General Procedure and Timescale for Buying and Selling
As a general guide, the sale or purchase of a freehold property with no chain and no delays would normally take approximately 12-16 weeks from the date we receive your completed paperwork, full ID and payment on account. Sale or Purchase of leasehold properties and flats may take 6 weeks longer as additional information is required from other third parties. These timescales can be significantly affected by the number of parties in a chain and how far advanced each party is in their individual matter.
We offer a fixed fee service based on the value of the Property being sold or purchased. Details of our prices are set out in our online calculator and below. We have also set out below details of additional charges that may apply where matters are more complex or additional issues arise.
If you have agreed a proposed timescale with your seller to exchange and complete then we will endeavor to achieve this, providing the timescale you have agreed is realistic. If you need your matter expedited then please contact us and we will provide a tailored quote for an expedited service. The basic stages of a sale and purchase are set out below:
STAGE 1 - Instruction
The Estate Agent will usually let you know when an offer has been made and confirm when an offer has been accepted. We will then take initial instructions from you and ask you to return all our client care paperwork together with an initial payment on account of costs of £250 on a sale and £400 on a purchase.
Ongoing Due Diligence and Source of Funds Checks
As part of the client sign up process and to meet our professional regulations, we are required to verify your identity and explore any potential money laundering risk. This is usually done using our online ID checking facility. Our due diligence and source of funds checks are ongoing throughout the transaction.
This initial stage is likely to be completed within the first two weeks after the offer is accepted.
STAGE 2 - Prepare the Contract Pack and Enquiries
On a sale, a contract pack is prepared by us and sent to the buyer’s solicitor. The contract pack contains information about the title to the Property, the sale price, which fixtures and fittings (like carpets and kitchen units) are included in the sale and information about the Property set out in a Property Information Form which we ask you to complete.
We aim to issue the Contract pack within a week/10 days of Stage 1 being completed.
On a purchase where we are acting for a Buyer, we will check the Contract Pack once received, apply for usual searches on the Property, such as the Local Authority, environmental and Water and Drainage search. The average time for searches to be returned, depending on the Local Authority, is 2 weeks. We will then raise questions (called enquires) on the information received in the pack relating to the title and other information received in the Property Information Form. During this time if you are obtaining a mortgage, we will report to you on the mortgage offer and check the Lender requirements set out in the offer.
STAGE 3 - Exchange of Contracts
When the contract is approved by both us, all questions are answered and a completion date agreed, we will send out the contract for you to sign. On a purchase a final report on the title will be sent to you, to include a report on the searches and any mortgage offer, if applicable.
When the contracts are signed by both parties, finance is in place for the buyer, and all enquiries including a moving date have been agreed, exchange of contracts can take place (with authority from the buyer or seller). Once contracts are exchanged the transaction becomes legally binding and neither buyer or seller can withdraw from the transaction without potential financial repercussions.
STAGE 4 - Preparation For Completion
We will arrange for you to sign the Transfer document which legally transfers the property from the seller to the buyer’s. The matter will be prepared for completion and a draft financial statement, also known as a completion statement, will be sent to you as buyer or seller and any redemption statement for a mortgage obtained on a sale and request for mortgage funds will be made on a purchase.
STAGE 5 - Transaction Completion Day
On the day of completion, we will send the balance of the funds to the Sellers solicitors if acting on a purchase. If acting on a sale, we will arrange to redeem any charges and pay any estate agents fees due. We will send the balance of sale proceeds to you on a sale on the completion date.
STAGE 6 - After Completion
On a purchase, an application will be prepared and submitted by us to the Land Registry to register the Property in the Buyers name with any mortgage . We will also deal with any payment of Land Transaction Tax /Stamp duty.
Additional Charges
There may be additional fees if when we commence your transaction any of the below are required in order to complete your case, we will ensure you are updated with any additional fees we may need to charge as soon as we become aware.
Sale Examples
| Typical Fees based on Freehold Sale Price - £250,000 | VAT | Typical Fees based on Leasehold Sale Price - £250,000 | VAT | |
|---|---|---|---|---|
| Cost | £750.00 | £150.00 | £950.00 | £190.00 |
| Electronic Payment Service Charge | £30.00 | £6.00 | £30.00 | £6.00 |
| Digital Onboarding Fee | £4.10 | £0.82 | £4.10 | £0.82 |
| Land Registry Official Copies | £6.00 | £1.20 | £15.00 | £3.00 |
| Additional Land Registry Documents (if applicable) | £3.00 | £0.60 | £3.00 | £0.60 |
| Legl ID Checker | £30.00 | £6.00 | £30.00 | £6.00 |
| *Landlord Management Pack | Variable | Variable |
*These fees vary from property to property and are decided by the Landlord and/or Management Company. We will provide you with accurate figures once we have applied for the information pack.
Purchase Examples
| Typical Fees based on Freehold Purchase Price - £250,000 | Typical Fees based on Leasehold Purchase Price - £250,000 | |
|---|---|---|
| Cost | £875.00 | £1,175.00 |
| VAT | £175.00 | £235.00 |
| Electronic Payment Service Charge | £30.00 + VAT | £30.00 + VAT |
| Digital Onboarding Fee | £4.10 + VAT | £4.10 + VAT |
| Legl ID Checker | £30.00 + VAT | £30.00 + VAT |
| Bankruptcy Search Fee | £2.00 + VAT per name | £2.00 + VAT per name |
| Land Registry Search | £3.00 + VAT | £3.00 + VAT |
| Land Registry Fee | £150.00 | £150.00 |
| Search Pack (approximate cost) | £250.00 | £250.00 |
| *Landlord Notice of Transfer Fee | Not Applicable | The fee chargeable is set out by the Landlord is often between £0 - £300 |
| *Landlord Notice of Mortgage Fee (if applicable) | Not Applicable | The fee chargeable is set out by the Landlord is often between £0 - £300 |
| *Deed of Covenant Fee | Not Applicable | This is provided by the Management Company and can be difficult to estimate but is often between £0 - £500 |
| *Certificate of Compliance Fee | Not Applicable | This is provided by the Management Company and can de difficult to estimate but is often between £0 - £500 |
*These fees vary from property to property and are decided by the Landlord and/or Management Company. Accurate figures will be provided once we are in receipt of the Information Pack.
You should also be aware that Ground Rent and Service Charges are likely to apply during your ownership of the property and will be confirmed on receipt of the Information Pack.
Stamp Duty or Land Tax
This is payable on the purchase of your property and depends on the price. You can calculate the amount you will need to pay by using WRA website from property in Wales https://www.gov.wales/land-transaction-tax-calculator of HMRC website for properties in England https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#!/intro
Why choose JNP Legal's Specialist Property Team?
Our solicitors and legal executives are renowned for providing quality legal advice, and for supporting our clients through the conveyancing process. Our team is friendly, approachable and always on hand to assist with the difficulties and challenges of conveyancing transactions. We offer competitive fixed fee prices, and provide clear quotations with no hidden extras.
We pride ourselves on client care, and offer face to face appointments at our offices in, Cardiff, Merthyr Tydfil and Nelson, to make sure our clients are fully informed about the conveyancing process.
For specialist advice about a property transaction.
