Property price and service information

 

The purpose of this page is to explain the basis of our charges for residential conveyancing, so that you are fully aware, before you decide to instruct us, how your fees will be calculated.   It is a requirement of the Solicitors Regulation Authority in order that clients are provided with transparency on fees. Please do not hesitate to contact us if there is anything which you do not understand or would like us to clarify. 
 

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 any additional disbursements that may arise and will usually be 0.35% of the purchase price plus VAT and disbursements.  It is important to note that there have been various changes to how Stamp Duty Land Tax is charged depending on whether the client is a first time buyer or the property is an additional home. 
 

Conveyancer's estimates of fees and disbursements for a notional purchase price of £550,000:

  • Legal fee £1925
  • Search fees £450
  • HM Land Registry registration fee £270
  • Electronic money transfer fee (per transfer) £25
  • VAT payable £534

Estimated total: £3209
 

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease (if applicable) relating to the Property. 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.

  • HM Land Registry fee: £135.00-540 (depending on the purchase price)
  • Search fees: £240-£550 (depending on the local authority search fee)
  • VAT on search fees (applicable to the above) 
  • Electronic money transfer fee: £30.00 (including vat per fee)
  • Subtotal: £ (the applicable figures above added)
     

Anticipated disbursements if leasehold

  • Notice of Transfer fee and notice of charge – This fee if chargeable is set out in the lease. Often the fee is between £20- £300 (depending on your landlord or management company).  If there is a mortgage, a notice of charge is payable. 
  • 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 £0 and £50.
  • Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £0 – £100.

These fees 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 the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.
 

Stamp Duty or 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.
 

How long will my house 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 6-8 weeks (freehold property) and 8+ weeks (leasehold property).

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take considerably longer or shorter depending on the developer’s deadlines. 

However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, 3+ months due to statutory deadlines. In such, situation additional charges would apply (you will be advised of these ahead of any fees charges being added to your final bill).
 

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:

  • 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
     
  • 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
     

Our fee assumes that:

a)    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

b)    this is the assignment of an existing lease and is not the grant of a new lease

c)    the transaction is concluded in a timely manner and no unforeseen complication arise

d)    all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation

e)    no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

If you wish to contact us regarding a precise quote or your transaction we can arrange this for you. 

Below is list of things you may wish to consider if you contact us regarding a specific quote for conveyancing matters. You could, if you wish, build questions to find out the following information:

  • value of the property
  • first-time buyer
  • re-mortgage
  • freehold or leasehold
  • new build
  • first registration of title
  • whether a mortgage or not, or Islamic mortgage
  • in purchase cases, whether primary residence, buy to let or second/holiday home
  • multiple owners
  • shared ownership scheme
  • using a help to buy scheme, and whether it is an equity loan or ISA
  • purchase under right to buy
  • purchase at auction
  • property has been repossessed

NB: This list is not intended to be exhaustive. The important point is that the information you request should generate the total cost
 

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry document fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease (if applicable) relating to the Property. 

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.

  • HM Land Registry document fee: £12.00-15.00 
  • Electronic money transfer fee: £30.00 (including vat per transfer)
  • Subtotal: £ (the applicable figures above added)
     

Anticipated disbursements if leasehold 

  • Management pack fee: £100-£500 (depending on the Landlord or Management company if applicable form releasing management and leasehold information)

These fees 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 the transaction as the accounts will need to be clear on completion.  You will be reimbursed for any payments made outside your period of ownership by way of apportionment. 
 

How long will my house sale take?

How long it will take from accepting your offer until you can move out/complete on your property sale will depend on a number of factors. The average process takes between 6-8 weeks (freehold property) and 6+ weeks (leasehold property).  It can be quicker or slower, depending on the parties in the chain. 
 

Stages of the process

The precise stages involved in the sale of a residential property vary according to the circumstances; here is some guidance on what to expect:

  • Take your instructions and give you initial advice
  • Send on contract documents
  • Await enquiries to come in from the purchasers solicitor
  • Reply to enquiries 
  • 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
  • Complete sale

Our fee assumes that:

a)    the transaction is concluded in a timely manner and no unforeseen complication arise
b)    all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
c)    no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

If you wish to contact us regarding a precise quote or your transaction we can arrange this for you. 

Key Contacts:

Stephen Harker