Buying and Selling Property
Greenwoods have been practicing in Knaresborough for over 25 years and we pride ourselves on our knowledge of the local market and the expectations of our clients.
Buying and selling houses is the largest financial transaction most of us will ever undertake, and one of the most stressful! However Greenwoods have been doing this since the day we first opened our doors and our expert staff will be there with you every step of the way, no matter your circumstances, working with you and working for you.
We are small team who have been working together consistently for a long time, and as such we can offer the kind of personal, bespoke service which the bigger companies have lost sight of.
Fees and Expenses
Before starting work we will give you a quote which reflects the requirements of your circumstances. Our fees cover all of the legal work required to complete the sale or purchase of your home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax.
In addition to our fees, there will be expenses payable to third parties (“disbursements”).
Typical disbursements for a sale and purchase comprise:
• Purchase search fees which are approximately £250
• HM Land Registry fee – these depend on the purchase price but start at £20. We will advise of the fee when we provide our initial quote, however you can check yourself using the Land Registry fee calculator: landregistry.data.gov.uk/fees-calculator.html
• Electronic money transfer fee £35 plus VAT for each time monies are transferred, for example, on a sale/purchase if there is a balance to the client this charge will apply.
• Your Estate Agent will charge you commission (this will be agreed when you appoint them on your sale) this will be subject to VAT
• On a purchase: Stamp Duty Land Tax (SDLT)– again, we will advise you of the amount when we provide our initial quote however you can check for yourself at www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro Please note that SDLT can apply to some transfers of equity (particularly where the property is subject to a mortgage)
• Land Registry Search Fees. These are the final searches that we will carry out prior to completion of a purchase. These are either £2 or £3 each depending on the search.
• Official Copies of the Register which we will obtain at the outset of a sale. These are £3 per entry.
• Lawyer Checker fee of £10 plus vat. This is the search that we carry out on a purchase to make sure that the seller’s solicitors’ bank details are genuine. This is a security check now necessary to combat fraud.
Our Legal Fees
In the vast majority of cases we will provide a fixed fee quotation for your property matter.
Our charges start at £495 plus VAT and expenses for a freehold transaction.
Leasehold purchase
Greenwoods fees for leasehold properties are higher than a standard freehold purchase/sale as the ownership of the property is more complex and the Landlord/Management Company are also involved in providing information and replies to enquiries. In addition, costs paid to other companies/people will be higher as they will include Notice of Transfer and Charge fees, Deed of Covenant fees and Certificate of Compliance fees. These costs can vary from around £200 up to around £2000.
These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.
Assumptions when we provide a quote
We will always provide you with the most accurate indication of costs possible, however in doing so it is necessary to make a number of assumptions about your transaction. We will tell you what assumptions we have made, common assumptions are:
• this is a standard transaction and that no unforeseen matters will arise. Examples of unforeseen matters which my occur from time to time are include a defect in title which must be corrected or preparation of additional documents which may be required in addition to the main transaction. We will always inform you of any additional work which is required as soon as we become aware of it.
• this is the assignment of an existing lease and is not the grant of a new lease
• the transaction will be concluded in the expected time frame an no issues will arise which may prolong this
• all parties to the transaction and everyone in the chain is co-operative
• there is no unreasonable delay from third parties providing documentation
• no indemnity policies are required. If any indemnity policies are required these would fall under the category of "disbursements"
We are always open about our fees and do our best to give you an accurate indication of costs before work commences. However sometimes transactions can be more complicated than we initially expected. For example, on the purchase of a property it may come to light that the title to the property is defective, this will either need resolving or insurance obtaining to cover that risk. If further expenses are incurred we will discuss this with you when the issues come to light.
How Long Will It Take?
The average transaction (sale or purchase) takes between 6-8 weeks however this is dependent upon a number of factors. It can be quicker or slower dependent upon the chain, mortgage lenders, search providers and response time of other parties.
Greenwoods have been practicing in Knaresborough for over 25 years and we pride ourselves on our knowledge of the local market and the expectations of our clients.
