Residential Conveyancing Pricing

Your house or flat purchase, sale or remortgage.

 

How much will it cost, how will it happen, and how long is a piece of string?

Here we have listed the stages of an “average” residential property transaction and some of the not uncommon situations that can hold up the transaction and possibly add to its cost, together with examples of costs and disbursements (those items we pay for on your behalf, for example, local authority searches, Land Registry fees, and Stamp Duty Land Tax.). However, we hope very much that you will telephone us to discuss your proposed transaction so that we will be able to give you more personalised and relevant information and advice.

 

Purchase of a freehold or leasehold residential property

Our fees cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

The figures for our work assume a straightforward transaction without unforeseen complexity or issues, the transaction is concluded in a timely manner and all parties to the transaction are co-operative, there is no unreasonable delay from third parties providing documentation, and no indemnity policies are required. If the matter becomes complex then there may be an additional fee. Examples of this include (but are not limited to) :

  • A defect in title such as a lack of rights of access which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
  • Where in the case of a leasehold property a lease extension is involved
  • Where in the case of a leasehold property freeholder and/or superior leaseholder consent for any reason may be required
  • Where the property is new-build
  • Shared ownership transactions
  • In the case of a leasehold transaction missing or absentee landlords
  • Compulsory purchase
  • Where unusual speed is required
  • Contract races
  • Lock out/exclusivity agreements
  • Where funding is other than the buyer’s own money or a standard mortgage loan, e.g. Help to Buy, a gift with  conditions or priVAT at 20%e loan

All cases are different and we will try our best to inform you as soon as we become aware of any feature that might have an impact on the estimated fee.

Freehold properties – our fees:

Purchase price up to £500,000 – £2,500 plus VAT at 20%
Purchase price between £500,000 and £1,000,000 – £3,500 plus VAT at 20%
Purchase price over £1,000,000 – please contact us

Leasehold properties – our fees:

Purchase price up to £500,000 – £3,000 plus VAT at 20%
Purchase price between £500,000 and £1,000,000 – £3,750 plus VAT at 20%
Purchase price over £1,000,000 – please contact us

These fees estimates have been based on a fee earner’s rate of between £250 per hour plus VAT at 20% and £375 per hour plus VAT at 20% and that the work will take between 7.5 and 20 hours per property.

 

Disbursements:

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Search Fees – approximately £300-450 plus VAT at 20%.

HM Land Registry Fee – current fees are available through the Land Registry website.

Electronic Money Transfer –  £25.00 plus VAT at 20% per transfer.

Stamp Duty Land Tax or Land Tax – this depends on the purchase price of your property and a variety of other factors. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website here.

For additional anticipated disbursements for leasehold properties, click here.

 

Disbursements that apply to all residential property purchases have been listed above but there are additional disbursements associated with leasehold purchases. The disbursements which we anticipate will apply are set out separately below.

This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

Notice of Transfer Fee – This fee, if chargeable, is set out in the lease. Often the fee is between £25 and £100 plus VAT at 20%.

Notice of Charge Fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £25 and £100 plus VAT at 20%.

Deed of Covenant Fee – The figure for this fee is provided by the management company for the property and can be difficult to estimate. Often it is between £100 and £200 plus VAT at 20%.

Certificate of Compliance Fee – To be confirmed upon receipt of the lease and is usually ranged between £100 and £150 plus VAT at 20%.

However, these disbursements 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 a leasehold property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.

 

How long will my house or flat purchase take?

How long it will take from your offer being accepted until you can move in to your new home will depend on a number of factors. In recent months we have handled transactions that have taken 4 weeks, and 36 weeks, and anywhere in between. The average has been 10 weeks.

It can be quicker or slower depending on, for example, the other people in a chain of transactions, the time taken by third parties to respond to us and your seller’s solicitor, or problems with the property highlighted by your surveyor.

