At Canfields Law we try to make the transfer of home ownership from seller to buyer as simple as possible (Conveyancing). We hope that the following will help you understand the conveyancing process. If you have any further questions please ask us on 0207 483 8644.
Our conveyancing team has the skills and over 30 years experience in conveyancing to ensure that you are given a personal service to ensure that the process runs smoothly and efficiently. Call us to discuss your transaction on 0207 483 8644.
Please see our client testimonials;-
Our team consists of ;-
Des Taylor ,Director of Canfields Law Limited and Head of Department (over 30 years experience in Residential and Commercial Conveyancing and other areas of Law)
Diane Brodkin, Solicitor (over 30 years experience in Residential Conveyancing and Probate)
Luiza Abazi, Paralegal
Pauline Curham, Senior Legal Administrator (over 30 years working in legal practices)
The conveyancing process briefly explained (more detailed information is contained in our client care letter which will be sent to you once we have received instructions to act on your behalf).
A freehold property means the outright ownership of land or property for an unlimited period and generally applies to the majority of houses.
A leasehold property is on the other hand a right to possess the land or property for a fixed period.
A person who owns a freehold interest in that property may grant a lease of it to another person and generally applies to flats/apartments.
If you are a leaseholder you will normally have to pay an annual rent to the person who owns the freehold and a service charge as a contribution to the general upkeep of the common parts of the building.
Initial advice and anti money laundering requirements
At the outset we will meet you to discuss your transaction and give you initial advice. We are also required to see photo ID such as a Passport or Driving Licence and proof of address (e.g. Bank statement and utility bills not more than three months old).We are also obliged to get to know you to ascertain the source of your funds.
On your purchase we will write to the sellers’ solicitor to confirm they are instructed and request a copy of the draft contract and any other details such as the property’s title (ownership history) and a copy of the lease (if leasehold)
We will examine the draft contract and supporting documents and raise any enquiries of the sellers solicitors .You will be expected to go through the forms the seller has completed (giving details about the property) and let us know if you have any queries or concerns.
If your property is leasehold it will be important to check the number of years remaining. The various institutional lenders require a minimum number of years remaining and leases below 80 years present a particular problem on applications to extend the term of the lease
There are things about the property which you will not be aware of from just viewing the property and we will carry out searches on the property, e.g.
Local Authority Searches disclosing e.g.
- plans to build roads which would adversely affect your property
- the presence of radon gas
- planning history and breaches of planning and building regulations
- restrictions on use imposed by the Council when the property was developed
- Chancel check (Some property owners have a legal obligation to pay for repairs to a church which may or may not be the local parish church)
- Drainage and Water authority searches –how water is provided to the property and if any public drains on the property might effect the property or any further building works in the future
- Environmental –This will disclose any contaminated land at or around the property, landfill sites, former and current industry, detailed flooding predictions, radon gas hazard, ground stability issues and other related information.
Each local authority has a different charge for the Local Authority Search.
E.g. tin mining in Cornwall, mining searches in various parts of UK, additional authority searches such as public paths, pipelines, noise abatement zones, common land etc.
Land registry Title register/Title plan to check the legal ownership of the property and rights which have been granted and/or reserved and any restrictive covenants to which the property is subject.
These searches are charged as disbursements (Costs incurred by a third party but payable by us).
A Mortgage is a loan provided on the security of the property. The lenders have a set of standard set of agreed instructions and each lender also specifies what specific further information is required before agreeing to make the loan. The mortgage company will send its valuer to the property to ensure the property provides sufficient security for the loan and you will have to pay this fee in addition to any survey that you arrange. We will discuss the conditions of the mortgage offer with you. It is very strongly recommended that you arrange your own detailed survey of the property
Factors that might increase the cost of the service
- If the legal title is defective or part of the property is unregistered
- If it is discovered the building regulations and planning permission has not been obtained
- If crucial documents are missing
Once you and we are satisfied with all the information provided about the property and the parties are ready to exchange contracts you will have to arrange building insurance for the property if the contract provides for the risk to pass to the buyer on exchange. In any event you are strongly advised to effect such insurance on exchange of contracts
Before signing contracts we will have been in touch with you to ensure;
- That all enquiries have been returned satisfactorily
- That you have agreed with the seller what fixtures and fittings have been included in the purchase
- A completion date has been agreed usually between 1-4 weeks from exchange of contracts
- That you have made arrangements to transfer the deposit into the solicitors account so it is in place ready for exchange. It is usually 10% of the purchase price
You should inspect the property before exchange with the estate agent to ensure it had not been damaged in any way and the fixtures and fittings remain in place.
Exchange of contracts
A time and date will be agreed for exchange of contracts which is conducted between us and the sellers’ solicitor. The exchange of the contracts process will normally take place over the phone. We will confirm when exchange has taken place. On exchange of Contracts it is usual to pay a deposit of 10% of the purchase price but this may be negotiable. The deposit is normally held by the seller’s solicitors as stakeholders (meaning that the sellers solicitors hold the deposit) pending completion. The contract may allow the seller to use the deposit on a related purchase providing the deposit is held by that person’s seller’s solicitors as stakeholders
A housing chain
Sometimes your purchase is dependent on the sellers’ purchase of another property and in some cases the chain might be even longer. In such cases the exchange will only happen if each person in the chain is ready to exchange. This means if one person is not ready the exchange for everyone else in the chain is held up and we will do our best to speed the process up and keep you updated.
