Conveyancing (Residential & Commercial)
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Navigate Property Deals with Confidence: MT UK's Expert Conveyancing Services (Residential & Commercial)
Overview
THE BITTERNESS OF POOR QUALITY REMAINS AFTER THE SWEETNESS OF LOW PRICE IS FORGOTTEN!
Excellent legal advice and service from team MT UK specialising in conveyancing and private client delivering an amazing client experience.
The Conveyancing Team offers a highly professional conveyancing service designed to make the process of buying or selling your personal property and or commercial property advising on a range of complex commercial property matters anywhere in the UK as efficient and stress-free as can be. With over 30 years of experience behind the solicitor heading the Conveyancing Department, we have developed efficient ways of delivering quality services in this field.
A transparent pricing structure and a commitment to a no-move-no-fee service give you confidence and certainty at a time when you need it most. Our continuing commitment to excellence drives innovative means of keeping you informed: emails and progress updates at key stages of the transaction and extended operating hours seven days a week
MT UK’s conveyancing solicitors are accredited under the Law Society’s Conveyancing Quality Scheme. The conveyancing service provided by our Private Client Practice maintains the same high standards corporate clients have come to expect of MT UK.
So if you are looking for quality and affordable Conveyancing with premium service, come to the right people – Team MT UK Conveyancing Department.
On the Side Menu Bar are our list of services we provide in Conveyancing.
RESIDENTIAL CONVEYANCING SERVICES
BUYING A HOUSE
Efficient, dependable and reliable legal and conveyancing services coupled with expert advice when you are buying a house, flat or any other property.
For most of us buying a house or a flat is the single biggest financial outlay we will ever make, so it is no wonder that the process is often described as being one of the most stressful things in life – up there with marriage, childbirth, redundancy and bereavement according to some studies.
We do our utmost to keep stress and anxiety to a minimal with your best interests at heart throughout the transaction process. You will be handled with care and skill with your own dedicated case worker and supervising conveyancer responsible for progressing your purchase as quickly as possible and proactively keeping you advised of progress at all times.
We can accept your instructions for buying a property over the phone, online or through the post so you do not need to suffer the inconvenience of taking time out to come and see us. Our service is intensely personal and delivered using the latest modern communications technologies so we are available and on-hand when you need us.
We understand your needs and endeavour to keep you informed and up-to-date with the progress of your transaction and that is why our proactive team will always communicate to keep you informed so that you can make the necessary arrangements. You will receive emails, phone calls and letters explaining and updating you on the progress of your transaction.
You will want certainty and confidence when it comes to your transactions. That is why, Team MT UK Conveyancing Department focus on exchanging contracts between parties as soon and as confidently as possible. Under England and Wales property law, until contracts are exchanged either party can change their minds and the whole deal can fall through. Upon exchange of contracts between parties, you can be rest assured that you can safely and securely move into your new home.
Team MT UK (Conveyancing Department) is there to provide you efficient, dependable and reliable conveyancing services coupled with expert advice when you are buying residential premises.
RESIDENTIAL CONVEYANCING SERVICES
SELLING A HOUSE
Perhaps selling a house is a big deal for most people and it involves sums that are usually in reference to purchase another home. At MT UK, we understand that, as time is precious, you would want to ensure the sale of your property is timely, robust and effective to your benefit. The sale of your property should be without fuss or hassle.
Team MT UK (Conveyancing Department) will provide you that expert assistance in selling your house.
Efficient Selling
MT UK understands that selling a house can be a pressure situation and it can be stressful having to deal with various chains of communication. At MT UK, we are here to ensure that communication with us is streamlined and smooth. With the growth of modern technology, you need not necessarily need to arrange time off to come and see us. Therefore, we aim to keep you regularly updated through email, phone and post.
Contracts
Safety, security and confidence is what one thinks when they sign a contract off which sells their property. Under the current law, until contracts are exchanged either party can still change their mind and the deal can fall through. As such, we are committed to progressing your sale to exchange of contracts as smoothly, quickly and efficiently as possible. This will give you the certainty you deserve and you will be legally protected. Upon exchange, the parties are committed.
