Property
Buying and selling houses, transfers of equity, remortgages, commercial property, granting new leases, lease extensions.
👉 Carpenter & Co charges for dealing with Onboarding and AML checks £50 plus VAT of £10
Introduction
At Carpenter & Co, our Residential Conveyancing Team has considerable experience and a long track record in successfully dealing with a wide range of property matters. We are an accredited member of the Law Society Conveyancing Quality Scheme (CQS). This accreditation is recognition of the high quality service we provide to our residential property clients.
In order to maintain our qualification under the CQS, we undergo stringent assessments, regular compulsory training and annual reviews. The scheme is also supported by key regulatory organisations such as the Building Societies Association, the Council of Mortgage Lenders and the Association of British Insurers. Our accreditation under this scheme provides our clients with peace of mind that they will receive a service that is measured against a consistently high benchmark.
This is just one of the reasons why over 70% of our residential conveyancing work stems from our existing client base.
Residential Conveyancing
At Carpenter & Co we understand that a conveyancing transaction can be a stressful time for you, whether you are purchasing, selling, re-mortgaging, releasing equity in your current home or extending a lease. It can be made even more stressful when third parties in the process try and persuade you to use their own services which may be based hundreds of miles away from your local area.
Our team of Property Solicitors and Licensed Conveyancers have significant experience in dealing with residential conveyancing matters, and their aim is to provide a responsive and efficient service for all your property needs. Most importantly, however, they are local to you and your home.
Mortgaging & Remortgaging Work
It is an important function of life these days to ensure that financing on property is properly handled. Accordingly when loans are arranged either by way of mortgages on unmortgaged property or remortgages that you can expect a swift service on drawing down the loans.
As they say, time is money, therefore we are experienced in this type of work and can normally meet fairly tight time.
Process & Communication
Moving house can be stressful if you are buying, selling or both. At Carpenter & Co we feel we can take some of that stress away.
We are here to guide you through the legal process of conveyancing, and take a very personal approach to our work. We are keen to meet with clients at the beginning of every matter and explain the process involved. At this stage we will try and give you an approximate timescale for the completion of your conveyancing.
Where we do come across any issues that are outside of our control, we will aim to resolve them as quickly as possible and work to minimise any further delays to your timescale, and ensure a smooth completion to the transaction. In all cases, we will endeavour to keep updated throughout the process, so you are aware of the progress we are making.
Value for Money
We are aware that buying or selling a house is an expensive process. It is a strict policy of Carpenter & Co to ensure there are no hidden extras in our property transaction costs. To help you manage the costs of conveyancing, we will provide you with a full written quote at the start of the transaction. This quote will include a comprehensive breakdown of the costs and expenses you can expect to incur.
Prices for the services we provide
Purchase of a freehold residential property
The fees stated below are for the period commencing 1st October 2023. It is our policy to review our fees annually.
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.
Conveyancer’s fees and disbursements
| Fees excluding VAT | VAT at 20% | Fees including VAT | ||
|---|---|---|---|---|
| Legal fees | Freehold up to £500,000 | £1195.00 | £239.00 | £1,434.00 |
| Freehold £500,000 to £1,000,000 | £1,295.00 | £259.00 | £1,573.00 | |
| Freehold £1,000,000 to £2,000,000 | £2,800.00 | £560.00 | £3,360.00 | |
| (Disbursement) Search fees |
Local search, drainage search, environmental search. (Outside London Borough of Sutton) | £225.00 | £45.00 | £270.00 |
| Local search, drainage search, environmental search. (In London Borough of Sutton) | £158.10 | £31.62 | £189.72 | |
| (Disbursement) HM Land Registry fee |
Freehold under £500,000.00 | £150.00 | £150.00 | |
| Freehold over £500,000.00 | £295.00 | £295.00 | ||
| If first registration, fee is doubled | ||||
| (Disbursement) Electronic Money Transfer fee |
£40.00 (per payment) | £8.00 (per payment) | £48.00 (per payment) | |
| Estimated total | Between £1821.72 and £3942.72 (inc VAT) | |||
Fees for ensuring statutory compliance and in respect of ID and AML checks £50 plus 20% vat =£60
Carpenter & Co charges for dealing with Onboarding and AML checks £50 plus VAT of £10
Fee for chancel indemnity if the property has not completed a registration process since October 2013 £15.00.
