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.
Stages of the process
The stages involved in the sale and purchase of a residential property vary according to the individual circumstances. We have listed below some of the keys stages involved in the sale and purchase of a freehold and leasehold property.
General stages of a conveyance
Purchase
Sale
Leasehold property
Re-mortgage
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 £270
• 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 and Plan which we will obtain at the outset of a sale. These are £3 per entry.
• Lawyer Checker fee of £12 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.
Dependent on the nature and complexity of your transaction other charges may apply or we may need to undertake work to be charged on an hourly rate which we will advise you of in advance. Examples of transactions that will attract supplemental charges are leasehold properties; unregistered land; new build properties and properties being bought under the government help to buy scheme.
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. The purchase of properties with more complex titles e.g. leasehold or unregistered properties can take, on average, a further 4 weeks longer and additional costs will be charged. We will advise you accordingly as your matter progresses
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.
Stages of the process
The stages involved in the sale and purchase of a residential property vary according to the individual circumstances. We have listed below some of the keys stages involved in the sale and purchase of a freehold and leasehold property.
General stages of a conveyance
- Take your instructions
- Draft/receive contract documents
- Give you advice on documentation
- Send Contract and other documents to you for signature
- Agree completion date
- Exchange Contracts
- Complete
Purchase
- liaising with the Estate Agents throughout
- obtaining contract and supporting documents from the sellers solicitors
- investigating the title to the property
- negotiating a purchase contract;
- negotiating a transfer document;
- advising you in respect of your mortgage offer;
- preparing a report on title;
- obtaining your signature to all relevant documents
- proceeding to exchange of contracts and then completion of the purchase;
- informing all relevant parties regarding the exchange and then completion;
- if you are having a mortgage, preparing a report to the lender and requesting the mortgage advance;
- carrying our pre-completion searches;
- transferring funds by telegraphic transfer to the seller’s solicitors;
- calculating stamp duty land tax (SDLT) on the purchase and submitting to HM Revenue & Customs the appropriate SDLT forms; and
- registering the purchase and the mortgage at the Land Registry.
- Sending a copy of the new title to you and your lender
Sale
- Liaising with your estate agent throughout;
- Obtaining your title deeds or an official copy of your Title from the Land Registry;
- Obtaining the relevant completed forms to complete the contract bundle;
- investigating the title to the property;
- negotiating a sale contract;
- negotiating a transfer document;
- obtaining your signature to the Contract and Transfer;
- obtaining a redemption statement for any mortgage secured on the property
- proceeding to exchange of contracts and then completion of the sale;
- informing all relevant parties about the exchange and then completion;
- receiving funds by telegraphic transfer from the purchaser’s solicitors;
- sending sufficient funds to redeem your existing mortgage;
- Sending deeds and supporting documents to facilitate legal completion
- Paying the estate agents
- Sending any surplus funds to you
Leasehold property
- Raise specific leasehold enquiries with landlord/management company
- Report to you and your mortgage lender on the terms of the lease
- Advise on service charges and arrange for signing of additional deeds of covenant where applicable
- Service of completion notices in accordance with lease
Re-mortgage
- obtaining your title deeds or an official copy of the Title from the Land Registry;
- investigating the title to the property;
- advising you in respect of your mortgage offer;
- acting on behalf of your mortgage lender
- obtaining a redemption statement in relation to your existing mortgage;
- obtaining your signature to all relevant documentation;
- proceeding to completion of the remortgage;
- transferring funds by telegraphic transfer to redeem your existing mortgage
- putting in place any relevant search insurance;
- sending any surplus funds to you;
- registering the new mortgage at the Land Registry;
- sending a copy of the new Title to you and your lender.
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 £270
• 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 and Plan which we will obtain at the outset of a sale. These are £3 per entry.
• Lawyer Checker fee of £12 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.
Dependent on the nature and complexity of your transaction other charges may apply or we may need to undertake work to be charged on an hourly rate which we will advise you of in advance. Examples of transactions that will attract supplemental charges are leasehold properties; unregistered land; new build properties and properties being bought under the government help to buy scheme.
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. The purchase of properties with more complex titles e.g. leasehold or unregistered properties can take, on average, a further 4 weeks longer and additional costs will be charged. We will advise you accordingly as your matter progresses
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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.
