Residential conveyancing fees normally reflect a number of different factors, namely:-
1. The price of the property
2. The nature of the tenure freehold or leasehold
3. The requirement for any lending facility
4. The location of our office
However, whereas this is a general guide, a “normal fee” may need to be adjusted to reflect other factors, for example:-
1. The unusual complexity of a transaction
2. Any gifting arrangements
3. The expedition required to exchange contracts and to arrange completion
4. Any unusual funding requirements
5. The need to prepare documentation in respect of different beneficial interests (joint tenancies, declarations of trusts etc.)
6. Advice on taxation including capital gains tax and stamp duty land tax
7. Any unusual contractual provisions
8. The requirement for a more experienced fee earner, due to the nature of the transaction
So whereas our normal fee will reflect the scale that we work to, we charge additionally for the “abnormal” factors, which increase the amount of work that we carry out.
Leasehold property is essentially more complicated as we need to be concerned with the terms of the lease, any requirements for a management pack, service charges and accounts, ground rent provisions, insurance arrangements.
In particular we also need from time to time to have regard to the requirements of the Council of Mortgage Lenders.
That said, our normal fees will assume that:
• the property is held under a single freehold or leasehold title at the Land Registry
• there is only one contract
• the sale will be on the basis of an unconditional contract
• the property is sold with vacant possession
• both the seller and the buyer comply with the terms of the contract
Our task will be to coordinate the conveyancing process in accordance with your instructions, to investigate the title of the seller(s), to ensure that you have proper funding in place for your purchase, to generally report to you and to your lender.
When by reason of the nature of the transaction there is additional “abnormal” work to carry out, we will advise you as to the additional fees that we will need to charge.
Those additional fees will take into account the experience of the fee earner, the time to be taken, and any particular issues, which may affect the cost to us of carrying out the transaction.
HOW LONG WILL MY HOUSE TRANSACTION 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. The average process takes between two to three months.
It can be quicker or slower depending on the parties in the chain for example whether you have agreed a mortgage in principle or if you are buying a leasehold property that requires an extension of the lease.
STAGES OF THE PROCESS
The precise stages involved in the sale of a residential property vary according to the circumstances but as a general guide include:-
• Taking your instructions and give you initial advice
• Obtaining details of title and preparing the contract
• Send contract, title and other information to the Buyer’s solicitor
• Contact the lender for a redemption statement
• Provide replies to enquiries raised by the Buyer’s solicitor
• Send final contract to you for signature
• Agree completion date
• Exchange contracts and notify you that this has happened
• Complete sale
• Arrange for the redemption sum to be sent to the lender and pay any other expenses
• Pay any balance of funds to you
The precise stages involved in the purchase of a residential property vary according to the circumstances but as a general guide include:-
• Taking your instructions and give you initial advice
• Check finances are in place to fund the purchase and contact lenders solicitors if needed
• Receive and advise on contract documents
• Carry out searches
• Obtain further planning documentation if required
• Make any necessary enquiries of Sellers 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
• Exchange contracts and notify you that this has happened
• Arrange for all monies needed to be received from the lender and you
• Complete purchase
• Deal with payment of stamp duty/land tax
• Deal with application for registration at Land Registry
OUR CONVEYANCING TEAM
Our Conveyancing Team strives to provide a positive experience for Clients when dealing with either the sale or purchase of properties. We provide services on a “one to one” basis, and YOU WILL NOT BE DEALING WITH A PANEL OF UNKNOWN INDIVIDUALS.
Isobel MacDonald is the Head of the Conveyancing Department and deals with conveyancing from our London office.
Doreen Burton is based within our Fleet office. Lawrence Ambett works from our Hook office. David Pitt is based in our Basingstoke office. Nisha Gill is based in our Weybridge office. Emily Hale is based in our Leigh-on-Sea office.
Please refer to “Our People” for further information as to each person’s experience and background.
SALE OF A RESIDENTIAL FREEHOLD PROPERTY
Our fees cover all the work required to complete the sale of your property.
Average fees for a typical freehold sale without complications for a price ranging from £500,000.00 to£1,000,000.00
Legal Fee £1,230.00 to £2,130.00
VAT at 20% £246.00 to £426.00
Telegraphic Transfer fee £50.00
VAT at 20% £10.00
There will also be additional costs in relation to your matter that are payable to third parties such as Land Registry fees which are commonly referred to as disbursements. We handle the payment of the disbursements on your behalf to ensure a smoother process.
