a normal mortgage.

The likely disbursements payable in relation to each purchase transaction are as follows - please note these are merely guidance and we will advise in more detail on enquiry

Search fees - £300

Management Agent fees - Between £200 and £500 - normally only applicable to leasehold

Land Registry fees - Assessed on property value using scale 1 - https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees

Stamp Duty Land Tax - a complex regime exists and further details can be obtainned using the online calculator at https://www.gov.uk/stamp-duty-land-tax/residential-property-rates or alternately we can clarify this on enquiry.

What our fees cover

Our fee covers all of our work required to complete the purchase of your new property, including dealing with registration at the Land Registry and dealing with the payment of any standard Stamp Duty Land Tax or Land Transaction Tax.

Please be aware that we will need to add up to £300 (plus VAT) for the purchase of a new build property and an additional £250 (plus VAT) for a purchase under the Government’s Help to Buy Scheme, due to the extra work involved for us on those types of matter. We do not make a charge for dealing with the closure and claiming of a bonus under the Help to Buy ISA scheme.

An additional £36 (inclusive of VAT) bank transfer fee is also payable for sending each CHAPS (or telegraphic transfer) payment in the course of a purchase - for example to send purchase money to a Seller’s solicitors.

We will ask for a payment on account of searches in the sum of £250 on instruction.

What our work includes

Our fee assumes that:

  • 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 or dealing with any restrictions that are registered against the title
  • for a leasehold purchase, that this is the assignment of an existing lease and is not the grant of a new lease
  • the transaction is concluded in a timely manner and no unforeseen complications arise
  • all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  • no indemnity policies are required. Additional disbursements may apply if indemnity policies are required
  • there is no agricultural or commercial land included in the purchase
  • there are no special conditions such as overage/clawback or the transaction being subject to planning
  • the property is being sold with vacant possession and there are no third parties in occupation
  • the lender does not require separate representation
  • the title is a single registered title and is not a transfer of part
  • the property has not been purchased at auction

Our service includes:

  • Taking your initial instructions
  • Receiving, approving and advising on contract documents
  • Carrying out all necessary searches
  • Making any necessary enquiries of seller’s solicitor
  • Reporting on all documents and information received
  • Reporting on the conditions of your mortgage offer
  • Sending the final contract and other documents to you for signature
  • Agreeing a completion date (date from which you own the property)
  • Exchanging contracts
  • Arranging for all monies needed to be received from your lender and you
  • Completing the purchase
  • Dealing with the payment of Stamp Duty
  • Dealing with the application for registration at the Land Registry

Our service does not include:

  • Advice on tax implications (other than Stamp Duty)
  • Advice on non-standard Stamp Duty arrangements
  • Advice on or preparation of Tenancy Agreements
  • Dealing with or advising on any agricultural issues
  • Negotiating with any third party, including lenders, on your behalf

Timescale

The average process takes anywhere between 3 weeks and 3 months. It is impossible to tell without further details how long it is likely your matter will take.

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