Conveyancing
Cost information residential conveyancing for private clients only (exclusive of additional services)
Introduction:
When you make an enquiry for us to conduct work on your behalf we will provide you with a detailed estimate of costs and timeframes and as part of our Treating Clients Fairly Policy, will update you if there are any changes.
Our head of the property department is Sonia Gandesha who has over 20 years’ experience in residential property and was admitted as a solicitor in 2002. Sonia studied at the University of East London and completed the Legal Practice Course at the College of Law, London. Sonia’s hourly rate is £390 plus VAT.
Jonathan Newman, Senior Partner supervises the department and qualified in 1986 and has over 39 years’ experience as a qualified solicitor. He attended Birmingham University and completed the Legal Practice Course at the College of Law, Chancery Lane.
Conveyancing Fees
Legal fees for a typical freehold or leasehold house purchase at a price of:-
Property Pricing | Fee |
Up £350,000.00 | £1,450.00 – £1,650.00 plus VAT |
£350,000.00 – £500,000.00 | £1,450.00 – £1,650.00 plus VAT |
£500,000.00 – £750,000.00 | £1,550.00 – £1,750.00 plus VAT |
£750,000.00 – £999,000.00 | £1,650.00 – £1,850.00 plus VAT |
£1m plus | £1,850.00 – £2,050.00 plus VAT |
£2m plus | £2,200.00 – £2,400.00 plus VAT |
Where VAT applies this is at a rate of 20%.
Legal fees for a typical freehold or leasehold house sale at a price of:-
Property Pricing | Fee |
Up £350,000.00 | £1,450.00 – £1,650.00 plus VAT |
£350,000.00 – £500,000.00 | £1,450.00 – £1,650.00 plus VAT |
£500,000.00 – £750,000.00 | £1,550.00 – £1,750.00 plus VAT |
£750,000.00 – £999,000.00 | £1,650.00 – £1,850.00 plus VAT |
£1m plus | £1,850.00 – £2,050.00 plus VAT |
£2m plus | £2,200.00 – £2,400.00 plus VAT |
Where VAT applies this is at a rate of 20%.
Legal fees for a re-mortgage of a residential property
Property Pricing | Fee |
Up £350,000.00 | £1,100.00 – £1,200.00 plus VAT |
£350,000.00 – £500,000.00 | £1,200.00 – £1,300.00 plus VAT |
£500,000.00 – £750,000.00 | £1,300.00 – £1,400.00 plus VAT |
£750,000.00 – £999,000.00 | £1,650.00 – £1,850.00 plus VAT |
£1m plus | £1,850.00 – £2,050.00 plus VAT |
£2m plus | £2,200.00 – £2,400.00 plus VAT |
Where VAT applies this is at a rate of 20%.
Disbursements are payable in addition to the fees quoted above and we will ordinarily ask that the funds are paid in advance in order to progress your transaction. 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.
Below are some worked examples for the following types of transactions where the property price is between £350,000.00 – £500,000.00 to demonstrate the scope of anticipated work and how our fees are calculated and which set out the description of and cost of any likely disbursements and where the actual cost of the disbursement is not known, the average cost of range of costs.
You will appreciate that there are many variables and so it is important that you discuss the specifics of your matter with us and only take these worked examples as a guide. If your transaction falls out of the examples below, please contact us so we can provide you with a cost estimate.
Examples:
- Purchase of a freehold residential property (with mortgage)
- Purchase of a leasehold residential property (with mortgage)
- Sale of a freehold residential property
- Sale of a leasehold residential property
- Residential property – Re-mortgages
Example 1 – Purchase of a freehold residential property in England and Wales – purchase price band of £350,000.00 – £500,000.00
Buying and selling property is often referred to as conveyancing. It means the process to transfer the legal ownership of a property from a seller to a buyer.
Our legal expert(s) are on hand to represent you at all stages during the purchase of your new home.
What does it cost?
Here are our prices for representing people when they are buying a freehold residential property in the price band of £350,000.00 – £500,000.00. Our prices include charges for our legal representation, and other charges that are mandatory and that we will need to pay on your behalf during the process.
Our prices are estimated as in some cases additional searches may be required.
Our Legal Fees
Our fees cover all of the work required to complete the purchase of your new home, including acting for your lender taking a first legal charge, 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.
