- Advising UK and overseas purchasers of freehold and leasehold office premises
- Preparation of leases and licences
- Advising on lease obligations
- Sourcing and managing relevant quality professionals to assist with property projects including terms of appointment
- Advising on the property aspects of corporate restructuring including relocation of premises, both commercial and residential
- Advising on exit strategies and minimisation of risk
- Addressing issues arising with Schedules of dilapidations
- Disputes between neighbours
- Advising on the renewal of commercial leases and their exclusion from the Landlord and Tenant Act 1954 (Part II)
- Advising on the sale and purchase of high value leasehold residential properties in London for UK and overseas clients
- Licences for Alterations
- Authorised Guarantee Agreements
- Licenses to Assign
- Overage agreements
- Advising on sales and purchases of residential properties, freehold and leasehold
The following information relates to residential property transactions only.
With regard to residential property sales and purchases, we do not act for lenders. If therefore you need a mortgage you will need to instruct another conveyancing practice that does act for your chosen lender. You should appreciate that if you opt to have us act for you on the sale and purchase and have separate representation on the mortgage, it is likely that you will incur two sets of costs (ie: our costs and the costs of the conveyancers representing the lender). We have no control over the costs that a lenders conveyancer will charge.
We do not pretend to be the cheapest law firm when it comes to legal costs in respect to residential property work. Our aim is that the fee quote given to you prior to you deciding whether to instruct us is one which is realistic and permits us to allocate the time and resource necessary to provide you with a first-class, personal, service.
Depending on your preference, we can either offer you a fixed fee or a fee based on our hourly rate.
A fixed fee when acting for a purchaser (freehold or leasehold) will be 0.345% of the agreed sale price/lease premium*.
A fixed fee when acting for a seller (freehold or leasehold) will be 0.3% of the sale price*.
Our hourly rate is £250*.
*Our fixed fee and hourly rates are exclusive of Value Added Tax at the applicable rate (currently 20%) and disbursements, which are payable in addition to our fees.
Disbursements on a residential transaction will vary depending on whether it is a sale or a purchase and whether it is a freehold or leasehold transaction. If a purchase, they typically include the following:
- Property searches (local authority, environmental, planning, water/drainage and where applicable specialist searches (eg: a Mining Search).
- Company search fees.
- Anti-money laundering checks – these are mandatory. The extent of our checks will reflect the legal and regulatory. requirements that we must comply with. Transactions involving an international or corporate element or where there is a need for use to understand in more detail the matter of beneficial ownership/control and source of funds will increase the number of checks and associated cost.
- Electronic money transfer fees – these vary depending on the mode of transfer used (eg: CHAPS/BACS) and where the monies are being sent.
- Courier and postal charges (eg: Special / Recorded Delivery).
- Land Registry fees.
- If a lease, notice fees to any Landlord/Superior Landlord
The cost of searches will vary depending on the extent of the searches you wish us to undertake and the charges of the third-party service provider that we use. We suggest you budget for between £200-£400 for search costs exclusive of VAT. Prior to instructing any searches, we would obtain a quotation from the third-party service provider and put that quotation to you for your approval.
Most property transactions will involve the need to register the sale or purchase with the Land Registry. Land Registry fees vary according to the nature of the transaction and sums involved. A helpful ready calculator may be found at http://landregistry.data.gov.uk/fees-calculator.html.
In addition to our Legal fees and disbursements, you may be liable to pay Stamp Duty Land Tax (“SDLT”). A helpful ready calculator may be found at https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro.
Not all residential purchases are subject to SDLT. Rates of SDLT do vary over time and often with relatively short notice.
We are not qualified to advise on insurance related solutions to problems which may be identified in the course of a transaction eg: a title defect, lack of planning permission, building regulation consent.
Disbursements on a sale are likely to be fewer than on a purchase (eg: it is unlikely that we will need to undertake property searches). They will vary according to the nature of the sale.
It is important to appreciate that unanticipated complications can arise in the course of a transaction (eg: the absence of planning or building regulation consents, an apparent breach of a lease obligation etc). In the event that this should happen, we would advise on possible solutions and associated costs before proceeding further.
In the unfortunate event that your proposed sale or purchase did not proceed we would only charge you for any disbursements that we had incurred on your behalf plus VAT up to the point the matter proved abortive.
Please be in touch if you have any question regarding costs that we have not addressed in this note.
You have to learn the rules of the game. And then you have to play better than anyone else
If you have an important point to make, don’t try to be subtle or clever. Use a pile driver. Hit the point once. Then come back and hit it again. Then hit it a third time – a tremendous whack.