Buying and selling houses is the largest financial transaction most of us will ever undertake, and one of the most stressful! However Greenwoods have been doing this since the day we first opened our doors and our expert staff will be there with you every step of the way, no matter your circumstances, working with you and working for you.
We are small team who have been working together consistently for a long time, and as such we can offer the kind of personal, bespoke service which the bigger companies have lost sight of.
Fees and Expenses
Before starting work we will give you a quote which reflects the requirements of your circumstances. Our fees cover all of the legal work required to complete the sale or purchase of your home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax.
In addition to our fees, there will be expenses payable to third parties (“disbursements”).
Typical disbursements for a sale and purchase comprise:
• Purchase search fees which are approximately £250
• HM Land Registry fee – these depend on the purchase price but start at £20. We will advise of the fee when we provide our initial quote, however you can check yourself using the Land Registry fee calculator: landregistry.data.gov.uk/fees-calculator.html
• Electronic money transfer fee £35 plus VAT for each time monies are transferred, for example, on a sale/purchase if there is a balance to the client this charge will apply.
• Your Estate Agent will charge you commission (this will be agreed when you appoint them on your sale) this will be subject to VAT
• On a purchase: Stamp Duty Land Tax (SDLT)– again, we will advise you of the amount when we provide our initial quote however you can check for yourself at www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro Please note that SDLT can apply to some transfers of equity (particularly where the property is subject to a mortgage)
• Land Registry Search Fees. These are the final searches that we will carry out prior to completion of a purchase. These are either £2 or £3 each depending on the search.
• Official Copies of the Register which we will obtain at the outset of a sale. These are £3 per entry.
• Lawyer Checker fee of £10 plus vat. This is the search that we carry out on a purchase to make sure that the seller’s solicitors’ bank details are genuine. This is a security check now necessary to combat fraud.
Our Legal Fees
In the vast majority of cases we will provide a fixed fee quotation for your property matter.
Our charges start at £495 plus VAT and expenses for a freehold transaction.
Leasehold purchase
Greenwoods fees for leasehold properties are higher than a standard freehold purchase/sale as the ownership of the property is more complex and the Landlord/Management Company are also involved in providing information and replies to enquiries. In addition, costs paid to other companies/people will be higher as they will include Notice of Transfer and Charge fees, Deed of Covenant fees and Certificate of Compliance fees. These costs can vary from around £200 up to around £2000.
These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.
Assumptions when we provide a quote
We will always provide you with the most accurate indication of costs possible, however in doing so it is necessary to make a number of assumptions about your transaction. We will tell you what assumptions we have made, common assumptions are:
• this is a standard transaction and that no unforeseen matters will arise. Examples of unforeseen matters which my occur from time to time are include a defect in title which must be corrected or preparation of additional documents which may be required in addition to the main transaction. We will always inform you of any additional work which is required as soon as we become aware of it.
• this is the assignment of an existing lease and is not the grant of a new lease
• the transaction will be concluded in the expected time frame an no issues will arise which may prolong this
• all parties to the transaction and everyone in the chain is co-operative
• there is no unreasonable delay from third parties providing documentation
• no indemnity policies are required. If any indemnity policies are required these would fall under the category of "disbursements"
We are always open about our fees and do our best to give you an accurate indication of costs before work commences. However sometimes transactions can be more complicated than we initially expected. For example, on the purchase of a property it may come to light that the title to the property is defective, this will either need resolving or insurance obtaining to cover that risk. If further expenses are incurred we will discuss this with you when the issues come to light.
How Long Will It Take?
The average transaction (sale or purchase) takes between 6-8 weeks however this is dependent upon a number of factors. It can be quicker or slower dependent upon the chain, mortgage lenders, search providers and response time of other parties.
Probate and Estate Administration
Dealing with matters following the death of a loved one is one of the hardest things we will ever have to face and the amount of work can often feel overwhelming. At Greenwoods we recognise the unique challenges of this time and we are there to help guide you through each stage in a sympathetic and effective spirit of cooperation.
When you appoint Greenwoods you will receive a dedicated case handler who will get to know you as a person and the unique aspects of your situation.
What is Probate?
