Conveyancing | Probate | Employment | Debt Recovery
Conveyancing
Purchase of a freehold residential property
Our fees cover all of the work* required to complete the purchase of your new home, including acting for your lender taking a first legal charge, 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.
Conveyancer’s fees and disbursements
Legal fee – for a typical freehold house purchase at a price of:
|
Property pricing
|
Fee
|
|
Up to £1m
|
£850.00 – £3,500.00 plus VAT
|
|
£1m – £3m
|
£3,000.00 – £8,00.00 plus VAT
|
|
£3m plus
|
From £5,000 plus VAT
|
Where VAT applies this is a rate of 20%.
Disbursements are payable in addition to the fees quoted above and we will ordinarily ask that funds are paid in advance in order to progress your transaction.
Estimated total: As above
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.
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 here.
How long will my house purchase take?
The amount of time it could take between your offer being accepted and moving into your new house will depend on a number of factors. The average process takes between 4-8 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 new build property with a mortgage in principle, it could take 8 weeks.
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
Purchase of a leasehold residential property
Our fees cover all the work* required to complete the purchase of your new home, including acting for your lender taking a first legal charge 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.
Conveyancer’s fees and disbursements
Legal fee – for a typical leasehold house purchase at a price of:
|
Property pricing
|
Fee
|
|
Up to £1m
|
£850.00 – £4,000.00 plus VAT
|
|
£1m – £3m
|
£3,000.00 – £10,000.00 plus VAT
|
where VAT applies this is a rate of 20%
Disbursements are payable in addition to the fees quoted above and we will ordinarily ask that funds are paid in advance in order to progress your transaction.
Estimated total: As above
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 relating to the Property. The disbursements which we anticipate will apply are set out above. 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.
Anticipated disbursements**
|
Notice of Transfer fee
|
This fee if chargeable is set out in the lease. Often the fee is between £25 – £100 plus 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 £25 and £200 plus 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 £100 – £500 plus VAT – but should be paid by the Seller.
|
**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. 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.
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, the key stages are generally:
- 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 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 4-8 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 new build property with a mortgage in principle, it could take 8 weeks. However, if you are buying a leasehold property you could take over your seller’s application for a lease extension. If the seller has not made an application for a lease extension you will need to own the property for 2 years before you can apply for a lease extension. In such, a situation additional charges would apply.
* Our fee assumes 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
- No indemnity policies are required. Additional disbursements may apply if indemnity policies are required
Sale of freehold residential property
Our fee estimate covers all routine work associated with the sale of a freehold residential property, including acting for your lender in connection with redemption of their charge (if any).
Conveyancer’s fees and disbursements
Legal fees for a typical freehold house sale at a price of:
| Property pricing |
Fee
|
|
Up to £1m
|
£850.00 – £4,000.00 plus VAT
|
| £1m – £3m |
£3,000.00 – £10,000.00 plus VAT |
Where VAT applies this is a rate of 20%.
Disbursements are payable in addition to the fees quoted above and we will ordinarily ask that funds are paid in advance in order to progress your transaction.
- Land Registry fees – copy documents – £20
- Electronic money transfer fee – £35 plus VAT per transfer
Estimated total costs: As above
Disbursements are costs related to your matter that are payable to third parties, such as the Land Registry fees. We will handle the payment of disbursements on your behalf on receipt of funds on account.
How long will my house sale take?
How long it will take from accepting an offer until when you complete the sale and obtain the sale proceeds will depend on a number of factors. The average process is between 4-8 weeks. Whilst we have a quick turnaround in terms of replying to enquiries, a lot of the timing depends on how quickly the buyer’s solicitor can raise enquiries and obtain searches etc. on behalf of your buyer.
Key stages of the transaction generally:
- Examine the title documentation and prepare a draft contract.
- Prepare the Property Information Form and Fittings and Contents Form for completion by you.
- Deal with additional enquiries received from the buyer’s solicitor.
- Agree the sale contract with the buyer’s solicitor and arrange for you to sign the same.
- Agree a completion date with the buyer’s solicitor.
- Exchange contracts on your behalf.
- Approve the Transfer Deed prepared by the buyer’s solicitor and arrange for you to sign the same.
- If there is a mortgage(s) registered against the title, obtain a redemption statement from the lender.
- Reply to requisitions on title received from the buyer’s solicitor (these deal with routine pre-completion and post-completion formalities).
- Provide you with a completion statement setting out the net sale proceeds due to you.
- Complete the sale of the property and forward the signed Transfer Deed to the buyer’s solicitor.
- Authorise the estate agent to release the keys of the property to the buyer and pay their commission (if authorised by you to do so).
- Pay the amount required to discharge any mortgage(s) on the property.
- Write to you to confirm that the sale has been completed and remit the proceeds of sale to your bank by telegraphic transfer.
Sale of leasehold residential property
Our fee estimate covers all routine work associated with the sale of a leasehold residential property, including acting for your lender in connection with redemption of their charge (if any).
