Purchase of residential property
The Firm deals with transactions for clients buying a home, whether it be a flat, house, new-build property, or land to build upon. The work may involve:- communications and advice by the solicitor with the client, including obtaining Money Laundering and identification documentation, correspondence with estate agents and the seller’s solicitor, drawing up a range of documents including a formal legal offer and further missives, examination of title, inspection of searches and reports, drawing of a new title (disposition) and mortgage security where necessary, arranging settlement (completion) of the transaction, obtaining and managing the funds from both client and mortgage lender, completion of Anti Money Laundering procedures, submission of LBTT (Scottish Stamp Duty) return and making payment of tax where due to Revenue Scotland, registration of new title (and mortgage security where funding comes from a lender), reporting to client and lender after registration.
The fixed fee for this work may be £600 plus VAT £120.
Outlays are (for a transaction with a price of say £200,000 part-funded by a mortgage) £490 to Registers of Scotland for registration of the title, £70 for registration of the Standard Security deed in relation to the mortgage, £20 for Advance Notice for mortgage, electronic bank transfer £16, £1,100 (after 1/4/21) for LBTT (though less if the first purchase and more – payment of Additional Dwelling Supplement/ADS - if buying a second property). LBTT and title registration dues change on sliding scales according to the price of the property, so in the foregoing illustration, some of the outlays are not applicable if the property is a different price.
Sale of residential property
The Firm deals with transactions for clients selling a home, whether it be a flat, house, or land to build upon. The work may involve communication and advice by the solicitor with the client, correspondence with estate agents and the purchaser’s solicitor, drawing up a range of documents including obtaining Money Laundering and identification documentation, and formal legal acceptance of the buyer’s offer and further missives, provision of title, ordering of searches and reports, revising of a new title (disposition) and discharging mortgage security where necessary, arranging completion/settlement of the transaction, managing the funds from buyer’s lawyer and redeeming outstanding mortgage to the lender, registration of discharge where necessary, reporting to and settling with the client.
The fixed fee for this work may be £600 plus VAT £120.
Outlays are £70 for registration of the mortgage discharge, £20 for Advance Notice for title, approximately £201.80 for title, property and mining searches and electronic bank transfer fee of £16.
Remortgage of residential property
The Firm deals with transactions for clients who are remortgaging a home. The work may involve communication and advice by the solicitor with the client, examination of title, drawing up a range of documents, including a new mortgage security and a discharge of the old mortgage, ordering and inspection of searches and reports, obtaining and managing funds from the new mortgage lender, redeeming outstanding mortgage to the old lender, registration of discharge arranging completion/settlement of the transaction, registration of new mortgage security, reporting to client and lender after registration.
The fixed fee for this work may be £250 plus VAT £50.
Outlays are £70 for registration of the mortgage discharge, £70 for registration of the new mortgage security, £20 for Advance Notice for the security, approximately £201.80 for title, property and mining searches and £16 for telegraphic transfer fee.
Discharge of security
For those lucky enough to have paid off their mortgage, there is a legal /conveyancing process to update title deeds known as discharge of security. Security is the correct Scottish legal word for mortgage. The mortgage lender has a charge over the client’s title while the loan remains under repayment, and this can be removed once full redemption has been made and the bank or lender no longer has a claim over the property.
For a basic discharge of mortgage security the fee may be £150.00 plus VAT £30.
The outlay is a charge of £70 payable to the Registers of Scotland and telegraphic transfer fee if necessary £16.