Overview
How We Charge for Residential Conveyancing
The level of fees charged by us for residential property transactions will depend largely on the value of the property being transferred and on whether the title to the Property is freehold or leasehold and whether the transaction involves mortgage finance. As a guide, most transaction are likely to attract fees in the following ranges, depending on the property’s value.
Our Residential Conveyancing Costs Based on Property Value
| Purchase Price | Legal Fees | Scale |
|---|---|---|
| Up to £500,000 | £1,430.00 plus VAT | £1,250 to £3,250 |
| £500,001 – £750,000 | £1,780.00 plus VAT | £1,750 to £4,750 |
| £750,001 – £1,000,000 | £2,110.00 plus VAT | £2,000 to £5,000 |
| More than £1,000,000 | 0.3% of price plus VAT | 0.25% to 0.3% (min £3,000) |
| Sale Price | Legal Fees | Scale |
|---|---|---|
| Up to £500,000 | £1,380.00 plus VAT | £1,250 to £3,250 |
| £500,001 – £750,000 | £1,890.00 plus VAT | £1,750 to £4,750 |
| £750,001 – £1,000,000 | £2,110.00 plus VAT | £2,000 to £5,000 |
| More than £1,000,000 | 0.3% of sale price plus VAT | 0.25% to 0.3% (min £3,000) |
Leasehold: As above plus: £495 to £1,740.
| Additional Fees – Purchases | Cost |
|---|---|
| Acting for lender | £340.00 plus VAT |
| SDLT return | £95.00 plus VAT |
| Bank Transfer fee | £40.00 plus VAT |
| Pre comp. searches | £45.00 plus VAT |
| AML and ID check | £45.00 plus VAT |
| Source of Funds check | Variable depending on source (min £145.00 plus VAT) |
| Chancel indemnity | £20.00 plus VAT |
| New Build Fees | £0.00 to £1,740 plus VAT |
Stamp Duty Land Tax (different rates may apply for first time buyer, second homeowners and non-domiciles). See Revenue’s SDLT calculator here.
| Additional Fee – Sales | Cost |
|---|---|
| Bank Transfer fee | £40.00 plus VAT |
| Mortgage redemption fee | £95.00 plus VAT |
| New Build Fees | £0.00 to £1,740 |
Remortgage Fees
| Property Value | Legal Fees |
|---|---|
| Up to £500,000 | £845.00 plus VAT |
| £500,001 – £750,000 | £945.00 plus VAT |
| £750,001 – £1,000,000 | £1,150.00 plus VAT |
| More than £1,000,000 | 0.1% of purchase price |
Additional Fees – Remortgage
| Service | Cost |
|---|---|
| Bank Transfer fee | £40.00 plus VAT |
| Mortgage redemption fee | £95.00 plus VAT |
Property Search estimated fee range on purchase transactions
| Local Authority Search | £165 to £475 (depending on your local authority) |
| Water and Drainage Search | £150.00 |
| Environmental Search (including flood risk) | £165.00 |
VAT and any third-party expenses (such as fees we pay on your behalf to providers e.g. property search fees, Land Registry fees and stamp duty) are payable in addition.
See Additional Information page below for other expenses normally charged for purchase transactions.
A bespoke estimate for a specific transaction will be supplied on request. Please call 020 7940 4060 and ask for the Conveyancing Department or fill out the form below with brief details (in confidence) of your proposed transaction and one of our team will be very pleased to contact you with a tailor-made estimate, without obligation:
Time Scales
Every transaction is different and although we will do our best to keep within any fee estimate given, in the event that it transpires that a material amount of additional work is likely to be required to conclude the transaction, which had not been anticipated at the outset, we will agree with you in advance, before incurring additional fees.
Residential sale and purchase transactions usually take between 6-12 weeks to conclude although the exact time may differ substantially depending on factors outside your direct control, such as the ability to proceed of other parties in a chain that your transaction is dependent upon.
Residential Purchase
A broad outline of the work which is likely to be required in dealing with your purchase is as follows:
- obtain from the vendor’s solicitors the draft documentation including the sale agreement and lease where appropriate under which the property is held.
- investigate title to the property to ensure that the seller has good title to pass on to you.
- review, negotiate and agree the terms of the draft agreement and any supporting documentation.
- submit pre-exchange enquiries to the seller’s solicitors and review their replies.
- submit all pre-exchange searches including the local search, environmental search, water and drainage search and chancel check search (to ensure you have no liability to contribute to the cost of chancel repair);
- consider the instructions from your lender to act on its behalf in connection with the mortgage advance to you to ensure that their requirements can be fully met.
