Purchase of a residential property
Our fees cover the work required to complete a purchase undertaken in accordance with the Law Society Conveyancing Protocol. A copy of the Law Society Conveyancing Protocol is available on the Law Society website here. Our fees will vary depending upon whether the property is freehold or leasehold, existing or new build, and/or the complexity of the purchase. We are usually able to agree a fixed fee in advance so that you have certainty for budgeting purposes. Below is an indication of the fees and disbursements (see below) you might expect to pay:
Conveyancer’s fees and disbursements
- Legal fees – from £850.00 to £5,500.00 plus VAT at 20%
- Search fees – from £211.75 to £480.00 inc VAT at 20%
- HM Land Registry fees – from £20.00 to £1,105.00 (no VAT)
- Electronic money transfer fee - £40.00 plus VAT at 20%
Disbursements are costs related to your purchase that are payable to third parties, such as HM Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. If the property is leasehold (or freehold with an obligation to contribute to a management company), you will also need to pay fees to the landlord and/or management company. There is no set limit for these fees, but in our experience they usually range from £100.00 to £500.00
In addition to the above, you might need to pay Stamp Duty Land Tax in (for a purchase in England) or Land Transaction Tax (for a purchase in Wales). Whether or not these are payable will depend on the purchase price of your property, whether the property is being bought under a shared-ownership scheme, or whether you are a first time buyer. You can calculate the amount you will need to pay for a purchase in England here or for a purchase in Wales here.
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. The average process takes between 6 and 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 between 8 and 12 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below is a summary of some of the key stages:
- 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
- Report to mortgage lender
- 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
Sale of a residential property
Our fees cover the work required to complete a sale undertaken in accordance with the Law Society Conveyancing Protocol. A copy of the Law Society Conveyancing Protocol is available on the Law Society website here. Our fees will vary depending upon whether the property is freehold or leasehold, existing or new build, and/or the complexity of the sale. We are usually able to agree a fixed fee in advance so that you have certainty for budgeting purposes. Below is an indication of the fees and disbursements (see below) you might expect to pay:
Conveyancer’s fees and disbursements
- Legal fee – from £600.00 to £1,675.00 plus VAT at 20%
- HM Land Registry documents – from £6.00 to £24.00 (no VAT)
- Electronic money transfer - £35.00 plus VAT at 20%
Disbursements are costs related to your purchase that are payable to third parties, such as HM Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. If the property is leasehold (or freehold with an obligation to contribute to a management company), you will also need to pay fees to the landlord and/or management company. There is no set limit for these fees, but in our experience they usually range from £100.00 to £500.00
How long it will take from you accepting and offer until you can move in to your house will depend on a number of factors. The average process takes between 6 and 12 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are selling to a first time buyer, with a mortgage in principle and no chain, it could take 8 weeks. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.
The precise stages involved in the sale of a residential property vary according to the circumstances. However, below is a summary of some of the key stages:
- Take your instructions and give you initial advice
- Check any mortgages and obtain interim redemption statements
- Prepare and send contract documents to purchaser’s solicitor
- Answer any necessary enquiries of purchaser’s solicitor
- Send final contract to you for signature
- Agree completion date (date from which you no longer own the property)
- Exchange contracts and notify you that this has happened
- Complete purchase
- Redeem any mortgages and send the balance of the sale money to you
Remortgage of a residential property
Our fees cover the work required to complete a standard remortgage of a property you already own. They will vary depending upon whether the property is freehold or leasehold. We are usually able to agree a fixed fee in advance so that you have certainty for budgeting purposes. Below is an indication of the fees and disbursements (see below) you might expect to pay:
Conveyancer’s fees and disbursements
- Legal fee – from £475.00 to £600.00 plus VAT at 20%
- Search fees – from £48.00 to £480.00 inc VAT at 20%
- HM Land Registry fee – from £20.00 to £305.00 (no VAT)
- Electronic money transfer fee - £35.00 plus VAT at 20%
Disbursements are costs related to your purchase that are payable to third parties, such as HM Land Registry fees and search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. If the property is leasehold (or freehold with an obligation to contribute to a management company), you will also need to pay fees to the landlord and/or management company. There is no set limit for these fees, but in our experience they usually range from £100.00 to £500.00
How long it will take from your mortgage offer being issued until the remortgage is completed will depend on a number of factors, but the average process takes between 4 and 6 weeks.
The precise stages involved in the remortgage of a residential property vary according to the circumstances. However, below is a summary of some of the key stages:
- Take your instructions and give you initial advice
- Receive mortgage offer
- Obtain search insurance or carry out searches, as required by the mortgage lender
- Obtain further information if required
- Go through conditions of mortgage offer with you
- Report to mortgage lender
- Send documents to you for signature
- Agree remortgage date (date from which your new mortgage will start)
- Arrange for all monies needed to be received from lender and you
- Complete remortgage
- Deal with application for registration at Land Registry
Meet The Team
Our Residential Property Team will assist you with your matter. The Residential Property Team is headed by Edward Sharpe, who will supervise the fee earners who work on your matter.
