Conveyancing Fees

Purchase of a freehold residential property

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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 the payment of Stamp Duty Land Tax (SDLT) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.

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Our fees and disbursements based on a purchase of a property valued at £250,000:-

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Legal Fees                                                    £ 845.00
Legal Fees VAT at 20%                               £ 179.00

Supplements

Land Registry Official Searches                £ 5.00
Lawyer Checker                                          £ 25.00
Bankruptcy Search                                      £ 5.00
Telegraphic Transfer                                   £ 30.00
Chancel Insurance Arrangement Fee     £ 30.00
Stamp Duty Land Tax Return                    £ 25.00
Anti-Money Laundering Check                 £ 25.00
Supplements VAT at 20%                           £ 29.00

 

Disbursements
Search Pack    £ 180.41 (Plus VAT at 20%)   £216.50
Land Registry Fees                                      £ 150.00

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Total:    £1564.45
 

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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.

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SDLT or Land Tax (on purchase)

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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.

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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 12-16 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 agreed in principle, it could be 12 weeks.  However, if you are buying a leasehold property that requires an extension of the period of the lease, this can take significantly longer possibly between 3 and 6 months. In such a situation additional charges would apply covering the additional work required.

 

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 for you to be aware of:

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• Taking your instructions and giving you initial advice

• Checking finances are in place to fund the purchase and contacting the lender's solicitors if the lender is separately represented; in the majority of cases the lender will also instruct us

• Receiving and advising on contract documents

• Carrying out searches

• Obtaining further planning and other documentation as required

• Making any necessary enquiries of the seller's solicitor

• Advising you in a Report prepared from the information we have obtained in relation to all documents and information received

• Advising you on the conditions of any mortgage offer 

• Providing the final contract to you for signature

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

• When the parties in any chain are all ready and on receipt of your instructions to do so exchanging contracts and where           necessary ensuring exchange and completion on a simultaneous sale and purchase coincide and notifying you that this has happened

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

• Completing the purchase including all transfers of money for paying off any mortgages and for the purchase

• Dealing with payment of SDLT/Land Tax

• Dealing with the application for registration of your Title to the Property at HM Land Registry

 

NB: This list is not intended to be exhaustive. The important point is that the information you request should generate the total cost. Please note that any disbursements (save for SDLT/LTT) should be included in the total cost quoted to consumers.

 

Purchase of a leasehold residential property

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Our fees cover the work* required to complete the purchase of your new home, including dealing with registration at the Land Registry and the payment of Stamp Duty Land Tax (SDLT) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.

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Our fees and disbursements based on a purchase price of £250,000

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•    Legal fee £845.00
•    Leasehold Fee £150.00
•    Search fees £177.92
•    HM Land Registry fee £150.00
•    Electronic money transfer fee £30.00
•    VAT payable at 20%   £240.58

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Estimated total: £1593.50

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Anticipated Disbursements

•    Notice of Transfer fee payable to the Landlord – This fee if chargeable is set out in the lease. Often the fee is between £50 and £300.

•    Notice of Charge fee payable to the Landlord (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50 and £300.

•    Deed of Covenant fee – This fee is charged by the Management Company for the property and is difficult to estimate. Often it is between £150 and £350

•    Certificate of Compliance fee payable to the Landlord or Management Company - To be confirmed upon receipt of the lease but this can be between £150 and £300

* 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 the specific documents relating to the Property.

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You should also be aware that ground rent and service charges are likely to apply throughout your ownership of the property.  We will confirm the ground rent and the anticipated service charge in our Report to you

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* Our fee assumes that:

1.    It 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.    It is the assignment of an existing lease and is not the grant of a new lease
3.    the transaction is concluded in a timely 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.

The stages of the process are similar to those set out above but additional time is required in checking the Title to the property and advising on the terms of the Lease which alone can run to 45 or more pages. Registration of the transaction is also required with the Landlord and/or the Management Company in addition to registering the Title with HM Land Registry

 

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