Probate is the process of “Proving” the Will. In many cases it is not necessary to obtain a Grant of Probate (often simply called “A Grant”) however where there are substantial assets, or where there is a property involved the asset holders will require sight of the Grant. Once issued by the Probate Registry, the Grant authorises you as the Executor to deal with the deceased’s estate including closing bank accounts and selling property.
If there is no Will the estate will pass under the laws of intestacy. In this case it may be necessary to apply for a Grant of Letters of Administration. The process is similar to the probate application and we will be happy to discuss this with you.
Probate - How long will it take and how much will it cost?
Your Options
Probate Only: If you are happy to deal with the general administration of the estate on your own, Greenwoods can help you by obtaining the Grant of Probate. Once the Grant is received you can then deal with finalising the estate independently. As part of this service you would provide us with the valuations of the estate and we would prepare the necessary paperwork, deal with the Inheritance Tax declaration and submit the application to the Probate Registry. We offer a fixed fee option for our Probate Only service, starting from £695 where the estate is exempt from Inheritance Tax or £1200 where there is tax to pay. Fees are subject to the addition of VAT and disbursements.
Full Administration: Many people find the whole process of estate administration too daunting. In these cases we are happy to deal with the full administration of the estate, from writing to banks and other asset holders to notify them of the death, liaising with utility companies and arranging funeral payments, through obtaining the Grant to settling bills and dealing with the distribution of the estate in accordance with the Will or the laws of intestacy.
It is difficult to give an accurate quote for estate administration without knowing the full details of the estate, however following our initial meeting we will provide a quote which reflects the level of complexity involved and the amount of time we expect the case to require.
In our experience the costs for the full administration of an estate would be in the region of 1% to 3% of the value of that estate, plus VAT and disbursements.
By way of an example, if there is only a single beneficiary and no property, costs will be at the lower end of the scale, however for larger, more complex estates, or where there are trusts to be considered the fees may be higher.
As Executor your fees are payable from the estate funds, so you will not have to pay us from your own money.
Disbursements
Disbursements are payments made to third parties in relation to your matter. Typical disbursements involved in the estate administration process are:
Inheritance Tax
If Inheritance tax is payable on the estate we will deal with this for you. Our service will include preparation and submission of the necessary inheritance tax forms and, if necessary, arranging settlement of the inheritance tax to HMRC from the deceased bank accounts. Even if the estate is exempt from Inheritance Tax it is necessary to complete a declaration to this effect.
How Long Will It Take
The time taken for simply obtaining a grant of probate will normally be around 2-3 months, though it may be possible to expedite this where there is a property sale which is reliant on the Grant.
The time required for the complete administration of an estate can vary considerably depending on the complexity of the estate. In our experience the whole process from taking instructions to distributing the Estate would take around 9-12 months. The time taken would be lower if it is a simple Estate.
The precise stages involved can vary according to the circumstances but these are the typical sequence of events from when we take instructions through to the end of the matter:
•Take your instructions and give you initial advice
•Obtain valuations of all of the assets and liabilities of the Estate
•Dealing with any pension providers to take care of any over or underpayments or lump sums (if appropriate)
•Dealing with the sale of any property and the utility/insurance providers (if appropriate)
•Drafting the necessary Inheritance Tax forms and paying any Inheritance Tax due
•Advising on any other tax implications for the Estate (e.g. Capital Gains Tax or Income Tax)
•Making the application to the Probate Registry that will issue a Grant that allows the Estate to be dealt with
•Collecting in the assets of the Estate into our client account, and paying any debts
•Settling the tax position of the Estate to ensure no ongoing tax liability for the Executors
•Preparing Estate accounts for approval by the Executors, to detail the entitlements of the beneficiaries and any Estate expenses or income
•Distributing the Estate to the beneficiaries and discharging the Executor's liabilities
Dealing with matters following the death of a loved one is one of the hardest things we will ever have to face and the amount of work can often feel overwhelming. At Greenwoods we recognise the unique challenges of this time and we are there to help guide you through each stage in a sympathetic and effective spirit of cooperation.
When you appoint Greenwoods you will receive a dedicated case handler who will get to know you as a person and the unique aspects of your situation.
