We can make matters easier for you by taking the pressure off and using the skills of our team to take you through the whole transaction smoothly.
What work will you do for us?
On a sale we will:
- Make contact with your buyer’s conveyancer and set the ball rolling
- Order a copy of the registered title and boundary plans
- Prepare a draft contract of sale
- Deal with enquiries from your buyers about:
- The property itself
- the title
- Any separate arrangements agreed between you for items such as carpets, curtains, fixtures and fittings etc.
- Liaise with you and others if necessary to answer the enquiries raised.
- Make contact with any third parties who have provided you with a mortgage, including second mortgages to make arrangements for these to be repaid on completion.
- settle with your buyer’s conveyancers and yourselves key dates, for exchange of contracts and completion.
- Create a Financial Statement for you to show you how the transaction is structured
- Receive deposit funds when we exchange contracts and hold these in your name in our client account.
- Receive the balance of funds due on completion.
- Distribute the funds as you have instructed us to pay:
- Any outstanding balance on an existing mortgage or loan
- The estate agent’s fees
- Russell & Co’s fees
- Any outstanding third-party charges (disbursements)
- We then process the balance in accordance with your instructions, typically this could be:
- Putting the funds towards the purchase of a new house, or,
- Sending the money electronically to your bank.
On a purchase, we will:
- Receive the memorandum of sale from the seller’s estate agents giving us details of the terms you have agreed and who the seller’s conveyancer is.
- Receive a draft contract from the seller’s legal advisers and liaise with you to finalise the contract you will sign prior to exchange and completion.
- Carry out various relevant searches on the property which may affect the property itself, such as a local search, a drainage search and so on.
- Review the contract, the Seller’s title and Property Information and raise any further enquiries that are necessary.
- Review all information returned to us to make sure that the property you are buying is being sold by the person(s) who own it and they can give you good title to the property at the end of the process.
- Speak to you as we go along with updates and handle any further questions that arise from the information we receive.
- Calculate any additional charges that may be applicable, such as stamp duty land tax, Land Registry Title registration fees and compile a comprehensive financial statement which describes the transaction in detail for you.
- If applicable, liaise with a lender on your behalf if part of the purchase is being funded by a loan/mortgage.
- Recommend professional building surveyors to you to carry out either a lenders survey or a full survey on your behalf
- If anything requires an insurance policy to protect against future loss, to source those for you.
- Agree the timetable to exchange and completion with all parties.
- Handle the finances throughout the transaction on your behalf, ensuring that we have the necessary funds in place to settle:
- Any deposits payable
- The costs for searches and other documents which we need to finalise the terms of the purchase for you.
- The money due to the sellers at completion
- Registration fees payable to Land Registry
- Any Stamp Duty due
- Russell & Co’s fees
- Any insurance policies we need to protect you against risk.
- Liaise with the seller’s conveyancer to confirm that the completion has happened and where to collect the keys to your new home.
How long does it take?
It is best to explain how a simple purchase would proceed assuming that the value of the purchase is and structure of the estate is straightforward and the distribution of the funds is simple.
In this scenario we are thinking about the sale of a property for £250,000 with no mortgage to settle. We are assuming that the enquiries from the buyers are straightforward and there is no chain of transactions. Typically delays occur when there is a chain of transactions which depend on each other, each link will involve enquiries and discussions about the detail of each transaction and this can inevitably cause delays which are out of our control.
We normally expect a straightforward sale like this, without a mortgage or a chain, to complete in about 6 to 8 weeks.
How much will it cost?
The sale of a property:
- Priced at £250,000
- With Registered Title
- No mortgage to redeem
- No chain involved.
Russell & Co Fees start from £800.00 plus VAT
Typically, there are only a few additional fees (known as disbursements) applicable to a sale as follows:
- Office copies - These are the charges made by the Land Registry
- Telegraphic Transfer Fee - the charge made by the bank to transfer the proceeds on completion.
The cost of purchasing a property:
- for £250,000
- With Registered Title
- No mortgage involved
- no chain involved.
Russell & Co Fees start from £800.00 plus VAT
- Stamp Duty – £2,500.00. This will be a different amount if you qualify as a first time buyer or if the higher rates apply because you are buying an additional property (see link: https://www.gov.uk/stamp-duty-land-tax)
- Land Registry registration fee - £135.00
- Telegraphic transfer fee to send purchase price - £21.00 inclusive of VAT
- Searches at £277.00 to include
- 1.1 Local authority
- 1.2 Water authority
- 1.3 Development Assessment report
- Final Land Registry and Bankruptcy searches - £3 per Land Registry search and £2 per person for a bankruptcy search.
Beware of hidden extras:
You may well see quotes from other providers with a “headline” price that appears to be cheaper but which, on closer scrutiny, will commit you to additional charges for work which we include as standard.
This often applies to things such as the arrangement of a bank transfer, the repayment of your mortgage on a sale, file and deeds storage and the submission of HMRC returns (for the payment of stamp duty on a purchase). This can add hundreds of pounds to the cost of your transaction!
Using a regulated firm which is quality assured provides you with ultimate peace of mind.
You can see above that the conveyancing team is extremely experienced and the support our legal advisers have is second to none.
The benefits of using Russell & Co, in addition to the professionalism, skill and experience they bring are that we:
- hold a current Conveyancing Quality Scheme award
- have just passed our latest Lexcel Quality Mark standard audit which demonstrates excellence as a firm.
- carry a limit of £3,000,000.00 professional indemnity insurance for each and every claim, although we haven’t had any claims for years.
- Hold current panel membership with 50 UK based lenders including all the largest lenders in the Country.
What is the fastest way for us to find out what our own transaction will cost?
Please call in for a comprehensive quote to look after you, we have colleagues on hand to note the specific elements of your purchase, sale or lease and we will quickly give you our fixed quote over the phone and follow that up in writing either via email or by post.
Who will look after us?
We are very proud of the team of legal advisers we have here to assist clients with the sale, purchase or re-mortgage of their properties. Each year the team assists in about 550 residential transactions for our clients, helping a wide range of clients stretching from first time buyers right through to professional property owners who maintain a portfolio of properties for rent.
Gemma qualified as a solicitor in 2010 and since that time has specialised in residential conveyancing. Having spent 12 years working in Herefordshire she joined Russell & Co in May 2021. Her secretary is Jodie Baldwin.
Gemma is an experienced residential conveyancing solicitor, dealing with both freehold and leasehold properties and can assist with the following;
- Transfers of equity
- First registrations
Julie joined the firm in 2021 as a Solicitor in the Property Department specialising in residential conveyancing. She has been working in this area of the law since 1999 with much of this time spent working for a long established firm in nearby Ledbury. Julie is assisted by Lianne Curtis.
Julie has experience in a wide range of residential property transactions including sales and purchases of freehold and leasehold property, re-mortgages, transfers of equity as well as more unusual work such as applications for adverse possession and registrations where title deeds have been lost.
Chris joined the firm recently as Senior Commercial Property Locum.
He has extensive experience in commercial transactions, major property and airport regeneration projects and local authority planning matters. He spent some years conducting substantial civil litigation cases on behalf of clients including a UK clearing bank. He has assisted members of the farming community with leases, licences, sales, purchases and with practical cost-effective advice when disputes have arisen.