Sale of a
residential property

Prices for Sale

Our charges are
dependent on the complexity of the transaction and the value of the property.
Our prices also depend whether the property in question is freehold or
leasehold and whether there is an existing charge to redeem. Our fixed fee for sale of a residential property is
as follows:

Fees charged by Shah Law Chambers

Legal fees

 Our starting
rate is £1000 plus VAT*[i] of £200, for sales and
purchases up to the value £500,000. If the property is leasehold there is an
extra charge as mentioned in the table above.  If there is a mortgage or other charge to
redeem, there is an additional fee of £150 plus VAT* of £30 per charge.  
If the property is more than £500,000. please contact us for a bespoke quote as
our fees will be higher.

Typical
disbursements

• Land registry Fee for Office copies: between
  £6 and £12 dependant on the property. VAT is not applicable on these
  charges.

• CHAPS Fee (Bank charge for transfer of money):
  £30.00 plus VAT* of £6.

• Landlords/managing agents pack which contains
  essential information for leasehold properties: Approximately £250 to £650
  Plus VAT* ranging from £50 to £130 depending on the costs of the pack.

• Estate Agents fees: Where you are selling
  though an estate agent, usually their commission will be paid on
  completion. Unless you have instructed us otherwise, we would normally pay
  this on your behalf from the proceeds of sale. The figure will depend on
  what commission you have agreed with the estate agent and we will not be
  involved in that.

• Where your property has an existing mortgage,
  this will be redeemed (paid off) by us on completion (there will be a bank
  transfer fee for doing so). You should ensure you know how much money you
  will need to pay to redeem, including any early repayment or other closing
  charges.

• Lawyer Checker Where we do not know the buyer’s solicitors, we will carry
  out an online check against them for your protection: This costs £10.

Estimated
Total Costs

As stated
above, the total costs involved in your individual case will depend on the
specific facts and requirements. However, broadly, the following range of costs
in respect of our fees and disbursements is likely to apply to your
conveyancing needs (for the work detailed above):

Estimate of
our costs: £1200.00 – £1680.00 (inclusive of VAT).

Estimate of
disbursements: £350.00 – £850.00 (inclusive of VAT) – these do not include the
estate agents fee or bank transfer fee (where applicable)

Purchase of a residential property

 Prices for Purchases

 Our charges are
dependent on the complexity of the transaction and the value of the property.
Our prices also depend whether the property in question is freehold or
leasehold and whether there is an existing charge to redeem. Our fixed fee for
the purchase of a residential property is as follows:

Fees charged by Shah Law Chambers

Legal fees

Purchases

Our Fee

The charges are dependent on the complexity of the
case and the value of the property and also whether the property in question is
Freehold or Leasehold and whether there is an existing charge to redeem. Our
starting rate is £1000 plus VAT* of £200, for purchases up to the value  £349,999,99. If the property is leasehold
there is an extra charge as mentioned in the above table.  If the property
is more than £350,000.00 please contact us for a bespoke quote.

Typical
Disbursements

Purchase

• Land Registry fee – registration of title dependant on value – The fees range
  from £135 to £455 (VAT* not applicable). We will include the correct
  amount if you ask us for a quote for the work.  Alternatively you
  could visit the Land registry website and use there fee Calculator – https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

• Stamp Duty Land Tax (Government tax on the purchase of property) The cost of this
  depends not only upon the price but also a number of other variables such
  as number of properties owned or whether main residence being sold
  simultaneity and we will calculate this when preparing a quotation for you
  after having taken some information from you. Alternatively you can
  calculate the stamp duty payable using the HMRC’s SDLT calculator https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

• Search Fees have to be incurred depending on the nature and location of
  the property to endeavour to ensure that there will not be future issues
  with the property due to external factors such as future road or other
  building plans and anything else around, or under, the property that might
  affect it The typical searches and the approximate fees are as follows:

• Local Authority Search £150 -250 plus VAT* of
  £30-50
• Water and Drainage search fee £55 plus VAT* of
  £11.00
• Environmental and Plan Search Fee £74 Plus VAT*
  of £14.80
• OS1 Search £3.00 Plus VAT* of £0.60

Other searches may be required, depending on the
location of the Property.  We will include the price for any relevant
searches when we prepare our quote.

• CHAPS Fee (Bank charge for transfer of money) £30.00 Plus VAT* of £6
• Lawyer Checker Where we do not know the Sellers solicitors, we will carry
  out an online check against them for your protection. This costs £10.
• Notice of assignment fees on Leasehold
  Properties approximately £ 75 to 150 plus VAT* of £15 to £30.00.
• There may be other charges that are payable to
  the managing agents on leasehold properties, such as fees for registering
  a deed of Covenant or to obtain a certificate of compliance – They can
  range from approximately £100 to £250 plus VAT* of £20-£50, however we can
  only provide this information once we have reviewed the documentation

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 we receive this information.