Conveyancer’s anticipated fees | Cost | VAT |
Our average legal fees on your purchase (price band of between £350,000 – £500,000) |
£1450.00 |
£290.00 |
For acting on behalf of the mortgage lender (Not chargeable on a cash purchase) |
£150.00 |
£30.00 |
Telegraphic Transfer Fee Administration Fee for Telegraphic Transfer Fee per transfer of funds |
£20.00 £20.00 |
£4.00 £4.00 |
Total legal fees | £1,640.00 | £328.00 |
Total average legal fees including VAT | £1,968.00 |
If additional work is required, it will be charged at an hourly rate of £390 + VAT. We will discuss this with you if applicable before incurring any additional fees.
In addition to our fees we would expect the following disbursements to apply to such a matter. Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We will handle the payment of the disbursements on your behalf to ensure a smoother process.
Conveyancer’s anticipated disbursements |
Cost |
VAT |
|
Average range of standard search fees (estimated) |
Between £300.00 – 550.00 | To be confirmed | |
Land Registry Transfer Registration Fee (estimated) |
Between £330.00 – 655.00 |
No VAT |
|
SDLT/ LTT submission including fees |
£50.00 | £10.00 | |
Pre Exchange and Completion searches against the property and borrower’s names:- OS1 search (estimated) K16 searches (estimated) |
£7.00 £6.00 |
No VAT No VAT |
|
Lawyer checker – a search to verify the bank account to which your completion monies would be paid (cost per check) |
£18.00 |
£3.60 |
|
Total disbursements excluding VAT (assuming lower estimated figures): |
£711.00 | To be confirmed |
Total average legal fees including VAT (£1,968.00) plus total disbursements excluding VAT (assuming lower estimated figures) (£711.00) = £2,679.00. |
How much is Stamp Duty Land Tax (Stamp Duty) / Land Transaction Tax (Land Tax) on a purchase?
If you buy a property or land over a certain price in England and Wales, when you complete the purchase, you need to pay either:
- Stamp Duty Land Tax, or
- Land Transaction Tax
The amount you will need to pay depends on factors including the purchase price of your property and a number of other variables which vary from transaction to transaction and relate to your personal circumstances.
You can calculate the amount you will need to pay by using HMRC’s website if the property is in England)
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
or if the property is located in Wales, please use the Welsh Revenue Authority’s website:
https://beta.gov.wales/land-transaction-tax-calculator
Each case is different. However, this tax charge can range between £5,000.00 and £12,500.00 on a property purchase of between £350,00.00 and £500,00.00.
How long does it take?
How long it will take from your offer being accepted, until you can move into your home will depend on a number of factors.
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 12-16 weeks. However, if there are a number of parties in your property chain it is likely to take longer compared to someone who is a chain-free buyer.
The average process takes between 6-12 weeks.
What are the main stages of the matter involved?
There are a number of stages, all of which may vary according to the circumstances of your property purchase. Our experts can represent you during each stage, as follows.
Pre-contract
After you have made an offer on the property, we will prepare the legal documents you need to transfer ownership of the property to you.
The seller will prepare a contract for this which will include the selling price, legal details about the property, and other information such as any planning restrictions. Before you sign this, we will find as much information as possible for you about the property, including through searches with the local authority and verifying the seller’s ownership of the property.
We can advise you about how to get a full property survey at this stage and can also receive documents from your mortgage provider if you will be using one.
The likely time scale is 3 weeks (estimate).
Exchange of contracts
When you and the property seller are happy to agree to the contract you will both sign, and we will arrange for copies to be sent to each other alongside arrangements for paying the deposit to the seller – often this is ten per cent of the purchase price.
The likely time scale is 8 weeks (estimate).
Before completion
We will make sure that everything is ready for you, including checking the legal documents to transfer ownership, making arrangements for the transfer of your funds to the seller, and completing final HM Land Registry checks.
The likely time scale is 4 – 8 weeks (estimate) but can take longer.
Completion
We will continue to oversee the process during the completion stage to make sure thing progress as smoothly as possible. This includes making sure you receive the legal documents that prove your new ownership.
The likely time scale is 8 weeks (estimated).
After completion
We will register the change of ownership with HM Land Registry and pay your Stamp Duty Land Tax or Land Transaction Tax.
The likely time scale to pay your stamp Duty Land Tax or Land Transaction Tax is 14 days.
To register your ownership can take up to 18 months for registration to be completed at the Land Registry.