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as the Search fees, Land Registry fees and Electronic Money Transfer fees above. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Stamp Duty or Land Tax (on purchase)
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.
In each and every case Stamp Duty is payable on the purchase price over and above the sum of £125,000.00 and the present rates for straightforward purchases are:
- 0% up to a value of £125,000
- 2% up to a value of £250,000
- 5% up to a value of £925,000
- 10% up to a value of £1,500,000
- 12% thereover
However, if you are buying a second home, you usually have to pay a 3% surcharge on top of the normal stamp duty rates.
How long will my house purchase take?
How long it will take from your offer being accepted until you can move in to your new home will depend on a number of factors. The average process takes between 8 and 12 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a new build property with a mortgage in principle, it could take 12 to 24 weeks depending on when the property is completely built and ready to move into.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, the following are key stages that you may expect in the conveyancing process.
- Buyer makes an offer on the property, which is accepted by the seller.
- Buyer’s Conveyancer instructed on acceptance of the offer.
- Buyer arranges a survey on the property and makes an application for a mortgage (if required).
- Buyer’s Conveyancer confirms instructions by letter setting out the terms of business and fixed fee costs.
- Buyer’s Conveyancer contacts the seller’s Conveyancer to obtain the contract pack.
- Buyers Conveyancer checks the contract pack, raises pre-contract enquiries, carries out the necessary searches and obtains a copy of the mortgage offer.
- Seller’s Conveyancer and seller answer pre-contract enquiries and return these to buyer’s Conveyancer.
- Buyer’s Conveyancer reviews and reports to the buyer on the contents of the contract pack, pre-contract enquiries, the result of the searches and mortgage offer. The buyer then considers this report and raises questions on anything that is unclear.
- When the buyer is happy to proceed, arrangements are made for the deposit to be paid to the buyer’s Conveyancer in readiness for exchange of contracts.
- Seller and buyer agree on a completion date and contracts are formally “exchanged” – meaning both parties are legally committed to the transaction.
- Buyer’s Conveyancer prepares a draft transfer deed and completion information form and sends these to the seller’s Conveyancer for completion.
- Seller’s solicitor approves the draft transfer deed and a final copy is made. This may need to be signed by the buyer before being sent to the seller’s solicitor for signature by the seller in readiness for completion.
- Buyer’s Conveyancer prepares a completion statement, carries out pre-completion searches and applies to the buyer’s mortgage lender for the mortgage loan.
- On completion, the buyer vacates the property by the agreed time and buyer’s Conveyancer sends the proceeds of sale to the seller’s Conveyancer.
- Seller’s Conveyancer releases the keys to the estate agent (if one was used) and sends the title deeds and transfer deed to the buyer’s Conveyancer together with an undertaking to repay any existing mortgage.
- Buyer’s Conveyancer sends the stamp duty payable to HMRC, receives the title deeds, transfer deed and proof that the seller has paid the outstanding mortgage on the property.
- Buyer’s Conveyancer registers the property in the name of the buyer at The Land Registry.
Purchase of a leasehold residential property
The fees stated below are for the period commencing 1st October 2023. It is our policy to review our fees annually.
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.
Conveyancer’s fees and disbursements
| Fees excluding VAT | VAT at 20% | Fees including VAT | ||
|---|---|---|---|---|
| Legal fees | Leasehold up to £500,000 | £1,295.00 | £259.00 | £1,554.00 |
| Leasehold £500,000 to £1,000,000 | £1,495.00 | £299.00 | £1,794.00 | |
| Leasehold over £1,000,000 | £2,800.00 | £560.00 | £3,360.00 | |
| (Disbursement) Search fees |
Local search, drainage search, environmental search. (Outside London Borough of Sutton) | £225.00 | £45.00 | £270.00 |
| Local search, drainage search, environmental search. (In London Borough of Sutton) | £158.10 | £31.62 | £189.72 | |
| (Disbursement) HM Land Registry fee |
Leasehold under £500,000.00 | £150.00 | £150.00 | |
| Leasehold over £500,000.00 | £295.00 | £295.00 | ||
| If first registration, fee is doubled | ||||
| (Disbursement) Electronic Money Transfer fee |
£40.00 (per payment) | £8.00 (per payment) | £48.00 (per payment) | |
| Estimated total | Between £1821.72 and £3942.72 (inc VAT) | |||
Fees for ensuring statutory compliance and in respect of ID and AML checks £50 plus 20% vat =£60
Carpenter & Co charges for dealing with Onboarding and AML checks £50 plus VAT of £10
Fee for chancel indemnity if the property has not completed a registration process since October 2013 £15.00.
