Property Pricing

Introduction

Following 6 December 2018, SRA transparency rules require all regulated law firms to publish their price and service information on their websites.

Our Professional Fees for acting on your behalf in purchase of a residential property

Our average professional fee for a simple freehold purchase is approximately £1,500 with no mortgage, and for a leasehold property of 1 million with a mortgage (where we act for the lender also) is generally between £2,000  – £3,500 exclusive of Value Added Tax and disbursements.

Please note that our above mentioned fee is an estimate only and is given on the basis that the your matter is not unduly protracted or delayed 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.

Disbursements

Disbursements are costs related to your matter that are 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.

Below are the most common disbursements which you can expect to pay in a standard conveyancing transaction:

  • Search fees: approximately between £350-£500 plus VAT

  •  Land Registry fee: between £20 – £910

  • Official Copy entries and filed plan: £6.00 (per copy)

  • Chaps Charge: £20.00 (£25.00 for international payments)

  • Lawyer Checker: £12.00 (per document)

  • Priority Search: £3.00 per search

  • Land Charges (Bankruptcy) search: £2.00 per search

  • AML checks on a Client (an individual): £8.00

  • Indemnity Policies: quotes depend on the purchase price and the nature of indemnity policy

Anticipated Disbursements (leasehold residential property)

  • Notice of Transfer fee : This fee if chargeable is set out in the lease and is often between £50 – £350

  • Notice of Charge fee (if the property is to be mortgaged). This fee is set out in the lease and is often between  £50-£200

  • 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 - £450

  • Certificate of Compliance fee: To be confirmed upon receipt of the lease, as can range between £100 - £450

These fees are exclusive of VAT and vary from property to property and can on occasion be significantly more than the ranges given above. We can give you accurate figures once we have sight of your specific documents

Ground Rent and Service Charge (leasehold only)

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 we receive this information.

Searches

When you buy a property or remortgage your existing property, we undertake certain searches on the property, including Local Authority Search, Environmental Search, Water and Drainage search. These searches reveal information about property and land. Other common searches in England and Wales which we undertake are chancel repair checks and mining searches.

Stamp Duty Land 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 (https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro .

Land Registry Fee

Every land or property transaction in England and Wales must be registered at HM Land Registry. The HM Land Registry charges a mandatory registration fee to register a change of ownership, with the fee applied on a sliding scale depending on the price of the transaction or level of the mortgage. Please check the Land Registry website http://landregistry.data.gov.uk/fees-calculator.html for more information on fees.

Once we complete on a purchase transaction, we duly submit a registration application to the Land Registry together with the supporting documents.

Land Charges (bankruptcy) search

We carry out searches against the name of all buyers and/or borrowers in the Land Charges register. This search will determine if anyone involved in the purchase is bankrupt, or is about to be made bankrupt in a pending court action.

Official copy entries and filed plan

As standard practice, a solicitor acting for a seller provides an official copy of the title register and title plan to a purchaser’s solicitor at the outset of the transaction. We obtain these documents online using the Land Registry portal.

Conveyancing 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:

  • Take your  instructions and give you initial advice;

  • Send our engagement letter for your signature;

  • Carry our AML checks as required by Anti Money Laundering Regulation 2017;

  • Check finances are in place to fund purchase and contact lender’s solicitors if needed;

  • Receive and review contract documents;

  • Request money on account and commission searches;

  • Raise necessary enquiries to seller’s solicitors

  • Give you advice on all documents and information received and prepare a report on title;

  • Give you advice on conditions of mortgage offer (if any)

  • Send final contract for your execution or seek your written authority to sign the contract on your behalf;

  • Agree a completion date (date from which you own the property);

  • Exchange contracts and notify you that this has happened;

  • Draft the transfer and arrange for your execution prior to completion;

  • Send you completion statement detailing funds required to complete;

  • Obtain pre-completion searches from seller’s solicitors;

  • Arrange funds that needs to be received from you and/or lender;

  • Complete purchase;

  • Deal with post-completion stage including SDLT payment to HMRC; and

  • Deal with application for registration at HM Land Registry.

How long will my house purchase take

 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 4-6 weeks, but it can be quicker or slower, depending on the parties in the chain. In such a situation, additional charges would apply and we will advice you of this.