Details of what services are included in the price displayed:-
- 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 if any
- Send final contract and any other necessary documents to you for signature
- Draft Transfer
- Advise you on joint ownership
- Advise you on insurance obligations/ requirements
- 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 and attend to post completion formalities
- Deal with payment of Stamp Duty Land Tax / Land Transaction Tax
- Deal with application for registration at Land Registry and satisfy any compliance requirements on purchase
- Update you and any lender
Details of any services that might reasonably be expected to be included in the price displayed but are not: –
- Submission of the SDLT return
- Dealing with lenders enquiries
- Complying with lenders conditions
- Drawing down lender’s funds
- Updating estate agents
- Updating mortgage brokers
Our fee assumes that:
- 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
- all the property to be purchased is registered at Land Registry in the name of the seller, and that all title documents and information are registered
- the transaction is concluded in a timely manner and no unforeseen complication(s) arise
- 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
- if a lender will be contributing to the purchase monies that they will jointly instruct us to act for them. If another lawyer will separately represent any lender, then additional work will be involved which will be charged at an hourly rate of £390 + VAT. We will discuss this with you if applicable before incurring any additional fees.
- the purchase monies will originate from your funds or a lender only; if funds are to originate from any other source or from a third party then additional work will be involved which will be charged at an hourly rate of £390 + VAT. We will discuss this with you if applicable before incurring any additional fees.
- if the transaction involves any of the following, we will need to obtain further information from you before we can advise whether additional work will be involved. If any additional work is required, it will be charged at an hourly rate of £390 + VAT. We will discuss this with you if applicable before incurring any additional fees:
- New build or converted property
- multiple or beneficial owners
- shared ownership and or Help to Buy
- Auction transaction, sale by receiver or mortgagee in possession, or probate or power of attorney sales.
This list is non-exhaustive as it is not possible to detail here every possible scenario.
Example 2 – Purchase of a leasehold residential property in England and Wales – purchase price band of £350,000.00 – £500,000.00
What does it cost?
Here are our prices for representing people when they are buying a leasehold residential property in the price band of between £350,000.00 – £500,000.00. Our prices include charges for our legal representation, and other charges that are mandatory and that we will need to pay on your behalf during the process.
Our prices are estimated as in some cases additional searches may be required.
Our Legal Fees
Our fees cover all of the work required to complete the purchase of your new home, including acting for your lender taking a first legal charge, 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.
Conveyancer’s anticipated fees | Cost | VAT |
Our average legal fees on your purchase (price band of between £350,000 – £500,000) |
£1,650.00 |
£330.00 |
For acting on behalf of the mortgage lender (Not chargeable on a cash purchase) |
£150.00 |
£30.00 |
Telegraphic Transfer Fee Administration Fee for Telegraphic Transfer Fee per transfer of funds |
£20.00 £20.00 |
£4.00 £4.00 |
Total legal fees |
£1,840.00 |
£368.00 |
Total average legal fees including VAT | £2,208.00 |
If additional work is required, it will be charged at an hourly rate of £390 + VAT. We will discuss this with you if applicable before incurring any additional fees.
In addition to our fees we would expect the following disbursements to apply to such a matter. 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.
Conveyancer’s anticipated disbursements | Cost | VAT | ||
Average range of standard search fees (estimated) |
From between £300.00 – 550.00 | To be confirmed | ||
Land Registry Transfer Registration Fee (estimated) |
£330.00 – 655.00 |
No VAT |
||
SDLT / LTT submission including fees |
£50.00 | £10.00 | ||
Pre Exchange and Completion searches against the property and borrower’s names.
OS1 search (estimated) K16 searches (estimated) |
£7.00 £6.00 |
No VAT No VAT |
||
Lawyer checker – a search to verify the bank account to which your completion monies would be paid (cost per check) |
£18.00 |
£3.60 |
||
Notice Fees chargeable under the lease – as these vary from property to property we cannot give any guidance of what the landlord or managing agent might charge. We will however be able to provide details once the seller shares the management pack along with draft contracts. The following are examples of the ranges that we commonly see on transactions and can on occasion be significantly more than the ranges given. Not every transaction will require all the following additional disbursements. We can give you an accurate figure once we have sight of your specific documents especially the lease in question. | To be confirmed | To be confirmed | ||
· Notice of Transfer fee | Between £50.00 — £200.00 | To be confirmed | ||
· Notice of Charge fee (if the property is to be mortgaged) – | Between £50.00 — £200.00 | To be confirmed | ||
· Deed of Covenant fee | Between £100.00 — £300.00 | To be confirmed | ||
· Certificate of Compliance fee | £100.00 — £300.00 | To be confirmed | ||
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 we receive this information. | To be confirmed | To be confirmed | ||
Total disbursements excluding VAT (assuming lower estimated figures): | £1,005.00 | To be confirmed |
Total average legal fees including VAT (£2,208.00) plus total disbursements excluding VAT (assuming lower estimated figures) (£1,005.00) = £3,213.00. |
How much is Stamp Duty Land Tax (Stamp Duty) / Land Transaction Tax (Land Tax) on a purchase of a leasehold property?
