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At Munro & Noble, Solicitors & Estate Agents, we aim to offer a friendly yet professional service to our clients.
Insofar as our fees are concerned, we would always advise that you should make contact with our offices to speak with a member of our Conveyancing Team. Upon establishing your requirements, we can then discuss the conveyancing process with you and provide you with an estimate for our services, tailored to your individual situation.
From time to time, we offer loyalty discounts i.e first time buyer discounts, discounts to clients who combine a conveyancing service with our estate agency service.
We have set out below an estimate of costs in relation to a range of conveyancing transactions. We have also set out what work is included and what work is not included in a standard conveyancing transaction. If additional costs arise due to unforeseen circumstances, we will discuss same with you at the earliest opportunity and we will advise you of any increase in price that may arise.
Depending on the nature and complexity of your transaction, the legal work undertaken by us may be completed by one or several members of our legal team. You will see details of our Conveyancing team on our website.
In the case of a purchase transaction, we have not included within the quotation/estimate the amount of Land and Building Tax or Additional Dwelling Supplement which may have to be paid to Revenue Scotland. This is because these sums can only be calculated properly once we know the exact purchase price of the property and whether you own any other properties making you liable to pay Additional Dwelling Supplement.
We must make it clear that we do not provide advice on tax issues but will process the payments which are due to Revenue Scotland on your behalf.
From time to time a situation may arise whereby you require us to undertake additional work which is not otherwise included as part of a standard conveyancing transaction. Please note that if any additional work is indeed required we will at that time either provide you with a fixed fee quote/price for the work required, or alternatively we may inform you that this should be changed on a time spent/hourly rate basis. For that purpose, we have set out hourly charging rates for each of our fee earners which would apply to any additional work not covered by the standard fee.
SALE OF A RESIDENTIAL PROPERTY
- Legal fee, from £950 + VAT (currently 20%) = £1140, dependent on sale price.
Subject to maximum of 0.5% of the sale price + VAT.
- Property Search fees, from £108.00 including VAT (but dependent upon the searches required and/or chosen).
- Registers of Scotland – fee for Advance Notice, £20 inc VAT
- Registers of Scotland – fee for Discharge, £80 inc VAT
- Electronic money transfer fee for transferring mortgage funds, £20 inc VAT
Estimated Total: £1368.00
Explanation of Outlays
Outlays are costs related to your matter that are payable to third parties such as Registers of Scotland and Search companies. We handle the payment of the outlays on your behalf to ensure a smoother process. You may be asked to pay for the outlays as they are incurred rather than at the end of the transaction.
Other common outlays which may be payable in addition to the above depending on your transaction:
- Environmental Search, £48 inc VAT
- Search continuation £40 inc VAT (depending on the searches required and/or chosen)
- Electronic money transfer fee (CHAPS) to your account, £20 inc VAT
- Copy Deeds, £30 per copy inc VAT
- Cost of Plans Report Enquiry, £102 inc VAT
- Cost of Plans Report, £102 inc VAT
- Cost of obtaining new Deed Plan, (from £120 inc VAT) depending on whether a site survey is required
Stages of the process
Please bear in mind that the steps involved in the sale of a residential property vary on a case by case basis. We have however endeavoured to set out below the work likely required as part of a standard transaction:
- Obtain an up to date mortgage redemption statement
- Request your Title Deeds from your Mortgage lender.
- Carry out a pre-sale examination of you Title Deeds.
- Obtain and review a copy of the Home Report.
- Provide you with advice upon the sale missives (contract).
- Carry out property searches as required.
- Obtain planning and building control documentation if required.
- Revise draft documents received from purchaser’s solicitors.
- Conclude the sale missive making the sale contract legally binding.
- Issue you with a completion statement showing how the proceeds of sale are to be allocated.
- Conclude sale
- Repay any mortgage and pay any outlays due.
- Prepare the discharge of security and submit this to Registers of Scotland.
- Pay any surplus funds due to you.
The standard fee will not include:
- Obtaining a Plans Report
- Resolving discrepancies disclosed in the Plans Report
- Obtaining and processing an indemnity policy where the documentation is defective or missing
- Obtaining a new plan of the property if required for land registration purposes
- Obtaining missing Local Authority consents or arranging for an independent assessment to be made regarding issues relating to Local Authority consents
- Checking documentation relating to the registration of the septic tank (if applicable)
- Obtaining and checking documentation required under the Crofting legislation if applicable
- Obtaining copies of missing Title Deeds
- Dealing with a right of pre-emption (where a previous owner has retained an option to buy back the property on sale)
PURCHASE OF A RESIDENTIAL PROPERTY
Fees and outlays
- Legal fee, from £950 + VAT (currently 20%) = £1140, dependent on purchase price.
Subject to maximum of 0.5% of the purchase price + VAT.
- Registers of Scotland – minimum fee for registering Title Deed, from £80 inc VAT (but dependent on purchase price)
- Registers of Scotland – fee for registering standard security, £80 inc VAT
- Electronic money transfer fee, £20 inc VAT
Estimated Total: £1320.00
Notes:
- Registration dues increase by increments of £120 in accordance with a set scale, so for example registration dues for a £250,000 property will be £530.
