Residential Property Fees

Residential Property Fees

1. What work will our fees cover?

1.1. Our fees cover all of the work required to complete the sale or purchase of your property including:

  • Acting for your mortgage lender (if applicable)
  • Dealing with registration at the Land Registry
  • Dealing with the payment of Stamp Duty Land Tax if the property is in England or Land Transaction Tax (Land Tax) if the property you buy is in Wales.

1.2       Our fee assumes that:

  • The conveyancing transaction 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.
  • The transaction is concluded in with no unforeseen complications arising.
  • 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.
  • Once instructed, your instructions to us do not change in material way. For example, you were buying the house in your sole name but after instructing us, you decide to purchase the property jointly with some other person.

1.3. Please note we do NOT undertake or provide tax advice with the exception of reporting and paying the stamp duty on a property transaction.

1.4. Factors that could make your transaction more complex

Our fees are fixed, however there may be factors which could increase the cost of the fees estimate given below.  Where there is a likelihood of there being additional costs, we will make sure you are informed of this at the earliest opportunity and a clear estimate of the extra costs given.  Factors that may lead to an increase in cost include:

  • If legal title is defective or part of the property is unregistered
  • If it is discovered that buildings regulation or planning permission has not been obtained
  • If documents we have previously requested from you have not been provided to us
  • If the property is a new build
  • If you are purchasing the property under the Help to Buy scheme or under the share ownership scheme

2. Fees Schedule for Sale or Purchase

Price

Freehold (plus VAT)

Leasehold (plus VAT)

£0 – £600,000

£900.00

£1000.00

£600,001 – £1,000,000

£950.00

£1050.00

£1,000,000 – £1,500,000

£1250.00

£1350.00

£1,500,000 +

By negotiation but not less than £1500

By negotiation but not less than £1600

3. Fees Schedule for Re-Mortgage

Price

Freehold (plus VAT)

Leasehold (plus VAT)

£0 – £600,000

£450.00

£550.00

£600,001 – £1,000,000

£500.00

£600.00

£1,000,000 – £1,500,000

£750.00

£850.00

£1,500,000 +

By negotiation but not less than £1000

By negotiation but not less than £1250

4. Other Fees

Description

Amount

Banking Administration

£30 + vat per transfer

Office Administration

£25 + vat

Anti-Money Laundering (AML) Administration

£15 + vat per name

5. Disbursements

5.1. Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees.

5.2. Once we receive the monies from you for the disbursements, we will handle the payment of them on your behalf to ensure a smoother process. 

5.3. The disbursement costs may be subject to change if the third parties increase their prices or if additional searches, such as a coal mining search, are required. 

5.4. Sale Disbursements

Description

Amount

Office copies

£3 + vat per document

If the Property is Leasehold – Freeholder/Managing Company leasehold Information pack – this will contain information such as service charge account statement; ground rent statement of account, insurance details etc.  Please note there will be in some circumstances situations where there are 2 managing agents – one that collects the ground rent and the other that collects the service charge.

These fees are set by the respective landlord/management company so it is difficult to give you a precise figure.  Since these charges are made directly by the freeholder/management company we will advise of the cost once we have been instructed.

5.5. Purchase Disbursements

Description

Amount

Searches (Local Authority; Drainage; Environmental and Chancel)

£205 + vat

Bankruptcy Search

£2 + vat per name

Priority Search at Land Registry

£3 + vat

Stamp duty

This depends on the purchase price of your property and whether you are a first time buyer, a home owner or property investor or buying a second home. You can calculate the amount you will need to pay by using HMRC’s website (https://www.tax.service.gob.uk/calculate-stamp-duty-land-tax/#/intro) or if the property is located in Wales by using the Welsh Revenue Authority’s website (https://beta.gov.wales/land-transaction-tax-calculator).

Please note that these are external third party links and are subject to updates.  This firm is not liable to the accuracy of the information on the links.

Land Registry Fee

This will depend on the purchase price of the property.    Please see the table below headed Land Registry Fees – Table 1

If the property is Leasehold: there are certain disbursements which will be set out in the individual lease relating to the property; the list in the adjacent box is not exhaustive and other disbursements may apply depending on the lease terms.  We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

Notice of Transfer Fee – this fee if chargeable is set out in the lease. This notice is given to confirm that you are the new owner(s) of the property.

