Tel: 0203 319 3643

Fax: 0208 894 5300

info@mtuk.law

Emergency: 0750 625 5550

Pricing

What Is included In Our Pricing?

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. At this stage searches would be carried out.
  • Following the receipt of the Contract Package, we will check the details carefully and raise the preliminary enquiries.
  • You may receive a copy of the property information form together with a fixtures and fittings form.
  • No sooner the searches and mortgage offer are received, we will contact you.
  • 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 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.
  • 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 anywhere between 4 – 8 weeks for a residential sale or purchase and anywhere up to 4-8 weeks for a residential re-mortgage.

Our Residential Conveyancing Quote

Our Residential Conveyancing matters are conducted on a Fixed Fee basis to ensure our clients are aware of the costs involved. Costs listed below are for your guidance only that may change depending on the complexity of the matter. Indeed, MT UK will keep you updated with a new Fixed Fee,

Estimate: £2000.00 – £2500.00

The above estimate takes into consideration: Purchase/Sale Price; Tenure; Location; Number of Sellers/Buyers; Buy to Let/Second Home; Shared Ownership; and Taking Mortgage/Re-mortgage/Redeem Mortgage.

Our clients are at liberty to choose to instruct MT UK to conduct the matter on hourly rate basis for which we will endeavour to give an estimate that may be in line with the above quote.

MT UK hourly rates are as listed below:

Directors – £375.00 + VAT
Solicitors – £340.00 + VAT
Trainee Solicitors – £250.00 + VAT
Paralegals – £190.00 + VAT

Third Party Disbursements

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

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

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