If you buy a property or land over a certain price in England and Wales, when you complete the purchase, you need to pay either:
- Stamp Duty Land Tax, or
- Land Transaction Tax
The amount you will need to pay depends on factors including the purchase price of your property and a number of other variables which vary from transaction to transaction and relate to your personal circumstances.
You can calculate the amount you will need to pay by using HMRC’s website if the property is in England)
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
or if the property is located in Wales please use the Welsh Revenue Authority’s website:
https://beta.gov.wales/land-transaction-tax-calculator
How long does it take?
How long it will take from your offer being accepted until you can move into your home will depend on a number of factors.
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 12-16 weeks. However, if there is an issue with the lease you are buying or you or your lender requires that the lease is extended, this can take significantly longer, between 3 and 6 months on average.
What are the main stages of the matter involved?
There are a number of stages, all of which may vary according to the circumstances of your property purchase. Our experts can represent you during each stage, as follows.
Pre-contract
After you have made an offer on the property, we will prepare the legal documents you need to transfer ownership of the property to you.
The seller will prepare a contract for this which will include the selling price, legal details about the property, and other information such as any planning restrictions. Before you sign this, we will find as much information as possible for you about the property, including through searches with the local authority and verifying the seller’s ownership of the property.
We can advise you about how to get a full property survey at this stage and can also receive documents from your mortgage provider if you will be using one.
The likely time scale is 3 weeks (estimate).
Exchange of contracts
When you and the property seller are happy to agree to the contract you will both sign, and we will arrange for copies to be sent to each other alongside arrangements for paying the deposit to the seller – often this is ten per cent of the purchase price.
The likely time scale is 8 weeks (estimate).
Before completion
We will make sure that everything is ready for you, including checking the legal documents to transfer ownership, making arrangements for the transfer of your funds to the seller, and completing final HM Land Registry checks.
The likely time scale is 4 weeks (estimate).
Completion
We will continue to oversee the process during the completion stage to make sure thing progress as smoothly as possible. This includes making sure you receive the legal documents that prove your new ownership.
The likely time scale is 8 weeks (estimate).
After completion
We will register the change of ownership with HM Land Registry and pay your Stamp Duty Land Tax or Land Transaction Tax.
The likely time scale to pay your stamp Duty Land Tax or Land Transaction Tax is 14 days.
To register your ownership can take up to 18 months for registration to be completed at the Land Registry.
Details of what services are included in the price displayed
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Reading through the lease
- Requesting retentions where necessary or Deeds of Rectification where necessary.
- 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 if any
- Send final contract and any other necessary documents to you for signature
- Draft Transfer
- Advise you on joint ownership
- Advise you on insurance obligations/ requirements
- 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 and attend to post completion formalities
- Deal with payment of Stamp Duty Land Tax / Land Transaction Tax
- Deal with application for registration at Land Registry and satisfy any compliance requirements on purchase
- Update you and any lender
Details of any services that of any services that might reasonably be expected to be included in the price displayed but are not:
- Submission of the SDLT return
- Dealing with lenders enquiries
- Complying with lenders conditions
- Drawing down lender’s funds
- Updating estate agents
- Updating mortgage brokers
Our fee assumes that:
- 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
- all the property to be purchased is registered at Land Registry in the name of the seller, and that all title documents and information are registered.
- the freehold interest and any superior leasehold interests are also registered at Land Registry
- the Lease is in a form which is acceptable to a proposed lender
- there is a landlord and or Management Company performing their obligations under the terms of the Lease
- the transaction is concluded in a timely manner and no unforeseen complication(s) arise
- 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
- if a lender will be contributing to the purchase monies that they will jointly instruct us to act for them. If another lawyer will separately represent any lender, then additional work will be involved which will be charged at an hourly rate of £390 + VAT. We will discuss this with you if applicable before incurring any additional fees.
- the purchase monies will originate from your funds or a lender only; if funds are to originate from any other source or from a third party then additional work will be involved which will be charged at an hourly rate of £390 + VAT. We will discuss this with you if applicable before incurring any additional fees.