 

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, here are the usual key stages:

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender’s solicitors if needed
  • Receive and advise on contract documents
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of seller’s solicitor
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer with you
  • Advise you on joint ownership
  • Send final contract to you for signature
  • Agree completion date (date on which you can move into the property)
  • Arrange for the deposit monies to be received from you
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from lender and you
  • Obtain pre-completion searches
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry

Sale of a freehold or leasehold residential property

Our fees cover all of the work required to complete the sale of your old home assuming a straight forward transaction without unforeseen complexities or issues. If the matter becomes complex then there may be an additional fee, examples of which include (but are not limited to) :

  • Where in the case of a leasehold property a lease extension is involved
  • Where in the case of a leasehold property freeholder and/or superior leaseholder consent for any reason may be required
  • Where there is a perceived defect in title
  • Where if leasehold it involves the grant of a new lease
  • shared ownership transactions
  • in the case of a leasehold transaction missing or absentee landlords
  • compulsory purchase
  • where unusual degrees of expedition are required
  • contract races
  • lock out/exclusivity agreements

Obviously all cases are different and we will do our best to inform you should we become aware of any aspect of the transaction that might have an impact on the estimated fee.

 

Freehold or leasehold sale – our fees:

Freehold properties – our fees:

Sale price up to £500,000 – £2,500 plus VAT at 20%

Sale price between £500,000 and £1,000,000 – £3,000 plus VAT at 20%

Sale price over £1,000,000 – please contact us

Leasehold properties – our fees:

Sale price up to £500,000 – £2,750 plus VAT at 20%

Sale price between £500,000 and £1,000,000 – £3,250 plus VAT at 20%

Sale price over £1,000,000 – please contact us

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

HM Land Registry fee for Official Copies – probably between £3.00 and £20.00 (there is no VAT payable on this)

Electronic Money Transfer – £25.00 plus VAT at 20% per transfer

Managing Agent’s Pack (leasehold property only) usually between £200.00 and £400.00 plus VAT at 20%

 

How long will my flat or house sale take?

How long it will take from accepting an offer for your property until you have to move out will depend on a number of factors. In recent months we have handled transactions that have taken 4 weeks, and 25 weeks, and anywhere in between. The average has been 9 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if you are selling to a first time buyer, with a mortgage in principle, and you have no related purchase, a realistic estimate would be 8 weeks. If your transaction is one in a chain of transactions, how quickly you complete may be governed by the slowest person in the chain.

 

Stages of the process

  • Take your instructions and prepare Information forms
  • Draft contract documents
  • Deal with and obtain your instructions on any additional enquiries
  • Agree form of contract with buyer’s solicitor
  • Send final contract to you for signature
  • Agree completion date (date on which you can move into the property)
  • Arrange for the deposit monies to be received from the buyer
  • Exchange contracts and notify you that this has happened
  • Reply to buyers’ completion requirements
  • Complete sale
  • Redeem any mortgage and prepare any discharge documents
  • Send the proceeds of sale to you and pay the estate agent

Mortgage or re-mortgage of a freehold or leasehold residential property

Our fees cover all the work required to complete the mortgage or re-mortgage of your property including dealing with registration at the Land Registry and registration with your landlord(if the property is leasehold) and includes also acting on behalf of your mortgage lender in complying with their requirements and advising you on any unusual features of their mortgage offer and, in the case of a re-mortgage, redeeming your existing mortgage.

The estimate below assumes a straight forward transaction without unforeseen complexity or issues. If the matter becomes complicated then there may be an additional fee for any extra work examples of which include (but are not limited to):

  • Where in the case of a leasehold property superior landlord’s consent may be required
  • Where there is a perceived defect in title which requires rectification, such as an unacceptably high ground rent
  • In the case of a leasehold property any landlord is missing or absent

 

Freehold or leasehold – our fee:

Between £1000 plus VAT at 20% and £1,875 plus VAT at 20% This estimate is based on between 4 and 7.5 hours of work at £250 per hour.

 

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Search Fees – approximately £400 plus VAT at 20%.

HM Land Registry Fee for Official Copies – probably between £3.00 and £20.00

HM Land Registry Fee – £20.00 to £125

Electronic Money Transfer – £25.00 plus VAT at 20% per transfer

For additional anticipated disbursements for leasehold properties, click here.

 

Disbursements that apply to all residential property re-mortgages have been listed above but there are additional disbursements associated with leasehold purchases. The disbursements which we anticipate will apply are set out separately below.

This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

Notice of Charge Fee – This fee is set out in the lease. Often the fee is between £25.00 and £100 plus VAT at 20%.

Certificate of Compliance Fee – To be confirmed upon receipt of the lease and usually can range between £75.00 and £150.00 plus VAT at 20%.

Managing Agent’s Pack usually between £200.00 and £400.00 plus VAT at 20%.

These disbursements 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.