Residential Property Work

Russells deals with property transactions for its clients including the sale and purchase of freehold and leasehold property in addition to mortgage work, off plan and contract assignments in new developments.

Our Real Estate team is led by Angela Fong, a partner, who has well over 20 years of experience.  Trainees solicitors and paralegals may assist her. 

Services

Freehold Purchase

We will take instructions from you and on receipt of documentation from the sellers solicitors undertake searches, raise enquiries with the sellers solicitors and negotiate the contract. We will report to you the results of investigations, liaise with your surveyors and the estate agents.

Once contracts have been exchanged we will prepare the transfer, arrange funds for completion, including mortgage funding and following completion put in hand stamp duty land tax return on your behalf and make application at the Land Registry for registration of title to your property.

Leasehold Purchases

In addition to the work undertaken with regard to freehold purchases we will need to consider the terms of the lease of the property and peruse service charge information. It may be the case that you might also be purchasing a share of the freehold interest in the building of which your property forms part. There may be a need for the landlord to give consent for the transfer of the leasehold property to you and invariably notice will have to be given to the landlord following completion of the transaction of the transfer to you and possible mortgage of your interest.

Mortgages

We shall carry out similar work on behalf of your mortgage company as involved with the purchase of the freehold and leasehold properties. There are occasions when the mortgage lender will request its own solicitors to act on its behalf in which case we liaise with those solicitors to satisfy them as to your title and ability to mortgage the property. 

Charges

Our fees depend upon the complexity, nature and time-frame of the transaction. We are therefore unable to give you a reliable estimate of our costs until we have all the details of your intended transaction. If unexpected complications arise we shall inform you immediately and discuss the impact of those complications on our fees.

Our solicitor hourly rates range between £185 - £420 per hour plus VAT.

We set out below our minimum fees for acting for you in connection with the foregoing transactions.

Freehold Sale and Purchase

£2,000 plus VAT and disbursements. 

Disbursements will include:

• Searches such as local authority, drainage and environmental searches with costs varying between £350 and £600 in total for a purchase. These costs are set by third party agencies. We will advise you of the cost of any further searches that may be needed for your property;
• Land Registry registration fees vary according to the value of the property for a purchase. The Land Registry website provides registration fees information at landregistry.data.gov.uk. We will advise you what your registration fee is based on your purchase price.
• Bank transfer fee of £16 plus VAT for sale and/or purchase.
• Land registry document fee between £6 and £30 for a sale.
• Stamp duty land tax for purchase (see below).

VAT (20% at present) is payable on legal fees and most search fees and disbursements.

Leasehold Sale and Purchase

£2,500 plus VAT and disbursements. 

The basis of our fees is the same as set out above for the freehold sale and purchase. A leasehold transaction involves more paperwork and takes a long period of time to conclude as it would include reviewing the lease (and possibly a head-lease), service charge information and accounts. 

There will be disbursements additional to those mentioned above for freehold transactions and they include:

• Notice of Transfer/ Mortgage Fee payable to the landlord or managing agents and the fee varies between £90 and £300 to notify your landlord you are the new owner and who your mortgage lender is.
• Deed of Covenant Fee payable to the landlord or managing agents which varies between £90 and £300 for your purchase.
• Certificate of Compliance fee payable to the landlord or managing agents which varies between £90 and £300 for your purchase.
• Landlord or managing agents fees for producing a management/assignment pack which varies between £200 and £600 for your sale.

Mortgage and Remortgages

£1,500 plus VAT and disbursements.

The basis of our fees is the same as set out above. Mortgage or remortgage a leasehold property involves communications with the landlord or managing agents and takes a long period of time to conclude.    

Disbursements are similar to those required to be paid for a purchase except that no stamp duty would be payable. 

Disbursements are similar to those required to be paid for a purchase except that no stamp duty would be payable. 

Stamp duty land tax

Stamp Duty Land Tax is invariably due to be paid and this is based upon the price of the property and your circumstances.  We will confirm the amount at the start of the transaction. 

Timescale

This might be approximately eight weeks to exchange and complete but this depends very much on the investigation required, any issues that may arise and the requirements of the parties.

Fees to managing agents for management pack payable by seller variable but on average £250

Notice fees after completion payable by buyer £90 – £250

Deed of Covenant fee payable by seller £150 – £500

In addition Stamp Duty Land Tax is invariably due to be paid and this is based upon the price of the property and your circumstances