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?
Costs and Services Information
Uncontested Probate (with all assets in the UK)
Grant Only
Probate includes Letters of Administration for intestate estates where family is in the UK. Both are called “The Grant”
There is a distinction between estates which are above the Inheritance Tax Threshold of £325,000 and those below.
Please note that there will be two stages to the procedure and two elements to the prices as set out below:
1. Fees charged by Greenwoods Solicitors; and
2. Fees payable to third parties
Please ensure that you consider both parts to our price information
Part 1 - Fees charged by Greenwoods Solicitors
Probate Only
This is the fee charged by Greenwoods Solicitors for obtaining the Grant only, based on financial information provided by you:
Fee Actual VAT Total
Exempt Estates (below £325,000) £695.00 £139.00 £834.00
Exempt Estates requiring transfer
Of unused Nil Rate Band £795.00 £159.00 £954.00
Taxable Estates (over £325,000) £1295.00 £259.00 £1554.00
Full Estate Administration
This is the fee charged by Greenwoods Solicitors for the complete administration of the estate including obtaining the Grant of Representation. This includes liaising with asset holders and beneficiaries, settling estate liabilities from the assets and making final distributions.
Our fees for Estate Administration are based on the time recorded for dealing with the administration. We will provide you with a written estimate based on the details of your matter before undertaking any work.
Our fees for the full administration of an estate, including obtaining the Grant of Representation will be around 1 - 1.5% of the estate value.
Part 2 - Fees payable to third parties (‘Disbursements’)
Fee Actual VAT Total
Probate fee £155.00 £0.00 £ 155.00
Sealed copies £1.50 £0.00 £1.50
Bankruptcy Searches £2.00 £0.00 £2.00
Bank Transfer Fees £35.00 £7.00 £42.00
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
• 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 Inheritance Tax declaration
• The application for Grant of Probate is prepared and submitted to the appropriate Probate Registry together with the Will, if there is one.
Once the Grant of Probate has been received we will deal with the realisation of any assets, closing down bank accounts, selling shares, etc.
Once all assets have been received we will prepare Estate Accounts and a summary of the work undertaken for approval by the Personal Representatives. Once approved we will distribute the Residue of the estate in accordance with the Will (if there is one) or, if not, then in accordance with the Intestacy Rules.
Services excluded
Our 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 which we can carry out subject to our conveyancing charges.
Please ensure that you consider both parts to our price information.
Bankruptcy Search
A bankruptcy search is carried out against all beneficiaries. If a beneficiary is bankrupt, the executors have a duty to the Trustee in Bankruptcy which they would not realise without this search but they would be personally liable to the Trustee
Approximate/ average timescales
The average time for the full administration of an estate is between 6 and nine months.
The timescales for obtaining the Grant of Representation are dependent upon the courts but usually take around 6 to 8 weeks from submitting the application. Taxable estates may take longer as the Inheritance Tax calculation must be approved by HMRC and Inheritance Tax paid before the Grant will be issued.
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.
Wills (with all assets in the UK)
Fee Actual VAT Total
Single Will £250.00 £50.00 £300.00
Couples Will s £400.00 £80.00 £480.00
Single Right of Residence Will £400.00 £80.00 £480.00
Couples Right of Residence Wills £550.00 £110.00 £660.00
Severance Joint Tenancy £ 50.00 £10.00. £ 60.00
Letter of Wishes each £ 150.00 £30.00 £180.00
Non-standard Wills are charged at £500.00 - £700.00 + VAT for single Will or £650.00 - £800.00 + VAT for a couple.
Where we are conducting conveyancing for you, there will be a discount to the above fees.
Complex wills where these charges are inappropriate will be charged outside of this tariff.
Lasting Powers of Attorney
There are two types of Lasting Power of Attorney (LPA) which can be prepared: (1) Property and Financial Affairs; (2) Health and Welfare. It is not necessary to prepare both types of LPA at the same time.
Fee Actual VAT Total
Single LPA £450.00 £90.00 £540.00
Two LPA’s £650.00 £130.00 £780.00
Four LPA’s £950.00 £190.00 £1140.00
In addition to the above fees the Office of the Public Guardian charge a fee of £82.00 for each LPA being registered, on which no VAT is payable.
