Residential Conveyancing Fees

 

This Note is designed to provide you with detailed cost information in relation to residential conveyancing – including freehold or leasehold sales and purchases.

Our fees will depend on the value of the property. We have set out at the end of this Note under the heading (“Fee scale for Residential transactions”) a guide to our fees based on value and for both purchases and sales of freeholds and leaseholds. There are various qualifications to that Fee scale and these are listed in the notes below the Fee scale. We have also set out below examples for the purchase of a freehold and a leasehold property.

In addition we have provided details of the service provided and information in relation to our partner, Paul Goward, who will manage your matter.

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 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.

Conveyancer's fees and disbursements 

  • Legal fees – these are set out at the end of this Note under the heading (“Fee scale for Residential transactions”). 

  • Search fees – these will vary depending primarily on the location of the property but are likely to be between £400 - £600 plus VAT. 

  • HM Land Registry fee – this will depend on the value of the transaction. 

  • VAT payable – this is payable on the Legal fees and Search fees but not on the HM Land Registry fee.

 

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.We will require money from you on account to cover the Search fees.

Stamp Duty or Land Tax (on purchase)

This depends on the purchase price of your property and your personal circumstances (for example whether you are buying in your own name or in a company and whether you, and any non-purchasing spouse, has an interest in any other residential property worldwide). You can calculate the amount you will need to pay by using HMRC's websiteor if the property is located in Wales by using the Welsh Revenue Authority's website here.

So, by way of example, assuming a purchase price of £1,000,000.00 the total cost of a freehold purchase would be:

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 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.

Conveyancer's fees and disbursements 

  • Legal fees – these are set out at the end of this Note under the heading (“Fee scale for Residential transactions”). 

  • Search fees – these will vary depending primarily on the location of the property but are likely to be between £400 - £600 plus VAT. 

  • HM Land Registry fee – this will depend on the value of the transaction. 

  • VAT payable – this is payable on the Legal fees and Search fees but not on the HM Land Registry fee.

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. We will require money from you on account to cover the Search fees. There are certain disbursements which will be set out in the individual lease 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 terms of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller's solicitors. 

Anticipated Disbursements*

  • Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £25 - £75. 

  • 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 - £75. 

  • 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 £200 and £400. 

  • Certificate of Compliance fee - To be confirmed upon receipt of the lease, as it can range between £75- £125.

 

*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 Land Tax

This depends on the purchase price of your property and your personal circumstances (for example whether you are buying in your own name or in a company and whether you, and any non-purchasing spouse, has an interest in any other residential property worldwide). You can calculate the amount you will need to pay by using HMRC's websiteor if the property is located in Wales by using the Welsh Revenue Authority's website here.

So, by way of example, assuming a purchase price of £1,000,000.00 the total cost of a leasehold purchase would be (in relation to the anticipated disbursements referred to above we have taken a mid-range figure for each of the listed items):

Stages of a residential purchase transaction

The precise stages involved in the purchase of a residential property vary according to the circumstances. We have listed the main stages below: 

  • Taking your instructions and giving you initial advice

  • Checking finances are in place to fund the purchase and contacting the lender's solicitors if needed

  • Receiving and advising on contract documents

  • Carrying out searches

  • Obtaining further planning documentation if required

  • Making any necessary enquiries of the seller's solicitor

  • Giving you advice on all documents and information received

  • Sending the final contract to you for signature

  • Drafting the Transfer 

  • Advising you on joint ownership

  • Obtaining pre-completion searches 

  • Agreeing the completion date (the date from which you own the property)

  • Exchanging contracts and notifying you that this has happened

  • Arranging for all monies needed to be received from the lender and you

  • Completing the purchase

  • Dealing with the payment of Stamp Duty/Land Tax

  • Dealing with the application for registration at the Land Registry

How long will my freehold or leasehold 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 2-4 months.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a freehold property with a mortgage (and with no chain) in principle, it could take 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 5 months. In such a situation additional charges would apply.

 

Fee scale for Residential transactions

NOTE:

  1. Our Fee scale assumes 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. If this is not the case we will let you know as soon as possible what we think any extra charge will be;

  2. In the case of a lease it is assumed that this is the assignment of an existing lease and is not the grant of a new lease;

  3. It is likely that we will not be on the panel of solicitors used by your Lender (if applicable) and therefore a further fee would be payable by you to the Lenders solicitor. Your mortgage broker (if applicable) or Lender will be able to confirm the amount of the Lender’s solicitor’s fee. In circumstances where we are able to act for your Lender then the Fee scale above would include that;

  4. It is assumed that the transaction is concluded in a timely manner and that all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.

 

Your matter will be dealt with by our Partner Paul Goward whose hourly rate is £375.00 

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