PRICE LIST FOR STAND-ALONE TRANSFERS OF EQUITY (IN £’s)
If you currently own a property and are looking to add or remove somebody from the title deeds and/or mortgage this is known as a transfer of equity. Our transfer of Equity fees and expenses, will be as follows:
|Property Value||Fee for Freehold Property*||VAT||Official Copies of the Registered Titles||Land Registry Searches||Land Registry Fee:**||Land Registry Application Search Services Fee|
|£100,001 to £200K||450||90||6||7||30||3.6|
|£200,001 to £500K||550||110||6||7||40||3.6|
|£500,001 to £1m||650||130||6||7||60||3.6|
If the property is leasehold an additional fee of £100.00 plus VAT will be payable to reflect the additional work incidental to checking the lease, obtaining replies to leasehold enquiries from landlords, management companies and managing agents, checking the lease meets the new lender’s requirements and complying with the landlord, management company and/or managing agents post completion requirements. Please note additional fees and likely to be payable to whoever collects your ground rent and/or service charges for supplying the required information.
**Land Registry Fee
The fee quoted in the table presumes the application can be submitted to the Land Registry electronically and is eligible for a 50% reduction on the full fee payable.
Some applications must be submitted by post and will attract an increased fee. This includes new properties being registered for the first time and older properties with unregistered title deeds which have never been registered at the Land Registry. Where the increased fee applies the Land Registry fee stated should be multiplied by 2.
The Land Registry Application Search Services Fee is an administrative fee payable to one of our service providers for using their electronic Land Registry application submission tool.
If you are acquiring an interest or additional share in a property you may be liable to pay stamp duty. The amount payable will depend upon several factors, including what, if any, other property you own or have a major interest in and whether the property will be your main home or is a buy to let property.
Stamp duty is payable on the consideration paid for the additional share. This includes the value of any mortgage you are released from. We recommend that you use the HMRC’s Stamp Duty Calculator to calculate your exact liability. Here is the link: http://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro.
***Searches or No-Search Indemnity Insurance
As a buyer you are deemed to have full knowledge of information contained in public records (including those held by the local authority, water authority and coal board). As the searches would have been carried out when the property was purchased, and you are already familiar with the property you may prefer to proceed with a no-search indemnity insurance policy in place of searches to keep the cost down. The cost of this indemnity insurance therefore needs to be added to the total cost noted in the table above. The costs of the indemnity insurance usually range from £15.00 to £170.00.
Additional Fee Guide
The above fees include all work incidental to a usual transaction. Additional fees will be payable for the following works which are outside the scope of a typical instruction:
|Additional Fee Guide:||Fee:||VAT:||Total:|
|Adapting documents for electronic signature; price per document||2||0||2|
|Management Company Restrictions and work incidental thereto||95||19||114|
|Preparing Licences to Assign & Deeds of Covenant where required on a change of ownership but not supplied by the Landlord, Management Company or Managing Agent||125||25||150|
|Leasehold properties (includes share of freehold)||150||30||180|
|First registration of unregistered title deeds||195||39||234|
|Preparing a statement where title defect or name discrepancies||195||39||234|
|Preparing and advising in relation to a simple Declaration of Trust||250||50||300|
|Staircasing (acquiring further shares in a shared ownership alongside remortgage)||295||59||354|
|Preparing and advising in relation to a complex Declaration of Trust||Price on request|
|Approving a Deed of Variation to correct a Lease Defect||495||99||594|
|Drafting a Deed of Variation to correct a Lease Defect||795||159||954|
|Preparing a new Lease or Transfer of Part for a remortgage of part||995||199||1194|
|Extending a Lease term by agreement with the Landlord||995||199||1194|