- if the transaction involves any of the following, we will need to obtain further information from you before we can advise whether additional work will be involved. If any additional work is required, it will be charged at an hourly rate of £390 + VAT. We will discuss this with you if applicable before incurring any additional fees:
- New build or converted property
- multiple or beneficial owners
- shared ownership and or Help to Buy
- Auction transaction, sale by receiver or mortgagee in possession, or probate or power of attorney sales.
This list is non-exhaustive as it is not possible to detail here every possible scenario.
Example 3 – Sale of a freehold residential property – sale price band of £350,000.00 – £500,000.00
What does it cost?
Here are our prices for representing people when they are selling a freehold residential property. Our prices include charges for our legal representation, and other charges that are mandatory and that we will need to pay on your behalf during the process.
Our prices are estimated as in some cases additional searches may be required.
Our Legal Fees
Our fees cover all of the work required to complete the sale of your home, including dealing with the redemption of any existing mortgage
Conveyancer’s anticipated fees | Cost | VAT |
Our average legal fees on your sale (price band of between £350,000 – £500,000) |
£1,350.00 |
£270.00 |
Telegraphic Transfer Fee Administration Fee for Telegraphic Transfer Fee per transfer of funds (assuming 2 – one to redeem a mortgage, and one to transfer net proceeds of sale to your nominated account) |
£40.00 £40.00 |
£8.00 £8.00 |
Total legal fees | £1,430.00 | £286.00 |
Total average legal fees including VAT | £1,716.00 |
If additional work is required, it will be charged at an hourly rate of £390 + VAT. We will discuss this with you if applicable before incurring any additional fees.
In addition to our fees, we would expect the following disbursements to apply to such a matter. 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.
Conveyancer’s anticipated disbursements | Cost | VAT | ||
Land Registry Office Copies (charged per document required to show ownership) (estimated assuming one title consisting of register and plan only) |
£7.00 |
No VAT |
||
Lawyer checker – a search to verify the bank account from which the buyer’s completion monies would be received (cost per check) |
£18.00 |
£3.60 |
||
Total disbursements including VAT (assuming lower estimated figures): | £28.60 |
Total average legal fees including VAT (£1,716.00) plus total disbursements including VAT (assuming lower estimated figures) (£28.60) = £1,744.60. |
How long does it take?
How long it will take for you to sell your home will depend on a number of factors. The average process takes between 6-8 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are at the top of the chain, it could take 12-16 weeks. However, if someone in the chain is buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months on average.
What are the main stages of the matter involved?
There are a number of stages, all of which may vary according to the circumstances of your property sale. Our experts can represent you during each stage, as follows.
Pre-contract
After you have accepted an offer on the property, we will prepare the legal documents you need to transfer ownership of the property from you.
We will prepare a contract for this which will include the selling price, legal details about the property, and other information such as any planning restrictions.
You will need to provide details of your mortgage and mortgage provider so we can obtain the redemption figure.
The likely time scale is 3 weeks (estimated).
Exchange of contracts
When you and the property buyer are happy to agree to the contract you will both sign, and we will arrange for copies to be sent to each other alongside arrangements for the buyer paying the deposit to the firm – often this is ten per cent of the purchase price.
The likely time scale is 8 weeks (estimated).
Before completion
We will make sure that everything is ready for you, including checking the legal documents to transfer ownership, making arrangements to receive the transfer of your funds from the buyer.
The likely time scale is 4 weeks (estimate).
Completion
We will continue to oversee the process during the completion stage to make sure thing progress as smoothly as possible. This includes
The likely time scale is 8 weeks (estimate).
After completion
We will register the change of ownership with HM Land Registry and pay your Stamp Duty Land Tax or Land Transaction Tax.
The likely time scale to pay your stamp Duty Land Tax or Land Transaction Tax is 14 days.
To register your ownership can take up to 18 months for registration to be completed at the Land Registry.
Details of what services are included in the price displayed
- Take your instructions and give you initial advice
- Liaise with you about the completion of essential information forms regarding your home
- Review transaction and ensure that finances enable the redemption of any mortgage
- Prepare and advise on contract documents
- Obtain further planning documentation, building regulation approvals, FENSA certificates, warranties and so forth
- Submit contract and support documentation to the seller’s solicitors
- Deal with purchaser’s solicitors pre-contract enquiries
- Send final contract to you for signature
- Agree completion date (date at which you sell the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from the purchaser’s solicitors
- Redeem any mortgage
- Complete sale
Details of any services that of any services that might reasonably be expected to be included in the price displayed but are not:-
- Obtaining up to date mortgage redemption
- Querying early repayment charges if any
- Querying payment of any ground rent or service charge arrears.
