Residential conveyancing fees
|Our clients are varied and often from different jurisdictions. The work we do is frequently complex and urgent and therefore, as we provide a bespoke service, the following fees should be treated as an indication only. For an accurate quote please contact our Real Estate team to discuss your matter.|
|Our minimum fee for any transaction is £1,500 plus VAT and disbursements. Average fees, based on a Central London property at a value of £1.5m/£2m with a single loan from a High Street lender (specialist lenders will cost more) and with completion 4 weeks after exchange of contracts are as follows:-|
|Purchase of a freehold property||£|
|Legal fees||6,000 plus VAT|
|Legal fees (dealing with mortgage)||500 plus VAT|
|Administration Charges||240 plus VAT|
|Bank telegraphic transfer charges||40 plus VAT|
|AML Electronic Identity search||20 plus VAT|
|Lawyer checker fee||40 plus VAT|
|Land Registry fee||455|
|OS1 Priority Search||3|
|Search pack* (Local / drainage / environmental / chancel)||500 plus VAT|
VAT at a rate of 20% is applied to legal fees, administrative charges and some, but not all, of the search packs
Disbursements are fees payable to third parties and vary according to each property. We will provide accurate figures as soon as we have full details of the transaction.
SDLT (Stamp Duty Land Tax) is payable on a purchase and the amount depends on the value (and whether it is a first time purchase or the buyer has other properties).The Government website at https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro can be used for an initial estimation.
If you are purchasing a leasehold property in Central London, it may be a requirement of the Lease for the seller to get a Licence to Assign. If so, we will make an additional charge for dealing with this which is usually £600 plus VAT.
- It is standard transaction with no unexpected matters arising such as a defect in title, issue with regard to providing funds or anything else unforeseen at the start.
- Where property is leasehold it is an assignment of an existing lease, not the grant of a new lease.
- The transaction is completed in accordance with original timescale and no unexpected complications arise.
- All parties are in agreement on terms which remain the same throughout.
- No indemnity policies are required which may attract additional cost and disbursement.
Matters likely to affect the cost
- Value of the property
- A lock out or exclusivity agreement
- Off plan purchase or new construction
- Company purchase which will also need additional searches at Companies House and necessary resolutions
The stages of any sale or purchase of any residential property will vary, but the main and usual key stages are:
- Formal instructions and complete identification and anti-money laundering checks including verifying source of funds whether for the deposit or the whole purchase price.
- Check all finances are available to fund purchase and contact lender’s solicitors (where appropriate)
- Obtain and review draft contract and supporting documents
- Submit searches
- Negotiate and agree contract with seller’s solicitor
- Receive surveyor’s report if available and discuss legal points arising from it
- Review planning documentation where appropriate
- Raise preliminary enquiries
- Advise on all documents and information received and provide report on title to you
- Review conditions of mortgage offer
- Consider and advise on joint ownership
- Agree landlord’s licence to assign ( if necessary in case of leaseholds)
- Prepare draft transfer and any mortgage deeds
- Agree completion date
- Arrange for you to sign contract and remit deposit
- Exchange contracts
- Carry out pre-completion searches.
- Report on title to lender and request funds with the balance together with all costs and SDLT from you at least 5 working days before completion
- Complete purchase
- Prepare SDLT submission form and pay tax
- Serve any post completion notices (notice of assignment and or charge)
- Submit application for registration to Land Registry
- Formal instructions and complete identification and anti-money laundering checks.
- Provide you with property questionnaires and review
- Establish sale proceeds will be sufficient to discharge any existing mortgages agents fees and costs
- Prepare draft contract and sales pack
- Review, take instructions on and reply to enquiries from the buyer’s solicitor
- Negotiate and agree contract and transfer with the buyer’s solicitor.
- Agree completion date
- Arrange for you to sign the contract
- Exchange contracts, notify you and lender and request redemption statement
- Send transfer to you for signature
- Prepare completion statement
- Reply to requisitions on title
- Complete sale
- Redeem any mortgage and pay any agents (if instructed)
- Provide you with statement and remit net sale proceeds
This varies and is usually determined by the buyer according to availability of funds and any related sale. The norm is three to four weeks from submission of the draft contract to exchange of contracts but it can be longer or shorter and we will advise you as the transaction progresses.
Completion can take place at any time after exchange on a date agreed by the parties at exchange but four weeks is the norm in residential transactions. Banks will usually require at least 5 working days’ notice to draw down mortgage funds and sellers will often request four weeks to vacate or wish it linked to their related purchase.
Our ability to progress with the transaction will depend on a number of factors including:
- Your speed in providing us with suitable and sufficient ID and evidence of address, and adequate proof of source of funds
- Any necessary mortgage offer and instructions to act for the lender
- Whether sale / purchase dependent on simultaneous related sale or purchase
- Us receiving full pre-contract package from seller with all relevant title documents and planning documents
- Both parties’ speed in providing replies and instructions to their lawyers
- obtaining search results from local authorities in a timely manner
- Any title defects
- Any physical defects /or breaches of planning permission and or listed building or building control
- If leasehold, speed of landlord / managing agent in providing full management pack and responding to any queries or requests for consent
What is included in the cost
- Liaising with the Selling Agents in connection with the preparation of sales particulars
- With your assistance, preparation of a sales pack for the purchaser including replies to standard enquiries, deduction of title , copy documents, such as planning permissions, guarantees and certificates and, if leasehold, management information we obtain (at your cost) from the managing agents. Managing agents can charge up to £500 plus vat for this information and is some cases it can be ore
- Preparing a draft contract and negotiating terms with the purchaser’s solicitor
- Obtaining redemption of any mortgage and redeeming the charge on completion
- If the property is leasehold, obtaining any necessary licence to assign from landlord. You will normally have to pay the landlords legal charges agents charges for the application which can often be up to £1700 plus vat and sometimes more
- Full investigation of legal title to the property and rights required, together with a full set of standard searches for your property purchase
- Our report on title and advice on matters affecting the property such as alterations / lettings etc.
- Completion and submission of SDLT forms and payment of SDLT
- Registration formalities at the Land Registry (subject to you paying the Land Registry fees) and any associated legal charge
- Investigation of title according to instructions from your new bank including obtaining all new searches and replies to enquiries if required
- If leasehold, obtaining any necessary consents from the landlord
- Liaising with your existing lender to remove their mortgage from your title
- Registration formalities at Land Registry to register the mortgage of the new lender against your title
- Serving notice of charge
Not included in the cost
- Tax advice.
- Face to face meetings (other than to verify identity).
- Interpretation of planning documents other than on a superficial level.
- Advice regarding neighbouring and adjoining properties.
- Preparation of lock out or exclusivity agreements if required.
- Drafting of co-habitation agreements and or trust deeds or any advice in this connection.
- Disbursements such as notice fees land registry fees and charges made by third parties and their advisers which we will do our best to notify you of in advance
We can provide assistance in relation to any or all of these matters if required and if you would like any further information or if anything is unclear please ask and we will do our best to provide whatever is necessary.