Property Law
Residential Property
Conveyancing is the legal process of transferring ownership of property from one party to another. So, if you are buying or selling a residential property or even re-mortgaging, you will need a conveyancing solicitor to assist you with the process, which we can help with.
It is not possible to predict the timing of any transaction as there are different variables involved, many of which are outside of our control and involve, for example, the co-operation of the other party (i.e. the buyer or seller), third parties (i.e. banks / lenders) and the results of searches which then result in further due diligence regarding the property. We would aim to keep you updated on timings as the transaction progresses, however, as a general estimate for a straightforward transaction we might expect three months for a sale or purchase and one month for a re-mortgage.
We have set out more specific estimates within the guides (below) regarding each transaction.
We charge our fees on an hourly basis plus VAT. The hourly rate depends on the team member, but the rates range between £310 – £370 & VAT per hour. More information regarding the likely costs for a transaction can found within the specific guides (below).
There are three members of our team who may work on your matter and, whoever does so, your matter will be supervised by a Partner.
Helen Lucas, Partner
Helen spent several years as a real estate lawyer at leading international law firm Allen & Overy LLP, before joining property and private client specialists Boodle Hatfield LLP. In 2015, she then joined Ignition Law, where she made partner and now heads up the firm’s experienced real estate team.
Her practice includes all aspects of commercial real estate including leases, licences, property sales and purchases, development, real estate finance, property aspects of corporate transactions and advisory work. Residential experience includes strategic advice to investors regarding the purchase of residential property and re-mortgage transactions. A specific recent matter Helen has worked on includes acting for multiple high net worth investors on the purchase of a series of luxury short stay units adjacent to Silverstone race track which are currently under development.
Catherine Campbell Barnard, Consultant
Cath Campbell-Barnard is a real estate lawyer with more than a decade of experience working in private practice at CMS and Speechly Bircham (now Charles Russell Speechlys) and over 5 years of experience managing Farrow & Ball’s growing retail property and intellectual property portfolios. Her experience covers all aspects of real estate law, including leases for a wide range of premises, occupation licences (including for co-sharing spaces), freehold and leasehold sales and transfers, property finance, property development, and advising on the property aspects of corporate deals.
Lauren O’Sullivan – Senior Consultant
Lauren O’Sullivan, our property dispute resolution expert, accumulated 10 years’ experience working in private practice at Pinsent Masons, before leaving to join the Ignition team. Lauren has a broad range of experience, from supporting large institutional landlords with the management of their property portfolios, to advising tenant start-ups across a variety of sectors. Residential experience includes strategic advice to investors regarding the purchase of residential property.
Purchasing a residential property
Matters can arise during the course of the transaction which could not have been anticipated at the outset which means that there is always a degree of uncertainty and there are numerous variables that we are not within our control. We will aim to update you as soon as we become aware of any reason for our initial estimate to be exceeded. We discuss each transaction with our clients at the outset in order to scope out the work we anticipate we will be required to undertake.
Stages of the Transaction
A typical transaction will involve:- Carrying out the anti-money laundering checks as required by law
- Reviewing the contract documentation
- Submitting searches and considering the results Preparing a list of questions to be put to the seller arising out of the documentation provided (“additional enquiries”)
- Preparing a list of questions to be put to the landlord/managing agent (if applicable)
- Providing you with a report on the title to the property
- Negotiating the draft contract prepared by the seller's solicitor and reporting on the contract terms
- Considering the mortgage lender's instructions (if applicable) and going through the conditions of the mortgage offer
- Reporting on the contract and sending the final contract to you for signature
- Agree completion date
- Receiving the deposit from you and obtaining authority to exchange, exchanging contracts with the seller's solicitor and paying over the deposit
- Drafting the Land Registry transfer and carrying out pre-completion searches
- Reporting to the lender and requesting the mortgage funds in accordance with the lender's requirements (if applicable)
- Preparing a financial statement setting out the balance required to complete
- Completing the relevant Stamp Duty Land Tax forms
- Obtaining the mortgage funds from the lender (if applicable)
- Completing the purchase
- Submitting the relevant Stamp Duty Land Tax Return to HMRC
- Dealing with registration of the purchase at the Land Registry and serving notice of transfer/charge on the landlord/managing agent (if applicable)
| Property Value | Lower Range | Upper Range |
|---|---|---|
| £0 – £1,500,000 | £2,250 | £6,000 |
| £1,500,000 - £3,000,000 | £6000 | £11,000 |
| £3,000,000 - £10,000,000 | £16,000+ |
What factors can influence the fees?
The fees set out in the table above could be affected by the following (this list is not exhaustive);
- Unregistered land
- Multiple titles
- Freehold or leasehold
- New build properties
- Purchase of part
- The outcome of the search results and need for further due diligence
- The complexity of the legal title and whether any work is required to remedy a defect in the legal title or otherwise satisfy a mortgage lender's requirements
- There is a short deadline for exchange/completion
- Conditionality in the contract
- Completion does not take place on the contractual completion date or there is another breach of the contract by either party
Additional charges will also apply if we are acting for your mortgage lender.
Our current hourly rates are between £310 – £370 & VAT depending on which solicitor is involved.