- report to you on the terms of mortgage offer.
- when satisfactory replies to the searches and enquiries have been received and a satisfactory mortgage offer received, we provide you with a Report on the title and searches and enquiries.
- agree with you and the other interested parties a completion date.
- obtain from you the deposit of 10% of the purchase price (or any lesser sum that is negotiated)
- when all is satisfactory, and you authorise us to do so we exchange contracts on your behalf.
- at exchange of contracts both parties become legally committed to the transaction and the deposit is paid to the seller’s solicitors. This is held by them until legal completion or utilised by them in connection with their client’s own purchase (provided the terms of the contract permit this, which is usual in the standard residential form of contract).
Following exchange of contracts:
- we draft the deed of transfer for approval by the seller’s solicitors.
- we submit further enquiries called ‘requisitions on title’ to the seller’s solicitors for their replies.
- we submit searches to the Land Registry in respect of title and to the Land Charges Registry for bankruptcy searches and to Companies House where appropriate.
- we report to your lender and request funds for completion.
- we prepare and send you the mortgage deed and the stamp duty land tax return to sign.
- we provide you with our invoice and financial statements showing the balance of monies that we will require from you to enable us to remit the appropriate sum to the seller’s solicitors on completion.
- we transfer the completion money to the seller’s solicitors on the completion date and ensure that keys are available for you to collect following completion.
- following completion, we pay the relevant stamp duty land tax to and submit to the Inland Revenue the stamp duty land tax return.
- we apply to the Land Registry for registration of your interest in the property and that of your lender and once the registrations have been completed provide you with up-to-date copies of the entries and forward to you any relevant documents to retain.
Residential Sale
A broad outline of the work which is likely to be required in dealing with your is as follows:
- obtain details of the title and draft an agreement for sale incorporating the current Standard Conditions of Sale to submit to the buyer’s solicitors for approval.
- provide draft contract documentation and deduce title to the leasehold /freehold interest.
- in relation to leasehold properties, ascertain the requirements under the lease for the proposed transfer and correspond with the landlord/its agents regarding the procedure.
- obtain your instructions and reply to all pre-exchange enquiries both general and specific to the subject property.
- receive from your lender instructions to act on its behalf in connection with any mortgage redemption.
- proceed to an exchange of contracts, at which point both parties become legally committed to the transaction and a deposit of 10% of the purchase price (or any lesser amount that has been negotiated) is paid by the buyer’s solicitors to this firm. This is held by us under the terms of the contract until completion (or utilised by us in connection with your related purchase if you have one).
Following exchange of contracts:
- approve the form of transfer drafted by the buyer’s solicitors.
- reply to further enquiries called ‘requisitions on title’ from the buyer’s solicitors.
- obtain a redemption statement from your lender and your estate agent’s commission account and notify you.
- provide you with financial statements showing the balance of monies that will be paid to you on completion (or that will be available to you if you have a related purchase).
- receive the completion monies from the buyer’s solicitors and account to your lender for the account balance and to you for the remaining balance.
- authorise collection of keys by the buyer from the estate agents.
- discharge at the Land Registry the mortgage which has been repaid.
Remortgage
A broad outline of the work which is likely to be required in dealing with your remortgage is as follows:
- obtain details of the title in order to investigate the title and prepare a mortgage deed.
- arrange for the identity of all parties to be checked in accordance with Land registry requirements.
- receive from your existing lender instructions to act on its behalf in connection with any mortgage redemption.
- in relation to leasehold properties, ascertain the requirements under the lease for the proposed mortgage and correspond with the landlord/its agents regarding the same.
- consider the instructions from your lender to act on its behalf in connection with the mortgage to you to ensure that their requirements can be fully met.
- report to you on the terms of mortgage offer.
- we submit searches to the Land Registry in respect of title and to the Land Charges Registry for bankruptcy searches and to Companies House where appropriate.
- we report to your lender and request funds for completion.
- we prepare and send you the mortgage deed to sign.
- obtain a redemption statement from your existing lender.
- agree with you and the other interested parties a completion date.
- we report to your lender with the required documentation to arrange completion.
- provide you with financial statements showing the balance of monies that will be paid to you/required from you on completion.
- discharge at the Land Registry the mortgage which has been repaid.
- we apply to the Land Registry for registration of your interest in the property and that of your lender and once the registrations have been completed provide you with up-to-date copies of the entries and forward to you any relevant documents to retain.