RESIDENTIAL CONVEYANCING

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Conveyancing Services at Waughs Solicitors

Conveyancing refers to the legal process of buying and selling property in the UK. It is a complex process that normally involve two solicitors or more. One solicitor will be acting for the buyer and the other solicitor will be acting for the seller. A different solicitor may act for the lender if a mortgage is involved. In leasehold properties, a landlord solicitor may be involved also.

Gordon and Thompson Solicitors provide both residential and commercial conveyancing. We are accredited by the Law Society’s Conveyancing Quality Scheme, ensuring high standards in property transactions.

Buying or selling a home is one of the most significant financial commitments a person can make, and the process can be stressful. Our goal is to simplify the legal aspects of your move, ensuring a smooth and efficient transaction with minimal hassle. Of course their may be some difficulties especially when transactions are aborted when you have purchased the surveys or searches and there is a possibility of loosing the money.

We handle all aspects of buying, selling, and remortgaging both freehold and leasehold residential properties. With extensive experience and in-depth local knowledge, we ensure a thorough examination of the legal title to your property. Throughout the process, you will work with a named solicitor, maintaining clear communication at every stage. Our telephone lines are answered quickly but you can also send us an email.

Our Range of Conveyancing Services

Our expertise extends beyond standard buying, selling, and remortgaging. We also provide services for:

• Land transfers
• Equity release conveyancing
• Other minor land transactions, whether standalone or related to a larger conveyancing matter

Conveyancing Costs

Our fees for residential conveyancing are structured as follows:

• Up to £400,000: £925 (excluding VAT and disbursements)
• For example, the legal fee for a leasehold flat is £925 + VAT, with additional costs for searches, banking fees (£35 + VAT per transfer), Land Registry fees, and Stamp Duty Land Tax (SDLT).
• Over £400,000: £950 + £500 (excluding VAT and disbursements)
• Example: For a property priced at £850,000, the legal fee would be £950 + £500 = £1,450 + VAT.

Additional Disbursements

Disbursements are third-party costs related to your transaction. Typical examples include:

1. Searches: Approximately £400. We use infotrack, a third party provider of searches and their prices are quoted depending on the searches to be done and the complexity of the matter.
2. Stamp Duty Land Tax (SDLT): Based on purchase price

• First-time buyers pay no SDLT on purchases up to £300,000, and 5% on amounts between £300,001 – £500,000
• Buy-to-let or second home buyers pay higher SDLT rates

3. Banking fees: £25 + VAT per transfer

1. Leasehold-related fees:

• Managing agent’s pack: £100–£600+ We will contact the Managing agents and advise you before the price of their management pack.
• Freeholder’s pack: May be required
• Deed of covenant fee: £100+ (payable to the freeholder)
• Compliance certificate (title restrictions): Typically £100+
• Title downloads for sales transactions: £60–£120
• Additional searches: e.g., flood search, chancel liability—costs vary

Some properties have septic tanks, which may require inspection by a specialist. If the tank requires repairs, this could impact negotiations with the seller.

Equity Release Conveyancing

We assist homeowners in equity release transactions, advising on the legal aspects while ensuring the process complies with the requirements of equity release providers. Most clients will also receive independent financial advice from their equity release provider.

Remortgaging Services

Our fees for handling remortgages range from £500 to £800. These transactions typically progress faster than sales or purchases but still require coordination with lenders and property title verification. This price will depend also on whether or not you are buying as an individual or a company.

Typical remortgage disbursements include:

• Searches: £350–£400 – We will provide you an infotrack quote at the initial stage and advise if further searches are required.
• Land Registry fees (based on property value)
• Title document copies: £6 + VAT
• Bankruptcy searches and other required disbursements: Up to £30 + VAT
• Leasehold transactions: Managing agent’s pack (£200 – 650 + VAT)
• Notice fees: Typically £40–£100 + VAT

Most remortgage transactions take between 3 to 8 weeks, depending on lender requirements and third-party involvement.

If complexities arise—such as difficulty contacting freeholders, tracing executors, or dealing with unregistered land—we may need to adjust our fee estimate accordingly. We will always inform you if such issues arise.

What is Not Included in Our Conveyancing Service

Our services do not cover:

• Specialist tax advice (e.g., complex SDLT mitigation, multiple dwellings relief)
• Negotiation of property prices or valuations (seek guidance from estate agents/surveyors)
• Advice on environmental and planning reports (these are non-legal matters)
• Tax refund applications

Timescales for Conveyancing

The time required to complete a property transaction varies, depending on factors such as:

• Number of parties in the chain
• Mortgage approval delays
• Surveyor reports requiring lender review
• Title issues or leasehold complexities

On average, a straightforward freehold purchase takes between 8 to 12 weeks. However, delays can occur due to mortgage processing times, survey concerns, or third-party dependencies.

For purchases with a mortgage, we usually act for both the buyer and lender, ensuring that all legal requirements under the Council of Mortgage Lenders (CML) guidelines are met.

Key Stages of the Conveyancing Process

For a sale:

1. Receive instruction from estate agents and issue contract papers
2. Respond to buyer’s enquiries
3. Obtain redemption figures for existing charges
4. Exchange contracts
5. Complete the sale, settle outstanding charges, and disburse funds

For a purchase:

1. Receive instruction from estate agent
2. Verify funding and source of funds
3. Review contract pack, raise enquiries
4. Secure mortgage offer
5. Report to client once satisfactory responses received
6. Exchange contracts
7. Complete the transaction and register title at the Land Registry
8. Submit Stamp Duty Land Tax (SDLT) return, where applicable

Abortive Transactions and Fees

If a transaction falls through after significant legal work has been carried out—whether due to issues with the title, chain collapse, or a change in buyer/seller circumstances—abortive fees may apply.

We typically charge up to £400 + VAT for work done before the transaction was abandoned, along with any incurred disbursements. The amount depends on how far the transaction progressed.

Fee Estimates and Adjustments

We provide initial estimates for legal work and disbursements based on standard transactions. However, if unexpected complexities arise—such as:

• Title defects requiring indemnity insurance
• Lease extensions
• Unregistered land transactions

We will inform you of additional costs before proceeding.

Contact Us

For further details, please contact us on 01634541020 or email ila@gordonandthompson.com.

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