The purchase or sale of a freehold residential property

Our fees cover all of the work required to complete the purchase or sale of your freehold property. This includes registration at the Land Registry and the payment of Stamp Duty Land Tax if this is required. It also includes acting for most mortgage lenders. We have aimed to provide a clear indication of costs, but certain fees (such as search fees) vary from Borough to Borough. In these cases, we have given an average costing. However, we will always tell you what you will be paying and what for, before we start work for you.

Our fees for doing this work for you

The value of the freehold property that you are looking to buy/sell will dictate the cost of our legal fees. Below is a table showing the range of legal fees we charge based on the value of a freehold property.

Value of Property Legal Fees
£200,000 – £400,000 £875 + VAT
£401,000 – £500,000 £950 + VAT
£501,000 – £600,000 £1,000 + VAT
£601,000 – £700,000 £1,050 + VAT
£701,000 – £800,000 £1,100 + VAT
£801,000 – £900,000 £1,200 + VAT
 £901,000 – £1,000,000 £1,300 + VAT
Over £1,000,001 Please call for specific fees

We do not pay third parties to refer clients to us. This means that we do not have to pass on the cost of their referral fees to you.

Our fees assume that:

a. this is a standard transaction and that no unforeseen matters arise including for example a defect in title (inadequate evidence of existing ownership) which requires remedying prior to completion, or the preparation of additional documents ancillary to the main transaction
b. the transaction is concluded in a timely manner and no unforeseen complications arise
c. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
d. no indemnity policies are required (for instance, to insure against some defect in the evidence of existing rights).

Disbursements

Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Additional disbursements may apply if indemnity policies are required (for instance, to insure against some defect in the evidence of existing rights); on average £100 – £250 but entirely dependent on the risk to be covered

Stamp Duty or Land Tax (only on purchase): dependant on the price of the property.

You can find out more about Stamp Duty Land Tax, and what you will need to pay, by visiting HMRC’s website –

https://www.gov.uk/stamp-duty-land-tax

More information about the Welsh Land Tax can be found here:

https://www.gov.uk/guidance/stamp-duty-land-tax-welsh-transactions

Generally, the cost of these disbursements is likely to be the same regardless of whom you appoint as your solicitor.

Our fees for other services we provide

Re-mortgage £550 + VAT
Transfer of Equity £550 – £850 + VAT
Re-mortgage and Transfer of Equity £825 – £1,000 + VAT
Declaration of Trust £200 – £500 + VAT
Lease Extension Alone Starting at £950 + VAT
Dealing with Unregistered Title £350 + VAT
Electronic money transfer fee £35 + VAT

New build/shared ownership/right to buy – good to know

If you are buying or selling a new build or a right to buy/shared ownership property, this can often be more complex and take longer than a normal transaction.

New Build – We charge our standard fees for this, plus £300 + VAT.

Shared Ownership Schemes – Leasehold fees of £1,450 + £500 + VAT.

Right to Buy – We charge our standard fees + £200 + VAT

 

Summary

All these costs are based on average cases. Your specific circumstances will dictate what you will pay. However, we will always tell you what you will be paying and what for, before we start work for you.
Occasionally, additional charges may be incurred, for example if on investigation the legal title is defective (inadequate evidence of ownership), or part of the property is unregistered, or if building regulations or planning permission has not been obtained. We will always inform you if this arises.

How long will my freehold residential purchase/sale take?

How long it will take from offers being accepted until completion will depend on a number of factors. The National Association of Estate Agents state that on average, conveyancing cases take up to 15 weeks from offer to exchange of contracts. We however aim to complete the process between 6-12 weeks. But each case is different and it can be quicker or slower, depending on the parties in the chain.

The different stages, and the services we provide, when buying a freehold property

The precise stages involved in the purchase of a freehold property vary according to your circumstances but we have tried to give you an idea of the different steps below:

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender’s solicitors if needed
  • Receive and advise on contract documents
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of seller’s 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 (date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from lender and you
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry

Finally

We know that the cost of selling or buying your property will be a factor in helping you make an informed decision about which solicitors’ firm to use, and that is why we have always been transparent about our costs. However, the level of service you receive can be crucial in ensuring the smoothest possible transaction, dealing quickly but carefully with the unexpected, keeping to your timescale, and sometimes even in ensuring the transaction happens at all.
When you make your decision on who to appoint, please therefore be mindful of the benefits of instructing a legally qualified professional who specialises in conveyancing, maintains a good relationship with all third parties (e.g estate agents), and is always personally contactable during office hours. Our business has been built on providing this level of service, in this area, for many years.

