Residential Conveyancing Fees

Residential Conveyancing Fees 

Freehold and Leasehold Purchases

Our pricing depends on the price of the property and the complexity of the matter.  For example Leasehold property is a lot more complicated than freehold property and subsequently takes a lot longer to deal with. As a result it could be necessary to:

• Obtain management pack information from third parties
• Deal with third parties regarding management enquiries

Our fees for a typical purchase range from around £450 to £1,250 (plus VAT @ 20%) 

This is why it is important that we give you an individual cost estimate at the start of the transaction, taking into account the important features of your purchase.  We will always advise you immediately about any complications and discuss the potential impact on prices before we incur any additional charges.

Our fees cover all of the work required to complete your purchase, including dealing with registration of your ownership at the Land Registry and dealing with payment of Stamp Duty Land Tax if the property is in England.  PLEASE NOTE We do not deal with purchases in Wales.

Disbursements

Disbursements are fees we are required to pay out on your behalf to third parties and include the following:-

• Search fees – approximately £230 depending on the local authority.
• H M Land Registry fee – This is set by the Land Registry according to the purchase price (see Land Registry fee scale on their website)
• Electronic money transfer fee – £40 (plus VAT @ 20%)
• Land Registry Search Fee - £3 per title
• Bankruptcy Search (if having a mortgage) - £2 per person

Stamp Duty Land Tax

This depends on the purchase price of the property and you can calculate the amount you will need to pay by using HMRC’s website.

Additional lease specific Disbursements

Additional disbursements are certain fees which are set out in the individual lease relating to the property.  The following 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 solicitor.

• Notice of transfer fee – this fee if chargeable is set out in the lease and costs £25-£250
• Notice of charge fee (if the property is to be mortgaged) – This fee is set out in the lease and costs £25-250
• Deed of Covenant fee – This fee is provided by the management company and can be difficult to estimate. Often it is between £100-£350
• Certificate of compliance fee – To be confirmed by either the Landlord or management company and can range between £25-£300

These fees vary from property to property and can on occasion be significantly higher than the ranges given above.  We can give you an accurate figure once we have sight of the 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 this to you as soon as we receive this information.

How long will my house purchase take?

This is dependent on a number of factors but the average process takes between 8-20 weeks.  It can be quicker or slower, depending on the other parties in the chain.  The chain can only move as fast as the slowest person in it.  For example, if you are a first time buyer purchasing a new build property which is ready to move into with a mortgage in principle, it could take 6 weeks.  However, if you are in a chain of transactions with a new build at the end of the chain which is not physically complete, this can take substantially longer. On average we always advise that a simple freehold purchase transaction should take 6 - 10 weeks from receipt of the contract paperwork from the Seller’s Solicitors

However Leasehold property is a lot more complicated than freehold property as there are extra matters to check on, for example, who is responsible for repair/maintenance of the property, insurance arrangements, management fees, to name a few.  If you are buying a property that requires an extension of the lease because the current term is not acceptable, this can take significantly longer and anything between 4- 6 months.  In such a situation, additional charges would apply.

Stages of the process:

• Take your instructions and give any initial advice required together with receiving initial payment (normally £300) on receipt of instruction paperwork and ID
• Check finances are in place to fund the purchase
• Receive and advise on contract documents
• Carry out searches
• Obtain further planning documentation if required
• Raise any necessary enquiries of the seller’s solicitor
• Give you advice on all documents and information received
• Advise on the conditions of your mortgage offer
• Arrange for you to attend our offices to go through the contract paperwork
• Draft transfer document
• Advise on joint ownership
• Exchange contracts and notify you
• Obtain pre-completion searches
• Arrange for all monies required to be received from your lender and you
• Complete purchase
• Deal with payment of Stamp Duty Land Tax
• Register your ownership of the property with the Land Registry

Our fees assume that:-

1. This is a standard transaction and that no unforeseen matters arise including, but not limited to, a defect in title which would require remedying prior to completion or the preparation of additional documents ancillary to the main transaction
2. Where it is Leasehold this is the assignment of an existing lease and not the grant of a new lease
3. The transaction is concluded in a time manner and no unforeseen complications 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 disbursements may apply if indemnity policies are required

Freehold and Leasehold Sales

Our pricing depends on the price of the property and the complexity of the matter.  For example Leasehold property is a lot more complicated than freehold property and subsequently takes a lot longer to deal with. For example it could be necessary to:

• Obtain management pack information from third parties
• Deal with third parties regarding management enquiries

Our fees for a typical sale range from around £450 to £1,250 (plus VAT @ 20%) 

This is why it is important that we give you an individual cost estimate at the start of the transaction, taking into account the important features of your purchase.  We will always advise you immediately about any complications and discuss the potential impact on prices before we incur any additional charges.

