Residential Property Pricing
Pricing
Fees and Disbursements
What will the fees be?
Fees will of course be dependent on the nature of transaction, the complexity of the work involved and the value of the property.
Our fees are based on a sliding scale as per the table below. The figures may of course vary in cases with special circumstances and additional complications. We will always provide you with an individual cost estimate at the outset of a transaction taking into account all of the information you supply to us about the transaction generally and your own unique circumstances. We will always advise you immediately about any complications as they arise during the transaction and discuss any additional charges before these are incurred.
In some cases where the matter has been introduced to us by a referrer we may pay that party an introduction fee. The referrer is obliged to advise you of this and we will confirm any arrangement and fee in our client care letter to you.
We charge a minimum fee of £20.00 plus VAT per person to undertake anti money laundering (AML checks) on behalf of the Firm. This fee may increase if international AML checks are required or further work is necessary to satisfy our obligations to identify a client. Should our fee in this regard be in excess of £20 plus VAT per person, we shall notify you in advance. Where Enhanced Due Diligence (EDD) is required for clients where there is an international element relating to their residence and/or their source of funds, we charge a minimum of £100 plus VAT.
Sliding Scale (sale/ purchase)
| Up to £400,000 | £1,000 + VAT |
| £400,001 to £600,000 | £1,250 + VAT |
| £600,001 to £800,000 | £1,500 + VAT |
| £800,001 – £1 Million | £1,750 + VAT |
| £1 – 2 Million | 0.2% of price + VAT |
| £2 Million & over | 0.25% of price + VAT |
Sale Supplements
| Leasehold Property | £750 + VAT |
| BSA | £750 + VAT |
| Freehold Rent Charge | £500 + VAT |
| Unregistered Title | £500 + VAT |
| Mortgage Redemption Work | £200 + VAT |
| Share of Freehold | £300 + VAT |
| Shared Ownership | £1,000 + VAT |
Purchase Supplements
| SDLT Return | £100 + VAT |
| Mortgage Work | £300 + VAT |
| Leasehold Property | £750 + VAT |
| BSA | £750 + VAT |
| Freehold Rent Charge | £500 + VAT |
| Shared Ownership | £1,000 + VAT |
| Newbuild Property | £1,000 + VAT |
| Share of Freehold | £300 + VAT |
| Non-Standard Lender Mortgage Work | £750 + VAT |
| Unregistered Title | £500 + VAT |
By way of example please see below.
Example template: Purchase of a freehold residential property at £500,000.00
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
| Legal fee | £1,250.00 |
| Acting for your lender | £300.00 |
| Completing and processing SDLT return | £100.00 |
| Electronic money transfer fee for funds sent via CHAPS | £50.00 |
| Electronic money transfer fee for funds sent via BACS | £20.00 |
| AML domestic fee (per person) | £20.00 |
| VAT @ 20% | £348.00 |
Disbursements
| Search fees | £400.00** |
| HM Land Registry fee | £270.00 |
** Search fees vary according to the Local Authority area the property is situated in (this figure includes VAT at 20%).
Estimated Total
| On a Purchase | £2,758 (including VAT) |
Stamp Duty or Land Tax (on purchase)
This of course depends on the purchase price of your property and factors such as whether you own other properties, are non UK resident etc. 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 and the links to the calculators are below.
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. Currently the average process takes between 16-20 weeks from receipt of contract paperwork to completion.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a build complete new build property with a mortgage in principle, it could take 6weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 6 and 8 months. In such, a situation additional charges would apply.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- 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
- Go through conditions of mortgage offer with you
- 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 lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
As a CQS accredited firm we follow Protocol. Please see here for more information on the Protocol.
Example template: Sale of a leasehold residential property at £350,000.00
Our fees cover all the work* required to complete the sale of your home, including dealing with the redemption of any existing mortgages.
Conveyancer’s Fees
| Legal fee | £1,000.00 |
| Acting for your lender | £200.00 |
| Leasehold supplement | £750.00 |
| Electronic money transfer fee for funds sent via CHAPS | £50.00 |
| Electronic money transfer fee for funds sent via BACS | £20.00 |
| AML domestic fee (per person) | £20.00 |
| VAT @ 20% | £284.00 |
Disbursements
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. 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.
Some disbursement costs include VAT and some do not, we will outline this within your quotation of costs.
| Office Copy Entries | £15.00 |
| VAT @ 20% | £3.00 |
Estimated Total
| Sale of a leasehold | £2,466 (including VAT) |
Anticipated Disbursements
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:
- 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
- this is the assignment of an existing lease and is not the grant of a new lease or a staircasing/ shared ownership 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 disbursements may apply if indemnity policies are required.
How long will my flat sale take?
How long it will take from our accepting an offer being accepted until you can complete the sale will depend on a number of factors. Currently the average process takes between 16-20 weeks from the issue of contract paperwork to completion.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a selling to first time buyer with a mortgage in principle, it could take 8 weeks. However, as you are selling a leasehold property it really will depend on the speed of third parties such as managing agents supplying required information quickly and efficiently.
Stages of the process
The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
- Take your instructions and give you initial advice
- Obtain and review title and leasehold documents
- Advise of any discrepancies or issues arising from the title documents
- Issue contract documents
- Obtain costs/ timescales in relation to management information
- Obtain redemption statements on any existing mortgages
- Give you advice on all documents and information received
- Send final contract to you for signature
- Agree completion date (date on which you must vacate the property)
- Exchange contracts and notify you that this has happened
- Complete purchase
- Redeem any existing mortgages
- Account to you for the sale proceeds
Fast Track Completion Service
Abortive Transactions
The gap between exchange of contracts and completion is usually 14 days and can be longer. If there is a mortgage involved, lenders normally require at least 5 working days’ notice after exchange of contracts to produce funds.