Purchase or sale of a leasehold residential property

Our fees cover all the work required to complete the purchase or sale of your leasehold property. Included within this is the registration at the Land Registry, payment of Stamp Duty Land Tax if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales, landlord deed of covenant and acting on behalf of most mortgage lenders.

Our fees for doing this work for you

£1,450 + VAT

We do not pay third parties to refer clients to us. This means that we do not have to pass on the cost of their referral fees to you.

Our fees assume that:

a. this is a standard transaction and that no unforeseen matters arise including for example a defect in title (evidence of existing ownership) which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
b. this is the assignment of an existing lease and is not the grant of a new lease
c. the transaction is concluded in a timely manner and no unforeseen complications arise
d. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
e. no indemnity policies are required (for instance, to insure against some defect in the evidence of existing rights).

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. Certain disbursements will depend upon the individual lease relating to the Property. This list is therefore not exhaustive and other disbursements may apply, for instance depending on the term of the lease. The disbursements which we anticipate will apply are set out separately below. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

Search fees approximately £300 + VAT
HM Land Registry fee £20 – £455 (dependant on the price of the property)
Individual office copy entries showing ownership on sale / a plan £6-12 + VAT
Notice of Transfer fee This fee, if chargeable, is set out in the lease. Often the fee is £50 – £200 + VAT
Notice of Charge fee (if the property is to be mortgaged) This fee is set out in the lease. Often the fee is £25 – £200 + VAT
Deed of Covenant fee This fee is charged by the management company for the property and can be difficult to estimate
Declaration of Trust £250 – £500 + VAT
Declaration of Trust (as a separate matter) £500 + VAT
Stamp Duty or Land Tax (on purchase) Dependant on the price of the property

You can find out more about Stamp Duty Land Tax, and what you will need to pay, by visiting HMRC’s website –

https://www.gov.uk/stamp-duty-land-tax

More information about the Welsh Land Tax can be found here:

https://www.gov.uk/guidance/stamp-duty-land-tax-welsh-transactions

Additional disbursements may apply if indemnity policies are required (for instance, to insure against some defect in the evidence of existing rights); on average £100 – £250 but entirely dependent on the risk to be covered.
You should also be aware that 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.

Generally, the cost of these disbursements is likely to be the same regardless of whom you appoint as your solicitor.

Our fees for other services we provide

Re-mortgage £550 + VAT
Transfer of Equity £550 – £850 + VAT
Re-mortgage and Transfer of Equity £825 -£1,000+ VAT
Declaration of Trust £250 -£500 + VAT
Unregistered Title Standard fee + £350 + VAT
Electronic money transfer fee £35 + VAT

New build/shared ownership/right to buy – good to know

If you are buying or selling a new build or a right to buy/shared ownership property, this can often be more complex and take longer than a normal transaction.

New Build – We charge our standard fees for this, plus £300 + VAT.

Shared Ownership Schemes – Leasehold fees of £1,450 + £500 + VAT.

Right to Buy – We charge our standard fees + £200 + VAT

Summary

All these costs are based on average cases. Your specific circumstances will dictate what you will pay. However, we will always tell you what you will be paying and what for, before we start work for you.
Occasionally, additional charges may be incurred, for example if on investigation the legal title is defective (inadequate evidence of ownership), or part of the property is unregistered, or if building regulations or planning permission has not been obtained. We will always inform you if this arises.

The different stages, and the services we provide, when buying a leasehold property

The precise stages involved in the purchase of a residential leasehold property vary according to your circumstances and we give you an idea of the different steps below:

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender’s solicitors if needed
  • Receive and advise on contract documents
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of seller’s solicitor
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer
  • Send final contract to you for signature
  • Draft Transfer
  • Advise you on joint ownership
  • Obtain pre-completion searches
  • Agree completion date (date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from lender and you
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry

How long will my leasehold residential purchase/sale take?

How long it will take from offers being accepted until completion will depend on a number of factors. The National Association of Estate Agents state that on average, conveyancing cases take up to 15 weeks from offer to exchange of contracts. We however aim to complete the process between 6-12 weeks. But each case is different and it can be quicker or slower, depending on the parties in the chain.

 

Finally

We know that the cost of selling or buying your property will be a factor in helping you make an informed decision about which solicitors’ firm to use, and that is why we have always been transparent about our costs. However, the level of service you receive can be crucial in ensuring the smoothest possible transaction, dealing quickly but carefully with the unexpected, keeping to your timescale, and sometimes even in ensuring the transaction happens at all.

When you make your decision on who to appoint, please therefore be mindful of the benefits of instructing a legally qualified professional who specialises in conveyancing, maintains a good relationship with all third parties (e.g estate agents), and is always personally contactable during office hours. Our business has been built on providing this level of service, in this area, for many years.

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