Buying and selling a property is stressful enough without the worry of additional costs and legal fees. It is important to us, therefore, that we give you some idea of costs right at the outset. The costs are split into two parts: (1) there will be fees for the conveyancing work we undertake on your behalf; and (2) there are payments to third parties that relate to your transaction i.e., Land Registry documents, Stamp Duty Land Tax. These are known as disbursements. 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. Our legal fees will be determined by the value of the property and the complexity of any legal issues. Your transaction will always be quoted at the beginning as a fixed fee on the assumption of a straightforward transaction. We do not accept nor receive any referral fees from any organisation.
Residential Conveyancing Fees
Introduction
Conveyancing Fees & Pricing
Our fees for acting on a sale, purchase and/or mortgage of a property vary. We state the range below likely to be charged in various types of straightforward transaction and some of the factors that may result in a fee at the higher or lower end of the range or in the stated range not being applicable. Below you will find a summary of the costs associated with the Sale and Purchase of a property. These ranges relate to the conveyancing process for a single residential property. In the case of mortgages, they assume the borrower is the same person/entity as the property owner. They are also based on no complex structuring being involved. Many of our transactions are more complex than this and so will incur higher costs. The factors that make a case more complex and therefore more costly include:
- there being defects in legal title, planning breaches or other legal problems that need to be resolved;
- the property being newly or recently built or refurbished with negotiations over contractual recourse for defects to the
- original contractor, developer or seller;
- the property being unregistered and/or leasehold, whether the matter involves a sale or a purchase;
- on sales, the extent and nature of the questions asked by the purchaser’s lawyers;
- the length of time required to complete the transaction;
- the level of client involvement required and the seniority of our personnel required to be involved by the client;
- whether we visit the property;
- whether the property is purchased subject to a tenancy agreement or with vacant possession;
- whether consents from any third party (typically but not always a landlord) are required and whether that third party
- attaches conditions to that consent;
- specific non-standard terms agreed by the parties that need to be catered for in the documents; and
- on a mortgage, our being able to act for both the borrower and the lender.
Key Stages of Process for Sale of Property
Our fees cover the standard work and key stages required to complete the Sale of a property including:
- Taking your instructions;
- Liaising with your estate agent;
- Preparing and issuing contract documents;
- Reviewing seller’s property information forms and supply to buyer’s solicitors;
- Replying to any enquiries raised by buyer’s solicitors;
- Giving you advice on all documentation and information received;
- Obtaining a mortgage settlement statement from your mortgage lender (if applicable);
- Sending final contract and transfer to you for signature;
- Agreeing completion date (date you will need to move out of the property);
- Exchanging contracts and notify you that this has happened;
- Arranging for all monies to be received from buyer’s solicitors and redeeming any mortgages;
- Completing sale;
- Settling Estate Agent and legal fees and transferring any balance to you.
Our standard legal fee may need to be reviewed if:
- Your transaction becomes unusually complicated or protracted;
- The property is not registered at the Land Registry.
Sample range of the costs for a simple freehold property Sale:
Sample Outline of Work | Typical Fee Range |
Lawyers Legal Fees | £775 – £2,500 |
VAT @ 20% | £155 – £300 |
Electronic Bank Transfer Fee | £35 |
VAT @ 20% | £7 |
Anti-Money Laundering Checks (per person) | £25 |
VAT @ 20% | £2 |
Disbursements | £984 – £1,854 (inc. VAT) |
Payments made to third-parties (disbursements) | All inclusive of VAT @ 20% |
Land Registry Official Copies | £6 – £40 |
Indemnity Policies (if required) | Variable |
Disbursements
Disbursements are costs we incur on your behalf, such as land registry fees and search fees. We estimate these at the outset and they will appear on our invoice to you. Usually on a purchase these will include:
- Stamp Duty Land Tax fees vary depending on a number of factors. You can calculate the amount you need pay by using HMRC’s website or, if the property is located in Wales, by using the by using the Welsh Revenue Authority’s website.
- Land Registry Registration fees are charged depending on the value of the property and can vary. For more detailed information, visit https://www.gov.uk/guidance/hm-land-registry-registration-services-fees.
- The cost of search fees depends on the location of the property you are purchasing and what searches may be relevant to that area.
- Land Registry Searches are used to protect a transaction for value that affects the whole of the land in a registered title, e.g. a purchase, lease or a charge. The search prevents registration of an adverse interest for 30 business days (the priority period) to allow the purchaser to lodge to protected application).
- InfoTrack is a simple but effective online service that allows us to gather further information on the vendor’s conveyancer that we are sending money to. When account and firm details are submitted, Lawyer Checker will identify if there is a track record of previous use associated with that account.
For a tailored quotation, or if you have any questions, please feel free to contact us.
VAT
For legal advice provided in relation to UK sited real estate, VAT is always chargeable at the prevailing rate (currently 20%) on that advice.
Timescales
How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 6 to 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 10 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 to 6 months. In such a situation, additional charges would apply.
Disclaimer
We recommend that you contact us on 0333 772 7736 or at enquiries@360lawservices.com before relying on this information or taking any course of action (or omitting to take any action) that has or may have legal implications. If you rely on this information without obtaining legal advice you do so at your own risk.