What is Probate?
Probate is the process of “Proving” the Will. In many cases it is not necessary to obtain a Grant of Probate (often simply called “A Grant”) however where there are substantial assets, or where there is a property involved the asset holders will require sight of the Grant. Once issued by the Probate Registry, the Grant authorises you as the Executor to deal with the deceased’s estate including closing bank accounts and selling property.
If there is no Will the estate will pass under the laws of intestacy. In this case it may be necessary to apply for a Grant of Letters of Administration. The process is similar to the probate application and we will be happy to discuss this with you.
Probate - How long will it take and how much will it cost?
Your Options
Probate Only: If you are happy to deal with the general administration of the estate on your own, Greenwoods can help you by obtaining the Grant of Probate. Once the Grant is received you can then deal with finalising the estate independently. As part of this service you would provide us with the valuations of the estate and we would prepare the necessary paperwork, deal with the Inheritance Tax declaration and submit the application to the Probate Registry. We offer a fixed fee option for our Probate Only service, starting from £695 where the estate is exempt from Inheritance Tax or £1200 where there is tax to pay. Fees are subject to the addition of VAT and disbursements.
Full Administration: Many people find the whole process of estate administration too daunting. In these cases we are happy to deal with the full administration of the estate, from writing to banks and other asset holders to notify them of the death, liaising with utility companies and arranging funeral payments, through obtaining the Grant to settling bills and dealing with the distribution of the estate in accordance with the Will or the laws of intestacy.
It is difficult to give an accurate quote for estate administration without knowing the full details of the estate, however following our initial meeting we will provide a quote which reflects the level of complexity involved and the amount of time we expect the case to require.
In our experience the costs for the full administration of an estate would be in the region of 1% to 3% of the value of that estate, plus VAT and disbursements.
By way of an example, if there is only a single beneficiary and no property, costs will be at the lower end of the scale, however for larger, more complex estates, or where there are trusts to be considered the fees may be higher.
As Executor your fees are payable from the estate funds, so you will not have to pay us from your own money.
Disbursements
Disbursements are payments made to third parties in relation to your matter. Typical disbursements involved in the estate administration process are:
- Probate Court Fees £155 (plus 50p for each additional copy of the grant which is required)
- Swearing the oath £5 per person plus £2 per exhibit (e.g. the Will)
- Bankruptcy searches £2 per beneficiary
Inheritance Tax
If Inheritance tax is payable on the estate we will deal with this for you. Our service will include preparation and submission of the necessary inheritance tax forms and, if necessary, arranging settlement of the inheritance tax to HMRC from the deceased bank accounts. Even if the estate is exempt from Inheritance Tax it is necessary to complete a declaration to this effect.
How Long Will It Take
The time taken for simply obtaining a grant of probate will normally be around 2-3 months, though it may be possible to expedite this where there is a property sale which is reliant on the Grant.
The time required for the complete administration of an estate can vary considerably depending on the complexity of the estate. In our experience the whole process from taking instructions to distributing the Estate would take around 9-12 months. The time taken would be lower if it is a simple Estate.
The precise stages involved can vary according to the circumstances but these are the typical sequence of events from when we take instructions through to the end of the matter:
•Take your instructions and give you initial advice
•Obtain valuations of all of the assets and liabilities of the Estate
•Dealing with any pension providers to take care of any over or underpayments or lump sums (if appropriate)
•Dealing with the sale of any property and the utility/insurance providers (if appropriate)
•Drafting the necessary Inheritance Tax forms and paying any Inheritance Tax due
•Advising on any other tax implications for the Estate (e.g. Capital Gains Tax or Income Tax)
•Making the application to the Probate Registry that will issue a Grant that allows the Estate to be dealt with
•Collecting in the assets of the Estate into our client account, and paying any debts
•Settling the tax position of the Estate to ensure no ongoing tax liability for the Executors
•Preparing Estate accounts for approval by the Executors, to detail the entitlements of the beneficiaries and any Estate expenses or income
•Distributing the Estate to the beneficiaries and discharging the Executor's liabilities