Disbursements

Disbursements are fees we are required to pay out on your behalf to third parties and include the following:-

• H M Land Registry fees for office copy entries of the title – This is set by the Land Registry according to the purchase price (for a simple Freehold title this would normally be around £9 - full set of Registers of Title and Filed Plan plus copy Transfer). It can however vary for each transaction depending on the number of Titles that you own and the number of documents available on the title.  (see Land Registry fee scale on their website for full details)
• Electronic money transfer fee to redeem any mortgage – £40 (plus VAT @ 20%) per charge
• Indemnity Insurance policies (if required) from £15-200

Additional lease specific Disbursements

Additional disbursements are certain fees which are set out in the individual lease relating to the property.  The following 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 solicitor.

• Obtaining an Information Pack from any appropriate Freeholder, Managing Agent or Management Company. Often the fee can range between £25-£300 for a single Information Pack and often it is necessary to obtain TWO information packs

How long will my sale take?

This is dependent on a number of factors but the average process takes between 8-20 weeks.  It can be quicker or slower, depending on the other parties in the chain.  The chain can only move as fast as the slowest person in it.  For example, if you are selling to a first time buyer and are not purchasing a property yourself then it could take 6 -8 weeks.  However, if you are in a chain of transactions with a new build at the end of the chain which is not physically complete, this can take substantially longer. On average we always advise that a simple freehold sale transaction should take 6 - 10 weeks from the point we submit  the contract paperwork to the Purchaser’s Solicitors

However Leasehold property is a lot more complicated than freehold property as there are extra matters to check on, for example, obtaining the necessary Information Packs.  If you are selling a property that requires an extension of the lease because the current term is not acceptable, this can take significantly longer and anything between 4- 6 months.  In such a situation, additional charges would apply.

Stages of the process:

• Take your instructions and give you initial advice together receipt of initial instructions paperwork, ID and including initial payment of £100.00 on account
• Check any mortgage information has been given (mortgage account number) in order to request redemption figures from any lenders (where applicable)
• Send out draft contract pack to buyers solicitor
• Check on whether there are any managing agents and order the management packs where applicable (Leasehold and some new build properties only)
• Deal with enquiries once received from the buyers solicitor
• Arrange for clients to attend the office to sign the contract documentation, or, if they cannot attend the office then send the contract documentation to             them
• Order final redemption figure once completion date has been agreed
• Exchange contracts
• Complete sale
• Deal with the redeeming of any charges on the title
• Forward confirmation of discharge from the lender (where applicable) and forward to buyers solicitor

Our fees assume that:-

1. This is a standard transaction and that no unforeseen matters arise including, but not limited to, a defect in title which would require remedying prior to completion or the preparation of additional documents ancillary to the main transaction
2. This is the assignment of an existing lease and not the grant of a new lease
3. The transaction is concluded in a time manner and no unforeseen complications 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 disbursements may apply if indemnity policies are required

Mortgage and Remortgage

Our fees for a typical remortgage range from £350 - £600 (plus VAT @ 20%).

This is why it is important that we give you an individual cost estimate at the start of the transaction, taking into account the important features of your remortgage.  We will always advise you immediately about any complications and discuss the potential impact on prices before we incur any additional charges.

Our fees cover all of the work required to complete your remortgage including dealing with registration of your lender’s mortgage with the Land Registry.

Disbursements

Disbursements are fees we are required to pay out on your behalf to third parties and include the following: -

• Search fees – approximately £230 depending on the local authority. Your lender may accept search insurance which is cheaper (approximately £15-50) but we would not be able to advise you of this until receipt of the mortgage offer
• H M Land Registry fees for office copy entries of the title – This is set by the Land Registry according to the purchase price (for a simple Freehold title this would normally be £9 - full set of Registers of Title and Filed Plan plus copy Transfer). It can however vary for each transaction.  (see Land Registry fee scale on their website for full details)
• Electronic money transfer fee – £40 (plus VAT @ 20%)
• Land Registry Search Fee - £3 per title
• Bankruptcy Search (if having a mortgage) - £2 per person
• H M Land Registry fee – This is set by the Land Registry (see Land Registry fee scale on their website)

Additional Leasehold specific Disbursements

Additional disbursements are certain fees which are set out in the individual lease relating to the property.  The following 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 solicitor.

• Notice of charge fee (if the property is to be mortgaged) – This fee is set out in the lease and costs £25-250
• Certificate of compliance fee – To be confirmed by either the Landlord or management company and can range between £25-£300

How long will my remortgage take?

This is dependent on a number of factors but the average process takes between 4-6 weeks for a straightforward transaction.  If your lender’s instructions are not straightforward or we come across a defect in your title, it could take significantly longer.

Stages of the process:

• Take your instructions and give any initial advice required
• Check finances are in place
• Carry out searches (if required)
• Check title
• Check on whether there are any managing agents and order the management packs where applicable (Leasehold and some new build properties only)
• Obtain further planning documentation if required
• Advise on the conditions of your mortgage offer
• Obtain your signature to the mortgage deed
• Arrange a completion date
• Obtain pre-completion searches
• Request final repayment figure from your existing lender
• Request mortgage advance from your new lender
• Complete remortgage
• If necessary serve any Notices required by a Lease
• Register your new mortgage with the Land Registry