Residential Real Estate

Our Residential Real Estate expertise

Our residential property lawyers possess a wealth of experience in dealing with prime and super prime London houses and apartments, as well as houses in the country including listed properties.

Our Residential Conveyancing Guide outlines how we can help you at every stage of the conveyancing process.

Our clients appreciate our ‘can do’ attitude to transactions to ensure their matters proceed as quickly and smoothly as possible.

We understand how stressful it can be to acquire a property and we will guide you through the process as swiftly as possible with a hands on approach. We will advise you of the the most practical approach to ensure you meet your desired time frame. You will also have the comfort of knowing that you can speak to our team to talk through your concerns and the implications of any issues which may arise in respect of your transaction.

Our team are known in the market for their diligence and commitment to our clients. In recognition of this, we are ranked in the Chambers and Partners High-Net Worth Guide, Legal 500 and Chambers.

We are always on hand to provide advice when you need it. We work tirelessly to help you secure your property and overcome any challenges which may arise during the process.

The team will collaborate with other practice areas within Kingsley Napley to structure your transaction the most productive way. We work in conjunction with the private client (tax), corporate and commercial, or immigration teams where necessary to assist achieving your wider goals.

recent transactions

Celebrity client and planning issues

Acting on the purchase of an £8 million property in Outer London for a celebrity client. Following a bidding war, we successfully negotiated and agreed a lockout agreement within 24 hours to secure an exclusivity period to complete the purchase. We undertook the necessary due diligence to ensure that there were no restriction to the client’s proposed demolition of the existing building and construction of a new family home as they intended. We collaborated with their architect and project manager to ensure the new property plans took into account the constraints of the development site. We also utilised connections with third parties professionals to resolve environmental issues.

Middle Eastern client and high value property

Acting on the time pressured purchase of a £40 million penthouse in a luxurious central London location for a Middle Eastern high net worth individual covering multiple jurisdictions including Switzerland, USA, Iraq and the Bahamas. Our familiarity with the development, fine-tuned KYC procedures and experience with clients from sensitive jurisdictions facilitated delivering on such a tight timescale. Our holistic approach incorporating the expertise of our Private Client department allowed us to structure the acquisition in a manner that achieved the client’s succession planning goals and protected the client’s confidentiality. We worked with the client’s family office and bankers to ensure that the client could complete the purchase before the deadline.

Chelsea new build

Acting for a businessman on the purchase of a high class new build development in Chelsea for over £20m. The matter involved multiple jurisdictions. To ensure that completion took place on the agreed date, we travelled to meet the client at a private terminal of an airport where the client’s charted plane landed for one hour before continuing to Monaco in order to go through the terms of the lease and to sign the lease.

Country estate matter

We acted on the sale of a large country estate incorporating a stud farm, agricultural land and multiple buildings which had been owned by the family of a Peer of the Realm for 25 years for over £8 million. We provided guidance on identifying information required by the buyer (including that needed for agricultural claims) due to a family death. Numerous properties on the estate were let out to employees and we therefore worked alongside our Employment team to ensure that there were no employment issues in addition to reviewing the occupational documents to allow for vacant possession to be provided on completion.

OUR FEES ON RESIDENTIAL CONVEYANCING

Most of our services are offered on an hourly rate basis and as many of our clients’ matters are complex and often involve multiple parties, there is rarely a typical case. Our clients are given an estimate of costs after our initial meeting or as part of the engagement process. There are some areas where we are able to be more indicative and, as in accordance with the Solicitors Regulation Authority (SRA) guidance on price transparency, we have published our price and service information where it is possible to be upfront about charges without knowing all the details of the matter.

PURCHASE OF A FREEHOLD OR LEASEHOLD RESIDENTIAL PROPERTY

Our fee covers all the work required to complete the purchase of your property, including advising you on any funding from your bank, dealing with registration at the Land Registry and dealing with payment of Stamp Duty Land Tax (SDLT) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

Conveyancer’s fees and disbursements:

We base our fees for standard purchases on the following scaled rates:

• minimum fee of £4,000
• up to £1,000,000 0.5% of the purchase price
• up to £2,000,000 0.4% of the purchase price
• up to £3,000,000 0.3% of the purchase price
• up to £5,000,000 0.25% of the purchase price
• in excess of £5,000,000 fee to be agreed

The above does not apply to the purchase of apartments and new build houses, for which our scaled rates are:

• minimum fee of £4,500
• up to £1,000,000 0.6% of the purchase price
• up to £2,000,000 0.5% of the purchase price
• up to £3,000,000 0.35 % of the purchase price
• up to £5,000,000 0.3% of the purchase price
• in excess of £5,000,000 fee to be agreed