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as the Search fees, Land Registry fees and Electronic Money Transfer fees above. We handle the payment of the disbursements on your behalf to ensure a smoother process.
There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately in the table above. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
Anticipated Disbursements
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50 and £150 plus VAT.
- Notice of Charge fee – This fee is set out in the lease. Often the fee is between £50 and £150 plus VAT.
- Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £100 and £250 plus VAT.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, and can range between £50 and £150 plus VAT.
*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 we receive this information.
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.
In each and every case Stamp Duty is payable on the purchase price over and above the sum of £125,000.00 and the present rates for straightforward purchases are:
- 0% up to a value of £125,000
- 2% up to a value of £250,000
- 5% up to a value of £925,000
- 10% up to a value of £1,500,000
- 12% thereover
Notes:
- If you are buying a second home, you usually have to pay a 3% surcharge on top of the normal stamp duty rates.
- On the grant of a new lease, Stamp Duty is also paid on the rent element. This is a much more complicated calculation and, if it is applicable, we will of course advise you as to our own calculations in this respect.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, the following are key stages that you may expect in the conveyancing process.
- Buyer makes an offer on the property, which is accepted by the seller.
- Buyer’s Conveyancer instructed on acceptance of the offer.
- Buyer arranges a survey on the property and makes an application for a mortgage (if required).
- Buyer’s Conveyancer confirms instructions by letter setting out the terms of business and fixed fee costs.
- Buyer’s Conveyancer contacts the seller’s Conveyancer to obtain the contract pack.
- Buyers Conveyancer checks the contract pack, raises pre-contract enquiries, carries out the necessary searches and obtains a copy of the mortgage offer.
- Seller’s Conveyancer and seller answer pre-contract enquiries and return these to buyer’s Conveyancer.
- Buyer’s Conveyancer reviews and reports to the buyer on the contents of the contract pack, pre-contract enquiries, the result of the searches and mortgage offer. The buyer then considers this report and raises questions on anything that is unclear.
- When the buyer is happy to proceed, arrangements are made for the deposit to be paid to the buyer’s Conveyancer in readiness for exchange of contracts.
- Seller and buyer agree on a completion date and contracts are formally “exchanged” – meaning both parties are legally committed to the transaction.
- Buyer’s Conveyancer prepares a draft transfer deed and completion information form and sends these to the seller’s Conveyancer for completion.
- Seller’s solicitor approves the draft transfer deed and a final copy is made. This may need to be signed by the buyer before being sent to the seller’s solicitor for signature by the seller in readiness for completion.
- Buyer’s Conveyancer prepares a completion statement, carries out pre-completion searches and applies to the buyer’s mortgage lender for the mortgage loan.
- On completion, the buyer vacates the property by the agreed time and buyer’s Conveyancer sends the proceeds of sale to the seller’s Conveyancer.
- Seller’s Conveyancer releases the keys to the estate agent (if one was used) and sends the title deeds and transfer deed to the buyer’s Conveyancer together with an undertaking to repay any existing mortgage.
- Buyer’s Conveyancer sends the stamp duty payable to HMRC, receives the title deeds, transfer deed and proof that the seller has paid the outstanding mortgage on the property.
- Buyer’s Conveyancer registers the property in the name of the buyer at The Land Registry.
Sale of a freehold residential property
The fees stated below are for the period commencing 1st October 2023. It is our policy to review our fees annually.
Our fees cover all of the work required to complete the sale of your property.