All of the costs in the Estate of the Deceased are calculated by reference to a fixed fee structure. This is set out in “Costs and Services Information – Wills and Uncontested Probate (with all assets in the UK)”
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 effectively empowers the Executor or Administrator to step into the financial shoes of the person whom has died. The Grant enables you as the Executor or Administrator 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 costs the same as the Grant of Probate.
Probate - How long will it take and how much will it cost?
Your Options
Grant Only:
We offer a fixed fee for our Grant Only service
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 or if there is no Will, Letters of Administration granted to the next of kin.
Once the appropriate 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.
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.
There is a fixed fee structure for the Administration set out in the Costs and Services Information. The fees are a fixed lump sum and then scaled according to number of third parties and the value of the estate.
As Executor, the fees for the Grant application are payable at the outset, but the remainder of the fees are payable from the estate funds, so you will not have to pay us from your own money for the administration..
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)
- Bankruptcy searches £2 per beneficiary
Inheritance Tax
If Inheritance tax is payable on the estate we will deal with this for you. Costs and Services Information show a fixed fee for preparation of the Inheritance Tax Forms. Our service will include preparation and submission of the necessary forms and, arranging settlement of the inheritance tax to HMRC from the deceased bank accounts wherever possible. Even if the estate is exempt from Inheritance Tax it is necessary to complete a form to this effect, however, this part of the service in and exempt estate is included in the Costs and Services Information.
How Long Will It Take?
The time taken for simply obtaining a grant of probate will normally be around 2-3 months where no Inheritance Tax is due and 3-6 months where Inheritance Tax is payable.
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.
What Steps Will be Taken?
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
You are welcome to a free interview if you would like to discuss any of the above. You may feel happier once you have met your case handler. Just make an appointment with our reception
Costs and Services Information
Our fees are currently under review and will be updated shortly. Please call or email for a tailored quote
Our quote is based on an estate where:
- There is a valid will or family in the UK
- Any conveyancing charges are charged in addition per property sold or transferred.
- There are 2-6 beneficiaries none of whom are charities receiving a percentage of the net estate
- There are no disputes between beneficiaries on division of assets.
- There are no adverse claims made against the estate.
Work included and key stages
The precise work and stages involved in a probate matter vary according to the circumstances. However, we have set out the key stages involved in a typical probate matter:
- Take your instructions and give you initial advice.
- Identify the legally appointed executors or administrators and beneficiaries.
- Establish the extent of the estate by identifying the various assets and liabilities.
- Identify the type of probate application required.
- Preparation of HMRC Form IHT 205 (return of Estate Information Form)
- The application for Grant of Probate is prepared and submitted to the appropriate Probate Registry together with the Will, if there is one.
- Collecting assets and distributing them
- Once the Grant is received, it is submitted to the various organisations with whom assets are held in order to start the process of transferring the assets into the beneficiaries’ names.
- All estate liabilities have to be paid before the estate can be distributed among the beneficiaries;
- Confirmation is required that tax is paid up to date and there are no outstanding HMRC claims;
- Estate accounts should be prepared thereafter, and the estate distributed in accordance with the terms of the Will.
Services excluded
Our Probate service will not include any of the following:
- Any contested probate matters or advice on the same.
- Advice on tax or other accounting matters.
- Advice on assets held outside of the UK.
- Dealing with the sale or transfer of any property in the estate.
Approximate/ average timescales
On average, estates that fall within this quote range are dealt with within 6-18 months.
Typically, obtaining the grant of probate for non IHT cases takes 4-8 weeks.
For IHT cases 8-12 weeks
Collecting assets then follows, which can take between 3-9 months (but if any come in sooner we can make an interim distribution
Once this has been done, we can prepare the report and distribute the assets, which normally takes 4-6 weeks.
Factors that could increase costs
In some circumstances we may increase our fees to account for additional time, work or skill required to meet your instructions. In these circumstances the additional work required will be charged at the firms hourly rate of £250 per hour. Any additional costs will be discussed in full and confirmed in writing before they are incurred. Examples include:
- If there is no will or the estate consists of any share holdings (stocks and bonds) there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with.
- Dealing with any beneficiaries who live abroad.
- Dealing with charities where they receive a percentage of the estate
Qualifications and experience of our team
Our probate is dealt with by Lynda Greenwood – Partner & Solicitor
