Conveyancing Fees and Disbursements
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.
We understand that buying or selling a property could be a daunting experience to many people. Fee for each transactions might be affected by the type of property involved or whether there is any chain in the transaction. Therefore, the fee estimate provided below is based on the assumption that the transaction is a straightforward one, for example, title of the property is not defective, property is registered with the Land Registry, etc. Other factors, such as planning permission, legal notices, might also affect the fee and time of the transaction. We will be able to give you a more reliable estimate once we have full details of the transaction involved. Please be assure that we will always inform you any unexpected complications during the process and whether additional charge might incur. We will discuss and agree with you before charges would be made.
The table below provides our legal fees for sale and purchase of a freehold property (excluding VAT and disbursements)where no mortgage is involved:
Property Sale Purchase
Value
Up to £500k £1,150-£1,350 £1,250-£1,450
£500k-£1m £1,350-£1,750 £1,450-£1,850
£1m-£1.5m £1,750-£2,150 £1,850-£2,350
Over £2m On request On request
Sale and purchase of leasehold property will be subject to additional £350 to the fees set out above.
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees or search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
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Search fees are approximately: £350-£500 (depending on the property location).
HM Land Registry fee can be found at http://landregistry.data.gov.uk/fees-calculator.html
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Electronic money transfer fee per transfer: £35 + VAT
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HM Land Registry bankruptcy search fee: £2 per person
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Electronic HM Land Registry Registration Fee (freehold): £20-£500 (per registration, depending on value)
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OS1 priority fee: £3
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ID fee: £5 + VAT per individual name or £10 + VAT for companies (and £5 + VAT for each name of the beneficial owners of that company)
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Help to Buy fee: £750 + VAT
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 here or if the property is located in Wales by using the Welsh Revenue Authority’s website here.
Leaseholds
In the case of leaseholds, there are certain disbursements which will be set out in the individual lease relating to the property. These additional disbursements that we anticipate will apply are set out separately further below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
In the case of leaseholds, our fee assumes that:
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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
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this is the assignment of an existing lease and is not the grant of a new lease
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the transaction is concluded in a timely manner and no unforeseen complication arise
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all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
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no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
If property is leasehold, then these additional disbursements could also be anticipated
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Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50 and £200 + VAT.
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Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50 and £200 + VAT.
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Deed of Covenant fee – This fee is provided by the management company and/or the landlord for the property and can be difficult to estimate. Often it is between £100 and £250 + VAT.
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Certificate of Compliance fee – To be confirmed upon receipt of the management pack, as can range between £100 – £150+ VAT.
*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.
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.
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:
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Take your instructions and send out a client care letter to you
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Check finances are in place to fund purchase and contact lender’s solicitors if needed
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Receive and advise on contract documents
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Carry out searches or take out search indemnity insurance
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Obtain further planning documentation if required
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Make any necessary enquiries of seller’s solicitor
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Give you advice on all documents and information received
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Go through conditions of mortgage offer with you
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Send final contract to you for signature
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Obtain pre-completion searches
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Agree completion date (date from which you own the property)
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Exchange contracts and notify you that this has happened
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Arrange for all monies needed to be received from lender and you
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Complete purchase
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Deal with payment of Stamp Duty Land Tax
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Deal with application for registration at Land Registry
Works not included from our fee stated above
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Additional work required if the property is to be transferred within a company
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Preparing heads of terms or exclusivity agreements
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Complex issues e.g. Perfecting issues in the title, dealing with any disputed rights to transfer the property or other disputed third-party interests in the property
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Creation of new leases or extending any lease (leasehold only)
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A physical inspection of the property and its contents
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A survey of the land and building and contents
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Arranging buildings and/or contents insurance
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Lenders’ solicitors’ fees where you take a mortgage and your bank prefers not to instruct this firm
How long will the sale / 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 6-10 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 in principle, it could take between 6-18 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 8 and 12 months. In such, a situation additional charges would apply.
Mortgage/Re-mortgage
Our fees cover all of the work required to complete the mortgage or re-mortgage of your new or existing home, including dealing with the redemption of any existing mortgage secured over your property, the registration at the Land Registry of the new mortgage and, if a leasehold property, service of notice of mortgage on the landlord and/or management company. These fees are indicative of acting on behalf of private individuals and do not apply to companies who are looking to raise finance on a property.
The precise stages vary according to the circumstances of each transaction and typically include:
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take your instructions and give you initial advice;
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carry out searches;
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obtain further planning documentation if required;
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go through conditions of mortgage offer with you;
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send mortgage deed to you for signature;
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set a completion date for the drawdown of funds as well as obtain a redemption figure if appropriate;
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arrange for all monies needed to be received from lender and you;
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complete mortgage/re-mortgage; and
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deal with application for registration at Land Registry and if leasehold serve notice of mortgage on the landlord/management company.
Our fees (excluding VAT and disbursements) are based upon the amount of the new loan:
Loan Value Legal Fee
up to £500k £1,250 - £1,500
£501k-£1m £1,500 and £1,950
>£1m on request
The Land Registry fee of the mortgage is calculated on the value of the mortgage loan and we will confirm this to you when we take your initial instructions with regard to the level of the charge.