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Residential Property
Our aim is to provide a proactive, personable and practical service to alleviate as much stress as possible when moving home.
We primarily deal with the sale and purchase of residential houses and flats. However, we also have considerable expertise advising in connection with remortgages, creating new leases for flats, extending leases and a wide variety of issues surrounding residential property.
Moving home
At Davies and Partners have specialised teams to guide and advise in the process of moving home
Moving home can be a stressful addition to our already busy lives. Our experienced and dedicated personnel strive to make your transition as smooth as possible. Davies and Partners offers practical and knowledgeable advice and we will keep you up to date on every aspect in clear, jargon free language so you know exactly how your sale and purchase is progressing.
In a nutshell our professional team is able, affable and available
For helpful tips visit our ‘Advice Section’ which includes moving home checklist, an aide memoire and useful numbers, jargon buster on the common phrases and what they mean, information on types of joint ‘ownership’, stamp duty and more
Buying a new home/property
Davies and Partners have a dedicated team to offer guidance, help in understanding the process and answer any questions which you may have.
The Davies and Partners team will offer practical and knowledgeable advice and will keep you up to date on every aspect in clear of your purchase in jargon free language so you know exactly how your purchase is progressing.
In a nutshell our professional team is able, affable and available
For helpful tips visit our ‘Advice Section’ which includes explanation on Stamp Duty Land Tax, purchase flow chart on the process of buying, an aide memoire and useful numbers, jargon buster on the common phrases and what they mean, information on types of joint ‘ownership’, stamp duty and more
Investment Buyer
If you are looking to buy a second home to let to make additional income, or whether you are looking to buy a portfolio of properties Davies and Partners have an experienced team to offer a fast and efficient service. We can assist with buying properties at auction or by sealed bid, buying a repossession property or buying a property which already has tenants.
Davies and Partners can also offer advice on tenancy agreements, how to deal with tenants legal rights and evictions
For helpful tips visit our ‘Advice Section’ which includes information on the higher rate Stamp Duty Land Tax, information on types of joint ‘ownership’, and more.
Changing Mortgage Lender
When an existing mortgage product is coming to an end, many people change their mortgage lender to achieve a more favourable interest rate. The dedicated team at Davies and Partners help many clients through this process quickly and efficiently.
Timing is often a key element as you do not want to pay any ‘early repayment charge’ which may apply on your existing mortgage but take advantage of your new mortgage rate as swiftly as possible.
At the same time, Davies and Partners can amend and update your property title at the Land Registry, for instance following marriage or change of name.
Selling your property
If you are looking to sell your own property or as an Attorney for the registered owner, or perhaps where you have been appointed as an Executor in a deceased estate, preparation is a key element for a smooth sale.
At Davies and Partners our professional and proactive team can offer practical advice on how to get a head start in the process.
If the property is leasehold, the Landlord (often a Management Company) or Managing Agents will need to provide a pre-sales information pack. If the Landlord or its appointed managing agents do not have their own ‘pack’ then information will need to be supplied on a Leasehold Property Enquiries Form (LPE1) and the documentation to which it refers assembled.
Whether a freehold or leasehold sale, getting ready essential.
For helpful tips visit our ‘Advice Section’ which includes example sale forms (TA6 and TA10), the Leasehold Information Form, flowchart in the selling process and more
First time buyer
Buying a home for the first time can be daunting and confusing. Davies and Partners have a dedicated team to offer guidance, help in understanding the process and answer any questions which you may have.
The Davies and Partners team will offer practical and knowledgeable advice and will keep you up to date on every aspect in clear of your purchase in jargon free language so you know exactly how your purchase is progressing.
In a nutshell our professional team is able, affable and available
For helpful tips visit our ‘Advice Section’ which includes explanation on Stamp Duty Land Tax First Time Buyer relief, flow chart on the process of buying, an aide memoire and useful numbers, jargon buster on the common phrases and what they mean, information on types of joint ‘ownership’, stamp duty and more
Extending Flat Leases
The right to buy a lease extension from your landlord
Why should I extend my lease?
A long residential lease is a right to use a property for a given period of time and there are key points you need to be aware of:
- 80 years of term remaining: once the term drops below this point you will pay more for your lease extension as you must also pay “marriage value.”
- Approximately 60 to 70 years of term remaining: banks generally will not lend on residential leases with terms less than 60 to 70 years remaining.
- At any point of the term: you have the right to extend your residential lease term provided certain criteria are met and the amount you pay is subject to the valuation of your residual lease term and if you delay in a rising market you will pay a higher premium.
