Our fees* cover 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
Our fees are based on several different factors, namely the hourly rate of the Lawyer dealing with the transaction on your behalf (please see the hourly rates below), the value of the transaction and the complexity.
Our fees range when acting on a purchase of a leasehold residential dwelling between the value of:
- £50,000.00 to £500,000.00 from £750.00 to £1,500.00 plus VAT** and disbursements;
- £500,000.00 to £1,000,000.00 from £1,500.00 to £3,750.00 plus VAT and disbursements; and
- If the purchase price is more than £1,000,000.00 please contact us to discuss a bespoke estimate.
Consultant £300.00 plus VAT
Partner £235.00 – £250.00 plus VAT
Senior Solicitor £210.00 – £220.00 plus VAT
Solicitor £160.00 – £200.00 plus VAT
Trainee Solicitor £110.00 plus VAT
Legal Executive £185.00 -£210.00 plus VAT
Trainee Legal Executive £110.00 plus VAT
* 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
- 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.
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry 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.
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50.00 to £150.00.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50.00 to £150.00.
- 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 £100.00 to £250.00.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £100.00 to £250.00.
*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.
In addition, please see below a list of searches we would recommend. The average costs of a full suite of searches for a residential purchase is £350.00 inclusive of VAT. The search fees payable are depending upon the location and type of property you are purchasing. 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.
- Local Authority Search
- Local Water Authority Water & Drainage Search
- Combined Environmental & Planning Search
- Chancel Indemnity
- Search of the Index Map
Additional Searches which may be required
- Energy Searches
- Mines and Minerals Searches
- Commons Search
- Specific Gas/Electricity Searches
- Coal Mining Search
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 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 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 8-12 weeks. It can be quicker or slower, depending on the 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 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer. In such, a situation additional charges would apply.
Stages of the Process
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. Below we have set out some key stages as follows:
- 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 and lease
- 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.
- 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 lender and you.
- Complete purchase.
- Deal with payment of Stamp Duty/Land Tax.
- Deal with application for registration at Land Registry.
- Deal with notice of assignment/charge and any post completion requirements under the terms of the lease.
** VAT refers to the VAT rate in force from time to time – this rate is currently 20%