Purchase of Freehold Property
Residential conveyancing – fixed fees
|Purchase price range||Legal fee||Total legal fees + VAT|
|0 – £125,000.00||£425.00||£510.00|
|£125,001.00 – £250,000.00||£450.00||£540.00|
|£250,001.00 – £350,000.00||£495.00||£594.00|
|£350,001.00 – £500,000.00||£550.00||£660.00|
|£500,001.00 – £750,000.00||£695.00||£834.00|
|£750,001.00 – £1,000,000.00||£850.00||£1,020.00|
|Bank fee (for chaps payments)||£39.00|
|Searches||£135.00 (depending on area and additional searches)|
|Pre completion searches||£7.00 roughly|
|SDLT form fee||£90.00|
|Stamp duty||Check stamp duty calculator (depends on purchase price and client individual circumstances)|
|Land Registry fee||Check gov.uk scales – scale 1 (depends on purchase price and transaction)|
|Extra charges – such as gifted deposit, help to buy ISA or indemnity insurance arrangement fee||£60.00 each|
Also, if the client’s lender uses the system ‘LMS’ to communicate there is an extra charge of £15.00 for their admin fee.
Our constantly growing Conveyancing Department is part of a well established larger practice which specialises in many different areas of legal work. This means we can call upon the solicitors in our other departments to provide additional expertise, if required. Whilst we offer a friendly local service, our client base extends all over England & Wales as most transactions can now be carried out by telephone, email and post. For further advice or a no obligation chat please contact Bob Brar on 0191 2766880
It may be necessary to agree an hourly rate with you, if it is not possible to give you an accurate estimate of the likely costs involved with your purchase.
Hourly rates are based on the qualification and experience of your legal representative.
These rates are currently:
Partner – £230 per hour plus VAT
Paralegal – £150 per hour plus VAT
All professional costs, whether fixed fee or hourly rate, are subject to the addition of VAT.
In what circumstances could the costs change?
We want to ensure you only pay for the service you receive, so, as an example, a simple flat purchase with standard funding arrangements will cost less than a complex Freehold title involving a lender who requires us to undertake additional work on their behalf.
Some factors which could typically increase the cost of the service you require are:
- if the legal title is defective, the lease needs to be extended or a deed of variation is required;
- if the title is unregistered;
- if there is a management company that we need to engage with to ensure compliance with any regulations which may apply;
- if we need to obtain a certificate of compliance for a restriction on the title or you are required to enter into a deed of covenant;
- if we discover that the correct consents have not been obtained for alteration works;
- if you are obtaining financial contributions from third parties;
- if the source of funds involves more than half hour of investigation;
- if you are purchasing under the help to buy scheme or using a complex funding arrangement;
- if you are having the benefit of a Help to Buy ISA;
- if you are purchasing through an auction or from a lender under a power of sale, with tight deadlines to meet;
- if documents or information are requested from you or any other party, which requires our work to be duplicated;
- if the property is a new build or is being transferred out of an existing title.
What are expenses?
Expenses are costs related to your matter that are payable to third parties, such as search fees, and which you will pay through us. We handle the payment of the expenses on your behalf to ensure a smoother process. These expenses are fixed by the third-party suppliers and we cannot influence them.
Expenses which may apply to your transaction
We can give you an accurate figure once we have sight of your specific documents. These charges may or may not be subject to VAT. As an example you may need specialist searches because of the characteristics and or location of the property
These costs are not fixed. Each search provider will charge a fee for their service and each local authority, water authority (etc.) will have their own fee scale. The average cost has been used in our estimate.
Any variation is accounted for on your completion statement during the course of the transaction.
Some searches are subject to VAT.
Electronic Money Transfer fee
The charge levied by the practice to transfer the purchase monies and is subject to VAT.
Lawyer Checker Fee
A fee paid to check the existence and authenticity of the bank account to which the purchase monies have been requested to be sent, to mitigate against online fraud.
HM Land Registry fees
HM Land Registry vary from property to property according to the transaction and price.
The fees are not subject to VAT.
Stamp Duty Land Tax or Land Transaction 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
What we will do for you
We will let you have a breakdown of what our fees include, when we provide you with a quote. It may include some or all of the following matters:
The precise stages involved in the purchase of a residential Freehold property vary according to the circumstances. It may include some or all of the following matters:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller’s solicitor
- Receive contract documents
- 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 – if more than one purchaser
- 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 HM Land Registry
Assumptions made in coming to the example fees
- 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 transaction is concluded in a timely manner and no unforeseen complication 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 expenses may apply if indemnity policies are required.
- Is subject to our terms of business and formal letter of retainer.
- We already have a relationship with any lender proposed.
- The proposed lender does not use an independent lawyer to secure their charge.
How long will it take?
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 6-12 weeks. It can be quicker or slower, depending on all the other 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 weeks.
In what circumstances will the above matters not apply to me?
It is important to note that the information above relates to residential conveyancing for individuals who are buying a property to live in. If any of the circumstances below apply, it is likely to involve additional work, or you may require advice from another department within the practice:
- if you are purchasing the property as an investment;
- if you are acting in your capacity as director of a company;
- if the property you are buying is to be transferred out of an existing title and documents need to be drafted or negotiated.
Overview of the conveyancing process
The steps involved in the purchase of your property will include the following:
- approving the contract and if required, negotiating amendments;
- reviewing the legal title to the property;
- undertaking searches and raising enquiries;
- reviewing your funding arrangements;
- reporting to you on our investigations;
- acting on behalf of, and reporting to your lender;
- accounting to you with a completion statement and requesting monies from you;
- exchanging contracts and undertaking pre-completion searches;
- completing the purchase for you, paying the purchase price and any monies agreed for any items to the seller’s solicitors;
- submitting your stamp duty land tax return to HM Revenue and Customs (or where the property is in Wales, submitting your land transaction tax return to the Welsh Revenue Authority) and paying any duty owed;
- registering your ownership of the property with HM Land Registry;
- sending copy documents to you following registration together with any other documents which you may need when you come to sell the property.