We would not be lawyers if we did not have terms and conditions but we have tried to make them straightforward and easy to understand but if you are unsure of anything contact us.
All our quotes are based upon standard residential transactions by individuals and companies (although company transactions with finance may invariably incur further charges as noted below). They exclude therefore properties that will be sold with a tenant in situ, shared ownership and commercial properties.
If the purchase involves mortgage funding our quote is based upon us acting for the bank in accordance with UK Finance / CML Lenders Handbook / BSA instructions. If your lender has outside solicitors acting a further charge may apply depending on their requirements.
If the matter becomes abortive part way through the transaction we will charge proportionately and fairly based on the time spent/stage the matter has reached.
Whilst we accept the majority of instructions we always reserve the right to refuse instructions at our discretion. All other offers, discounts or special terms are excluded from our on line quotes.
The figures quoted include :
Unlike some conveyancers our quote includes all the following costs and expenses:
We do not impose additional fees or charges without your consent. If we believe that a matter falls outside the scope of our initial instructions (for example if upon receipt of draft documents we discover the matter is not standard) we will inform you of the difficulty and any additional charge. If this cannot be agreed with you we will stop acting.
Naturally some limitations apply to our fixed fee service and some transactions may attract additional fees, disbursements or third party charges and the main examples of these are given below. We can assure you that where third party charges are made we will pass the cost on as charged without any mark-up. Below are the most common examples of things that can increase the cost of moving:
All companies pay the additional charge on residential property no matter how many properties are purchased.
For individuals normally we can tell if you are liable for the additional 3% rate of stamp duty by asking two questions –
1. Will the purchase of the property result in you (or your spouse (if any)) owning a share* in two or more residential properties?
If the answer is NO there is no additional duty. You do not need to answer question 2.
If YES then you need to answer question 2.
2. Is the property being purchased replacing your main residence (where you live) which you either are selling at the same time or have sold in the past**?
If the response to Question 2 is YES then there is no additional duty
If the answer is NO an additional 3% duty is payable on the purchase price.
* some shares in residential property are exempt. They are shares worth less than £40,000; or shares in a property inherited within the last three years which represents less than 50% of the value of the property (including any share held by your spouse (if any)); or ownership of static caravans, mobile homes or houseboats; or shares in residential property outside England Wales and Northern Ireland.
** If you are buying a new main residence and selling your existing one there will not be a charge to higher rate duty provided you sell before you buy. If you buy a property even a day before the sale then you are required to pay the additional 3% duty and then claim back the additional duty when the sale completes (provided you sell within 3 years). The reclaim process can take around 3 weeks.
This is a complex area so contact us for further advice if you are uncertain of your position.
A first time buyer is defined as an individual who have never owned an interest in a residential property in the United Kingdom or anywhere else in the world and who intends to occupy the property as their main residence. For this relief to apply all purchasers must qualify.
First time buyers paying £300,000 or less for a residential property will pay no Stamp Duty Land Tax (SDLT). For properties between £300,000 and £500,000 there will be in effect a £5,000 reduction from standard rates.
First time buyers purchasing property for more than £500,000 will not be entitled to any relief and will pay SDLT at the normal rates.
You will normally pay the legal costs and the rest of the payments when your purchase/sale is completed.
When you instruct us on a purchase, we will collect a small payment of £300 to cover immediate costs such as searches.
When you instruct us on a sale we will not usually require any payment on account unless you are selling a leasehold property where we need to obtain the "leasehold information pack”
All payments on account will be deducted from your total bill.
We will also send you statements as the matter progresses so you can keep track of the financial side.
In accordance with our professional rules we are obliged to inform you about any referral arrangements we have with third parties for example estate agents or mortgage brokers. Whilst it is unlikely that this quote was obtained via this type of source if it was and if there is a financial or equivalent arrangement we will disclose it to you. We must also make it clear that anyone who refers work to us will not affect our professional approach to your transaction. In particular:
If you want to find out more about referral fees we publish a short guide on our website www.ker.co.uk/policies.html.
Kenneth Elliott & Rowe Limited trading as kenneth elliott + rowe solicitors
Registered Office: Enterprise House 18 Eastern Road Romford Essex RM1 3PJ Company number: 02285607
Regulated by the Solicitors Regulation Authority SRA number: 647165