If you wish to speed up your completion our Fast Track Service offers: –
Simultaneous Exchange and Completion OR within a week of each other
- Priority Service
- Legal Work fast tracked
- Early funds release.
The cost of this service is from £150.00 exclusive of VAT per sale and purchase to include negotiating arrangements with the sellers’ solicitors and any mortgage lender.
Exchange of Contracts and Completion can only take place once:
- All legal queries have been answered
- All parties agree the arrangement and the completion date.
- All legal paperwork has been signed by all parties.
- Funds release is confirmed by any lender involved.
If you are interested please contact your legal adviser to discuss our Fast Track service.
Note: If you exchange and complete simultaneously there is no legal commitment on each party until the contract is exchanged. This means that each party may withdraw. If you choose to exchange and complete simultaneously using our Fast Track service and have a mortgage, we will apply for mortgage funds for the anticipated completion date in advance. If completion doesn’t take place for any reason you will be responsible for fund transfer costs and interest on the loan. Fees are payable once you authorise the service whether or not the arrangements proceed.
If you have instructed us to start work on your matter and it does not proceed to Completion, we will levy an abortive bill to reflect the time spent working on your matter up until the point you instructed us not to proceed any further. The bill will also include any disbursements incurred on your behalf in connection with the transaction. We may apply any monies already held on account towards payment of the abortive bill with any shortfall being payable by you. If we are holding surplus funds on account following settlement of the abortive bill, these will be returned to you.
Appendix
Additional Conveyancing Charges (Sale/Purchase)
It is essential that you budget accurately for your move as all payments need to be made before you can complete the transaction. There is no longer any fixed scale, but our fees will reflect the complexity and time involved, the number and length of documents to be reviewed and/or drafted, the agreed sale/purchase price, the specialised knowledge required and whether or not the land is registered. These matters cannot always be quantified at the outset and may only come to light during the course of the transaction. We will provide you with the best possible estimate at the start and update you should this need to be revised. Some of the more common problems we encounter are set out in the Appendix at the end of this Guide together with an indication of our current fees for dealing with them.
The following is a list of indicative additional charges where additional work may be required in connection with the transaction:
| Additional Service | Minimum Additional Charge | Notes |
| Arranging or approving indemnity policies | £100 + VAT | Per policy |
| Additional Land / Second Title | £150 + VAT | Per parcel |
| Dealing with title defects / restrictions | £150 + VAT | |
| Updating Title | £100 + VAT | Change of name/address/property description |
| Dealing with additional loans/debts | £150 + VAT | Per loan/debt |
| Gift / Third party involvement | £100 + VAT | Per additional person |
| Gift / Third party involvement (International) | £200 + VAT | Per additional person |
| Proof of Source of Funds/Wealth (International) | £250 + VAT | |
| Redeeming / removing second charge / restrictions | £150 + VAT | Per charge |
| Deeds of covenant | £100 + VAT | |
| Lender Portal Admin Fee | £100 + VAT | Plus fee charged by lender/ portal provider |
| Review of Legal Section of Survey | £100 + VAT | |
| Licence to Assign | POA + VAT | |
| Deed of variation | £500 + VAT | |
| Transfer of freehold (with lease) | £250 + VAT | Not including Land Registration fees |
| Obtaining duplicate documentation (e.g. planning) | £30 + VAT | Per document |
| Service charge retention | £100 + VAT | Per retention / annum |
| Licences to occupy | £250 + VAT | |
| Liaison with third party / additional solicitors | £150 + VAT | |
| Access undertaking | £100 + VAT | |
| Anti-fraud restriction | £100 + VAT | |
| HMLR Expedition Request | £150 + VAT | |
| Second management/freehold pack | £250 + VAT | |
| File retrieval | £150 + VAT | |
| Statutory declaration | £150 + VAT | |
| Lifetime ISA | £50 + VAT | Per account |
| HTB ISA | £50 + VAT | Per account |
| Simultaneous completion | £150 + VAT | *Completion within 5 days of exchange |
| Sales or Purchases of Part | £250 + VAT | |
| Unregistered Titles | £250 + VAT | |
| Freeholds with Management Charge | £200 + VAT | |
| Help to buy redemption | £250 + VAT | |
| Failed / delayed completion | £150 + VAT | |
| Contract rider / additional clauses | £50 + VAT | |
| Re-issuing Contract pack | £200 + VAT | |
| Lifetime Mortgage / Equity Release | £850 + VAT | New mortgage or redemption |
| Occupiers consent to mortgage | £100 + VAT | Per occupier |
| Building Safety Act 2022 Provisions | £500 + VAT | Sale or Purchase minimum charge |
| AML domestic fee | £20 + VAT | Minimum per person |
| International Telegraphic Transfers (TTs) | £75 + VAT |
If you have instructed us to start work on your matter and it does not proceed to Completion, we will levy an abortive bill to reflect the time spent working on your matter up until the point you instructed us not to proceed any further. The bill will also include any disbursements incurred on your behalf in connection with the transaction. We may apply any monies already held on account towards payment of the abortive bill with any shortfall being payable by you. If we are holding surplus funds on account following settlement of the abortive bill, these will be returned to you.
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