The firm handles residential commercial freehold and leasehold transactions.
Dealing with the sales, purchases, negotiation of leases and renewal of existing lease, leasehold enfranchisement and extension of leases, redemption of mortgages and discharge of liabilities which includes: Stamp Duty, Land Registration fees and also maintenance charge. Registration of interest and perfecting the title.
The reputation of the firm is unblemished and all transactions involving client’s money are in compliance with the Money Laundering Regulation.
Solicitors Regulation Authority Transparency rules.
We are under obligation to explain how we arrive at our charges and also from onset of how much those transactions are likely to cost.
Therefore, in order to do so, we take into account the following:
Our fees are competitive with the average fees charged by practitioners nationwide.
Our fees normally vary between £1500 and £2000 for freehold property transactions where there are no complexities and factors which could prolong the transaction beyond reasonable time. When this does happen we may end up charging a higher rate for the work. This would be made clear to the client before we take on the case and also confirmed in our initial client care letter.
Our hourly rate for a partner is £350 an hour, the associate is £300 an hour, junior solicitor is £250 an hour and £175 per hour for a trainee.
In a leasehold transaction, the fee varies between £1500 - £2500 depending again on work involved. If the work is between 5/6 hours of our time then we end up charging the hourly rate as stated above.
This will be discussed with the client before we obtain instructions.
Our fees do not included local land charges which varies between £280 for full search and £319 for expedited search depending on the local authority. The fees increase every March.
Stamp duty is based on the value of the property. The registration fee paid the Land Registry, office copies entries, filing fee, registration of leaseholders interest, management pack, other disbursements made on behalf of the client are not included in our fees. They are separate and will paid by the client. Receipts will be provided for any of those items, and the cost will be confirmed at the time of instructions, and agreed by the client.
Where the information is not available, and subsequently brought to our attention, it will be passed onto the client and agreed. We will require payment on account of disbursements as well as half of our fees before we commence work. If for some reasons, the transaction is aborted a minimum of £1000 for our services where the time involved is more than 3 hours or hourly rate where the total time for the work carried out is less than 3 hours.
Our charges are subject to Vat currently 20% any of the disbursements made on behalf of the client attracts VAT, they will also be passed onto the client.
There are times when we may have to act for a foreign client, if this is the case, they will be liable for VAT as long as their property is based in the UK.
We cannot guarantee how long it will take to complete a transaction but we will use our best endeavour to carry out the transactions expeditiously.
The speed at which those transactions are carried out depends on several factors which may include the following:
Those are factors that need to be taken into account which may affect the progress of the transaction.
In most cases where we believe there are no factors likely to cause delay, we will be able to give an approximate time of completion.
We carry out the sale and purchase of the property, up to and including registration of the purchase at the Land Registry. We will also discharge the mortgage and deal with all the pre-contract enquiries as well as the post completion issues.
The Stamp Duty will be paid at completion. The completion as well as the stamp duty funds should be in our accounts before exchange of contract if not we will require a mortgage offer and certificate of title.
At the initial stage, we will carry out money laundering checks and ensure that the client’s true identity is verified.
Where the property is a large estate, we may charge a percentage as a fee, such will vary between 0.75 and 2% of the value of the estate.
We only carry out conveyancing transactions as far as our role is concerned and will not be dealing with providing financial services, insurance or any other services regulated by the FSA. We are not authorise to do such and will not be providing those services.
You may terminate instructions by post or email. A telephone call will have to be followed up by a written termination which will then be effective upon receipt.
Once we have started work we will be entitled to charge for the work carried if you cancellation took place. Our charges will then be calculated based on the time spent.
We are required by law to disclose to the serious national crime agency any suspicion, fraud or money laundering.
As solicitors we are also officers of the court and must not lead or be a party to criminal activity or fraud.
We will terminate the retainer where such activity is discovered.