Property Matters
Guide on Costs Residential Property
Purchase of a Freehold without a mortgage
Our fees cover all of the work* required to complete the purchase of your new home, 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 you wish to buy is in Wales.
Conveyancer's fees and disbursements
| Property value | Fee |
|---|---|
| Up to £500,000 | £1,000 to £1,400 |
| £500,001 to £750,000 | £1,400 to £1,650 |
| £750,000 - £1,000,000 | £1,650 to £1,850 |
| £1,000,001 + | Personalised quote |
A fee of £30.00 plus VAT for each bank transfer required (e.g. when distributing the proceeds of sale, redeeming a mortgage) and £40.00 plus VAT for sundries (e.g. printing, postage, stationery etc.) will also be applied.
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees and the costs of obtaining the standard searches for property purchases. The level of disbursements required can vary depending on the transaction and we will aim to provide you with an accurate estimate at the outset of your transaction.
Stamp Duty or Land Tax (on purchase)
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.
How long will my house purchase 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 4 and 12 weeks.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have listed some key stages:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase
- 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
- Send final contract to you for signature
- 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 you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
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.
* 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
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.
Guide on Costs Residential Property
Purchase of a Leasehold Property without a mortgage
An additional charge of £250 plus VAT will be made where the property is a leasehold property, as additional work is required to consider the provisions of the lease.
Leasehold purchases usually incur additional costs required to be paid under the terms of the individual lease such as:-
- Notice of Transfer fee - This fee, if chargeable, is set out in the lease. Often the fee is between £50 - £150.
- Deed of Covenant fee - This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £150 and £300.
- Certificate of Compliance fee - To be confirmed upon receipt of the lease
The above 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.
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.
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.
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have listed some key stages:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase
- 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
- Send final contract to you for signature
- Draft Transfer
- Advise you on joint ownership
- 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 you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
* 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
b. this is the assignment of an existing lease and is not the grant of a new lease
c. the transaction is concluded in a timely manner and no unforeseen complication arise
d. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
e. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Guide on Costs Residential Property
Sale of Residential Property
Our fees cover all the work* required to complete the sale of your property.
| Property value | Fee |
|---|---|
| Up to £500,000 | £1,000 to £1,400 |
| £500,001 to £750,000 | £1,400 to £1,650 |
| £750,000 - £1,000,000 | £1,650 to £1,850 |
| £1,000,001 + | Personalised quote |
Anticipated Disbursements
Land Registry Official copies of Register and Title Plan at £3.00 plus VAT per document required.
If you are selling a leasehold there may be additional expenses under the lease, including :
| Landlord's fee for management pack: | £ 250 to £600 |
Stages of the process
The precise stages involved in the sale of residential property vary according to the circumstances. However, below we have listed some key stages:
- Take your instructions and give you initial advice
- Draft and provide to buyers' solicitor the contract documents
- Obtain land registry documents to prove ownership and title of property
- Supply to you TA forms for your completion
- If leasehold, obtaining relevant information for the Landlord/Management Company
- Respond to necessary enquiries of buyer's solicitor
- Send final contract to you for signature
- Agree completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened
- Liaise with the agent on your behalf on completion
- Arrange for all monies to be sent to you
* 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
