Here at MLP our team has the ability and skill to carry out every residential property transaction desired, from a standard transaction to the most complex bespoke matter. Our costs reflect the level of assistance and care you will require, which is tailored to your needs, our risk and professional indemnity insurance costings, and the experience of the fee earner acting on your behalf.
The types of transactions we are able to assist with (and are not limited to) include:-
- Buying/selling at Auction
- Selling your home
- Buying your new home
- Sales by way of Probate/ Lasting Powers of Attorney
- Asset distribution via Divorce/ Cohabitation Agreements
- First time buyers utilising the Help to Buy Schemes/ISA’s
- New Build Plot Purchases and Sales
- Transfers of Equity
- Right to Buy Purchases
- Leasehold Enfranchisement
- Lease Extensions
- Individual Purchases of Freehold Interests
- Adverse Possession Claims
- Repossession Purchases
- Shared Ownership Property Sales and Purchases
- Lost Title Applications
- Registering your property for the first time
- Deeds of Gift
- Declarations of Trust
The average duration of a standard sale/purchase transaction varies from case to case however on average freehold transactions take approximately 6-8 weeks to complete and leasehold transactions take approximately 10-12 weeks.
- Preparing the Client Care documents based on your instructions.
- Dealing with Money Laundering Requirements/ ID checks.
- Preparing/Awaiting the draft contract documents.
- Liaising with the mortgage Lender for a redemption statement/ mortgage instructions.
- Obtaining a Management Pack.
- Submission of searches.
- Collation and review of title documents.
- Preparing our Title Report reviews for your perusal.
- Dealing with pre-contract enquiries
- Negotiation of the contract Clauses.
- Arranging the funds/lender checks are in hand.
- Exchanging Contracts
- Certifying title to your lender (where applicable)
- Completion of your transaction.
- Post completion requirements (such as registration and payment of SDLT)
We provide tailored cost estimates which give you a detailed breakdown of all fees and disbursements. Our current hourly rates are as follows:-
- Head of Residential Property – £250.00
- Residential Property Solicitor/Associate/ Legal Executive – £200
- Residential Property Consultant – £295
Although there are many factors to take into account, including whether the property is registered/unregistered, leasehold/freehold/; we are also able to offer fixed fees for some transactions. The table below gives an indication of our likely fees based on a sale, purchase or re-mortgage of a property.
|TRANSACTION VALUE||AVERAGE FEE|
|£0 – 800,000.00||£1,600.00|
Disbursements and Third Party Costs
Disbursements are additional costs payable to third parties on your behalf, such as payments to land registry to purchase copy documents or register the property. Please see some of the more common disbursements listed below with a rough estimate of cost as this may vary due to the Third Party. Please note all costs stated are excluding any VAT element.
|Land Registry Title Deeds||£3.00 per document|
|Searches||£250.00 to £300.00|
|Management Packs (Sales)||£250.00 -Can vary according to management company|
|Deed of Covenant||£150.00 –as above|
|Notice of Assignment/ Charge||£100.00 plus vat – can vary accordingly to landlord/management company|
|Stamp Duty Land Tax (on Purchases)||https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax|
|Land Registry Registration Costs (Purchases and Remortgages)||https://www.gov.uk/guidance/hm-land-registry-registration-services-fees|
|Bankruptcy Searches||£2.00 per person|
|Identity Search costs||£10.00 Per person plus VAT|
|Funds Transfer Fee||£20.00 plus vat|
|Bank Transfer Fee||£12.00 plus vat|
The usual key stages are: