We are required to set out price and service information for dealing with residential conveyancing.
Please note that there are various factors which increase or decrease legal costs or disbursements significantly as follows:
- the value of the property
- if the purchaser is a first-time buyer
- re-mortgage
- freehold or leasehold
- new build
- whether there is first registration of title
- whether there is a mortgage or not, or Islamic mortgage
- in purchase cases, whether the property is a primary residence, buy to let or second/holiday home
- whether there are multiple owners
- whether there is a shared ownership scheme
- using a help to buy scheme, and whether it is an equity loan or ISA
- whether it is a purchase under right to buy
- whether it is a purchase at auction
- whether the property has been repossessed
Sale of a freehold residential property
Our fees cover all the work required to complete the sale of your home to your Buyer, including, if necessary, redeeming any mortgage with your mortgage company. Please note that the costs are affected by a number of factors however, there follows an illustrative example for a typical single freehold title at a price of £500,000.00 of the typical costs and disbursements which is further followed by our additional fees as the value or transaction factors vary.
Conveyancer’s fees and disbursements
- Legal fee: £1,650 plus VAT
- Fee for acting for your Lender: £150 plus VAT
- Obtaining Land Registry title documentation: Estimated at between £15 and £25
- Electronic money transfer fee per transfer: £10 plus VAT
VAT is presently at a rate of 20%.
For a property being sold between £500,001.00 and £1,000,000.00 the fee will be between £1,950 to £2,250 plus VAT.
For any property above £1,000,000.00 we will need to negotiate the fee.
Sale of a leasehold residential property
The fee will cover a similar level of work which we need to carry out to complete the sale of your leasehold property which would include in addition to the type of work we have to do for the freehold the work we have to do for the leasehold title. We will need to obtain the leasehold title and the lease as well as the management pack (there could be more than one) for which the Landlord and Management Company will make a charge. We cannot estimate this charge at this stage. In addition, depending upon the height of the building, the property could come within the ambit of the Building Safety Act 2022 for which there will be additional fees as noted below. Below is the typical fee for a leasehold flat up to £500,000.00.
Conveyancer’s fees and disbursements
- Legal fee: £1,850 plus VAT
- Fee for acting for your Lender to redeem the loan: £150
- Estimated fee for obtaining the title registers: £30
- Electronic money transfer fee: £10 plus VAT per transfer
If the building is subject to the Building Safety Act 2022 and we are required to deal with this there will be an additional fee of between £450 to £650 plus VAT depending upon the complexity.
If a Licence to Assign is required, the fee will be between £450 to £650 plus VAT.
If we are required to draft a Deed of Covenant the fee will be £250 plus VAT.
In relation to leasehold properties between £500,001.00 and £1,000,000.00 our fee will be between £2,150 to £2,350 plus VAT.
For any properties above £1,000,000.00 we will need to negotiate the fee.
Stages of the Process
The precise stages involved in the sale of a residential property vary according to the circumstances. Below however are some key stages which you should be aware of.
- Take your instructions and give you initial advice
- Set up the file and send you the Client Care letter as well as the protocol forms (Property Information forms).
- Receive your completed protocol forms.
- Obtain the title register and all relevant documents.
- Prepare and send out the Contract Pack to the Buyer’s Solicitors.
- Receive any enquiries from the Buyer’s Solicitors and advise you on these and seek your responses.
- Send the contract and various documents for your signature and agree an exchange and completion date.
- Exchange contracts.
- Obtain the Redemption Statement from your Lender (if required).
- Complete the transaction and redeem your loan and send the balance to you.
- Provide the Buyer’s Solicitors with the evidence of redemption once received from the bank.
Purchase of a freehold 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.
As mentioned above, the costs and disbursements are affected by a number of factors, but there follows an illustrative example of the costs and disbursements incurred in a purchase of a freehold residential property, which is already registered and comprised in a single freehold title, at a price of £500,000.
Conveyancer's fees and disbursements
Legal fee: £2,250 plus VAT
Search fees: Between £300 and £500 plus VAT (depending upon the Local Authority)
HM Land Registry fee: £135
Electronic money transfer fee: £10 plus VAT
VAT is presently at a rate of 20%.
For transactions between £501,000.00 to £1,000,000.00 our fee will be £2,550 plus VAT including acting for your Lender.
For transactions between £1,000,000.00 to £1,500,000.00 our fee will be £2,750 plus VAT including acting for your Lender.
For transactions between £1,500,000.00 to £2,000,000.00 our fee will be £3,150 plus VAT including acting for your Lender.
For transactions over £2,000,000.00 we will negotiate the fee with you.
In relation to new build properties, a similar structure exists and for transactions up to £500,000.00 our fee will be £2,450 plus VAT including acting for your Lender.
For transactions between £500,000.00 and £1,000,000.00 our fee will be £2,650 plus VAT.
For transactions between £1,000,000.00 to £1,500,000.00 our fee will be £2,800 plus VAT.
For transactions between £1,500,000.00 to £2,000,000.00 our fee will be £3,120 plus VAT.
For transactions over £2,000,000.00 we will negotiate the fee with you.
In addition, we will charge £150 plus VAT for preparing and submitting the Stamp Duty Land Tax return.
If your anti-money laundering checks are complex or you are getting a gift, we will need to carry out due diligence on your donor and we could charge a fee of £250 plus VAT.
If we are required to carry out additional know your client checks particularly in relation to UK companies, the fee would increase with an additional fee of £250 to £350 plus VAT.
Stamp Duty or Land Tax (on purchase)
This depends on the purchase price of your property. 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.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are some key stages which you should be aware of:
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
Send final contract to you for signature
Agree completion date (date from which you own the property)
Exchange contracts and notify you that this has happened
Arrange for all monies needed to be received from lender and you
Complete purchase
Deal with payment of Stamp Duty/Land Tax
Deal with application for registration at Land Registry
Purchase of a leasehold residential property
Our fees cover all 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 is in Wales.
As mentioned above, the costs and disbursements are affected by a number of factors, but there follows an illustrative example of the costs and disbursements incurred in a purchase of a leasehold residential property, which is already registered and comprised in a single leasehold title, at a price of £250,000. Therefore, in comparison with the example provided above, the value of the property is lower, reducing the legal fee, but as the property is leasehold, more work would be required and this increases the legal fee.
Conveyancer's fees and disbursements
Legal fee: £2,250 plus VAT
Search fees: Between £300 and £500 plus VAT (depending upon the Local Authority)
HM Land Registry fee: £135
Electronic money transfer fee: £10 plus VAT
Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50 and £120 inclusive of VAT.
Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £75 and £150 inclusive of VAT.
Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £150 and £300 inclusive of VAT.
Certificate of Compliance fee – This fee is to be confirmed upon receipt of the lease and management pack information. Often it is between £100 and £300 inclusive of VAT.
As above, VAT is presently at a rate of 20%.
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 this we receive this information.
For transactions between £501,000.00 to £1,000,000.00 our fee will be £2,450 plus VAT including acting for your Lender.
For transactions between £1,000,000.00 to £1,500,000.00 our fee will be £2,750 plus VAT including acting for your Lender.
For transactions between £1,500,000.00 to £2,000,000.00 our fee will be £3,150 plus VAT including acting for your Lender.
For transactions over £2,000,000.00 we will negotiate the fee with you.
If the property is subject to the Building Safety Act, we will charge a further £450 to £650 plus VAT.
Stamp Duty Land Tax
This depends on the purchase price of your property. 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.
Stages of the process
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below are some key stages which you should be aware of:
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
Send final contract to you for signature
Draft Transfer
Advise you on joint ownership
Obtain pre-completion searches
Agree completion date (date from which you own the property)
Exchange contracts and notify you that this has happened
Arrange for all monies needed to be received from lender and you
Complete purchase
Deal with payment of Stamp Duty/Land Tax
Deal with application for registration at Land Registry
How long will my purchase take?
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 6 and 8 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a property with a mortgage in principle, it could take 6 to 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 3 months. In such a situation additional charges would apply.
Please note that in each case set out above, our fee is based on the assumption that:
this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction;
this is the assignment of an existing lease and is not the grant of a new lease;
the transaction is concluded in a timely manner and no unforeseen complication arise;
all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation; and
no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Fixed Fees
We will provide you with a quote at the outset based upon a typical transaction. The quote will be a fixed rate quote and we will charge only that although we are required to provide you with our hourly rate as well. We will provide you the fixed quote on the basis that the matter will be a typical standard conveyancing matter. If the transaction becomes complex or protracted, we will have to make an additional charge for the extra work, but we will discuss this with you before any charge is made.
Who will carry out the work?
The work will be undertaken by a qualified Solicitor with the assistance of a paralegal or Trainee Solicitor, under the supervision of a Partner. The fee estimates above would accord with a Solicitor with 3 years' post qualification experience undertaking the work. Profiles of our staff can be reviewed here.
The work will largely be carried out in our Residential Department comprising the Partner, Sandeep Lakhani, whose hourly rate is £375 plus VAT, and his Assistant Kunjal Patel, whose hourly rate is £275 plus VAT.