Our Pricing: Residential Conveyancing

Residential property transactions are difficult to accurately price as no two transactions are the same. Our fees for various types of transactions in residential conveyancing will depend on the time spent in dealing with the matter but the followings tables provide a guide to the likely fees.

 

PURCHASES

Purchase of a freehold property

Purchase Price of the propertyEstimated fees (exclusive of VAT) and disbursements
Up to £500,000£1,750-£2,500
£500,001 to £750,000£2,500 -£4,500
£750,001 -£1,000,000£4,500-£5,500
£1,000,001 +Fee on request

Purchase of leasehold property

Purchase Price of the propertyEstimated fees (exclusive of VAT)
Up to £500,000£2,500 – £3,000
£500,001 to £750,0003,000-£4,5000
£750,001 -£1,000,000£4,500- £6,000
£1,000,001 +Fee on request

Purchase of new-build leasehold property

Purchase Price of the propertyEstimated fees (exclusive of VAT)
Up to £500,000£2,500-£3,750
£500,001 to £750,000£3,750 -£5,000
£750,001 -£1,000,000£4,750-£7,000
£1,000,001 +Fee on request

Usual disbursements and other costs on purchases

Purchase Price of the propertyEstimated fees (exclusive of VAT)
Conveyancing searchesLocal Authority £150 to £400 (depending upon the local authority)
Water & Drainage£150
Environmental£275
Chancel Repair Liability£35
Chancel Repair Liability£35

Land Registry searches

Type of disbursement and other costsUsual cost
Pre-completion priority search£3 per title
Bankruptcy only search£2 per name
Stamp Duty Land TaxThe amount of any stamp duty land tax is dependent upon several factors including the price of the property, whether the buyer already owns another dwelling (whether in the UK or elsewhere), the type of buyer (e.g. whether an individual or a company or a trust) and so on. It is a complicated area of law and you can get a guide on how much stamp duty land tax you will pay on your purchase by using the calculators on the HMRC website.
Land Registry application feeThe amount of the registration fee payable will vary according to the value of the property and nature of the transaction. If you are taking out a mortgage at the same time as buying the property then the fee will also cover the application to register the mortgage
Electronic money transfer fee (per payment)£15 plus VAT
Electronic bank account check (per check)£10 plus VAT
Electronic bank account check (per check)£10 plus VAT

Additional disbursements in relation to a leasehold property (Fee payable to the landlord and/or any management company to notify it/them of a change of ownership of the property)

Type of disbursement and other costsUsual cost
Notice of Transfer fee (this is a registration£50-£150 plus VAT per Notice. The (minimum) amount of this fee is usually set
out in the lease.
Notice of Mortgage fee (this is a registration fee payable to the landlord and/or any management company to notify it/them of a mortgage over the property)£50-£150 plus VAT per Notice
The (minimum) amount of this fee is usually set
out in the lease
Additional leasehold documentation e.g. deed of covenant or rent deposit agreement or licence to alter (if you plan to carry out work to the property). Note – it is usually the seller who pays the landlord’s costs for any consent which is required to the sale of the leasehold
property but the buyer would be responsible for the cost of notice of transfer and charge
If additional leasehold documents are required the costs vary widely between landlords and/or management companies and could be anything from £250 to £1,250 (or more) plus VAT depending on which documents are required and also if there are landlord’s and/or management company’s legal and/or surveyor’s costs to also pay.

 

Our fees will increase in the following circumstances:-

  • Where there is going to be more than one person as the buyer
  • Where a transaction involves a bridging loan or other form of non-standard financing
  • New build or off-plan purchases
  • Grants of new lease
  • Where the legal title is defective
  • Where the property is unregistered in part or in full
  • Where the matter becomes protracted and unforeseen complications arise
  • Urgent transactions requiring urgent exchange of contracts and/or completion
  • Other circumstances unforeseen when the quote is provided to you

 

SALES
In relation to the sale of freehold:

Purchase Price of the propertyEstimated fees (exclusive of VAT)
Up to £500,000£1,750-£2,500
£500,001 to £750,000£2,500 – £3,500
£750,001 -£1,000,000£3,500 -£5,000
£1,000,001 +Fee on request

In relation to the sale of leasehold property:

Purchase Price of the propertyEstimated fees (exclusive of VAT)
Up to £500,000£2,250- £3,000
£500,001 to £750,000£3,000- £4,500
£750,001 -£1,000,000£4,500-£5,500
£1,000,001 +Fee on request

 

We are able to estimate the following disbursements on a sale transaction:-

  • Online identification check: This is chargeable for international clients only and typically costs between £30 – £50 plus VAT
  • Land Registry official copies (approx.): This depends on the number of documents revealed in the title of the property you are selling but will typically incur a cost of £6 – £12.This does not attract VAT.
  • Leasehold management pack: This is only required where the transaction is leasehold and the amount (and any VAT) payable will depend on what is required by the landlord or their agents.Please note that the following items are not included within our fee:
  • Arranging a survey of the property
  • Arranging your mortgage and agreeing its terms
  • Arranging buildings insurance
  • Advising you on the tax aspects of the transaction (though we are able to provide you with this advice for an additional fee)

 

Timeframe

The length of time between an offer being accepted on either a purchase or a sale and legal completion depends on a number of factors. Typically a straightforward transaction could take around 4-5 weeks to exchange of contracts. Completion is of course dependant on the individuals involved in the transaction especially where there is a chain.
If you have a preferred date for exchange and completion then we shall endeavour to meet that date. However we are not always able to influence other parties and unforeseen circumstances and delays can arise.

 

Transaction Outline
The precise stages involved in the purchase of residential land can vary according to the circumstances. We have set out below the key stages:

  • Carry out the anti-money laundering checks as required by law
  • Take your instructions and giving you initial advice
  • Revise 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
  • Draft the Transfer Deed and arrange for your signature on the completion documents
  • Advise you on joint ownership
  • Obtain pre-completion searches
  • 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 HM Land Registry.The precise stages involved in the sale of residential land can vary according to the circumstances. We have set out below the key stages:
  • Take your instructions and give you initial advice
  • Draft contract and prepare title documents
  • Dealing with additional enquiries raised by the buyer
  • Send final contacts and other documents to you for signature
  • Agree completion date (date from which you will need to give up possession of the property)
  • Exchange contracts and notify you that this has happened
  • Complete the sale
  • Pay all disbursements and redeem any existing mortgages
  • Remit net sales proceeds to you and deal with any post completion matters

 

One-Stop Service

We pride ourselves on being able to offer a one-stop service according to clients. We can take a holistic approach and advise in conjunction with other legal matters about:

– Tax
– Immigration
– UK and Offshore Corporate set up
– Property acquisitions