No property transactions are the same, and our fees will reflect the particular requirements of your sale or purchase. For example, dealing with the purchase of a flat or the purchase of a property in the course of construction may, because of the need to review and report on the detailed lease terms or developer’s often extensive documentation, cost more than dealing with the purchase of an existing freehold property. We cannot therefore provide you with a reliable estimate of the costs until we have received full details of your intended transaction.
Typically, we calculate our fee on a Fixed Fee basis based upon the value of the property. The majority of the work we carry out for clients, where there are no unexpected complications, ranges from £675 – £1,100 plus VAT.
We will always give you an individual cost estimate at the start of the transaction and advise you immediately should any complication arise before any additional charges are incurred.
For leasehold properties there will be an additional fee which ranges from £100 – £200 plus VAT depending on whether your instructions relate to a sale or a purchase.
Our fee for dealing with re-mortgages is dependent upon the value of the transaction and is calculated on a Fixed Fee basis. Our typical fee ranges from £350 – £475 plus VAT with an additional £75 plus VAT for leasehold transactions.
In addition to our fees, you are also required to pay costs that are relevant to your transaction and which are payable to third parties. These are commonly called ‘disbursements’.
There are many different types of disbursements which could apply. An example is a search fee which is paid to a search company in connection with a local authority search or a water and drainage search.We will generally pay disbursements on your behalf to ensure a smoother process.
The most common expenses are detailed below:
|For a Sale transaction|
|Office Copy Entries||£6|
|ID Verification (if required)||£7.20 plus VAT per person|
|Bank Transfer Fee (if required)||£34 plus VAT per transfer|
|Archiving Fee||£35 plus VAT|
|For a Purchase transaction|
|Stamp Duty Land Tax (paid to HMRC)||The amount depends on the purchase price of your property. This can be calculated using HMRC’s website or if the property is in Wales by using the Welsh Revenue Authority’s website here.|
|Land Registry Fee||This fee varies depending on the value of the property and further details can be supplied on request|
|Search fees (to cover the usual recommended searches x 3)||In the region of £350 plus VAT for official searches and in the region of £200 plus VAT for regulated searches|
|Chancel Liability Indemnity Insurance (if required)||£12 (including Insurance Premium Tax)|
|ID verification (if required)||£7.20 plus VAT per person|
|Archiving fee||£35 plus VAT|
|Sale of Leasehold Properties|
|There are usually additional fees payable to the landlord or managing agent to obtain a Management Pack or replies to Leasehold Property Enquiries. These are typically between £150 – £300 plus VAT but can be higher.|
Disbursements vary from property to property and this is not an exhaustive list. We will be able to give you a specific estimate once we have had sight of the documentation relating to your transaction.
How long will the transaction take?
The time from an offer being accepted until the time that contracts are exchanged will depend on many factors, including the number of parties in the chain. For example, the purchase of a newly built property by a first time buyer with a mortgage agreed in principle is likely to be quicker than a transaction involving a leasehold property that requires an extension of the lease. The average conveyance takes between 6-8 weeks.
Stages of the process
The precise stages involved in the home buying process and the timescales for each stage also vary. There are many factors affecting the timescales for each stage, including the requirements of other members of the chain or mortgage applications
We aim to reply to or action any correspondence and telephone calls on the day received or, if that is not practical or the information requested is not immediately available, then as soon as reasonably possible to limit any avoidable delays in the process.
As a general guide the following steps are part of our service for a typical conveyance transaction:
- Taking instructions and giving initial advice
- Drafting or receiving and advising on contract documents
- Carrying out searches and obtaining planning documentation if required
- Raising or answering enquiries on title documents and searches
- Reporting on title and obtain mortgage offer (if appropriate)
- Obtaining authority to exchange and agree completion date
- Agreeing pre completion documents and obtaining pre-completion searches
- Providing a financial statement
- Completing the sale/purchase
- Dealing with the payment of Stamp Duty/Land Tax and application for registration at Land Registry
The Law Society has devised a quality assurance scheme for solicitors who deal with buying and selling property known as the Conveyancing Quality Scheme. We are members of the scheme which means that we meet the high standards the Law Society sets in order to ensure that we give clients a professional and high quality conveyancing service.
Please get in touch with us and we will be happy to discuss your individual needs.