Sale, purchase or remortgage of a residential property
Our fees cover all the work* required to complete the sale or purchase of your property, including 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 is in Wales. All legal work is carried out or supervised by qualified solicitors with many years’ conveyancing experience
Below is an indication of our likely fees which are calculated on a fixed fee basis (exclusive of VAT and disbursements). An individual cost estimate is however provided at the start of every transaction which takes into account the particular circumstances of the transaction.
|Property Value||Off-plan purchase/Sale by assignment||Secondary Freehold Sale/Purchase/remortgage||Secondary Leasehold Sale/Purchase/remortgage|
|500k-1m||2250 – 2475||2000 – 2475||2975|
|1m-1.5m||2475 – 2975||2475 – 2975||3450|
|1.5m-2m||2975 – 3850||2875 – 3850||4250|
|>2m||0.175%- 0.25% (subject to negotiation)||0.175% (subject to negotiation)||0.175% (subject to negotiation)|
|>4m||0.175%- 0.25% (subject to negotiation)||0.175% (subject to negotiation)||0.175% (subject to negotiation)|
* Our fee assumes that:
a) 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. We reserve the right to increase this estimate if there is a significant delay in the transaction or complications arise which are not currently anticipated
b) the transaction is concluded in a timely manner and no unforeseen complication 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. Additional disbursements may apply if indemnity policies are required.
The above fees are also subject to the following caveats:
- If you purchase a property through an offshore company, extra work will be incurred by us in the preparation and advising of the legal opinion which may be required by your lender. An additional charge may be made by us at completion in respect of this. You may also be required to pay the fees for any foreign lawyer giving a legal opinion required by the lender.
- We will also make a charge to you of £800.00 plus VAT at completion in relation to mortgage work whether or not we are instructed by your lender to act on their behalf. If we are instructed by your lender and they insist on separate representation by a partner within our firm then our fees will in that case be £1,850.00 plus VAT for the mortgage work. The fees quoted are at our current rates which are subject to increase in line with our fees policy.
- If you fail to meet the contractual completion date and we are involved in additional correspondence with either you, the Seller’s lawyers, your lender or their lawyers or anyone else who has a material interest in the transaction we will charge additional fees on an hourly basis at a minimum rate of £350.00 per hour.
- In the event of your transaction becoming “abortive” i.e. not proceeding to completion we will make a charge based on an hourly charge out rate of £350 plus VAT and the amount of time we have spent on the transaction. If we have reached the stage where we have raised or responded to enquiries, the abortive cost will be a minimum of two thirds of the quoted fee.
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. The disbursements are exclusive of VAT, where applicable, and are not an exhaustive list. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
- HM Land Registry fee: £270-£910
- Search fees: £500 plus VAT
- Electronic money transfer fee: £15 plus VAT
In some cases you may also be required to pay the following disbursements*
- Notice of Transfer or charge fee – This fee if chargeable is set out in the lease. Often the fee is between £30-£100.
- Deed of Covenant fee – This fee is set by the freeholder or management company for the property and varies in each case but can be between £150-£300.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, and can range between £50-£250.
- Stamp Duty Land Tax – This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.
*These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
Stages of a typical transaction
The precise stages involved in the sale or purchase of a residential property vary according to the circumstances. As a general guidance they may include:
- Taking instructions and giving initial advice
- Draft or receive and advise on contract documents
- Carry out searches and obtain planning documentation if required
- Raise or answer enquiries on title documents and searches
- Report on title and obtain mortgage offer (if appropriate)
- Obtain authority to exchange and agree completion date
- Agree pre completion documents and obtain pre-completion searches
- Provide financial statement
- Complete sale/purchase
- Deal with payment of Stamp Duty/Land Tax and application for registration at Land Registry
How long will my transaction take?
How long it will take from an offer being accepted until completion will depend on a number of factors. It is usual for a sale or purchase transaction to take approximately 4 to 8 weeks to reach the stage to be in a position to exchange contracts. Thereafter completion can take place as agreed between the parties.