Our fee assumes that:
- 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
- all the property being sold is registered at Land Registry in your current and full name, and that all title documents and information are registered.
- the transaction is concluded in a timely manner and no unforeseen complication(s) arise
- 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
- accurate information about any charge or mortgage and authority to obtain information from your lender is provided so that we can obtain redemption statements.
- if the transaction involves any of the following, we will need to obtain further information from you before we can advise whether additional work will be involved. If any additional work is required, it will be charged at an hourly rate of £390 + VAT. We will discuss this with you if applicable before incurring any additional fees:
- New build or converted property
- multiple or beneficial owners
- Auction transaction, sale by receiver or mortgagee in possession, or probate or power of attorney sales.
This list is non-exhaustive as it is not possible to detail here every possible scenario.
Example 4 – Sale of a leasehold residential property – sale price band of £350,000.00 – £500,000.00
What does it cost?
Here are our prices for representing people when they are selling a leasehold residential property. Our prices include charges for our legal representation, and other charges that are mandatory and that we will need to pay on your behalf during the process.
Our prices are estimated as in some cases additional searches may be required.
Our Legal Fees
Our fees cover all of the work required to complete the sale of your home including dealing with the redemption of any existing mortgage.
Conveyancer’s anticipated fees | Cost | VAT |
Our average legal fees on your sale (price band of between £350,000 – £500,000) |
£1,550.00 |
£310.00 |
Telegraphic Transfer Fee Administration Fee for Telegraphic Transfer Fee per transfer of funds (assuming 2 – one to redeem a mortgage, and one to transfer net proceeds of sale to your nominated account) |
£40.00 £40.00 |
£8.00 £8.00 |
Total legal fees | £1,630.00 | £326.00 |
Total average legal fees including VAT | £1,956.00 |
If additional work is required, it will be charged at an hourly rate of £390 + VAT. We will discuss this with you if applicable before incurring any additional fees.
In addition to our fees, we would expect the following disbursements to apply to such a matter. 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.
Conveyancer’s anticipated disbursements | Cost | VAT | ||
Land Registry Office Copies (charged per document required to show ownership) (estimated assuming one leasehold title consisting of lease, register and plan and one freehold / superior title consisting of register and plan only) |
£15.00 |
No VAT |
||
Lawyer checker – a search to verify the bank account from which the buyer’s completion monies would be received (cost per check) |
£18.00 |
£3.60 |
||
Leaseholder Management Pack – your landlord or their managing agents will provide up to date information about the lease and rent/ service charge payments as well as other essential information. Your landlord or their managing agent may charge a fee for this information known as a management pack. As the costs vary from case to case and are set by your landlord or their managing agents you might like to ask your landlord what the fee will be. We will find out for you once we are instructed. |
To be confirmed |
To be confirmed |
||
Notice or Licence Fees chargeable under the lease. Not every lease will require notice or licence fees and until we check the lease document and review the management pack we cannot advise whether they will apply to your sale nor what the costs may be as they are set by your landlord or their managing agents. We will find out for you once we are instructed. |
To be confirmed |
To be confirmed | ||
Total disbursements excluding VAT (assuming lower estimated figures): | £33.00 |
Total average legal fees including VAT (£1,956) plus total disbursements excluding VAT (assuming lower estimated figures) (£33.00) = £1,989.00 |
How long does it take?
How long it will take for you to sell your home will depend on a number of factors. The average process takes between 6-8 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are at the top of the chain, it could take 12-16 weeks. However, if someone in the chain is buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months on average.
What are the main stages of the matter involved?
There are a number of stages, all of which may vary according to the circumstances of your property sale. Our experts can represent you during each stage, as follows.
Pre-contract
After you have accepted an offer on the property, we will prepare the legal documents you need to transfer ownership of the property from you.
We will prepare a contract for this which will include the selling price, legal details about the property, and other information such as any planning restrictions.
You will need to provide details of your mortgage and mortgage provider so we can obtain the redemption figure.
The likely time scale is 3 weeks (estimated).
Exchange of contracts
When you and the property buyer are happy to agree to the contract you will both sign, and we will arrange for copies to be sent to each other alongside arrangements for the buyer paying the deposit to the firm – often this is ten per cent of the purchase price.
The likely time scale is 8 weeks (estimated).
