Our Residential Conveyancing Fee

Our Residential Conveyancing Fee

Residential Property Fees

Sale of a residential property

Our legal fees cover all of the work normally required to complete the sale of land or property in England. Please see below our standard rates:

Freehold/Leasehold Sale	Basic Fees	VAT
Up to £499,999	£1200.00	£240.00
From £500,000 Up to £999,999	£1500.00	£300.00
Mortgages (Acting for Lender)	£600 Exclusive VAT	At 20%
Gift Transfers/Title change	£500 – £700 Exc VAT	At 20%
Remortgage	£800 -£2000 Exclusive VAT	At 20%
Auction Residential Property	£2000 to £5000 Exclusive VAT	At 20%
ID1 Form	£85 to £150	20%
TR1 Form	£350 to £500	20%
Independent Legal Advice and Witnessing related Declaration	£250 to £350	20%

The figures quoted above apply where your work is handled by one of our experienced solicitors. These figures are based on the assumption that the matter is not complicated and will not have unexpected delays. In the event that the matter does become complex then there may be additional fees payable. Please see below instances of when this may occur:

• Where title is unregistered
• Where there is a breach of a restriction e.g. preventing alterations or change of use of the property
• Where there is a defect in title
• Where the property lacks the rights required for ordinary use and enjoyment, e.g. access or the usual services
• Expedited transactions i.e. less than 3 weeks from receipt of papers to exchange
• Where a lock out or exclusivity agreement is required or there is a contract race

In the case of leasehold property this might include:

• Where your sale includes the sale of a share of the freehold
• Where a lease extension is involved
• Where freeholder consent for any reason may be required
• Missing or absentee landlords
• Where the lease is defective e.g. lack of repairing covenants covering each part of the building

Disbursements

Disbursements are costs related to your matter that are payable to third parties, e.g the Land Registry. We handle the payment of these disbursements on your behalf to ensure a smoother process. These will vary depending on where the property is located but as a guide these will be within the following range:

With leasehold properties there will usually be a Management Pack which we will need to pay for. Costs vary considerably but would ordinarily be between £250 and £600. Depending on what your lease says, there can also be fees for a Licence to Assign or Compliance Certificate. These fees vary from property to property and can vary significantly. We can give you an accurate figure once we have sight of the Landlord’s management pack.

How long will my transaction take?

Please note that the national average transaction time from instruction to completion is generally regarded as 8-12 weeks. However, we will try and complete your transaction within 4-8 weeks. It can be quicker than that as long as all other parties in the chain work in a co-operative manner. Common delaying factors will be delays in issue of your buyer’s mortgage offer, local authority search delays in certain areas and with leasehold properties delays in obtaining management and service charge information. We always try and ensure that there are no unnecessary delays and that any issue is resolved swiftly to ensure the matter proceeds at a good pace.

The different stages of the process

The exact stages and steps involved in the sale of a residential property vary according to the circumstances. However, please see below the main stages in a normal transaction:

• Taking your instructions and giving you initial advice
• Preparing contract documents and obtaining standard information from you which the Buyer will require
• Answering enquiries raised by the buyer’s solicitor
• Liaising with your lender regarding repayment of the mortgage
• Obtaining signature of key documents e.g. contract
• Agreeing a completion date (i.e. the date on which you will vacate the Property)
• Exchanging contracts and notifying you that this has happened
• Completing the sale

Purchase of a residential property

Our legal fees below cover all of the work normally required to complete the purchase of land or property in England. This includes dealing with important legal steps such as registering the property at HM Land Registry and paying any SDLT (Stamp Duty Land Tax) due.

The following figures apply where your work is handled by one of our experienced solicitors.

Freehold/Leasehold Purchase	Basic Fees	VAT	Mortgage Fees	VAT
Up to £499,999	£1200.00	£240.00	£250.00	£50.00
From £500,000 Up to £999,999	£1500.00	£300.00	£300.00	£60.00
From £1,000,000 and above	0.25% of Property Value	At 20%	£350.00	£70.00

The figures quoted above apply where your work is handled by one of our experienced solicitors. These figures are based on the assumption that the matter is not complicated and will not have unexpected delays. In the event that the matter does become complex then there may be additional fees payable. Please see below instances of when this may occur:

• Where title is unregistered
• Where your mortgage lender instructs its own solicitor
• Where the property is newly built or in the course of construction
• Where there is a breach of a restriction e.g preventing alterations or change of use of the property
• Where there is a defect in title
• Where the property lacks the rights required for ordinary use and enjoyment, e,g access or the usual services
• If you are buying with the assistance of the Government’s Help to Buy scheme
• Expedited transactions. i.e. less than 3 weeks from receipt of papers to exchange
• Where a lock out or exclusivity agreement is required or there is a contract race

In the case of leasehold property this might include:

• Where your lease purchase includes the purchase of a share of the freehold
• Where a lease extension is involved
• Where freeholder consent for any reason may be required
• Shared ownership transactions
• Missing or absentee landlords
• Where the lease is defective e.g lack of repairing covenants covering each part of the building

Disbursements

Disbursements are costs related to your matter that are payable to third parties for example to search providers and HM Land Registry. We handle the payment of these disbursements on your behalf to ensure a smoother process. These will vary depending on where the property is located but as a guide these will be within the following range:

Local Authority Search, Drainage Search, Chancel Search, and Environmental Search £250-£400 (inc VAT)

Land Registry Search Fees £3-20 (inc VAT)

Land Registry Fee £20-£910 (no VAT)

Electronic Bank Transfer Fee £30 (inc VAT) per transaction

With leasehold properties there can also be fees in respect of obtaining a Licence to Assign or a Deed of Covenant or Compliance Certificate. The cost for this will vary depending on the stipulations in the lease. We can give you a more precise figure once we have the landlord’s management pack.

Stamp Duty is payable in bands according to the purchase price. Here is a link to the HMRC Stamp duty calculator https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

How long will my transaction take?

Please note that the national average transaction time from instruction to completion is generally regarded as 8-12 weeks. However, we will try and complete your transaction within 4-8 weeks. It can be quicker than that as long as all other parties in the chain work in a co-operative manner. Common delaying factors will be delays in issue of your buyer’s mortgage offer, local authority search delays in certain areas and with leasehold properties delays in obtaining management and service charge information. We always try and ensure that there are no unnecessary delays and that any issue is resolved swiftly to ensure the matter proceeds at a good pace.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below these are the key stages in a normal transaction:

• Taking your instructions and give you initial advice
• Checking finances are in place including the source of funds
• Receiving and considering contract documents
• Carrying out searches
• Making any necessary enquiries of seller’s solicitor
• Advising on all documents and information received
• Going through conditions of mortgage offer with you
• Obtaining signature of key documents e.g contract and mortgage
• Agreeing on completion date (i.e the date from which you will own the property)
• Advising on joint ownership issues
• Exchanging contracts and notifying you that this has happened
• Arranging for payment of all monies needed to complete the purchase by you and your lender
• Completing the purchase
• Dealing with payment of Stamp Duty Land Tax
• Dealing with application for registration at the Land Registry to register the new owner

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