ELP Solicitors Guide to
Selling Property
ELP Solicitors Guide to
Buying Property
ELP Solicitors Guide to
Re-Mortgaging
Edinburgh Office
 0131 554 8649
 0131 554 8648
 Email : click here
Musselburgh Office
0131 554 8649
0131 665 7930
Email : click here
Alva Office
01259 763 591
0131 554 8648
Email : click here
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We appreciate that it is important for our clients to be able to plan their budget as carefully as possible before beginning the process of buying, selling or re-mortgaging. Our policy has always been to charge no more than is necessary to maintain our high levels of service, and we believe that the fees we charge provide our clients with excellent value for money. We have taken the unusual approach of charging flat fees for sales, rather than charging a percentage of the sale price as an estate agency fee and charging a separate fee for the conveyancing work, as we believe that this is a fairer approach which provides our clients with more certainty when planning their budget.
Details of the estimated fees and outlays involved in buying, selling or re-mortgaging property through ELP Solicitors are as follows:
SELLING PROPERTY
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ELP Solicitors fee for all estate agency and conveyancing work
We charge a flat fee for all estate agency and conveyancing work which depends upon the sale price achieved for your property.
- Where the sale price is £150,000 or less, our fee is £1,200 plus VAT (total of £1,410).
- Where the sale price is between £150,001 and £200,000, our fee is £1,500 plus VAT (total of £1,762.50).
- Where the sale price is between £200,001 and £300,000, our fee is £1,800 plus VAT (total of £2,115).
- Where the sale price is between £300,000 and £500,000, our fee is £2,100 plus VAT (total of £2,467.50).
- Where the sale price is over £500,000, our fee is £2,500 plus VAT (total of £2,937.50).
This fee covers all work which we carry out for you in connection with the estate agency and conveyancing of your property (there is no additional charge for conveyancing), and also includes the cost of having the photographs taken, a reasonable number of schedules printed, and for sale boards put up.
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ESPC Insertion fee
The ESPC insertion fee provides 6 months’ advertising on the ESPC website, in the ESPC Homepages paper, and in the ESPC show-room. The fee is currently £250 (valid until December 2008) and we would ask you to pay this to us prior to our putting your property on the market as we must pay this fee to the ESPC as soon as your property is registered with the ESPC.
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Property Enquiry Certificate
This deals with all Local Authority matters in relation to your property, e.g. whether the roads are maintained by the Council, whether any Statutory Notices have been served over the property etc., and it is standard practice for the seller to pay for this and show it to the purchaser's solicitors. The cost of obtaining a Property Enquiry Certificate for a property within the area covered by the City of Edinburgh Council is £95 (we obtain this report from Millar & Bryce).
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Coal Mining Report
If your property lies in a Coal Mining Area we may have to obtain a Coal Mining Report at a cost of £21.15. The Coal Authority has a website which confirms whether or not a Coal Mining Report is required for your property, and we will check this during the course of the sale to determine whether or not a Coal Mining Report is required.
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Land Register Report
If title to your property is already registered in the Land Register (which has gradually been phased in across Scotland to replace the old Register of Sasines), then we will obtain what is known as a Form 12 Report at a cost of £37.60 (from Millar & Bryce). This is a search to prove that you own the property and that there are no court orders etc. which would affect your ability to sell your property. If your property is in Edinburgh and you bought it in April 2001 or later, then your title should be registered in the Land Register.
If title to your property is not yet registered in the Land Register then: (a) we will obtain what is known as a Form 10 Report at a cost of £37.60 (from Millar & Bryce); and (b) we may also have to obtain what is known as a Property Definition Report to check the boundaries of your property as described in the title deeds with the Ordnance Survey Map which is used by Registers of Scotland in the Land Register. A Property Definition Report will be required if your property is a house or if you have private garden ground. If a Property Definition Report is required we will also order a Form 10 Report at the same time as this is more cost efficient. The cost of a combined Property Definition/Form 10 Report is £52.88 (from Millar & Bryce), and it will be necessary for us to update the Form 10 Report just before settlement with a Form 11 Report which costs £23.50.
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Registration dues on Discharge by your lender
If you have a mortgage, we will have to obtain a Discharge from your lender and have this registered in the Land Register. The registration fee for this is £30.
These are the standard fees and outlays involved in selling property. There are sometimes miscellaneous additional outlays, like paying for copy title deeds if some are missing, or for copy Building Warrant documentation from the Council if this is missing.
If you have any queries on the fees and outlays involved in selling property, please do not hesitate to contact us.
BUYING PROPERTY
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ELP Solicitors fee for all conveyancing work
- Where the purchase price is £80,000 or less our fee is £450 plus VAT (total of £528.75).