RESIDENTIAL CONVEYANCING SERVICES
SHARED OWNERSHIP HOUSING
Many people find it difficult to raise a mortgage to buy a property outright given larger deposits demanded by lenders and a still high price for properties in some parts of the UK. To help alleviate this, a succession of affordable housing schemes have been set up by successive governments. Intended to encourage people to own their own home through shared ownership (also known as shared equity). Such initiatives allow people to buy a share of a property now, with the option to purchase the remaining share when their finances allow and own the property outright. In the meanwhile, they enjoy all the benefits of home ownership without the crippling mortgage repayments required to buy outright.
Very recent government-backed affordable housing shared ownership scheme is called New Build HomeBuy. The eligibility criteria under this scheme include all key workers, existing social housing tenants and those in priority housing need.
To ascertain whether you fall into the criteria of a key worker, you should contact your local HomeBuy Agent. In general terms a key worker is anyone in a job considered to be essential to their community, but who does not earn enough to afford to buy a property in the community in which they provide those vital services and this could include police, fire and prison officers, nurses, midwives, occupational therapists or social workers and members of the armed forces in the lower, non-commissioned ranks.
Having satisfied the eligibility criteria, you can initially buy 25%, 50% or 75% of the property value with the benefit of mortgage finance. The outstanding share is then rented from a registered social landlord – typically a housing association or local authority – for an affordable rent. You can buy additional shares (known as ‘staircasing’) until eventually you own the property outright. The proportionate cost of those additional shares will be determined by the market value of the property at the time you decide to buy and the number of additional shares you wish to purchase.
If you decide to sell your shared ownership in the property there is generally a requirement to offer it to another household nominated by your landlord (the council or housing association) for the agreed market rent. If you have fully ‘staircased’ your property and now own 100%, you should be free to sell it like any private property owner. The selling price is not fixed by your landlord and the property is sold at market value, so you will benefit from any equity built up on the share you do own.
Staircasing is the conveyancing term for increasing the share of your equity interest in a property which you hold an equitable interest typically in a leasehold flat or house where the freeholder is a housing association or equivalent registered social landlord.
Team MT UK (Conveyancing Department) shall provide you expert legal advice and assistance on the complex shared ownership and shared equity house purchase.
RESIDENTIAL CONVEYANCING SERVICES
REMORTGAGING YOUR PROPERTY
How Does It Work?
You will need to apply for a loan with your new chosen lender – either directly to the lender or via a mortgage broker.
Once your mortgage in principle has been agreed (or earlier if you want to save time later) you will need to appoint a solicitor to:
- CHECK the title to the property, to ensure it meets your new lender’s requirements;
- UNDERTAKE a local authority search, or organise search indemnity insurance;
- LEASEHOLD property, you need to obtain relevant information from the freeholder and any management company who deal with service charges;
- REPAY the existing loan with your current lender, using the money released by your new lender (and any extra that you may be adding in, if you are reducing your borrowing); and
- TIME – it may take between 4-8 weeks for the process to complete.
Cost Of Remortgaging
The cost of remortgaging is based on a variety of factors however, the most typical are:
- Solicitor’s fees;
- Land Registry fees;
- Repayment of your existing loan;
- Arrangement fees with your new provider (if applicable); and
- Cost of property valuation
Is A Solicitor Required?
The simple answer is “yes” as your current and new lenders will insist on it.
MT UK is on the panels of an array of mortgage lenders, so Team MT UK (Conveyancing Department) can help.
RESIDENTIAL CONVEYANCING SERVICES
EQUITY RELEASE
What Is Equity Release?
Equity release is a product that allows homeowners to release lump sums of equity/capital tied up in their property to supplement their income. Statistics have shown that equity release is popular particularly with retired people due to falling pension annuities/income and perhaps, low saving returns.
Whereas there are different schemes available in the market, however, popular ones are: Life Time Mortgages or Home Reversion Plan.
We strongly recommend to seek financial advice from an Independent Financial Advisor (IFA) when planning to embark on any equity release product. When you decide to proceed, ensure you get expert legal advice to check that the scheme you have opted for is in you best interest.