Before completion
We will make sure that everything is ready for you, including checking the legal documents to transfer ownership, making arrangements to receive the transfer of your funds from the buyer.
The likely time scale is 4 weeks (estimate).
Completion
We will continue to oversee the process during the completion stage to make sure thing progress as smoothly as possible. This includes
The likely time scale is 8 weeks (estimate).
After completion
We will register the change of ownership with HM Land Registry and pay your Stamp Duty Land Tax or Land Transaction Tax.
The likely time scale to pay your stamp Duty Land Tax or Land Transaction Tax is 14 days.
To register your ownership can take up to 18 months for registration to be completed at the Land Registry.
Details of what services are included in the price displayed
- Take your instructions and give you initial advice
- Liaise with you about the completion of essential information forms regarding your home
- Review transaction and ensure that finances enable the redemption of any mortgage
- Prepare and advise on contract documents
- Obtain further planning documentation, building regulation approvals, FENSA certificates, warranties and so forth
- Submit contract and support documentation to the seller’s solicitors
- Deal with purchaser’s solicitors pre-contract enquiries
- Send final contract to you for signature
- Agree completion date (date at which you sell the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from the purchaser’s solicitors
- Redeem any mortgage
- Complete sale
Details of any services that of any services that might reasonably be expected to be included in the price displayed but are not:
- Obtaining up to date mortgage redemption
- Querying early repayment charges if any
- Querying payment of any ground rent or service charge arrears.
Our fee assumes that:
- 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
- all the property being sold is registered at Land Registry in your current and full name, and that all title documents and information are registered.
- the freehold interest and any superior leasehold interests are also registered at Land Registry
- the Lease is in a form which is acceptable to a proposed lender
- there is a landlord and or Management Company performing their obligations under the terms of the Lease
- the transaction is concluded in a timely manner and no unforeseen complication(s) arise
- 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
- accurate information about any charge or mortgage and authority to obtain information from your lender is provided so that we can obtain redemption statements.
- if the transaction involves any of the following, we will need to obtain further information from you before we can advise whether additional work will be involved. If any additional work is required, it will be charged at an hourly rate of £390 + VAT. We will discuss this with you if applicable before incurring any additional fees:
- New build or converted property
- multiple or beneficial owners
- shared ownership
- Auction transaction, sale by receiver or mortgagee in possession, or probate or power of attorney sales.
This list is non-exhaustive as it is not possible to detail here every possible scenario.
Example 5 – Residential conveyancing – Re-mortgage of a residential freehold property (price band of between £350,00.00 and £500,000.00) assuming a loan value of £80,000.00
Our legal experts are on hand to represent you at all stages during the re-mortgage process.
Our fee estimate covers all routine work associated with the re-mortgage of a residential freehold property including acting for your lender.
Conveyancer’s anticipated fees | Cost | VAT |
Our average legal fees on your re-mortgage (price band of £350,000.00– £500,000.00 and loan value of £80,000.00) |
£1,100.00 |
£220.00 |
Telegraphic Transfer Fee Administration Fee for Telegraphic Transfer Fee per transfer of funds (assuming 2 – one to redeem a mortgage, and one to transfer net proceeds of re-mortgage to your nominated account) |
£40.00 £40.00 |
£8.00 £8.00 |
Total legal fees | £1,180.00 | £236.00 |
Total average legal fees including VAT | £1,416.00 |
If additional work is required, it will be charged at an hourly rate of £390 + VAT. We will discuss this with you if applicable before incurring any additional fees.
In addition to our fees, we would expect the following disbursements to apply to such a matter. 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.