What are the basic qualifying criteria?
- You must have a long residential lease.
- You must have owned the lease for 2 years.
- If you are buying a lease the seller may, if the criteria is met, serve a notice and you can take an assignment of the benefit of that notice.
What will it cost?
- Please call to discuss.
How long will the process take?
- See table.
Leasehold Enfranchisement
The right to buy the freehold of a block of flats from your landlord
Why buy the freehold?
- To control the management of the block collectively.
- To extend your lease to 999 years.
- Leases can then be sold and advertised as having a “share of freehold.”
- To remove the requirement to pay rent to a landlord.
What are the basic qualifying criteria?
- It must be a self-contained building; and
- not more than 25% of the building is commercial/non-residential; and
- the total number of flats held by those tenant is not less than two-thirds of the total number of flats; and
- not less than 50% of the total number of flats participate at the relevant date with a minimum of two participants.
What will it cost?
- Please call to discuss.
How long will the process take?
- see table below.
Costs & Services
Costs of Residential Conveyancing Services
Legal fees* – freehold sale and purchase:
| Property Price | Fee | VAT 20% | Total |
|---|---|---|---|
| Up to £200,000.00 | £850.00 | £170.00 | £1020.00 |
| £200 – £250,000.00 | £920.00 | £184.00 | £1104.00 |
| £250 – £300,000.00 | £960.00 | £192.00 | £1152.00 |
| £300 – £400,000.00 | £1020.00 | £204.00 | £1224.00 |
| £400 – £500,000.00 | £1080.00 | £216.00 | £1296.00 |
| £500 – £600,000.00 | £1100.00 | £220.00 | £1320.00 |
| £600 – £700,000.00 | £1300.00 | £260.00 | £1560.00 |
| £700 – £800,000.00 | £1400.00 | £280.00 | £1680.00 |
| £800 – £900,000.00 | £1530.00 | £306.00 | £1836.00 |
| £900 – £1,000,000.00 | £1800.00 | £360.00 | £2160.00 |
| £1,000,001 or more | Refer to fee earner | – | – |
If the property is leasehold our legal fees increase by £200.00 plus VAT
*Excluding our London Residential Team which charge a base figure of £2,000 plus VAT per transaction, which is then tailored by a collaborative dialogue with you around your specific circumstances.
Legal fees* – freehold and leasehold remortgage:
| New loan amount | Fee | VAT 20% | Total |
|---|---|---|---|
| Up to £400,000.00 | £500.00 | £100.00 | £600.00 |
| Over £400,000.00 | £650.00 | £130.00 | £780.00 |
*Excluding our London Residential Team which charge a base figure of £1,000 plus VAT per transaction, which is then tailored by a collaborative dialogue with you around your specific circumstances.
Services included within the price
Our fees cover all of the work required to complete your sale, purchase or remortgage, including liaising with mortgagees and solicitors, 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.
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Typical disbursements relating to a purchase:
| Bank transfer fee | £40.00 plus VAT per transfer (e.g. sending purchase monies) | |||||||||||||||||||||
| Pre-completion searches | £3.00 per property plus £2.00 per person obtaining a mortgage | |||||||||||||||||||||
| Search pack | £500.00 approximately | |||||||||||||||||||||
| Stamp Duty or Land Tax | This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website here. | |||||||||||||||||||||
| Land Registry fee |
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| Landlord’s Notice/Deed of Covenant fee (leasehold only) | This fee is provided by the Landlord or Management Company for the property and can be difficult to estimate. Often it is between £150.00 and £400.00. |
Typical disbursements relating to a sale:
| Bank transfer fee | £40.00 plus VAT per transfer (e.g. redeeming a mortgage or transferring net sale proceeds) |
| Title from the Land Registry | £6.00 for freehold properties or £12.00 for leasehold properties (approximately) |
| Management Pack (leasehold properties only) | This fee is set by the Management Company and is often between around £150.00 and £350.00. |
Typical disbursements relating to a remortgage:
| Bank transfer fee | £40.00 plus VAT per transfer (e.g. redeeming a mortgage or transferring net sale proceeds) | ||||||||||||
| Pre-completion searches | £3.00 per property plus £2.00 per person obtaining a mortgage | ||||||||||||
| Title from the Land Registry | £6.00 for freehold properties or £12.00 for leasehold properties (approximately) | ||||||||||||
| Local Search indemnity | This depends on the value of your property and is likely to be between £10.00 and £65.00 | ||||||||||||
| Land Registry fee |
|
Services not included within the price
Whilst this firm does not charge additional legal/administration charges for circumstances which occur in every transaction (eg submission of Stamp Duty form or contribution to Professional Indemnity insurance premium), there are circumstances where additional time is genuinely expended which does not apply in most cases. The following list is not exhaustive of circumstances where additional time is expended, but here are some examples of potential additional legal fees which may apply.