You can make yourself additionally safe by dealing only with providers that are members of SHIP (Safe Home Income Plans). This is a trade body set up by providers of equity release plans which has its own stringent code of conduct that is much tighter than the Financial Services Authority (FSA) regulations. SHIP members usually insist that you appoint your own solicitor to advise you independently on the loan conditions.
If you are considering equity release, it is really important that you receive expert legal and financial advice. Team MT UK Conveyancing Department can help you with handling the legal aspects of equity release and will make sure you understand all the terms and conditions. Also, Team MT UK (Conveyancing Department) shall spell out all the implications and other considerations for you.
RESIDENTIAL CONVEYANCING SERVICES
TRANSFER OF EQUITY
Your changing circumstances require that the legal ownership or status of a property must change. Undertaking such transfers of equity can be complex and it is important they are completed correctly. There are several situations in which property owners might wish to undertake transfers of equity including your marriage or divorce or reduce future inheritance tax liabilities or personal capital gains tax limits.
Tax And Stamp Duty
Undertaking transfers of equity may have tax implications for you and those involved. Some transfers will be considered a ‘gift’ or a ‘transaction at under value’. Depending on the value of a share in the property there may be stamp duty to pay, but some transfers of equity are exempt: for instance where a property is being transferred as a result of a court order following divorce proceedings. To check current stamp duty rates MT UK can advise you on whether you will have to pay stamp duty in your specific case.
Is A Solicitor Required?
The simple answer is “yes”.
Team MT UK (Conveyancing) – Department is here to help.
RESIDENTIAL CONVEYANCING SERVICES
SERVICES & PRICING
What Services are Included in our Pricing?
Regardless of the chosen fee arrangement, the services provided by MT UK are as follows:
- 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.
- 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.
- 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.
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
- 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
- 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:
- 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.
- The property you are purchasing is registered at HM Land Registry.
- If leasehold, this is the assignment of an existing lease and is not the grant of a new lease
- 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!
COMMERCIAL CONVEYANCING SERVICES
SYNOPSIS & PRICING
Synopsis
Team MT UK (Conveyancing Department), commercial conveyancers can provide efficient, dependable and reliable commercial conveyancing with expert advice that includes the following:
- Sale & Purchase of Freehold & Leasehold business premises
- Advising on commercial Leases
- Drafting and negotiating new Leases
- Assigning and Extension of Commercial Leases
- Advising on Commercial Leases, to be entered outside the protection of the Landlord & Tenant Act 1954
- Negotiating and assisting with obtaining the best rate of rent review
- Sale & Purchase of Business assets
- Planning Permission for change of use of the Commercial premises
- Alcohol Licensing for both consumption on/off the Premises
- Advising on the tenant’s right on the renewal of the business tenancy under the Landlord & Tenant Act 1954 and dealing with the Landlord and Tenant disputes in relation to commercial property
- Advising on the Landlords rights on the terms of the business tenancy including review and/or termination
- Advising on a broad range of commercial agreements including distribution supply outsourcing, sponsorship, franchising, landlord & joint ventures
Pricing
Our Commercial Conveyancing Quote
Our Commercial 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: £2,250.00 – £3,000.00 + VAT (20%)
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 (20%)
Solicitors – £340.00 + VAT (20%)
Trainee Solicitors – £250.00 + VAT (20%)
Paralegals – £190.00 + VAT (20%)
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!
Conveyancing (Residential & Commercial)
CONVEYANCING
>> Overview
RESIDENTIAL CONVEYANCING SERVICES
>> Buying A House
>> Selling A House
>> Shared Ownership Housing
>> Remortgaging Your Property
>> Equity Release
>> Transfer of Equity
>> Services & Pricing
COMMERCIAL CONVEYANCING SERVICES
>> Synopsis & Pricing
Team MT UK (Conveyancing Department)
K. J. S. Sohal
SENIOR SOLICITOR/DIRECTOR
Buddika Kadurugamuwa
SOLICITOR
Hamza Tramboo
SOLICITOR/DIRECTOR
Get In Touch
Reach out to us today and let’s discuss how MT UK Solicitors can assist you with your legal needs.