Expenses and additional charges Expenses and additional charges that you are likely to be required to pay include:
- Land Registry fees – you can calculate Land Registry fees using the HMLR website
- Landlord's notice fee
- Search fees – approximately £525 (plus VAT) which may increase depending on complexity, size and location of property being purchased
- Electronic Money Transfer fee
- Stamp Duty Land Tax - payable by you on completion will depend on the purchase price of your property and other factors such as whether or not you own any additional property or are buying the property in the name of a company rather than an individual or individuals. You can calculate the amount you will need to pay by using HMRC website
Selling a residential property
Matters can arise during the course of the transaction which could not have been anticipated at the outset which means that there is always a degree of uncertainty and there are numerous variables that we are not within our control. We will aim to update you as soon as we become aware of any reason for our initial estimate to be exceeded. We discuss each transaction with our clients at the outset in order to scope out the work we anticipate we will be required to undertake.
Stages of the Transaction
A typical transaction will involve:- Carrying out the anti-money laundering checks as required by law
- Obtaining replies to the standard Law Society information forms
- Obtaining management information from the landlord/managing agent (if applicable)
- Drafting the sale contract and sending it to the buyer's solicitor, together with the legal title of the property and any other relevant information
- Dealing with enquiries raised by the buyer's solicitor
- Negotiating the terms of the contract
- Providing a full report on the contract and sending the final contract to you for signature
- Exchanging contracts with the buyer's solicitor and receiving the buyer's deposit
- Obtaining a redemption statement from the lender confirming the amount to be repaid on completion of the sale (if applicable)
- Approving the Land Registry transfer documentation and arranging for it to be signed
- Preparing a financial statement showing the net sale proceeds
- Receiving the money for the sale from the buyer's solicitor and confirming to all parties when completion has taken place
- Redeeming the mortgage by bank transfer and obtaining evidence of repayment (if applicable)
- Sending the completion documents to the buyer's solicitor, paying the estate agent's commission and transferring the sale proceeds to you
| Property Value | Lower Range | Upper Range |
|---|---|---|
| £0 – £1,500,000 | £2,250 | £5,500 |
| £1,500,000 - £3,000,000 | £5,500 | £10,000 |
| £3,000,000 - £10,000,000 | £10,000 | £14,500+ |
What factors can influence the fees?
The fees set out in the table above could be affected by the following (this list is not exhaustive);
- Unregistered land
- Multiple titles
- Freehold or leasehold
- New build properties
- Sale of part
- Mortgage to redeem (or more than one)
- Further due diligence requests of the purchaser
- Consent to the sale is required from a third party
- The complexity of the legal title and whether any work is required to remedy a defect in the legal title
- There is a short deadline for exchange/completion
- Conditionality in the contract
- Completion does not take place on the contractual completion date or there is another breach of the contract by either party
Our current hourly rates are between £310 – £370 & VAT depending on which solicitor is involved.
Expenses and additional charges Expenses and additional charges that you are likely to be required to pay include:
- Land Registry fee for official copy entries £6
- Electronic Money Transfer fee
- Fees for Landlord’s Licence to Assign (leasehold properties only)
- Energy Performance Certificate
Remortgaging a residential property
Matters can arise during the course of the transaction which could not have been anticipated at the outset which means that there is always a degree of uncertainty and there are numerous variables that we are not within our control. We will aim to update you as soon as we become aware of any reason for our initial estimate to be exceeded. We discuss each transaction with our clients at the outset in order to scope out the work we anticipate we will be required to undertake.
What’s Involved?
The amount of time spent on each stage of the process will depend on the complexity of the remortgage.A typical transaction will involve:
- Carrying out the anti-money laundering checks as required by law
- Submitting searches and considering the results and obtaining search insurance if permitted by the lender
- Submitting enquiries to the landlord/managing agent (if applicable)
- Reviewing title to the property and all relevant documentation
- Reviewing the new lender's mortgage instructions and ensuring compliance with its requirements
- Explaining the terms of your new mortgage to you and arranging for the mortgage deed to be signed and witnessed
- Reporting to the lender on the property and requesting the mortgage funds
- Carrying out pre-completion searches
- Obtaining a redemption statement from the current lender
- Preparing a financial statement showing the re-mortgage proceeds
- Obtaining the mortgage money from the lender, repaying your current mortgage and accounting to you for the re-mortgage proceeds
- Registering the new mortgage at the Land Registry
- Dealing with the lender's standard post completion requirements, including serving notice of charge on the landlord/managing agent (if applicable)
| Property Value | Lower Range | Upper Range |
|---|---|---|
| £0 – £1,000,000 | £1,450 | £2,500 |
| £1,500,000 - £3,000,000 | £2,500 | £5,000+ |
What factors can influence the fees?
The fees set out in the table above could be affected by the following (this list is not exhaustive);
- Unregistered land
- Multiple titles
- Freehold or leasehold
- New build properties
- Mortgage of part
- The complexity of the legal title and whether any work is required to remedy a defect in the legal title or otherwise satisfy a mortgage lender's requirements
- There is a short deadline for completion
- Consent to the new mortgage is required from a third party
- The lender's instructions to us and its requirements are non-standard and/or the lender is offshore
Our current hourly rates are between £310 – £370 & VAT depending on which solicitor is involved.
Expenses and additional charges Expenses and additional charges that you are likely to be required to pay include:
- Land Registry fees - you can calculate Land Registry fees using the HMLR website
- Landlord's notice fee
- Search fees - approximately £525 (plus VAT) which may increase depending on complexity, size and location of property being purchased
- Electronic Money Transfer fee
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