{"id":3851,"date":"2020-01-09T13:00:22","date_gmt":"2020-01-09T13:00:22","guid":{"rendered":"http:\/\/www.lynch-hall.co.uk\/?page_id=3851"},"modified":"2024-09-16T16:45:12","modified_gmt":"2024-09-16T15:45:12","slug":"commercial-conveyancing-2-2-2","status":"publish","type":"page","link":"https:\/\/www.lynch-hall.co.uk\/?page_id=3851","title":{"rendered":"Purchase"},"content":{"rendered":"<div id='layer_slider_1'  class='avia-layerslider main_color avia-shadow  avia-builder-el-0  el_before_av_one_full  avia-builder-el-first  container_wrap sidebar_right' style='  height: 437px; max-width: 1140px; margin: 0 auto;' ><\/div><div id='after_layer_slider_1'  class='main_color av_default_container_wrap container_wrap sidebar_right' style=' '  ><div class='container' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-3851'><div class='entry-content-wrapper clearfix'>\n<div class=\"flex_column av_one_full  flex_column_div av-zero-column-padding first  avia-builder-el-1  el_after_av_layerslider  el_before_av_one_full  avia-builder-el-first  \" style='border-radius:0px; '><div  style='padding-bottom:20px; ' class='av-special-heading av-special-heading-h2    avia-builder-el-2  avia-builder-el-no-sibling  '><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Purchase<\/h2><div class='special-heading-border'><div class='special-heading-inner-border' ><\/div><\/div><\/div><\/div>\n<div class=\"flex_column av_one_full  flex_column_div av-zero-column-padding first  avia-builder-el-3  el_after_av_one_full  el_before_av_heading  column-top-margin\" style='border-radius:0px; '><p><section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock  '   itemprop=\"text\" ><p><strong>Purchase<\/strong><\/p>\n<p>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.<\/p>\n<p><strong>Our Fees<\/strong><\/p>\n<p>We have a range of fees ranging between \u00a3650 plus VAT (presently 20%) and \u00a31,500 plus VAT (at 20%) depending on the purchase price of your new home, the experience and seniority of the fee earner and whether the property is freehold or leasehold.<\/p>\n<p><strong>Disbursements<\/strong><\/p>\n<p>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. The likely disbursement would be as follows:<\/p>\n<p>Freehold Purchase:<\/p>\n<p>\u2022 Bankruptcy search &#8211; \u00a32 (no vat)<\/p>\n<p>\u2022 HMLR Final search &#8211; \u00a33 (no vat)<\/p>\n<p>\u2022 HM Land Registry Fee (varies depending on the purchase price of your new home) \u00a320 to \u00a3680 (no vat)<\/p>\n<p>\u2022 Search Pack (varies depending on the Local Authority in which the Property is situated). Our standard search pack would include the following: Local Authority Search, Drainage &amp; Water Search, Environmental Search and Chancel Repair Search &#8211; \u00a3150 to \u00a3350 plus vat at 20%<\/p>\n<p>Leasehold Purchase:<\/p>\n<p>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 below. This list is not exhaustive and other disbursements may apply depending on the terms of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller&#8217;s solicitors.<\/p>\n<p>\u2022 Bankruptcy search \u00a32 (no vat)<\/p>\n<p>\u2022 HMLR Final search \u00a33 (no vat)<\/p>\n<p>\u2022 HM Land Registry Fee \u00a320 to \u00a3680 (no vat)<\/p>\n<p>\u2022 Search Pack (varies depending on the Local Authority in which the Property is situated). Our standard search pack would include the following: Local Authority Search, Drainage &amp; Water Search, Environmental Search and Chancel Repair Search \u00a3150 to \u00a3350 plus vat at 20%<\/p>\n<p>\u2022 Notice of Transfer fee \u2013 can be between \u00a375 and \u00a3150 plus vat at 20%. The precise amount of the fee will depend upon what the lease says and the costs charged by the landlord, his managing agents and his solicitors. We will not know the precise amount until after we have seen the lease and any other relevant paperwork<\/p>\n<p>\u2022 Notice of Charge fee \u2013 can be between \u00a375 and \u00a3150 plus vat at 20%, again as above<\/p>\n<p>\u2022 Deed of Covenant fee \u2013 can be between \u00a375 and \u00a3200 plus vat at 20% , again as above<\/p>\n<p>\u2022 Certificate of Compliance fee \u2013 can be between \u00a375 and \u00a3200 plus vat at 20% , again as above<\/p>\n<p><strong>Stamp Duty Land Tax (on purchase)<\/strong><\/p>\n<p>This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC&#8217;s website or if the property is located in Wales by using the Welsh Revenue Authority&#8217;s website<\/p>\n<p>Additional Fees<\/p>\n<p>We will make the following additional charges:<\/p>\n<p>\u00b7 \u00a335 plus VAT at 20% for each bank transfer by CHAPS<\/p>\n<p>\u00b7 \u00a315 plus VAT at 20% for each AML check<\/p>\n<p>*Our fee assumes that:<\/p>\n<p>a. this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction<\/p>\n<p>b. for leasehold purchases &#8211; this is the assignment of an existing lease and is not the grant of a new lease<\/p>\n<p>c. the transaction is concluded in a timely manner and no unforeseen complications arise<\/p>\n<p>d. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation<\/p>\n<p>e. