1. How long will it take?
2. How much will it cost?
3. What do your fees include?
4. Do I still pay if the sale/purchase falls through?
5. What is Stamp Duty Land Tax? Do I have to pay it?
6. Can you arrange a mortgage for me?
7. What do we need to know if we are buying in joint names?

How long does conveyancing take?

The average sale and purchase of a house takes approximately 6-8 weeks. Ideally there will be a gap between exchange of contracts and completion - this can vary to suit all parties. We do our best to push your transaction through as quickly as possible, but the time taken by information searches, surveys and mortgage applications is out of our control.

Purchases involving a leasehold property can take longer, because issues may need to be resolved regarding the lease. We also need to collect information from third parties, (e.g. management companies) which can cause delays.

How much will it cost?

In addition to the purchase price of your property, you will need to pay the following costs:

• search fees for Local Authority and other searches outlined above, and Land Registry searches,
• Stamp Duty Land Tax if you are buying a property costing more than £175,000
• fees for mortgage arrangement and a survey
• buildings insurance
• removal service
• legal fees

If you are buying a leasehold property, there will be additional items of expenditure to the ones listed above, including third party fees to the freeholder/managing agents on your purchase. We will not know at the beginning of the conveyancing process what additional third party costs may arise, but will itemise them on your completion statement.

What do your fees include?

We will usually give you a fixed cost estimate at the beginning of the conveyancing process, taking into account the value of the property you are purchasing/selling, and whether the property is leasehold or freehold.

The fixed costs cover :

• general investigation of the title
• examination of the searches
• examination of the mortgage offer on your purchase
• the preparation of the draft contract
• dealing with enquiries raised by your buyer's solicitors on your sale
• raising enquiries about your purchase
• dealing with post- completion matters.

When you purchase a leasehold property the amount of work involved is considerably higher than that involved in a freehold purchase. We need to:

• check that the lease does not have defects which would cause you problems in the enforcement of obligations by the other tenants in the same building, or by the landlord
• ensure that the service charges and ground rent have been paid to date and that there are no major expenses envisaged or incurred which have not been paid or need to be paid

We aim to keep within the fixed cost estimate but if the matter becomes protracted or unusually complicated, then we will discuss this with you, indicating where extra costs might arise, and how much they are likely to be.

Do I still pay if the sale/purchase falls through?

This will depend on how far the transaction has proceeded by that time. If we are near to exchange of contracts, or have already set up the file for completion, and the transaction then falls through, we are entitled to charge almost the entire amount of the estimate. However, we are sympathetic and aim to keep abortive costs to an absolute minimum.

What is Stamp Duty Land Tax? Do I have to pay it?

Stamp Duty Land Tax is a tax raised by the government and paid to H M Revenue & Customs. Unfortunately it is currently payable on all purchases of leasehold and freehold properties over the purchase price of £175,000. There is a sliding scale:

• 1% for purchases between £175,001 and £250,000
• 3% for purchases from £250,001 to £500,000
• 4% for purchases above £500,001

For the avoidance of doubt this is payable on the entire purchase price. That means that if you purchase a property for £300,000 you will pay 3% on the entire amount, i.e. £9,000

Stamp Duty Land Tax has to be paid to H M Revenue & Customs within 30 days of completion of your purchase. We therefore have to collect this sum from you immediately before completion of your purchase.

Can you arrange a mortgage for me?

We cannot arrange a mortgage for you ourselves, but are in contact with independent financial advisers, who may be able to assist you and we would be more than happy to pass on their numbers to you, if you require.

It is quite common for the estate agents dealing with the sale of the property for you to have their own mortgage brokers, or contacts who also may help you.

What do we need to know if we are buying in joint names?

If you are purchasing property in joint names, then we will explain to you the difference between Joint Tenants, and Tenants In Common. The way in which you hold the property will determine what happens if you were to die, or when the property is sold.

In addition, we will discuss with you, whether you wish to enter into a trust deed setting out the terms on which the property is held. This covers issues such as:

• how to divide any money remaining after you sell the property
• what will happen if one party wishes to sell the property, and the other doesn't

Please contact us to find out more about making a will and setting up a trust.