Freehold Residential Property Fees
Pricing
We understand that costs are important and we review our fees on a regular basis, so we can make sure we are always competitive and offer the best value for your money.
We typically work on a fixed fee basis, so that you know what the fees will be for your transaction from the outset, providing you with an individual cost estimate, so that there are no hidden surprises. If, during the transaction, there are any new developments that involve additional work on our behalf, we will discuss any change in fees with you and agree a way forward.
Freehold Residential Property Fees
Our typical legal fees for conveyancing on the purchase of a freehold property, by individuals, range from £500 to £2,000 plus VAT.
What’s Included
Taking into account the assumptions listed below, our legal fees cover all 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.
Assumptions:
- That it’s a standard transaction and no unforeseen matters arise including, for example (but not limited to), a defect in title which requires remedying before completion, or the preparation of additional documents supplementary to the main transaction.
- The transaction is concluded in a timely manner and no unforeseen complications arise.
- All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
- No indemnity policies are needed (there may be additional fees and disbursements if indemnity policies are required).
- We are also instructed to act for your lender to complete the registration of the mortgage on your property.
What’s Not Included
What Might Affect our Fees
Factors that may lead to an increase in our fees include:
- If a legal title is defective or part of the property is unregistered
- If you discover building regulations or planning permission has not been obtained
- If crucial documents, we have previously requested from you have not been provided to us
- If you need us to expedite the transaction and exchange contracts and complete within four weeks of instructing us.
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We hand the payment of the disbursements on your behalf to ensure a smoother process.
Search Fees
Property (includes local authority, drainage and environmental searches): approximately £200 plus vat, Mining Search – extra. Additional searches may be required and will be advised on an individual basis.
Land Registry Fee
This will depend on the purchase price of your property. You can calculate the amount you will need to pay by using Land Registry website.
Stamp Duty Land Tax
This will depend on the purchase price of your property. You can calculate the amount you will need to pay by using the HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website here.
This list is not exhaustive and other disbursements may apply, depending on the particular circumstances of your transaction. We will tell you about any additional disbursements if they arise, and agree these with you in advance.
Referral Fees
We work with local and national estate agents and introducers throughout England and Wales. On some transactions we pay referral fees to these introducers from our marketing budget so that any referral fee is not additional cost to you. The average fee paid is between £95 and £300
What We Do – The Key Stages
- Carry out Identification and Money Laundering checks;
- Obtain full details of the transaction from you and any estate agent/introducer;
- Obtain contract documentation and report in detail on all relevant aspects;
- Make all relevant enquiries on the title to the property;
- Make all relevant searches against the property and report to you;
- Review any mortgage offer applicable to your purchase and report to you;
- Liaise with all parties with regard to exchange of contracts, negotiate the deposit payable and the completion date;
- Obtain your signature to the contract and effect exchange of contracts;
- Prepare Transfer Deed and obtain your signature to it;
- Prepare Mortgage Deed, if applicable, and obtain your signature to it;
- Raise any enquiries on the title with your seller’s solicitors and obtain relevant undertakings to discharge outstanding liabilities;
- Carry out Land Charges and HM Land Registry searches and report to you on any adverse results;
- Liaise with your Lender, if applicable and draw down loan in readiness for completion;
- Prepare financial statement showing monies required from you;
- Supervise completion arrangements, release of keys, transfer of funds;
- Attend to payment of any Stamp Duty Land Tax together with preparation of Returns to HMRC;
- Attend to registration of your title at HM Land Registry and forward copy documentation to you and, where applicable, your Lender.
We will update you regularly with progress on your matter.
What We Don’t Do
- Advise on tax as this is a specialist area;
- Advise on insolvency matters;
- Advise on any other matter without first agreeing the fee with you
How long will your purchase take to complete?
How long it will take from the date your offer is accepted by the Seller, until you get the keys to your new home will depend on a number of factors. In our experience, the average process takes between one and three months to reach completion.
It can be quicker or slower depending on the parties in the chain.
Other factors which may affect the timescale include:
- How quickly you provide us with any information we have requested from you
- Make all relevant searches against the property and report to you;
- The speed of the responses we receive from other parties involved in the transaction or conveyancing chain
- Any unforeseen circumstances
- Buying a new build property, where the timescale will depend on how long it takes for the builder to complete construction.
- We will discuss this with you at the earliest opportunity so you always have a clear picture of how long things are likely to take.