Conveyancer’s fees and disbursements
| Fees excluding VAT | VAT at 20% | Fees including VAT | ||
|---|---|---|---|---|
| Legal fees | Freehold up to £500,000 | £1100.00 | £220.00 | £1,320.00 |
| Freehold £500,000 to £1,000,000 | £1150.00 | £230.00 | £1,380.00 | |
| Freehold over £1,000,000 | £2,050.00 | £410.00 | £2,460.00 | |
| Disbursements | Office copy entries | £6.00 | £6.00 | |
| Electronic Money Transfer fee | £40.00 (per payment) | £8.00 (per payment) | £48.00 (per payment) | |
| Estimated total | Between £1,314.00 and £2,274.00 (inc VAT) | |||
Fees for ensuring statutory compliance and in respect of ID and AML checks £50 plus 20% vat =£60
Carpenter & Co charges for dealing with Onboarding and AML checks £50 plus VAT of £10
Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Conveyancing Process for Sale of Property
- Seller’s Conveyancer instructed.
- Seller’s Conveyancer confirms instructions by letter setting out the terms of business and fixed fee costs.
- Seller’s Conveyancer carries out proof of identity checks and sends out a fittings and contents form and property information form(s) for completion. If the property is leasehold, additional information will be required.
- Seller to complete fittings and contents form and property information form(s).
- Seller’s Conveyancer obtains title deeds from deeds holder or official copies of the title register and any other documents required by The Land Registry and details of the amount outstanding on any existing mortgage.
- Seller’s Conveyancer prepares the draft contract and supporting contract documentation and sends to the buyer’s Conveyancer.
- Buyer’s Conveyancer checks the contract and supporting contract documentation and raises pre-contract enquiries with the seller’s Conveyancer.
- Seller’s Conveyancer and seller answer pre-contract enquiries.
- Buyer’s Conveyancer confirms they have acceptable results from their searches, are happy with the answers to pre-contract enquiries and are in receipt of a mortgage offer (if any).
- Seller and buyer agree on a completion date and contracts are formally “exchanged” – meaning both parties are legally committed to the transaction. Seller’s Conveyancer will obtain a settlement figure to repay the outstanding amount on any existing mortgage, if applicable. Buyer’s Conveyancer drafts a transfer deed and sends to the Seller’s Conveyancer.
- Seller’s Conveyancer checks the transfer deed and sends to the seller for signature in readiness for completion.
- On completion the seller must vacate the property at a time to be agreed and make arrangements to hand over the keys, usually through the estate agent. Buyer’s Conveyancer will send the proceeds of sale to the seller’s Conveyancer and the seller’s Conveyancer will arrange for the keys to be released to the buyer. The seller’s Conveyancer sends the title deeds and transfer deed to the buyer’s Conveyancer together with an undertaking to use the proceeds of sale to discharge any existing mortgage. The seller’s Conveyancer then pays the estate agent (if one was used), repays the amount owing to the existing mortgage lender (if applicable) and takes payment for their Conveyancing service costs.
Once all the payments have been made all the remaining money from the sale will be transferred to the seller, usually by bank transfer on the day of completion.
Sale of a leasehold residential property
The fees stated below are for the period commencing 1st October 2023. It is our policy to review our fees annually.
Our fees cover all of the work required to complete the sale of your property.
Conveyancer’s fees and disbursements
| Fees excluding VAT | VAT at 20% | Fees including VAT | ||
|---|---|---|---|---|
| Legal fees | Leasehold up to £500,000 | £1295.00 | £259.00 | £1,554.00 |
| Leasehold £500,000 to £1,000,000 | £1,495.00 | £299.00 | £1,794.00 | |
| Leasehold over £1,000,000 | £2,800.00 | £560.00 | £3,360.00 | |
| Disbursements | Office copy entries | £15.00 | £15.00 | |
| Electronic Money Transfer fee | £40.00 (per payment) | £8.00 (per payment) | £48.00 (per payment) | |
| Management Pack | Varies depending on Freeholder / Management Agent Typically ranges between £100 and £600 (inc VAT) |
|||
| Estimated total | Between £1,203.00 and £2,763.00 (inc VAT) | |||
Fees for ensuring statutory compliance and in respect of ID and AML checks £50 plus 20% vat =£60
Carpenter & Co charges for dealing with Onboarding and AML checks £50 plus VAT of £10
Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Conveyancing Process for Sale of Property
- Seller’s Conveyancer instructed.