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required<\/p>\n<p>If any other work is required to ensure a successful conclusion to the transaction, we reserve the right to charge an additional fee based upon the additional time spent at the rate of between \u00a3200 plus VAT and \u00a3300 plus VAT (20%) per hour but we will advise you of the anticipated time frame and the likely cost prior to carrying out the extra work.<\/p>\n<p><strong>Likely timescale in completing your purchase<\/strong><\/p>\n<p>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 12-18 weeks.<\/p>\n<p>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 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such a situation, additional charges would apply.<\/p>\n<\/div><\/section><br \/>\n<div  style='height:20px' class='hr hr-invisible   avia-builder-el-5  el_after_av_textblock  avia-builder-el-last '><span class='hr-inner ' ><span class='hr-inner-style'><\/span><\/span><\/div><\/p><\/div><div  style='padding-bottom:10px; ' class='av-special-heading av-special-heading-h3    avia-builder-el-6  el_after_av_one_full  el_before_av_one_half  '><h3 class='av-special-heading-tag '  itemprop=\"headline\"  >Stages of the process<\/h3><div class='special-heading-border'><div class='special-heading-inner-border' ><\/div><\/div><\/div><\/p>\n<div class=\"flex_column av_one_half  flex_column_div av-zero-column-padding first  avia-builder-el-7  el_after_av_heading  el_before_av_one_half  \" style='border-radius:0px; '><section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock  '   itemprop=\"text\" ><p>The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are examples of the key stages involved in the purchase of a freehold and leasehold property:<\/p>\n<p>Freehold Purchase:<\/p>\n<p>\u2022 Take your instructions and give you initial advice<\/p>\n<p>\u2022 Check finances are in place to fund purchase and contact lender&#8217;s solicitors if needed<\/p>\n<p>\u2022 Receive and advise on contract documents<\/p>\n<p>\u2022 Carry out searches<\/p>\n<p>\u2022 Obtain further planning documentation if required<\/p>\n<p>\u2022 Make any necessary enquiries of seller&#8217;s solicitor<\/p>\n<p>\u2022 Give you advice on all documents and information received<\/p>\n<p>\u2022 Go through conditions of mortgage offer with you<\/p>\n<p>\u2022 Send final contract to you for signature<\/p>\n<p>\u2022 Agree completion date (date from which you own the property)<\/p>\n<p>\u2022 Exchange contracts and notify you that this has happened<\/p>\n<p>\u2022 Arrange for all monies needed to be received from lender and you<\/p>\n<p>\u2022 Complete purchase<\/p>\n<p>\u2022 Deal with payment of Stamp Duty\/Land Tax<\/p>\n<p>\u2022 Deal with application for registration at Land Registry<\/p>\n<\/div><\/section><\/div>\n<div class=\"flex_column av_one_half  flex_column_div av-zero-column-padding   avia-builder-el-9  el_after_av_one_half  avia-builder-el-last  \" style='border-radius:0px; '><section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock  '   itemprop=\"text\" ><p>Leasehold Purchase<\/p>\n<p>\u2022 Take your instructions and give you initial advice<\/p>\n<p>\u2022 Check finances are in place to fund purchase and contact lender&#8217;s solicitors if needed<\/p>\n<p>\u2022 Receive and advise on contract documents, including the lease<\/p>\n<p>\u2022 Carry out searches<\/p>\n<p>\u2022 Obtain further planning documentation if required<\/p>\n<p>\u2022 Make any necessary enquiries of seller&#8217;s solicitor<\/p>\n<p>\u2022 Give you advice on all documents and information received<\/p>\n<p>\u2022 Go through conditions of mortgage offer<\/p>\n<p>\u2022 Send final contract to you for signature<\/p>\n<p>\u2022 Draft Transfer<\/p>\n<p>\u2022 Advise you on joint ownership<\/p>\n<p>\u2022 Obtain pre-completion searches<\/p>\n<p>\u2022 Agree completion date (date from which you own the property)<\/p>\n<p>\u2022 Exchange contracts and notify you that this has happened<\/p>\n<p>\u2022 Arrange for all monies needed to be received from lender and you<\/p>\n<p>\u2022 Complete purchase<\/p>\n<p>\u2022 Deal with payment of Stamp Duty\/Land Tax<\/p>\n<p>\u2022 Deal with application for registration at Land Registry<\/p>\n<\/div><\/section><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":3850,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3851","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.lynch-hall.co.uk\/index.php?rest_route=\/wp\/v2\/pages\/3851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lynch-hall.co.uk\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.lynch-hall.co.uk\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.lynch-hall.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lynch-hall.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3851"}],"version-history":[{"count":6,"href":"https:\/\/www.lynch-hall.co.uk\/index.php?rest_route=\/wp\/v2\/pages\/3851\/revisions"}],"predecessor-version":[{"id":4242,"href":"https:\/\/www.lynch-hall.co.uk\/index.php?rest_route=\/wp\/v2\/pages\/3851\/revisions\/4242"}],"up":[{"embeddable":true,"href":"https:\/\/www.lynch-hall.co.uk\/index.php?rest_route=\/wp\/v2\/pages\/3850"}],"wp:attachment":[{"href":"https:\/\/www.lynch-hall.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}