Residential Conveyancing and Fee Scale

Residential Conveyancing and Fee Scale

Introduction

We are dealing with all residential conveyancing matters including freehold and leasehold properties and charge on the basis of agreed fixed fees. When you make an enquiry for us to conduct work on your behalf, we will provide you with a detailed estimate of costs and timeframes and update you if there are any changes throughout your matter.

In case the matter becomes abortive or you withdraw instructions, we charge abortive fees on hourly basis depending on the Solicitor’s experience however once again we are flexible and if deemed appropriate, we may agree a fixed fee with our clients in such cases.

Below are some worked examples to demonstrate how our fees are calculated. You will appreciate that there are many variables and so it is important that you discuss the specifics of your matter with us and only take these worked examples as a guide.

EXAMPLES:

  1. SALE OF A FREEHOLD RESIDENTIAL PROPERTY IN THE PRICE BAND OF £150,000 to £1,000,000

Our fees cover all of the work required to complete the sale of your property, together with redeeming mortgages (if any) and work in association with this.

Conveyancer’s fees(s) structure in Sale of freehold residential property:

Freehold Residential:

 For sale price up to £150,000                                                         £700

For sale price up to £350,000                                                        £1,200

For sale price up to £650,000                                                        £1,750

For sale price up to £1,000,000                                                     £2,500

For sale price above £1,000,000                                                   £4,500

Key Stages of Payment of Fee:

We take 50% of the fee in advance at the time of engagement of our services and the rest is payable on completion.

VAT:

We are registered with HMRC for VAT purposes and our VAT number is 8540955. We charge 20% VAT on all our services rendered to UK residents.

Disbursements:

Disbursements are costs related to your matter that are payable to third parties, such as indemnity policies, Land Registry Title Searched etc. We handle the payment of the disbursements on your behalf to ensure a smoother process. Disbursement cost is not included in our fees.

Estimated Disbursement Costs:

  1. Land Registry applications and documents fee(s)
  2. Searches fee(s)
  3. Legal indemnities costs (if required)

General Costs:

  1. Electronic Bank TT charges             £25 per transaction + VAT
  2. TT admin and AML checks charges             £50
  3. Other Disbursements, land registry from £50
  4. Compulsory Indemnity Insurance contribution £50

Redemption fee(s) Charges:

Any further costs as and when arise, we will let our clients know accordingly.

In case the matter did not complete, or instructions are withdrawn we charge abortive fees on an hourly basis depending on the Solicitors’ experience. 

These are our Hourly Rates:

How long will my house sale take?

The timeframe to complete the sale will depend on a number of aspects. The average process time between 6-8 weeks.

The processing time can be quicker or slower, depending on the parties involved in the chain. For example, if you are at the top of the chain, it could take 12-16 weeks. However, if you are selling a leasehold property that requires dealing with numerous pre-contract enquiries, this can take considerably longer than the average, possibly 12 weeks.

Stages of the process:?

The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have suggested some key stages:

  1. Sale of a leasehold residential property in the price band of £150,000 to £1,000,000

Our fees cover all the work required to complete the sale of your property, including the redemption of a mortgage and the apportionment of service charges and ground rent.

Conveyancer’s fees(s) structure and disbursement in Sale of Leasehold Residential property

Leasehold Residential:

For sale price up to £150,000                                                          £800

For sale price up to £350,000                                                      £1,200

For sale price up to £650,000                                                      £1,750

For sale price up to £1,000,000                                                    £3,500

For sale price above £1,000,000                                                  £5,000

We charge separate supplemental fee of £295 + VAT for additional leasehold work.

Stages of the process:

The stages involved in the sale of a residential leasehold property are similar to the freehold sale but vary according to the circumstances.

How long will my leasehold sale take?

The time frame measure from when you are accepting your offer until you can move out will depend on a number of factors. The average timescale and process takes between 6-8 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are at the top of the chain, it could take 12-16 weeks. However, if you are selling a leasehold property that requires extensive replies to pre-contract enquiries involving managing agents and freeholders, this can take significantly longer, between 3 and 6 months. In such a situation additional charges may apply.

Our fees for freehold and leasehold sales assume that:

No indemnity policies are required. Additional fees may apply if indemnity policies are required:

EXAMPLES: –

  1. PURCHASE OF A FREEHOLD RESIDENTIAL PROPERTY IN THE PRICE BAND OF £150,000 to £1,000,000

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 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(s) structure

Freehold Residential:

For sale price up to £150,000                                                            £1,000

For sale price up to £350,000                                                            £1,300

For sale price up to £650,000                                                            £1,500

For sale price up to £1,000,000                                                        £2,500

For sale price above £1,000,000                                                      £4,000

Estimated disbursements

* Not chargeable on cash purchases

Disbursements:

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):

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.

This depends on the purchase price of your property and a number of other variables. For example: – ownership of other properties anywhere in the world; reliefs such as First Time Buyer Relief or Principal Main Residence Relief. 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. There are different rates for Non-Residential Properties and Corporate Purchases.

For example:

Purchase of Principal Main Residence at £500,000:                      £10,000

First-time buyer at £200,000:                                                           £0

Investment purchase at £350,000:                                                   £18,000

How long will my house purchase take?

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. It could take as little as 4-6 weeks or as long as 4-6 months.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a buyer with a long chain purchasing a new build property with a mortgage, it could take 12-16 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months. In such, a situation additional charges would apply.

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 note:

  1. Purchase of a leasehold residential property in the price band of £150,000 to £1,000,000

Our fees cover all the work required to complete the purchase of your new home, including 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 estimated disbursements

The legal fee is almost the same as for the purchase of a freehold property plus a supplemental fee of £295 + VAT for additional leasehold work.

Anticipated Additional Disbursements for Leasehold Purchases

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 especially the lease in question.

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 earlier examples given hold true for leasehold property purchases within the band.

Stages of the process:

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

How long will my 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. It can be quicker or slower, depending on the parties in the chain. For example, if you are a buyer, purchasing a new build property with a long chain and a mortgage, it could take 12-16 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.

Our fees for both freehold and leasehold purchase assume:

  1. 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
  2. in leasehold cases this is the assignment of an existing lease and is not the grant of a new lease or involves an extension of a lease whether by consent or under statute
  3. the transaction is concluded in a timely manner and no unforeseen complication arise
  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  5. no indemnity policies are required. Additional fees may apply if indemnity policies are required.

Remortgage and Transfer of Equity Work:

Estimates are provided on application but fall into the range of £595 to £695 plus VAT. In addition, there will be disbursements included but not limited to appropriate Land Registry fees and possible Stamp duty depending on circumstances.

If you would like more information about a price for a specific legal case