Tax advice

Our fee does not include tax advice, other than in connection with the payment of SDLT except where specialist advice is required due to the nature of the property (e.g the property is mixed use or a multiple dwelling). If you do require tax advice on how to structure your purchase we have a tax consultant who can provide advice.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

• HM Land Registry fee: The cost will be between £20 to £910.  These fees vary and are based on the purchase price of the property.  We can give you an accurate figure once we know the purchase price of the property.
• Search fees: The cost will be between £350 to £700.   These fees vary due to where the property is located (for instance the local authority fees are different for each local authority and we may need to do a specific search for your property due to its location). We can give you an accurate figure once we have sight of your specific documents and know the location of your property
• VAT at 20% on search fees
• Electronic money transfer fee: £10 plus VAT (£12 total) for each same day CHAPS and £3 plus VAT (£3.60 total) for a three day BACS
• VAT at 20%

If you are buying a leasehold property there are certain disbursements which will be set out in the individual lease relating to the Property. The additional leasehold disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

Anticipated Disbursements*

• Notice of Transfer fee: This fee if chargeable is set out in the lease. Often the fee is between £50- £150.
• Notice of Charge fee: (if the property is to be mortgaged) This fee is set out in the lease. Often the fee is between £50 and £150.
• Deed of Covenant fee: This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £150 and £300.
• Certificate of Compliance fee: To be confirmed upon receipt of the lease, as can range between £50 – £150.

*These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.

Stamp Duty Land Tax

This depends on the purchase price of your 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.

Stages of a purchase

The precise stages involved in the purchase of a residential freehold and leasehold property vary according to the circumstances. The stages involved for buying a freehold or leasehold property and our scope of work includes:

• Taking your instructions and giving you initial advice
• Checking finances are in place to fund purchase and contact lender’s solicitors if needed
• Negotiating and agreeing the sale and purchase agreement
• Submitting searches in relation to the Property, reviewing the search results and raising additional enquiries where relevant
• Reviewing the seller’s title pack to the Property comprising title information, tenancy documentation and planning information
• Obtaining further planning documentation if required
• Reviewing the standard enquiries provided by the buyer and raising additional enquiries where relevant
• Preparing a report on all the documents and information received
• Going through the conditions of any mortgage offer
• Sending you the final contract for signature
• Drafting, negotiating and agreeing the form of transfer to the buyer
• Advising you on joint ownership
• Obtaining pre-completion searches
• Agreeing the completion date (the date from which you own the property)
• Exchanging contracts and notifying you that this has happened
• Arranging for all monies needed to be received from lender and you
• Completing the purchase
• Dealing with the post completion formalities including:
  • with input and authority from you, preparing and submitting the stamp duty land tax return and the stamp duty land tax due to HM Revenue & Customs
  • submitting the Land Registry application in relation to the purchase of the property
  • Arranging to serve a notice of assignment or a notice of charge on the landlord or managing agent

How long will my purchase take?

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 6-12 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 4 weeks to exchange. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 3 months to exchange. In such, a situation additional charges would apply.

SALE OF A FREEHOLD OR LEASEHOLD RESIDENTIAL PROPERTY

Our fee covers all the work required to complete the sale of your property, including repaying any loan to a bank.

Conveyancer’s fees and disbursements:

We base our fees for standard sales on the following scaled rates:

• minimum fee capped at £2,500
• up to £500,000 0.6% of the purchase price
• up to £1,000,000 0.4% of the purchase price
• up to £2,000,000 0.35% of the purchase price
• up to £3,000,000 0.3% of the purchase price
• up to £5,000,000 0.25% of the purchase price
• in excess of £5,000,000 fee to be agreed

Our fees are exclusive of Value Added Tax (currently 20%) and disbursements.

Disbursements are costs related to your matter that are payable to third parties, such as landlord’s fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

• HM Land Registry fee: The cost will be between £3 to £12.  These fees vary on what documents we need to obtain from the Land Registry.  We can give you an accurate figure once we know the purchase price.
• Planning and building regulation copy documentation: The cost will be between £10 to £75.  These fees vary depending on each local authority.  We can give you an accurate figure once we know what we need to obtain.
• Electronic money transfer fee: £10 plus VAT (£12 total) for each same day CHAPS and £3 plus VAT (£3.60 total) for a three day BACS
• VAT at 20%

There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

• Management pack:  This fee is provided by the landlord or management company for the property and can be difficult to estimate.  Often it is between £250 and £500.
• Licence to assign fee:  This fee is provided by the landlord or management company for the property and can be difficult to estimate.  Often it is between £500 and £750.
• Deed of Covenant fee: This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £150 and £300.