Conveyancer’s fees and disbursements
Legal fees for a typical leasehold property sale at a price of:
| Property pricing |
Fee
|
|
Up to £1m
|
£850.00 – £4,000.00 plus VAT
|
| £1m – £3m |
£3,000.00 – £10,000.00 plus VAT |
Where VAT applies this is a rate of 20%.
Disbursements are payable in addition to the fees quoted above and we will ordinarily ask that funds are paid in advance in order to progress your transaction.
- Land Registry fees – copy documents – £20
- Electronic money transfer fee – £35 plus VAT per transfer
- Managing agents fees – this fee is payable to the management company/landlord in connection with the management information required to sell the property. Fees vary and usually range between £250.00- £600.00 plus VAT
- Licence to Assign if required under the lease. This is the landlord’s consent to sell the property and is a requirement under some leases. The landlord’s legal cost associated with providing the licence are payable by you and can range between £750.00 – £1,250.00 plus VAT.
Estimated total costs: As above
Disbursements are costs related to your matter that are payable to third parties, such as the Land Registry fees. We will handle the payment of disbursements on your behalf on receipt of funds on account.
How long will my house sale take?
How long it will take from accepting an offer until when you complete the sale and obtain the sale proceeds will depend on a number of factors. The average process is between 4-8 weeks. Whilst we have a quick turnaround in terms of replying to enquiries, a lot of the timing depends on how quickly the buyer’s solicitor can raise enquiries and obtain searches etc. on behalf of your buyer.
Key stages of the transaction generally:
- Examine the title documentation and prepare a draft contract.
- Prepare the Property Information Form, Leasehold Information Form and Fittings and Contents Form for completion by you.
- Submit the pro-forma LPE1 Enquiries to the landlords’ managing agents and forward replies, together with requisite documentation to the buyer’s solicitor once received.
- Deal with additional enquiries received from the buyer’s solicitor.
- Agree the sale contract with the buyer’s solicitor and arrange for you to sign the same.
- Agree a completion date with the buyer’s solicitor.
- Exchange contracts on your behalf.
- Approve the Transfer Deed prepared by the buyer’s solicitor and arrange for you to sign the same.
- If there is a mortgage(s) registered against the title, obtain a redemption statement from the lender.
- Reply to requisitions on title received from the buyer’s solicitor (these deal with routine pre-completion and post-completion formalities).
- Provide you with a completion statement setting out the net sale proceeds due to you.
- Complete the sale of the property and forward the signed Transfer Deed to the buyer’s solicitor.
- Authorise the estate agent to release the keys of the property to the buyer and pay their commission (if authorised by you to do so).
- Pay the amount required to discharge any mortgage(s) on the property.
- Write to you to confirm that the sale has been completed and remit the proceeds of sale to your bank by telegraphic transfer.
* Our fee assumes 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 transaction.
- The title to the property is freehold or leasehold and comprises a single freehold or leasehold title at the Land Registry.
- We are not instructed to prepare and submit a second contact to an alternative buyer.
- The sale will be on the basis of an unconditional contract and the property is sold with vacant possession on completion.
- Completion takes place on the date agreed in the contract.
Re-mortgage of residential property
Our fee estimate covers all routine work associated with the refinance of a residential property, including acting for your lender taking a first legal charge over the property.
Conveyancer’s fees and disbursements
Legal fees for a typical re-mortgage transaction at a value of:
| Property pricing |
Fee
|
|
Up to £1m
|
£850.00 – £3,000.00 plus VAT
|
| £1m – £3m |
£1,750,00 – £6,000.00 plus VAT |
Where VAT applies this is a rate of 20%
Disbursements are payable in addition to the fees quoted above and we will ordinarily ask that funds are paid in advance in order to progress your transaction.
- Land Registry fees – copy documents – £20
- Electronic money transfer fee – £35 plus VAT per transfer
- Managing agents fees (if leasehold) – this fee is payable to the management company/landlord in connection with the management information required to sell the property. Fees vary and usually range between £250.00- £600.00 plus VAT
- Notice of Charge fee (if leasehold) – this fee is often set out in the Lease and can be between £25 – £200 plus VAT.
Estimated total costs: As above
Disbursements are costs related to your matter that are payable to third parties, such as the Land Registry fees. We will handle the payment of disbursements on your behalf on receipt of funds on account.
How long will my re-mortgage take?
How long it will take from receipt of your mortgage offer to completion will depend on a number of factors. The average process is between 4-6 weeks.
Key Stages:
- Examine the title documentation.
- Examine your mortgage offer and comply with the lender’s instructions.
- Report to your lender.
- Prepare the Mortgage Deed and arrange for you to execute it.
- Undertake Land Registry and bankruptcy searches immediately prior to completion.
- Provide you with a completion statement setting out the balance due from you/to you to complete the mortgage.
- Complete the mortgage of the property and register the mortgage at the Land Registry.
- Discharge your mortgage account with your current lender (if applicable).
- Provide you with an updated official copy of the title entries on the Register maintained at the Land Registry in respect of the property once the registration formalities have been finalised.