Conveyancer’s anticipated disbursements | Cost | VAT |
Land Registry Office Copies (charged per document required to show ownership) (estimated assuming one leasehold title consisting of lease, register and plan and one freehold / superior title consisting of register and plan only) |
£15.00 |
No VAT |
Average range of standard search fees (estimated) |
Between £300.00 – 550.00 |
To be confirmed |
Land Registry Transfer Registration Fee (estimated) |
£20.00 – 45.00 |
No VAT |
Pre Exchange and Completion searches against the property and borrower’s names
OS1 search (estimated) K16 search (estimated) |
£7.00 £6.00 |
No VAT No VAT |
Lawyer checker – if the lender instructs a lawyer to separately represent the lender. | £18.00 | £3.60 |
Leaseholder Management Pack – your landlord or their managing agents will provide up to date information about the lease and rent/ service charge payments as well as other essential information. Your landlord or their managing agent may charge a fee for this information known as a management pack. As the costs vary from case to case and are set by your landlord or their managing agents you might like to ask your landlord what the fee will be. We will find out for you once we are instructed. | To be confirmed | To be confirmed |
Notice or Licence Fees chargeable under the lease. Not every lease will require notice or licence fees and until we check the lease document and review the management pack we cannot advise whether they will apply to re-mortgage nor what the costs may be as they are set by your landlord or their managing agents. We will find out for you once we are instructed. | To be confirmed | To be confirmed |
Notice Fees chargeable under the lease – as these vary from property to property, we cannot give any guidance of what the landlord or managing agent might charge. We will however be able to provide details once the management pack has been received. The following are examples of the ranges that we commonly see on transactions and can on occasion be significantly more than the ranges given. Not every transaction will require all the following additional disbursements. We can give you an accurate figure once we have sight of your specific documents especially the lease in question. | To be confirmed | To be confirmed |
Notice of Charge fee | Between £50.00 and £200.00 | To be confirmed |
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. | To be confirmed | To be confirmed |
Total disbursements excluding VAT (assuming lower estimated figures): | £410.00 |
Total average legal fees including VAT (£1,416.00) plus total disbursements excluding VAT (assuming lower estimated figures) (£410.00) = £1,826.00. |
In addition to our fees we would expect the following disbursements to apply to such a matter. 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.
How long does it take?
How long it will take for you to re-mortgage your home will depend on a number of factors, including how long it takes for the lender to provide a mortgage offer, for a valuation to be carried out, obtain and review search results and the lender to release funds. The average process takes between 6-8 weeks.
It can be quicker or slower, depending on any unexpected issues on title, with a valuation or search results or lease defects or issues for example if an extension of the lease is required, this can take significantly longer, between 3 and 6 months on average.
What are the main stages of the matter involved?
There are a number of stages, all of which may vary according to the circumstances of your property re-mortgage. Our experts can represent you during each stage, as follows.
Pre-completion of the re- mortgage
- Checking title
- Submitting searches
- Reviewing services
- Reviewing mortgage offer
- Reporting the lender on mortgage condition
- Setting a completion date
- Arranging execution of documents including legal charge.
The likely time scale is 6 weeks (estimate).
After completion
- Registration of charge
The likely time scale is 6 months.
Details of what services are included in the price displayed.
- Take your instructions and give you initial advice
- Liaise with you about the completion of essential information forms regarding your home
- Liaise with your landlord or their managing agents to obtain up to date information about the lease and rent/ service charge payment as well as other information. Your landlord or their managing agent may charge a fee for this information known as a management pack.
- Review transaction and ensure that finances enable the redemption of any mortgage
- Liaise with the lender or their lawyer regarding their requirements
- Obtain searches and replies to enquiries
- Obtain further planning documentation, building regulation approvals, FENSA certificates, warranties and so forth
- Receive, review and advise you on the terms of the mortgage
- Liaise with lender regarding release of funds
- Send final mortgage deed and other relevant documents to you for signature
- Agree completion date (date at which your new mortgage will begin)
- Arrange for all monies needed to be received from the lender or their solicitors
- Complete re-mortgage and attend to post completion formalities
- Redeem any agreed mortgage
- Release net proceeds of re-mortgage to your nominated account
- Deal with application for registration at Land Registry and satisfy any compliance requirements on mortgage
- Update you and any lender
Details of any services that of any services that might reasonably be expected to be included in the price displayed but are not:
- Arranging indemnity polices
- Drawing down funds
Our fee assumes that:
- 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
- the property to be re-mortgaged is owned by the proposed borrowers in their full and correct names, and the property is registered at Land Registry and that all title documents and information are registered.
- the freehold interest and any superior leasehold interests are also registered at Land Registry
- the Lease is in a form which is acceptable to a proposed lender
- there is a landlord and or Management Company performing their obligations under the terms of the Lease
- the transaction is concluded in a timely manner and no unforeseen complication(s) arise
- 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
- the lender will jointly instruct us to act for them. If another lawyer will separately represent any lender, then additional work will be involved which will be charged at an hourly rate of £390 + VAT. We will discuss this with you if applicable before incurring any additional fees.
- if the transaction involves any of the following, we will need to obtain further information from you before we can advise whether additional work will be involved. If any additional work is required, it will be charged at an hourly rate of £390 + VAT. We will discuss this with you if applicable before incurring any additional fees:
- New build or converted property
- multiple or beneficial owners
- shared ownership
This list is non-exhaustive as it is not possible to detail here every possible scenario.