Is Campions Solicitors fee for Shared Ownership fixed in all circumstances.
The fee is fixed at the outset and does not vary no matter what issues there might be.
Campions have a fee for a Transfer payment. What is that?
A same day payment must be made to the Housing Association when the matter completes. If there is a Remortgage at the same time there will be a same day payment for that. For each payment there is a fee paid to Campions.
If we are selling our Shared Ownership property and have to Staircase simultaneously what are the fees involved?
Campions charge half the normal fees in those circumstances.
If the Staircasing of the Shared Ownership is combined with a Transfer of Equity is there a separate fee for that?
Yes and it will be set out on the quote.
Disbursements for Staircasing of Shared Ownership Properties
The on line quote does not give a figure for SDLT-Stamp Duty Land Tax. Can you explain further?
Yes. The position on SDLT-Stamp Duty Land Tax is not straightforward when you Staircase. If there is a Market Value election in the Lease at the outset then SDLT is not payable. If there is not it might be. Please contact enquiries@campions.co.uk if you have any questions on SDLT.
Can you explain the position on Registration Fees at the Land Registry. Why do you not put an amount in the on line quote?
It is because Registration Fees in Staircasing are not straightforward. There are different scenarios.
Can you go through the various scenarios please?
Yes. One scenario is where the matter proceeds by way of a Memorandum of Staircasing with no Remortgage. The Memorandum which is normally a fairly simple document will record the Staircasing, the percentage involved and what the previous percentage was. Then the fee will be the simple Fee charged for the Registration of the Memorandum at the Land Registry.
What if there is a Remortgage?
Then the Fee for the Registration of the Staircasing is likely to be the Remortgage Registration Fee. That will be dealt with under Scale 2 on the value of the new Mortgage.
Are there any other possiblities?
Yes. There is a possibility that the Staircasing can be regarded as a Purchase. This would be the case if for instance the Shared Ownership property was a house and the Freehold was being acquired by the Staircasing. That would be on the basis of Staircasing to 100%. Then as a purchase the matter will be dealt with under Scale 1 and the Registration Fees applied on that basis. For any enquiries on any aspect of these fees please contact enquiries@campions.co.uk.
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