Residential Conveyancing
Our fees are for “full service” conveyancing and so cover all of the work required to complete the sale and/or purchase of a residential property.
Our fees are based on a number of variables examples of which are:
- The price at which the property is being bought or sold (higher price properties justify higher fees than lower price properties)
- Whether the property is freehold or leasehold (leasehold is generally more complex)
- Whether a property is being bought or sold (purchase work tends to be more complex than sale work)
- Type and location of property
- Whether there are tax implications to be addressed
So before you make a commitment to use our services, an estimate of fees would be given, tailored for the individual circumstances of your case. To that extent, any case studies below are just examples. We do not promote the firm on the basis that our fees are less than those of other conveyancers. We seek to provide a service which is cost-effective and thorough and which is delivered by a qualified solicitor. If that is the service you would like, contact us for an estimate, but if your priority is minimising fees, you would be better served by approaching an alternative conveyancing service.
The estimate we provide at the start of a conveyancing transaction is an estimate, not a fixed price quotation, because at the commencement of a transaction, we are not in a position to predict whether a transaction will involve unforeseen complications. Estimates are subject to review with client consent. We charge for abortive transactions, the amount depending on how far the transaction has progressed.
Transaction Timeline:
A transaction can proceed more quickly or more slowly depending on such factors as the parties involved and its particular circumstances. Whether or not you are involved in a “chain” of transactions, all of which will need to proceed at the same time, has a significant impact on timescales. For example, if you are a first time buyer purchasing an empty property with a mortgage agreed in principle, the purchase could take 6-8 weeks. This would be a very straight forward transaction and, as a result, is at the quicker end of the timescale.
A: Sale Transaction:
Stages of the process:
The precise stages involved in the sale of a residential property vary according to the circumstances. Below are some of the key stages.
- Offer from buyer accepted
- Obtain from you information and paperwork about the property to enable us to assemble comprehensive documentation to send to buying lawyers, including drafting of legal documentation which will govern the transaction
- Deal with an requests from buying lawyers for supplementary information
- Agree completion date (date from which you will cease to own the property)
- Exchange contracts (when binding legal commitment arises) and notify you that this has happened
- Complete sale
Costs of the process:
The expenses incurred on a sale and which would be payable through this office would be (i) our professional fees and (ii) disbursements. ‘Disbursements’ are amounts payable to third parties who supply services, or charge amounts which are an inevitable part of the conveyancing process. We handle the payment of such amounts on your behalf to ensure a smoother process. On a sale the major disbursements are likely to be commission payable to a selling estate agent or other property marketer, and paying off any mortgage secured on the property.
Examples of sales
Leasehold: case study, N
Sale price 281,000.00
Add: Estate Agents Commission including VAT (5058.00)
Legal fees @£1125 plus VAT (1350.00)
Redeem Mortgage (47,503.49)
Land Registry fees (15.00)
__________
Net sale proceeds after fees and disbursements: 227,073.51
Transaction timescale from acceptance of offer to completion of sale six and a half months.
Freehold: case study, T
Sale price 335,000.00
Less: Estate Agent Commission including VAT (5427.00)
Legal fees (including VAT) (990.00)
Land Registry fees (6.00)
__________
Net sale proceeds after fees and disbursements: 328,577.00
Transaction timescale from acceptance of offer to completion of sale; 2 months.
B: Purchase Transaction:
Stages of the process:
The precise stages involved in the purchase of a residential property vary according to the circumstances. Below are some of the key stages.
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase
- Any survey of property is carried out
- Receive from selling lawyers title and other relevant information and paperwork
- Carry out searches
- Make any necessary enquiries of seller's lawyers
- Give you a written summary of all documents and information received before you commit to purchase
- Go through conditions of any mortgage offer with you
- Send final contract paperwork to you for signature
- Advise you on any joint ownership and/or tax points
- Agree completion date (date from which you own the property)
- Exchange contracts (when binding legal commitment arises)
- Arrange for all monies needed to be received from you and any lender
- Complete purchase
- Deal with Stamp Duty Land Tax compliance paperwork and pay any tax due
- Deal with application for registration of you as new owner at Land Registry
- (In leasehold cases only) deal with any necessary notices to freeholder plus any further documentation arising from the requirements of the specific lease
Costs of the Process:
The expenses incurred on a purchase and which would be payable through this office would be (i) our professional fees and (ii) disbursements. ‘Disbursements’ are amounts payable to third parties who supply services, or charge amounts which are an inevitable part of the conveyancing process. We handle the payment of such amounts on your behalf to ensure a smoother process.
On a purchase the major disbursement is likely to be Stamp Duty Land Tax, the amount of which depends on the purchase price. You can calculate the amount by using HMRC's website or if the property is located in Wales by using the Welsh Revenue Authority's website here.
On a leasehold purchase there are usually fees payable to the freeholder such as “notice fee” (formal notice of transfer of leasehold ownership) and “deed of covenant fee” (extra legal document required by freeholder when lease changes hands) and “certificate of compliance fee” (possible Land Registry requirement in leasehold conveyancing). The amount of such fees depend on the terms of the lease being bought.
Other significant disbursements on a purchase would be “search fees” (payable to the likes of the local council and the water company and an environmental search agency) to draw down information from their databases. The exact amount payable depends on the council and water company concerned but usually the total cost of search fees is around £250 and
Fees payable to the Land Registry to register you as new property owner (the fee depends on the purchase price and you can check the precise amount here)
On a purchase you may incur other costs which are not dealt with through us and these include any survey fees and any mortgage set up costs.
Examples of purchases:
Freehold: case study, P
Purchase price 387,000.00
Add: Stamp duty land tax 9350.00
Legal fees @£1250 plus VAT as estimated 1500.00
Search fees 291.60
Land Registry fees 138.00
__________
Total purchase cost including disbursements: 398,279.60
Transaction timescale from acceptance of offer to completion of purchase; 7 weeks
Leasehold: case study, O
Overseas residents buy investment property in Greater Manchester area as buy-to-let.
Purchase price 65,000
Add: Disbursements consisting of fees for
Notice of transfer, Deed of Covenant and
Certificate of Compliance 320.00
Legal fees @£850 plus VAT 1020.00
Search fees 136.00
Land Registry fees 26.00
__________
Total purchase cost including disbursements: 66,502.00
Transaction timescale from acceptance of offer to completion of purchase; 2 months.