Estimated Costs
Our costs for sales and purchases will be in the range of £950 to £3,000 depending upon a number of factors, including but not limited to:-
• Price
• Freehold or leasehold
• New build or an existing property
• Complexity of title
• Funding including the requirement for mortgages or Help to Buy
• Social housing element
In re-mortgage cases our fees will be in the range of £750-£1,250 depending upon similar factors as set out above.
All charges are subject to VAT at the rate of 20%.
At the outset of your matter we will provide you with an estimate of charges based upon the information you provide to us. This estimate may be revised in accordance with our Terms and Conditions if further factors come to light which make your transaction more complex or time consuming.
Expenses & Disbursements
Sales, purchases and re-mortgages will incur third party expenses and disbursements i.e. sums of money that we pay on your behalf to third parties.
In sales transactions, disbursements will include Land Registry fees for obtaining copies of your Deeds. Your Deeds may consist of more than one document; the average charge from the Land Registry is between £3-£20 per document depending upon the nature of the document.
Where the sale property is leasehold, you may also incur a fee to one or more Managing Agents to obtain standard leasehold information. Fees vary but may be in the region of £100-£500.
In purchases disbursements are likely to include search fees. Searches vary from area to area; an average pack of searches outside of London might be £400. Within London, this may be £500-£600.
Stamp Duty Land Tax is payable on purchases where the consideration exceeds £125,000 (although certain exceptions apply). Further guidance, including a Stamp Duty Land Tax calculator, is available on the Inland Revenue’s website. Where you are purchasing an investment property or second home, additional Stamp Duty Land Tax levies apply. Again, further information is available on the Inland Revenue’s website.
Purchases will also incur a Land Registry registration fee. This fee is dependant upon the purchase price of the property. The fee is also dependant upon whether you are purchasing an existing property or a new build. Land Registry fees are in the range of £20 to £910.
In re-mortgage cases we would anticipate incurring fees to the Land Registry for copies of your Deeds, search fees and Land Registry fees all as detailed above.
VAT is charged on certain disbursements such as Search Fees and Land Registry charges. The rate of VAT is currently 20%.
As part of our money laundering obligations we may carry out electronic Anti-Money Laundering searches with a third party Agency. Our costs for an electronic search will be £10 plus VAT per person and £20 plus VAT per company.
We should be pleased to give you a bespoke estimate of your costs and disbursements either by telephone or in writing/by email. We are contactable on our telephone numbers available on this website or alternatively via our website through email.
Timeframe
The timeframe for a sale and purchase is difficult to predict as it depends upon a number of factors including but not limited to the number of parties in your chain, the time it may take for surveys to be arranged and mortgage financing to be available and the turnaround time for Local Authority and other searches. At present, Local Authorities differ in timescale from between 24 hours and approximately 19 weeks for producing a search.
As an average we would say a typical conveyancing transaction may take around 3 months and an average re-mortgage transaction around 2 months. However we strongly advise you against committing to dates until you have spoke with us as to the exact circumstances of your matter and the area in which your property is located.
Our services
A copy of our Conveyancing Guide is attached which provides details of our services (and the usual steps that form part of a conveyancing transaction). There may be non standard matters which are not included within our usual retainer either because they are not within our area of expertise (such as interpreting your Survey or giving you financial advice on your Mortgage Offer) or because they are not deemed ‘standard’ to most transactions and therefore may incur an additional fee. Such matters include but are not limited to:-
1. Dealing with any defects in your title or planning history including arranging indemnity insurance policies for breaches of covenant, absences of necessary rights or breaches of planning and building regulation requirements.
2. Preparing Statutory Declarations as evidence of longstanding matters such as rights of way over private roads.
3. Resolving flying freehold issues.
4. Preparing Declarations of Trust where you choose to co-own a property in unequal shares.
To view or download a copy of our Conveyancing Guide click here.
TEAM MEMBERS - Residential Conveyancing Department FELICITY WILLIAMS - Partner View Profile ELIZABETH CONNELL - Senior Solicitor View Profile AMY REEHAL - Senior Solicitor View Profile