Residential Property Solicitors - Sale

Opening statement:

Our legal fees cover all the necessary work required to complete the purchase of your new home. This includes managing the registration process at the Land Registry and processing payment of Stamp Duty Land Tax (Stamp Duty) for properties located in England, or Land Transaction Tax (Land Tax) for properties situated in Wales.

Legal Fees:

The legal fees cover the total amount payable for all the work performed in executing your instructions, from the commencement to the conclusion of your case. Please note that the fees mentioned below are only an estimate, and the exact amount may vary depending on the specific details of your case. Additionally, all fees are subject to a 20% VAT charge.

Our standard legal fees for a residential freehold property purchase typically range from £1,800 to £7,200 + VAT, while for a residential leasehold property purchase, the standard fee ranges from £1,800 to £7,200 + VAT. Our fees for handling a residential property purchase matter range from £360 to £540 + VAT per hour, depending on the experience and qualifications of the assigned case handler.

We always strive to provide transparent and competitive pricing for all of our legal services, and we will always provide you with a clear breakdown of all fees and charges before commencing work on your case. If you have any questions or would like to discuss pricing further, please do not hesitate to contact us.

Please note that our standard search fees typically range from £305 to £488 + VAT. However, these fees may vary depending on the case. We will inform you of which searches you require for your transaction and their costs, which will be added to the final bill.

The Internal Revenue Service (IRS*) applies to most property purchase transactions. We will inform you of the applicable taxes for your matter, and for more information, you can visit the IRS website.

We will charge a fee of £19.52 + VAT for CHAPS electronic money transfer and an additional £4.08 + VAT for same-day transfer.

VAT will be payable on our fees and most disbursements. We will clarify which disbursements carry VAT in our formal quotation or as we advise you to incur them. Please note that additional taxes may apply depending on your location and the type of transaction.

If any changes occur to our fees at any point, we will inform you beforehand and discuss the reason for any modifications. These adjustments may occur if there are changes to your instructions or if your case involves unforeseen complexities. Assumptions:

We would like to highlight that if unforeseen matters arise during the standard transaction, such as a defect in title that requires remedying before completion or the preparation of additional ancillary documents, additional fees may be incurred. For leasehold matters,

our fee pertains to the assignment of an existing lease and not the grant of a new lease.

Our objective is to ensure that the transaction is concluded promptly and without any unforeseen complications. We will require all parties to the transaction to be cooperative and to provide any necessary documentation without undue delay. Please note that no indemnity policies are required however, additional disbursements may apply if indemnity policies become necessary. We will communicate any disbursements carrying VAT in our formal quotation or as we advise you to incur them. Disbursements:

Disbursements refer to expenses associated with your case that must be paid to third-party entities, such as Land Registry fees. To ensure a seamless process, we will manage disbursement payments on your behalf. A comprehensive breakdown of all disbursements will be included in our formal quotation. If any additional disbursements are necessary during the course of your case, we will notify you in advance of the reason and the anticipated cost.

Our team of experts will provide you with clear and concise advice on all documents and information received, answering any questions you may have and guiding you through the process. For leasehold properties, we will obtain and advise you on the Management Pack, the Lease, and any associated transfer fees to ensure that you are fully informed. We will also advise you on joint or shared ownership arrangements and ensure that all parties are clear on their responsibilities and obligations.

Our team will carefully review any mortgage offer and explain all relevant conditions to you to ensure that you fully understand the terms of the agreement. Once all details have been agreed, we will send you the final contract for signature and agree on a completion date, which is the date from which you will own the property. We will then exchange contracts and notify you of this important step in the process.

Our team will arrange for all monies needed to be received from your lender (if applicable) and from you, ensuring that all parties are aware of their financial obligations. We will complete the purchase and notify all relevant parties of the successful completion of the transaction. Our team will also deal with the payment of Stamp Duty/Land Tax and the application for registration at Land Registry, ensuring that all legal requirements are met and the transaction is fully compliant.

We understand that there are many factors that can affect the legal fees and disbursements for a residential property transaction. These factors may include the value of the property, whether you are a first-time buyer, whether the property is a new build, whether it is a shared ownership scheme or a purchase under the right to buy scheme, or whether the property has been repossessed. Our team will consider all of these factors when determining our fees and advising you on any additional considerations.

At Temple Corporate, we are committed to providing our clients with the highest level of service and expertise. If you have any questions about our services or fees, please do not hesitate to contact us at info@templecorporate.com. Our team of experts is always available to assist you with your residential property transaction.