What is included in a Summary Review:
- Firstly, are there any additional costs or overly onerous conditions in the contract?
- Is the title clear?
- Plus, is there anything specific in the content of the legal pack which we believe is likely to cause an issue for your intentions for the property?
- Do any searches contained in the legal pack contain any adverse entries?
- We’ll review of the statement of account (if applicable)
- Are there any arrears of ground rent, service charge or rent under tenancies apparent from the content of the legal pack?
- Equally, are there any major works pending apparent from the content of the legal pack?
- And are there any notice requirements of a freeholder or management company apparent from the legal pack?
- Is there anything missing from the legal pack which would normally be included?
- Based on the content of the legal pack, is the title to the property likely to be good and marketable?
If you require a more detailed review when undertaking auction conveyancing then a Full Review Service is available.
What is included in a Completion-Only service
- Firstly, a review of the legal pack and provision of a summary report to you highlighting any fundamental issues
- Secondly, arranging your signature to the transfer document
- Next, transfer of completion funds to the vendor’s legal representative on the date of completion
- Then, submission of an SDLT return to HMRC if required
- Next, submission of an application for registration of the transfer to Land Registry following completion
- Finally giving of notice of assignment to a Landlord or Management Company if required
What is excluded from the service?
- Legal advice outside the scope of the service described above
- Dealing with any finance requirements
- Tax advice
- Planning advice
- If the property is leasehold then dealing with landlord’s consent
What are the disbursements for buying at auction?
SDLT will also be due and you can calculate by clicking on this link. If VAT is payable on the price the SDLT is payable on the price + VAT.
Land Registry Fees are due and will be payable based on the purchase price.
If the buyer is a company taking lending then a Companies House fee will be payable of £23.
In all cases, bankruptcy and final searches will be due of £20 plus VAT.
If the premises are leasehold then notice of the transfer of the premises will need to be served on the landlord, whose costs typically range from between £50 and £200. We will confirm the figure once it is made known to us.