Residential Conveyancing Pricing

Useful Terminology and Meanings

- 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. 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.

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.

- Search fees are and they vary according to the Local Authority area the property is situated in.

- Stamp Duty or Land Tax (on purchase) is the property transaction tax. The tax is due to be paid on any property which is purchased at more than £125,000, subject to any exemptions.

The total amount 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:

Stamp Duty and Land Tax Calculator

Land Transaction Tax Calculator

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 https://www.lawsociety.org.uk/en/topics/property/conveyancing-protocol

On a leasehold sale we will need to approach your freeholder/ management company to obtain assignment and management information. They will charge anything in the region of £200 - £500 + VAT to provide this. We will usually suggest that you make payment to them direct for this information for expediency.

* 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
• Deal with standard enquiries and management enquiries
• 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

Appendix

Additional Conveyancing Charges

The following is a list of applicable charges where additional work is required in connection with conveyancing matters, starting from:

Additional Service	Minimum Additional Charge	Notes
Arranging or approving indemnity policies	£95	Per policy
Dealing with title defects	£150
Dealing with unsecured loans/debts	£95	Per loan/debt
Registering or redeeming second charge – Mortgage lender’s fee	£150	Per charge
Deeds of covenant	£95
Deed of variation	£250	Transfer of freehold (with lease)
Transfer of freehold (with lease)	£250	Not including Land Registration fees
Obtaining duplicate documentation	£30	Per document
Service charge retention	£100	Per retention
Licences to occupy	£250
Correspondence with previous solicitors	£30	Per letter
Access undertaking	£100
File retrieval	£75
Statutory declaration	£95
Advice on survey reports	£100
Power of Attorney	£150	General Power (sole)
Power of Attorney	£275	General Power (joint owners)
Fast Track Completion Service (see attached)	£150
Sales or Purchases of Part	£250
Unregistered Titles	£200
Freeholds with Management Charge	£200
Help to Buy	£250
Redrafting contract papers	£50
Referrals from lenders	£95

All charges are exclusive of VAT.

Fast Track Completion Service

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.

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