| HTB ISA involvement (per ISA) | £50.00 plus VAT |
| Help to Buy Scheme | £200.00 plus VAT |
| Shared Ownership schemes | £200.00 plus VAT |
| Gifted Deposit involvement (per gift) | £100.00 plus VAT |
| Right to Buy (from Council) | £200.00 plus VAT |
| Deed of Trust | £250.00 plus VAT |
| Preparation or approval of Statutory Declaration (or Statement of Truth) | £150.00 plus VAT |
| Implementation of Indemnity policy (per policy) | £30.00 plus VAT |
| Liaising with third party solicitors (e.g. lender or family) | £200.00 plus VAT |
| Consideration of unusual SDLT situations e.g. multiple dwelling relief) NB: no advice given | £200.00 plus VAT |
| Involvement of pre-emption/option agreement | £500.00 plus VAT (minimum depending on complexity) |
| Retention involvement (e.g. service charge) | £75.00 plus VAT |
| Unregistered title (depending on complexity) | £100.00 – £200.00 plus VAT |
| New Build Property | £200.00 plus VAT |
| Leasehold Garage | £150.00 plus VAT |
| Help to Buy Discharge | £175.00 plus VAT |
Experience and qualification of Our team
To see who is on our experienced team, visit our dedicated residential property page.
Typical timescales and key stages in a Sale and Purchase
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 6 and 10 weeks from the date contract papers are issued. It can be quicker or slower, depending on the parties in the chain.
Steps of a typical sale
1. SEND DOCS TO CLIENT TO COMPLETE
These docs are return pack, sellers property information form and fixtures and fittings list
2. ORDER OFFICE COPIES
Check how many charges on the property if more that one make sure we have details from the client. Also check who the registered proprietors of the property are (We may need evidence of Change of Name i.e. Marriage Certificate etc) Also order any copy documents we may need.
3. ONCE DOCS RECEIVED BACK
Request deeds from mortgage lender and request a redemption statement from mortgage lender. Prepare contract and sent to other purchasers solicitors together with office copies, any copy documents and sellers property information form and fixtures and fittings list.
4. SOLICITORS WILL RAISE ENQUIRIES
We will answer any enquiries of a legal nature other enquiries will be sent to the client to answer
5. SEND CONTRACT TO CLIENT TO SIGN
6. WAIT FOR OTHER SIDE TO BE READY TO EXCHANGE
Once they are ready discuss completion dates will client
7. EXCHANGE
Request another redemption statement calculated to the completion date. Send client completion statement and bill. Ask for a forwarding address for client and where the proceeds of the sale are to be sent.
8. COMPLETE
Redeem Mortgage
Steps of a typical purchase
1. CONTRACT & SUPPORTING DOCUMENTS
These are supplied by solicitors, they are checked by fee earner and we raise additional enquiries.
2. SUBMIT SEARCHES
Can only submit searches when money on account received from clients and plan received from sellers’ solicitors.
3. SEARCHES BACK
Fee earner to check searches and raise any additional enquiries with solicitors i.e. requested any planning documents that were shown up by searches.
4. AWAIT SOLS REPLIES
Once we have these replies and are happy with the answers and we have and the
5. MORTGAGE OFFER
6. REPORT TO CLIENT ON PROPERTY
The report will tell them rights the property benefits from and any covenants (promises) the property is subject to (i.e. cannot put an extension on the property without builders consent or contribute to shared driveway. With the report we will send signed contract, transfer, mortgage deed (if app) and inland revenue form. All of these documents will have to be signed and sent back together with the clients’ deposit which is 10% of purchase price (although some will accept 5%) (if there is a dependant sale then we will use the deposit coming up the chain). Once all of this is back we will
7. DISCUSS COMPLETION DATES
8. EXCHANGE
Once we have exchanged, we request mortgage funds (if applicable). We will also carry out a Bankruptcy Search and Priority Search before
9. COMPLETION
After completion we will submit SDLT and once we receive the certificate for this we will register the property in the clients’ name and note the charge in favour of the lender. We will send a copy of the office copies to the client and lender showing this.
"We are approachable and committed to supporting our clients with our knowledgeable and helpful team"
Kerry RaymondHead of Residential Property 