Estimated
Total Costs

As stated
above, the total costs involved in your individual case will depend on the
specific facts and requirements. However, broadly, the following range of costs
in respect of our fees and disbursements is likely to apply to your conveyancing
needs (for the work detailed above):

Estimate of
our costs: £1200.00 – £1500.00 (inclusive of VAT).

Estimate of
disbursements: £660.00 – £1400.00 (inclusive of VAT) – these do not include the
stamp duty, estate agents fee (where applicable).

Typical
timescales and key stages

Our Fees Include

1. Taking your instructions and giving you
   initial advice.
2. Receive and advise on contract documents
3. Investigating title, reviewing information
   forms and supporting documents provided by the seller or seller’s
   solicitors,
4. Carrying out appropriate property searches.
5. Negotiating and agreeing the contract and
   transfer deed with solicitors.
6. Reporting to you on title and on the contract.
7. Dealing with enquiries and requisitions
8. Giving you advice on all documents and
   information received
9. Advising you on final contract and obtaining
   your signatures,
10. Agreeing completion date
11. Exchanging contracts and notify you that this
    has happened
12. Dealing with pre-completion searches and
    requisitions and arranging for execution of completion documents
13. Accounting to you for the monies
14. Completing the purchase.

Additionally, if purchasing:

8. Filing SDLT Return online on your behalf and
   paying the Stamp Duty Land Tax due on the transaction.
9. Registering your ownership of the property at
   the Land Registry
10. Sending you the Title deeds.

Estimated
Total Costs

As stated
above, the total costs involved in your individual case will depend on the
specific facts and requirements. However, broadly, the following range of costs
in respect of our fees and disbursements is likely to apply to your
conveyancing needs (for the work detailed above):

Estimate of
our costs: £1200.00 – £1680.00 (inclusive of VAT).

Estimate of
disbursements: 500(inclusive of VAT)

Timescale:

In our experience these types of transactions can
take anything from 6 weeks to 3 months to complete. Estimated timeframes run
from when we receive your instructions to proceed and are our best estimates
only as there are many aspects of this matter over which we have little or no
control.

It can be quicker or slower, depending on the
parties in the chain. For instance, if you are a first-time buyer, purchasing a
new build property with a mortgage in principle, it could take 6-8 weeks. However,
if you are buying a leasehold property that requires an extension of the lease,
then can take significantly longer, between 3-6 months. In such circumstances,
additional charges may apply, however, you will be advised accordingly based on
your individual circumstances.

Complexities Which
Could Increase Our Charges

It is important for you to appreciate that the
costs information provided is based on a number of key assumptions, including
those we set out below. If any of key assumptions are incorrect or change over
time, we will provide you with revised costs estimate.

1. The title of the property is registered at the
   Land Registry free of defect under a single title
2. There will be a single contract and a single
   transfer in relation to the title.
3. The title is registered in the name of the
   seller named in the contract.
4. The purchase will be on the basis of an
   unconditional contract.
5. The heads of terms do not materially change
   during the course of the transaction
6. The parties work to the timescales agreed.
7. You will enlist for us the support of your
   other professional advisers where required.
8. You will provide or procure the provision of
   all necessary documents.
9. Funding for completion is arranged.
10. No consents are required for the purchase.
11. You are making your own arrangements for any
    appropriate survey of the property and you are happy with the physical
    condition of the property
12. Completion will take place on the date agreed
    in the contract.
13. The transaction completes within the timescale
    noted above.

The following will
also make the transaction more complex and increase our charges:

1. If you require completion within 10 days of
   exchange
2. In leasehold cases, the purchase or sale of a
   share of the freehold.
3. Drafting any Deeds of Covenant
4. Dealing with a Licence to Assign.
5. Transactions involving new build or recently
   built properties.
6. Problems arising from missing deeds or
   documents or from the title requiring additional documentation or
   indemnity insurance rectification or amendment to the title.
7. If the property is leasehold, variation or
   extension of the lease or any consent to the assignment of the lease or
   preparing/reviewing any deed of covenant.
8. Notice of Transfer fee – This fee if
   chargeable is set out in the lease and is variable.
9. Certificate of Compliance fee – To be
   confirmed upon receipt of the lease, as this is variable
10. If you are using Help to Buy/ISA.

Our Fees Do NOT
Include

Our charges do not include us dealing with any of
the following: –

1. Advice on the commercial viability of the
   transaction.
2. Advice on SDLT planning, IHT, CGT, ATED or
   other tax issues.
3. Valuation or property agency advice.
4. Advice on the condition of the property or
   problems arising from survey.
5. Advice on environmental issues.
6. If the property is leasehold, variation or
   extension of the lease or any consent to the assignment of the lease or
   preparing/reviewing any deed of covenant.
7. Negotiating or re-negotiating heads of term.
8. Disputes arising on or after completion.
9. We will not review or advise upon any financial
   arrangements, financial documents or financial covenants. It is your
   obligation to employ appropriately qualified third parties to obtain such
   additional advice as may be needed.