Once the property is exchanged;
- You are in a legally binding contract to buy the property with a fixed date for moving
- If you do not complete the purchase you will lose your deposit and could be sued for any additional loss
- The seller has to sell or you could sue them for any loss
- You cannot be gazumped as the seller cannot accept another offer
Between exchange and completion
We lodge priority search in the property at the Land Registry to warn any third party of your interest.
We will undertake other pre completion searches, draft the transfer deed and arrange for signature also of the mortgage deed, raise requisitions on title, request mortgage funds from the Lender.
We will send you a Completion Statement itemising the final amount that you have to pay and you will have to ensure the total amount is sent to the solicitors client account in cleared funds the day before completion day.
We will receive the mortgage advance and any balance from you.
The contract will specify a time by which completion is required. This is normally 1 pm. The sellers’ solicitor will confirm that they have received all that is due and the seller will give the keys to the estate agent for your collection and you can move in. If the completion does not take place by the time imposed by the contract then the party not responsible for the delay may seek interest for the late payment from the other party
If you require completion to take place in less than 5 working days then we reserve the right to make an additional charge of £150.00 to cover the additional work necessary in order to complete the transaction within a shorter period of time.
- Pay Stamp Duty Land tax on your behalf. 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.
- You will receive your legal documents about 20 days after we have sent them to the Land Registry
- Send a copy of the title deeds to your mortgage lender (if you have a mortgage) who will hold them until you pay off the loan
- Notify the leaseholder if the property is leasehold
- The Land registry charges in accordance with the value of the property for example see below
Land Registry fees
|Value or amount||Apply by post||Apply on line through the Land Registry portal,
for transfers or surrenders which affect
the whole of a registered title
|Apply online through the Land Registry portal y,
for registration of all leases and transfers or surrenders which affect
part of a registered title
|Voluntary first registration (reduced fee)|
|0 to £80,000||£40||£20||£40||£30|
|£80,001 to £100,000||£80||£40||£80||£60|
|£100,001 to £200,000||£190||£95||£190||£140|
|£200,001 to £500,000||£270||£135||£270||£200|
|£500,001 to £1,000,000||£540||£270||£540||£400|
|£1,000,001 and over||£910||£455||£910||£680|
You will see that there is a considerable amount of work involved in the conveyancing process and you should have confidence that at Canfields Law Limited, Des Taylor and Diane Brodkin assisted by Luiza Abazi (Paralegal) and Pauline Curham (Senior Legal Administrator) have over 30 years of experience in this area so that you can be confident that you will receive the highest standard of service to ensure this matter runs as smoothly as possible.
We are a small team but you can be assures that your conveyance will be handled throughout by an experienced solicitor (Please see our profiles).
We set out our price structure below but please feel free to speak to Des Taylor, Diane Brodkin or Pauline Curham if there is any further information you require or if there are particular circumstances of which we should be aware.
We are here to help!
Please feel free to contact us on 0207 483 8644
Conveyancer’s fees and disbursements
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.
Stamp Duty Land Tax– This is quite complicated to calculate. You can check the HMRC website or give us a call.
Our fees are calculated dependent on the price or value of the property. To assist you please look at the following table for our current fee structure. All fees are exclusive of VAT and disbursements.
We aim to give you the best possible information about the overall likely cost at the outset but we will update you as the matter progresses if appropriate.
If we are unable to act for any Lender/Mortgagee which you have selected we shall advise you immediately and an Additional Independent Lender Charge of £150.00 will apply SALES AND PURCHASES.
|Up to £250.000||825.00||165.00||990|
|We will discuss and agree a fee on request|
|If Leasehold Property||Add 400.00||80.00||480.00|
|Up to £250.000||825.00||165.00||990.00|
|Over £1.5m||We will discuss and agree a fee on request|
|If Leasehold property||Add £300.00||£60.00||£360.00|
|Transfer of Equity||850.00||170.00||1,020.00|
The above fees are on the basis that the transaction proceeds in a timely manner with no unforeseen technical or other issues arising which result in unusually protracted correspondence.
We will let you know of any unforeseen complexity arising at the earliest opportunity.
How long will it take?
Most transactions complete between 8-12 weeks. .In the event that transactions do not complete within 6 months then we reserve our right to review our quotation. 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 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 6 months. In such a situation additional charge would apply.
DISBURSEMENTS – (Costs incurred by a third party payable by us).
|Local authority and other pre-exchange Search fees||£250.00-500.00|
|HM Land Registry fee||£4.00|
|Electronic money transfer fee||£15.00 plus VAT|
|Bankruptcy search per name||£2.00|
|Bank transfer fee BACS (3days)||no charge|
|Land registry fee||Between £20.00-950.00|
|Stamp Duty Land tax||Please ask us or refer to HMRC website|
|Electronic Anti Money Laundering
|£3.50 plus VAT|
We are unable to provide you with a total amount for your particular transaction without knowing more information about your transaction such as, the value and location of the property, whether there are one or more buyers or sellers (as appropriate) whether you are a first time buyer, whether there is a mortgage, etc. Please feel free to discuss this with our team on 0207 483 8644.
However, to give you examples please see the following;-
Purchase of a residential freehold property value -£1m and no mortgage (1 Purchaser)
1 BACS(3 days)
Bank transfer fee
|AML electronic search||3.50||0.70|
|Official copy Land Registry fee||270.00|
|Local Authority Property Search fee (depends on location of property )||250.00|
|Land registry search fee||3.00|
|Stamp Duty Land Tax (assuming for example not a first time buyer and not owner of other properties||43,750.00|
Sale of a residential freehold property value -£1m and no mortgage (1Seller)
|AML electronic search
|Land Registry search fee||3.00|