- Estimate excludes Government taxes (apart from VAT, from fees and outlays).
Explanation of Outlays
Outlays are costs related to your matter that we require to pay to third parties. This includes but is not limited to payments due to Registers of Scotland and Search companies. We are content to handle the payment of the outlays on your behalf to ensure a smoother process. From time to time we may request a payment from you in respect of outlays during the course of your transaction.
Other common outlays which may be payable in addition to the above depending on your transaction include but are not limited to:
- Copy Deeds, £30 inc VAT per copy
- Environmental Search, £48 inc VAT
- Search continuation, £30 inc VAT
- Company search, £57 inc VAT
- Minute of Agreement (Help to Buy), £10 inc VAT
- Ranking Agreement (Help to Buy), £80 inc VAT
- Fee for registering standard standard security £80 inc VAT
- Electronic money transfer fee to your account, £20 inc VAT
- Cost of obtaining a new Deed plan, from £120 inc VAT (depending on whether a site survey is required)
- Fee payable to Legal Marketing Serivces (LMS platform), £30 inc VAT
- Registers of Scotland – fee for Advance Notice, £20 inc VAT
- Fee for processing Help to Buy ISA, £60 inc VAT
- Fee for processing each gifted deposit £120 inc VAT
Stages of the process
Please bear in mind that the steps involved in the purchase of a residential property vary on a case by case basis. We have however endeavoured to set out below the work likely required as part of a standard transaction:
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- Obtain documentation from you in order to verify your identity in line with Anti-Money Laundering Regulations.
- Send you out our Letter of Engagement and Terms of Business for signature and return.
- Carry out required Anti Money Laundering checks.
- Take instructions from you as to your requirements and provide you with our initial advice as to how this can be achieved.
- Establish whether you require mortgage financing, and whether you have taken steps to obtain a mortgage.
- Carry out investigations into your source of funds and source of wealth. Please note that we are required by law to verify and have sight of documentation evidencing the source from which your purchase funds are originating.
- Obtain and review a copy of the Home Report relating to the purchase property.
- Note your interest in the property and assist you in negotiating the terms of your purchase.
- Prepare and lodge a formal written offer for you in respect of the property on your behalf.
- Receive missives (contract) from sellers’ Solicitor.
- Receive and advise you on the terms of the missives
- Receive your mortgage offer (if applicable).
- Carry out property searches as required (applicable to new properties)
- Receive planning and building control documentation and advise you as to same/
- Conclude the purchase missives making your purchase legally binding.
- Prepare your completion statement showing funds required to complete your purchase of the property.
- Conclude your purchase.
- Pay any LBBT or ADS to Revenue Scotland.
- Register you as the owner(s) of the property at Registers of Scotland, and report to you when the registration process has been completed.
The standard fee will not include:
- Processing documentation relating to a ‘gifted deposit’ or drafting a ‘gifted deposit’ letter for you.
- Obtaining or processing an indemnity policy where title documentation is defective or paperwork is ‘missing’.
- Obtaining a new plan of the property if required for plan registration purposes – or of the existing plan is not fit for purpose.
- Obtaining missing Local Authority consents or arranging for an independent assessment to be made regarding issues relating to Local Authority consents.
- Obtaining documentation required under Crofting Legislation if applicable.
- Obtaining copies of missing Title Deeds.
- Dealing with a right of pre-emption (where a previous owner has retained an option to buy back the property on sale).
- Resolution or the provision of legal advice in respect of any boundary discrepancies or dispute.
- Resolution of any issues regarding crofting tenure or tenancy of a croft.
- Obtaining and perusing any water analysis reports.
- Resolving issues regarding additional servitudes required for services.
- Reclaiming any Additional Dwelling Supplement on your behalf following the sale of a relevant property.
BESPOKE CONVEYANCING / PROPERTY MATTERS
We understand and appreciate that from time to time circumstances can arise whereby you may require a ‘bespoke’ piece of conveyancing to be undertaken. This could include, but not be limited to the requirement for a Deed of Pre-emption, a Deed of Excambion or a Deed of Servitude to be drafted.
For the drafting or preparation of such deeds and documents we often levy a fee on a time in line basis based upon the amount of work required to be undertaken to undertake the drafting required.
HOURLY RATE BASED UPON FEE EARNER
Below we have set out hourly charging rates for each of our fee earners. This figure is reviewed on 1 January each year. The hourly charge stated is exclusive of VAT which is charged at the applicable rate at the time (currently 20%). In addition 5% of the Work In Progress figure is added to the basic fee before VAT. This 5% charge is in respect of posts and incidental expenses.
Fee earner Hourly charging rate (exc VAT)
Partner £309.00 per hour
Senior Solicitor £256.00 per hour
Assistant Solicitor £236.00 per hour
Trainee Solicitor £204.00 per hour
Senior / Accredited Paralegal £204.00 per hour
Paralegal / Conveyancing Assistant £163.00 per hour
If you do have any queries about any of the information detailed above please do not hesitate to contact the office. Our Conveyancing Team would be happy to assist with any queries that you have..