- Seller’s Conveyancer confirms instructions by letter setting out the terms of business and fixed fee costs.
- Seller’s Conveyancer carries out proof of identity checks and sends out a fittings and contents form and property information form(s) for completion. If the property is leasehold, additional information will be required.
- Seller to complete fittings and contents form and property information form(s).
- Seller’s Conveyancer obtains title deeds from deeds holder or official copies of the title register and any other documents required by The Land Registry and details of the amount outstanding on any existing mortgage.
- Seller’s Conveyancer prepares the draft contract and supporting contract documentation and sends to the buyer’s Conveyancer.
- Buyer’s Conveyancer checks the contract and supporting contract documentation and raises pre-contract enquiries with the seller’s Conveyancer.
- Seller’s Conveyancer and seller answer pre-contract enquiries.
- Buyer’s Conveyancer confirms they have acceptable results from their searches, are happy with the answers to pre-contract enquiries and are in receipt of a mortgage offer (if any).
- Seller and buyer agree on a completion date and contracts are formally “exchanged” – meaning both parties are legally committed to the transaction. Seller’s Conveyancer will obtain a settlement figure to repay the outstanding amount on any existing mortgage, if applicable. Buyer’s Conveyancer drafts a transfer deed and sends to the Seller’s Conveyancer.
- Seller’s Conveyancer checks the transfer deed and sends to the seller for signature in readiness for completion.
- On completion the seller must vacate the property at a time to be agreed and make arrangements to hand over the keys, usually through the estate agent. Buyer’s Conveyancer will send the proceeds of sale to the seller’s Conveyancer and the seller’s Conveyancer will arrange for the keys to be released to the buyer. The seller’s Conveyancer sends the title deeds and transfer deed to the buyer’s Conveyancer together with an undertaking to use the proceeds of sale to discharge any existing mortgage. The seller’s Conveyancer then pays the estate agent (if one was used), repays the amount owing to the existing mortgage lender (if applicable) and takes payment for their Conveyancing service costs.
Once all the payments have been made all the remaining money from the sale will be transferred to the seller, usually by bank transfer on the day of completion.
Remortgage of a residential property
The fees stated below are for the period commencing 1st October 2023. It is our policy to review our fees annually.
Our fees cover all of the work required to complete the remortgage of your property.
Conveyancer’s fees and disbursements
| Fees excluding VAT | VAT at 20% | Fees including VAT | ||
|---|---|---|---|---|
| Legal fees | £650.00 | £130.00 | £780.00 | |
| (Disbursement) Local Authority Search |
Local Authority Search | £125.00 | £125.00 | |
| (Disbursement) Office copy entries |
If freehold | £6.00 | £6.00 | |
| If leasehold | £15.00 | £15.00 | ||
| (Disbursement) Land charges search |
£2.00 (per person) | £2.00 (per person) | ||
| (Disbursement) Land registry search |
£3.00 | £3.00 | ||
| (Disbursement) Land registry fees |
Property value up to £100,000 | £20.00 | £20.00 | |
| Property value £100,001 to £200,000 | £30.00 | £30.00 | ||
| Property value £200,001 to £500,000 | £45.00 | £45.00 | ||
| Property value £500,001 to £1,000,000 | £65.00 | £65.00 | ||
| Property value £1,000,001 and over | £140.00 | £140.00 | ||
| (Disbursement) Electronic Money Transfer fee |
£15.00 (per payment) | £3.00 (per payment) | £18.00 (per payment) | |
| Estimated total | Between £834.00 and £956.00 (inc VAT) | |||
Fees for ensuring statutory compliance and in respect of ID and AML checks £50 plus 20% vat =£60
Carpenter & Co charges for dealing with Onboarding and AML checks £50 plus VAT of £10
Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Transfers of Equity for residential properties
Our fee is £650 + VAT.
Please contact Rebecca Mabert by email at RebeccaM@carpenterssolicitors.co.uk or by telephone on 020 8669 5145 for further information.
Where people come first. Where personal service matters.
Where price matters.
Where price matters.
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