Conveyancing Costs
FREEHOLD RESIDENTIAL PROPERTY PURCHASE
Our fixed fees for sale and purchase transactions encompass all the standard work needed to buy or sell your property. To provide clarity on what out fee covers, we’ve outlined the included work below, as well as what is not covered.
‘Disbursements’ are costs associated with your matter and payable to third parties, such as Land Registry fees. Rest assured; we handle the disbursement payments on your behalf to facilitate a smoother process.
Inclusions:
Our property team will manage all aspects of your property transaction for a seamless process.
- We will coordinate with all parties involved, including you, the estate agent, mortgage lender, broker, surveyor and other lawyers
- Our services cover the legal aspects related to the property. For purchases we provide a report explaining how the legal aspects may impact you, including any property restrictions
- We handle registration at the Land Registry, including payment of Stamp Duty Land Tax (for properties in England) or Land Transaction Tax (for properties in Wales)
If any work beyond the usual transaction is necessary, our team will be sure to inform you in advance. This includes any additional costs and disbursements that may arise.
Exclusions:
- Our fixed fee does not cover new build property purchases or new lease grants
- The standard fixed fee assumes a straightforward transaction without unforeseen complications, However, if issues arise (e.g., title defects), we’ll discuss any extra costs beforehand
- In case of delays due to complications, additional charges may apply, but we’ll notify you before incurring further costs
- If indemnity policies are needed, there might be extra fees, along with advance notice of any additional disbursements
Tailored Costs Estimates
The figures outlined below may vary based on special circumstances or case complexity. At the outset, we’ll discuss your requirements to understand your case and provide a written, tailored cost estimate. This estimate will detail our fees, VAT, disbursements, and the work we’ll perform for you, including assumptions and exclusions. If your transaction becomes complicated, we’ll inform you of any fee quote changes before incurring additional costs.
All amounts that are subject to VAT are charged at the applicable rate of VAT (20% as at July 2024).
PROPERTY SALES
Our fees apply to standard property transactions, including simple sales of registered properties, and vary based on the property value.
- Property value up to £400,000:
- Legal fee £1,200 plus VAT (£240).
- Property value from £400,001 to £750,000:
- Legal fee £1,495 plus VAT (£299).
- Property value from £750,001 to £1,000,000:
- Legal fee £1,795 plus VAT (£359)
- Property value from £1,000,001 to £1,500,000:
- Legal fee £1,995 plus VAT (£399).
- Property value from £1,500,001 to £2,000,000:
- Legal fee £2,395 plus VAT (£479).
- Property value from £2,000,001 onwards:
- Price available on request.
Additional costs that might apply:
If the Property is Leasehold there is an additional charge for handling the assignment of the existing lease of £250 plus VAT, which may vary depending on the complexity of the lease.
For unregistered Properties, there is an additional fee of £350 plus VAT, which covers preparation of the application for first registration. If the Property is listed or within a substantial plot there is an additional charge of £400.00 plus VAT.
Costs on acting for the Lender where a mortgage is required £125 plus VAT. Stamp Duty Land Tax Return submission £100 plus VAT. Case Management fee £35 plus VAT. Bank Transfer arrangement fee £35 plus VAT.
PROPERTY PURCHASES
Our fees apply to standard property transactions, including simple purchases of registered properties and vary depending on the property value:
- Property value up to £400,000: Legal fee £1,295 plus VAT (£259).
- Property value from £400,001 to £750,000: Legal fee £1,595 plus VAT (£319).
- Property value from £750,001 to £1,000,000: Legal fee £1,895 plus VAT (£379).
- Property value from £1,000,001 to £1,500,000: Legal fee £2,095 plus VAT (£419).
- Property value from £1,500,001 to £2,000,000: Legal fee £2,495 plus VAT (£499).
- Property value from £2,000,001 onwards: Price available on request.
Additional costs that might apply
If the Property is Leasehold there is an additional charge for handling the assignment of the existing lease of £250 plus VAT, which may vary depending on the complexity of the lease.
For unregistered Properties, there is an additional fee of £350 plus VAT, which covers preparation of the application for first registration. If the Property is listed or within a substantial plot there is an additional charge of £400.00 plus VAT.
Costs on acting for the Lender where a mortgage is required £125 plus VAT. Stamp Duty Land Tax Return submission £100 plus VAT. Case Management fee £35 plus VAT. Bank Transfer arrangement fee £35 plus VAT.
Disbursements
You are likely to incur costs relating to search fees, HM Land Registry Fee and Stamp Duty Land Tax (SDLT), on a purchase. The SDLT is payable to Revenue and Customs and is dependent on the property’s purchase price. The SDLT can be calculated using the following link: HMRC website (for properties in England) https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro; the Welsh Revenue Authority website (for properties in Wales) https://gov.wales/land-transaction-tax-calculator.
Re-mortgage Fees
We will work closely alongside your mortgage broker and lender to ensure a seamless remortgaging process. Regular updates will keep you informed of the progress being made. Ou fixed fees encompass all necessary work for completing your re-mortgage, including interactions with the mortgage lender and registration at the Land Registry.
For this service:
Standard property: £595 plus VAT, plus a bank transfer arrangement fee of £35 plus VAT, and a case management fee of £35 plus VAT
Leasehold property: £795 plus VAT, plus the same bank transfer arrangement fee and case management fee
Frequently asked Questions
1. How long will my property transaction take?
We will work with you to do our best to meet your time frame. However, the time it can take to complete a property purchase can vary greatly as there are a number of factors to consider including if the transaction is part of a chain, the mortgage lender requirements, and availability of surveyors. The average time it takes is between 6-12 weeks for us to complete the conveyancing process once we receive the memorandum of sale from the estate agents.
It can be quicker or slower, depending on the parties in the chain and the nature of the transaction. For example, leasehold purchases generally take longer due to the extra work involved.
If you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 5 months. In such a situation, additional charges would apply.
2. What are the stages of the property process?
To help you understand a typical transaction we have set out below the normal stages that we would need to go through. However, these may vary depending on the type of property and the circumstances.
(Sale and Purchase) Take your instructions and give you initial advice
(Purchase Only) Check finances are in place to fund your purchase and contact lender’s solicitors if needed
(Sale and Purchase) Receive and advise on contract documents
(Purchase Only) Carry out searches
(Purchase Only) Obtain further planning documentation if required
(Purchase Only) Make any necessary enquiries of seller’s solicitor
(Sale and Purchase) Give you advice on all documents and information received
(Purchase Only) Go through conditions of mortgage offer with you
(Sale Only) Deal with buyer’s solicitor’s enquiries
(Sale and Purchase) Send final contract to you for signature
(Sale and Purchase) Agree completion date (date from which you own or sell the property)
(Sale and Purchase) Exchange contracts and notify you that this has happened
(Purchase Only) Arrange for all monies needed to be received from lender and you
(Sale and Purchase) Complete transaction
(Sale Only) Redeem any registered mortgage/loan
(Purchase Only) Deal with payment of Stamp Duty/Land Tax
(Purchase Only) Deal with application for registration at Land Registry
OUR PROPERTY TEAM
When you instruct us, you can trust that you are in capable and experienced hands. Our Property Team boasts of 98 years of combined experience, handling property sales, purchases, leases and re-mortgages.
- Richard Bull
- Nana Ravalier
- Babul Ahmed
- Abul Rahman