Stages of a sale

The precise stages involved in the sale of a residential freehold and leasehold property vary according to the circumstances. The stages for selling a freehold or leasehold property and our scope of work includes:

• Taking your instructions and give you initial advice
• Preparing a sales pack comprising title information, tenancy documentation, planning information and standard replies to enquiries (with your input)
• Drafting, negotiating and agreeing the sale and purchase agreement
• Negotiating and agreeing the form of transfer to the buyer
• Dealing with additional enquiries raised by the buyer’s solicitors and preparing replies to those enquiries with your input
• Send final contract to you for signature
• Advising you on the terms of the sale
• Agreeing a completion date (date from which you will sell the property)
• Exchange contracts and notify you that this has happened
• Completing the purchase
• Repaying any bank loan, agents fees and sending you the net proceeds of sale

MORTGAGES OR RE-MORTGAGES

Our fee covers all the work required to complete the mortgage or re-mortgage of your property, including advising you on any funding from your bank and dealing with registration at the Land Registry.

Conveyancer’s fees and disbursements:

We base our fees for mortgages or re-mortgages on the following scaled rates:

• minimum fee capped at £2,000
• up to £500,000 0.6% of the purchase price
• up to £1,000,000 0.4% of the purchase price
• up to £2,000,000 0.35% of the purchase price
• up to £3,000,000 0.3% of the purchase price
• up to £5,000,000 0.25% of the purchase price
• in excess of £5,000,000 fee to be agreed

Our fees are exclusive of Value Added Tax (currently 20%) and disbursements.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

• HM Land Registry fee: The cost will be between £20 to £910.  These fees vary and are based on the mortgage.  We can give you an accurate figure once we know the purchase price of the property.
• Search fees: The cost will be between £350 to £700.   These fees vary due to where the property is located and what the bank requires (for instance the local authority fees are different for each local authority and we may need to do a specific search for your property due to its location). We can give you an accurate figure once we have sight of your specific documents and know the location of your property.
• VAT at 20% on search fees
• Electronic money transfer fee: £10 plus VAT (£12 total) for each same day CHAPS and £3 plus VAT (£3.60 total) for a three day BACS
• VAT at 20%

If you are mortgaging or re-mortgaging a leasehold property there are certain disbursements which will be set out in the individual lease relating to the Property. The additional leasehold disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

Anticipated Disbursements*

• Management pack:  This fee is provided by the landlord or management company for the property and can be difficult to estimate.  Often it is between £250 and £500.
• Notice of Charge fee: (if the property is to be mortgaged) This fee is set out in the lease. Often the fee is between £50 and £150.
• Certificate of Compliance fee: To be confirmed upon receipt of the lease, as can range between £50 – £150.

*These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

Stages of a mortgage or re-mortgage

The precise stages involved in the mortgage or re-mortgage of a residential freehold and leasehold property vary according to the circumstances. Our scope of work and stages involved for the mortgage or re-mortgage of a freehold or leasehold property includes:

• Taking your instructions and giving you initial advice
• Checking finances are in place to fund purchase and contact lender’s solicitors if needed
• Submitting searches in relation to the Property, reviewing the search results and raising additional enquiries where relevant
• Obtaining further planning documentation if required
• Preparing a report to the bank
• Going through the conditions of any mortgage offer
• Sending you the mortgage documents for signature
• Obtaining pre-completion searches
• Agreeing the completion date (the date from which the mortgage or re-mortgage)
• Arranging for all monies needed to be received from lender and you
• Completing the mortgage or re-mortgage
• Dealing with the post completion formalities including:
  • submitting the Land Registry application in relation to the purchase of the property
  • Arranging to serve a notice of charge on the landlord or managing agent

How long will my mortgage or re-mortgage take?

How long it will take from your mortgage offer being accepted until we complete the mortgage will depend on a number of factors. The average process takes between 4 – 8 weeks. It can be quicker or slower, depending on the banks requirements.

All our fee estimates make the following assumptions:

• We act on the basis of our scope of work which will reflect the agreed heads of terms for the sale, and the transaction does not change materially from these heads;
• We draft or comment on all documents which directly concern the transaction, but we would need to charge separately for any additional documents;
• If a particular issue is identified during the transaction which requires more detailed input in order to be resolved satisfactorily, then this would be quoted for separately;
• If the title to the property is particularly complex or if there are superior titles or other interests in the property which we were not anticipating to have to review then we would need to charge separately for those additional elements;
• We will quote separately if you require any form of construction advice;
• The transaction is concluded in a timely manner and no unforeseen complication arise;
• All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation;
• No indemnity policies are required. Additional disbursements may apply if indemnity policies are required;
• That any relevant building regulation(s) or planning permission(s) have been obtained for any works at the property;
• That when we request crucial documents from you, you have provided them to us; and
• That specialist SDLT advice is not required.