Notice of Charge Fee (if the property is to be mortgaged) – this fee is set out in the lease. This notice is given to confirm that the property has been mortgaged.

Deed of Covenant Fee – this fee is provided by the management company for the property and can be difficult to estimate.  This deed confirms that you agree to abide by the terms of the lease.

Certificate of Compliance Fee – to be confirmed upon receipt of the lease.  This is a certificate given by the freeholder/managing agent confirming that the terms of the lease in respect of the sale of the property have been complied with.

5.6. Re-mortgage Disbursements

Description

Amount

Searches (Local Authority; Drainage; Environmental and Chancel)

£205 + vat

Bankruptcy Search

£2 + vat per name

Priority Search at Land Registry

£3 + vat

No Search Indemnity Insurance

If the lender accepts a no search indemnity insurance policy, then this can be taken in place of the searches mentioned above; however please note the insured will be the lender and not you. The cost of this will depend on the value of the property but often the fee starts at £75.

Office copies

£3 + vat per document

If the Property is leasehold

Notice of Charge fee – this fee is set out in the lease.

Certificate of Compliance Fee – to be confirmed upon receipt of the lease.

Land Registry Fee

See Table 2 below

5.7. Land Registry Fees – Table 1

Value or Amount (£)

Apply by Post

Apply using the portal or Business Gateway, for transfers or surrenders which affect the whole of a registered title

Apply using the portal or Business Gateway, for registration of all leases and transfers or surrenders which affect part of a registered title

Voluntary first registration (reduced fee)

0 – £80,000

£40

£20

£40

£30

£80,001 – £100,000

£80

£40

£80

£60

£100,001 – £200,000

£190

£95

£190

£140

£200,001 – £500,000

£270

£135

£270

£200

£500,001 – £1,000,000

£540

£270

£540

£400

£1,000,001 – and over

£910

£455

£910

£680

5.8. Land Registry Fees – Table 2

Value or Amount (£)

Apply by Post

Apply using the portal or Business Gateway, for transfers or surrenders which affect the whole of a registered title

Apply using the portal or Business Gateway, for registration of all leases and transfers or surrenders which affect part of a registered title

0 – £100,000

£40

£20

£40

£100,001 – £200,000

£60

£30

£60

£200,001 – £500,000

£80

£40

£80

£500,001 – £1,000,000

£120

£60

£120

£1,000,001 – and over

£250

£125

£250

5.9. Please note we will endeavour to use the online portal for registration unless:

  • Factors beyond our control do not allow us to use the portal e.g.: portal not working
  • The application can only be done by post e.g.: first registrations or voluntary first registrations.

6. How long will my transaction take?

6.1. Sale/Purchase

How long it will take from your offer being accepted until you can move in to your house/see your house will depend on a number of factors. The average process takes between 8 – 10 weeks.

It can be quicker or slower depending on the parties in the chain and your instructions.  For

example, if you are first time buyer, purchasing a new build property with a mortgage in principle, it could take 6 – 8 weeks.  However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer and between 2 – 4 months.  In such a situation additional charges are likely to apply. 

6.2.  Re-mortgage

How long it will take from your mortgage offer being received by us and completing the re-mortgage will depend on a number of factors.  The average process takes between 2 – 4 weeks.

It can be quicker or slower depending on the new lender’s requirements and your instructions. For example, they may not accept no search indemnity insurance; there may be conditions in the mortgage offer that you need to comply with etc.

6.3. This is just an estimate and we will of course be able to give you a more accurate timescale once we have more information and as the matter progresses. 

7. Stages of the Conveyancing Process

7.1. Please click here to download the flowchart which will guide you through the steps involved when you are selling your property.

7.2. Please click here to download the flowchart which will guide you through the steps involved when you are buying a property.

8. Who will be dealing with my matter?

8.1. The majority of the work that we undertake for clients is carried out by a qualified solicitor who may be assisted by a trainee solicitor, paralegal, legal executive or suitably experienced member of staff. The work will be supervised by a Partner.

9. VAT

9.1. Where applicable, VAT will be charged at the prevailing rate.