Tel: 0203 319 3643

Fax: 0208 894 5300

info@mtuk.law

Emergency: 0750 625 5550

Services & Pricing

What Services are Included in our Pricing?

Regardless of the chosen fee arrangement, the services provided by MT UK are as follows:

Residential Purchase

  • Following the receipt of the signed client care letter and deposit, we can start work. We will contact the solicitors acting for the seller and ask them to send us a Contract Package. Once received, the searches would be ordered.
  • Following the receipt of the Contract Package and searches have returned, we shall study the details carefully and raise the preliminary enquiries.  If there are any defects revealed in the title deed, we shall raise the same.  We shall report to you our findings and the appropriate steps to reconcile any issue.
  • If the property you are purchasing is revealed to be unregistered, we shall inform yourselves and the requirements to register the same.
  • You may receive a copy of the property information form together with a fixtures and fittings form.
  • No sooner the mortgage offer is received, we will contact you.
  • Once we have received the appropriate responses to the enquiries raised, we shall report to yourself and provide information of the property you are purchasing to see if you’re happy to proceed.
  • If you’re happy to proceed, we will then forward the Contract and the Mortgage Documents to sign. You may be required to pay the property deposit (the difference between your mortgage and purchase price – usually 10% of the purchase price).
  • Once in possession of the signed Contract, mortgage offer and cleared funds for your deposit we will notify the seller’s solicitor that we are ready to “Exchange”. We will ask you to suggest a moving date that is convenient to you and acceptable to the seller.
  • When the seller is ready, and the moving date is agreed we will “Exchange Contracts”. At this point the sale is legally confirmed and binding on both parties.
  • Between Exchange of Contracts and “Completion”, final searches will be carried out, a completion statement will be sent, you will be asked to pay any balance due and apply for your mortgage money. Please note we will request money from your lender on the working day before due Completion and interest may therefore be charged by your lender from that date. By signing our Client Care Letter, you agree that interest will not be payable by MT UK to you in respect to monies held on your behalf.
  • On Completion day we will transmit the Completion funds to the seller’s solicitors by CHAPS transfer. When this is received by the seller’s solicitors, they are then to authorise the seller or estate agent to release the keys to you.

Following the Completion, whether your property is registered or unregistered, we will deal with Registration of your Title with Land Registry and pay Stamp Duty to the Inland Revenue (if any) and serve Notice of Assignment on the Landlord’s solicitors (if any).  This completes the conveyancing process.

Residential Sale

  • Following receipt of the signed client care letter, money on account and completed property information forms – we will start the work. We will contact the solicitors acting for the buyer and send a Contract Package.  If the property is unregistered, then we will request you to provide us with any documents related to the property.  If you do not hold any of the documents, we will require the name of the solicitors who acted on the purchase of your property and see if they hold the same.
  • The buyer’s solicitor may raise “preliminary enquiries” to which we shall respond. We will forward you copy of any enquiries to which you shall reply.
  • No sooner the buyers give an indication that they are ready to “Exchange”, we will report to you and request an up to date redemption statement from your lender.
  • Once  we receive the signed contract, and having carefully studied it, we will forward the Contract for you to sign.
  • When we are in possession of the signed Contract and redemption statement, we will notify the buyer’s solicitor that we are ready to “Exchange”. We will ask you to suggest a moving date that is convenient to you and acceptable to the buyer.
  • Between “Exchange of Contracts” and “Completion”, we will send you a “Completion Statement” and Transfer Document which you must sign and return before the Completion.
  • On Completion day we will receive the Completion money from the buyer’s solicitors. When this arrives, we authorise you or your estate agent to release the keys to the buyer.
  • After Completion we will deal with the redemption of your mortgage and send you the net sale proceeds.

Residential Re-mortgage

  • Following receipt of the signed client care letter and money on account to carry out the search, we can start the work.
  • We ask the title deeds and mortgage redemption statement from your lender.
  • No sooner we receive the mortgage offer from your new lender we will then advise you of any conditions/requirements attached to the offer.
  • Having checked all the details, we will request you to sign the mortgage deed and apply for advance monies from your lender one working day prior to the agreed “Completion date”.
  • On Completion, we redeem your current mortgage and your new mortgage is completed.
  • After completion, we will lodge the title documentation with the land registry and forward the deeds to the lender and report to you with the copies.

Approximate Timescales (Residential Conveyancing)

It is difficult to be precise about the time scale for this type of work due to the number of variables involved. However, based on our experience, typically these types of transactions can take 8 weeks plus for a residential sale or purchase and anywhere up to 4 weeks plus for a residential re-mortgage.

Our Residential Conveyancing Pricing

Category of Costs: Agreed/Fixed Costs

Costs: Average from £2,000.00

Our fees cover all of the work* required to complete your related matter above.

(All quoted figures exclude VAT unless specifically stated)

Who will carry out the work:

  • Solicitor/Director assisted by a Paralegal
  • All work supervised by the concerned Director

Costs quoted do not include:

Third Party Disbursements

All third party disbursements including stamp duty will be additional. Value Added Tax (VAT), at a prevailing rate will be added to each fee note.

Purchase

The regular third party disbursements in any Residential Purchase are as follows:

Local Authority Search  – £50.00 – £200.00 (Variable on location of property)

Drainage & Water Search – £50.00 – £150.00 (Variable on location of property)

Landmark Envirosearch – £50.00 – £100.00 (Variable on location of property)

ChancelCheck – £20.00 – £50.00 (Variable on location of property)

Anti-Money Laundering Search – £7.20 per person

Bankruptcy Search (K17) – £2.00 per person

Priority Period Protection (OS1) – £3.00

Bank Charges – £15.00 per transaction

Stamp Duty Land Tax – Variable on value of property.  You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.

Land Registry Registration Fee – Variable on value of property

There may be further disbursements which may be incurred which we cannot anticipate until the results of the above mentioned searches.

Sale

The regular third party disbursements in any Residential Sale are as follows:

Official Copy of Title Deeds – £3.00 per document

Anti-Money Laundering Search – £7.20 per person

Bankruptcy Search (K17) – £2.00 per person

Bank Charges – £15.00 per transaction

Redemption of any mortgage on the property – Variable

There may be further disbursements which may be incurred which we cannot anticipate until the results of the above mentioned searches.

Re-Mortgage

The regular third party disbursements in any Residential Re-Mortgage are as follows:

Official Copy of Title Deeds – £3.00 per document

Local Authority Search  – £50.00 – £200.00 (Variable on location of property)

Drainage & Water Search – £50.00 – £150.00 (Variable on location of property)

Landmark Envirosearch – £50.00 – £100.00 (Variable on location of property)

ChancelCheck – £20.00 – £50.00 (Variable on location of property)

Anti-Money Laundering Search – £7.20 per person

Bankruptcy Search (K17) – £2.00 per person

Priority Period Protection (OS1) – £3.00

Bank Charges – £15.00 per transaction

Land Registry Registration Fee – Variable on value of the property

There may be further disbursements which may be incurred which we cannot anticipate until the results of the above mentioned searches.

 *Our fee assumes that:

  1. This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction.
  2. The property you are purchasing is registered at HM Land Registry.
  3. If leasehold, this is the assignment of an existing lease and is not the grant of a new lease
  4. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.

THE BITTERNESS OF POOR QUALITY REMAINS AFTER THE SWEETNESS OF LOW PRICE IS FORGOTTEN!