- Where the purchase price is between £80,001 and £150,000 our fee is £500 plus VAT (total of £587.50).
- Where the purchase price is between £150,001 and £200,000 our fee is £550 plus VAT (total of £646.25).
- Where the purchase price is between £200,001 and £300,000 our fee is £600 plus VAT (total of £705.00)
- Where the purchase price is between £300,001 and £500,000 our fee is £700 plus VAT (total of £822.50).
- Where the purchase price is over £500,000 our fee is £800 plus VAT (total of £940.00).
This fee covers all work in connection with a standard purchase, including submitting several unsuccessful offers if necessary (we do not charge “per offer”).
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Stamp Duty Land Tax (SDLT)
SDLT is tax payable to the Inland Revenue when property is purchased.
If the purchase price is £125,000 or less you will not have to pay any SDLT.
Where the purchase price is between £125,001 and £250,000, SDLT is payable at 1% of the full purchase price.
Where the purchase price is between £250,001 and £500,000, SDLT is payable at 3% of the full purchase price.
Where the purchase price is £500,001 or more, SDLT is payable at 4% of the full purchase price.
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Registration dues on Disposition
The Disposition is the deed which transfers title to you and this has to be registered in the Land Register of Scotland.
- Where the purchase price is £50,000 or less the registration dues are £50.
- Where the purchase price is between £50,001 and £100,000 the registration dues are £100.
- Where the purchase price is between £100,001 and £150,000 the registration dues are £200.
- Where the purchase price is between £150,001 and £200,000 the registration dues are £300.
- Where the purchase price is between £200,001 and £300,000 the registration dues are £400.
- Where the purchase price is between £300,001 and £500,000 the registration dues are £500.
- Where the purchase price is between £500,001 and £700,000 the registration dues are £600.
- Where the purchase price is between £700,001 and £1,000,000 the registration dues are £700.
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Registration dues on Standard Security
If you are getting a mortgage, you will have to sign a deed called a Standard Security in favour of the lender. This gives them the right to repossess your property if you do not comply with your mortgage conditions (the most important of which is to pay your monthly mortgage payments). The Standard Security also has to be registered in the Land Register of Scotland and the registration dues for this are £30.
These are the standard fees and outlays involved in buying property. However, if you are buying a newbuild property direct from a builder there may be additional costs involved, which typically add up to around £100. The reason for this is that it is necessary for us to examine several reports on your behalf and these would normally be provided by the sellers’ solicitors, but builders refuse to obtain these reports and it is therefore necessary for us to obtain them for you.
Please also note that you will usually also have to budget for paying for a survey over the property. The survey fee depends on the valuation of the property, the type of survey you require, and which firm of surveyors you instruct. We can help you with instructing a surveyor and we can give you an idea of the cost of a survey report at any particular purchase price upon request.
If you have any queries on the fees and outlays involved in buying property, please do not hesitate to contact us.
RE-MORTGAGING
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ELP Solicitors fee for all legal work
Our fee depends upon whether title to your property is registered in the Land Register or in the Sasine Register. If your property is in Edinburgh and you bought it before April 2001, your title will be registered in the Sasine Register, but if you bought it in April 2001 or later, then your title should be registered in the Land Register.
Where your title is registered in the Sasine Register our fee is £300 plus VAT (total of £352.50).
Where your title is registered in the Land Register, our fee is £250 plus VAT (total of £293.75).
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Land Register Report
If title to your property is already registered in the Land Register (which has gradually been phased in across Scotland to replace the old Register of Sasines), then we will obtain what is known as a Form 12 Report at a cost of £37.60 (from Millar & Bryce). This is a search to prove that you own the property and that there are no court orders etc. which would affect your ability to sell your property.
If title to your property is not yet registered in the Land Register then we will obtain what is known as a Form 10 Report at a cost of £37.60 (from Millar & Bryce).
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Registration dues on Discharge by your current lender
We will have to obtain a Discharge from your current lender and have this registered in the Land Register. The registration fee for this is £30.
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Registration dues on Standard Security in favour of your new lender
You will have to sign a deed called a Standard Security in favour of your new lender. This gives them the right to repossess your property if you do not comply with your mortgage conditions (the most important of which is to pay your monthly mortgage payments). The Standard Security also has to be registered in the Land Register of Scotland and the registration dues for this are £30.
These are the standard fees and outlays involved in re-mortgaging property. There are sometimes miscellaneous additional outlays, like paying for copy title deeds if some are missing.
If you have any queries on the fees and outlays involved in re-mortgaging, please do not hesitate to contact us.
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