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.
What steps are involved?
Conveyancing can vary slightly transaction to transaction but would typically follow the steps below:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender's solicitors if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller's solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Send final contract to you for signature
- Agree completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
If you instruct Verisona Law, we will explain the process involved and will keep you updated on steps throughout the transaction.
How long will the transaction take
A conveyancing transaction will usually take around 10-12 weeks but it can be much quicker and can also take much longer, depending on many circumstances. We will aim to keep you informed of timescales during the transaction and will aim to keep to your timescales where there are not outside factors affecting this.
Factors that would typically increase the cost of services
Our fee estimate covers the work included in a normal conveyancing transaction and we will quote you based on the information provided at the outset, but in the course of a transaction there are factors which may arise which could increase the cost of our services. We will keep you informed if any additional charges arise, but some of the factors which may increase the cost of services are:
- Additional bank telegraphic transfers
- Acting for additional mortgage lenders
- Help to Buy
- Third party identification requirements
- Land Registry restrictions
- Additional legal documents such as a Statutory Declaration, Declaration of Trust, or writing of a Will
There could also be additional disbursements to pay, including:
- If additional property searches are required
- If insurance and indemnities are required
- Additional Stamp Duty Land Tax (i.e. if we did not know you are purchasing a second home)
A list of additional charges can be found here*.
How much Stamp Duty will I pay?
Our conveyancing calculator will estimate the Stamp Duty you are likely to pay on your transaction (subject to the information provided to us). If you are not ready to get a conveyancing quote but would like to know how much Stamp Duty you might pay, you can use the HMRC Stamp Duty Land Tax Calculator which can be found here: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro.
*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
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 complication 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.