As regards the sale of a freehold property the only disbursements which commonly arise are the costs of obtaining copies of your title from the Land Registry which is £6.00. Should there be any additional documents which are referred to within the title we will also need to obtain copies of those documents and the cost is £3.00 for each document.
We are unable to advise as to whether or not there would be any further disbursements payable until we have had sight of the title itself.
For instance, if the property is on an estate which has common areas and you pay a service charge, there may be fees payable to a management company for information to be provided.
SALE OF A LEASEHOLD RESIDENTIAL PROPERTY
Our fees cover all of the work required to complete the sale of your current property.
Average fees for a typical leasehold sale without complications for a price ranging from £500,000.00 to £1,000,000.00
Legal Fee £1,630.00 to £2,430.00
VAT at 20% £326.00 to £486.00
Telegraphic Transfer fee £50.00
VAT at 20% £10.00
The work involved in the sale of a leasehold property is greater than the sale of a freehold property. If you also own a share of the freehold interest an additional fee of £250.00 plus VAT will be charged as there will be additional work involved.
As regards the sale of a leasehold property the costs which commonly arise are the costs of obtaining copies of your title from the Land Registry which is £6.00. Should there be any additional documents which are referred to within the title we will also need to obtain copies of those documents and the cost is £3.00 for each document. We would also need to obtain a copy of the Lease relating to the Property and the Land Registry fee is £3.00 .
We are unable to advise as to whether or not there would be any additional disbursements payable until we have had sight of the title itself.
When dealing with the sale of a leasehold property it will also be necessary to provide a Freeholder Information Pack from the Freeholders or the Managing Agents who will charge a fee for supplying such information. Unfortunately we are unable to advise as to the level of such fee as there is no standard fee. It will vary and can be as little as a £100.00 or as much as £500.00. If there are separate agents acting for the Freeholder and for the Managing Agents, two fees may be payable.
PURCHASE OF A FREEHOLD RESIDENTIAL PROPERTY
All 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.
Average fees for a typical freehold purchase without complications for a price ranging from £500,000.00 to £1,000,000.00
Legal Fee £1,327.50 to £2,200.00
VAT at 20% £265.50 to £440.00
Telegraphic Transfer fee £50.00
VAT at 20% £10.00
Land Registry fee £150.00 to £655.00
Various searches £300 to £700.00
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 if the property is in England or if the property is located in Wales by using the Welsh Revenue Authority’s website.
PURCHASE OF A LEASEHOLD RESIDENTIAL PROPERTY
All 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.
Average fees for a typical freehold purchase without complications for a price ranging from £500,000.00 to £1,000,000.00
Legal Fee £1,500.00 to £2,500.00
VAT at 20% £300.00 to £500.00
Telegraphic Transfer fee £50.00
VAT at 20% £10.00
Land Registry fee £150.00 to £655.00
Various searches £300 to £700.00
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.
There will also be a further disbursement payable to either the Freeholder or to the Management Company (or in some cases, to each): –
Notice of Transfer fee. This fee chargeable is set out in the lease or provided by the Freeholder. Often the fee is between £50.00 and £300.00 plus VAT.
Notice of Charge fee (if the property is to be mortgaged). This will be the same fee as charged for the notice of Transfer fee.
Deed of Covenant fee – this fee is provided by the Freeholder/Management Company for the property and can be difficult to estimate. Often it is between £100.00 and £250.00.
Certificate of Compliance fee –this fee is again provided by the Freeholder/Management Company and can be from £100.00 to £250.00.
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 had sight of the specific documents.
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 as soon as we have 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 if the property is in England or if the property is located in Wales by using the Welsh Revenue Authority’s website.
MORTGAGE OR RE-MORTGAGE OF A RESIDENTIAL PROPERTY
Our fees cover all the work required to complete the mortgage/re-mortgage of your property.
Average fees for a mortgage or re-mortgage without complications for a loan ranging from £500,000.00 to £1,000,000.00
Legal Fee £800.00 to £1,425.00
VAT at 20% £160.00 to £285.00
Telegraphic Transfer fee £50.00
VAT at 20% £10.00
Land Registry fee £45.00 to £65.00
Various searches £300 to £500.00
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.
We will need to obtain a copy of your file from the Land Registry which is £6.00. Should there be any additional documents which are referred to within the title we will also need to obtain copies of those documents and the cost if £3.00 for each document.
There may be further disbursements payable which are dependent upon the requirements of the lender
If you would like further information or would like a quotation for a property transaction Contact Us
020 7936 2930 