Whilst it is now expected that a fixed price can be given for a straightforward transaction, there are many fees and costs which can arise making each case unique. In order to provide as much transparency as possible to prospective clients, we set out below some indicative bands. These give an idea of the fluctuations that can occur and to highlight that the only way to get a true idea of the costs is to contact us for a comprehensive quote.
- All the fees shown above are subject to VAT at the prevailing rate.
- For any properties over £1m please note that a bespoke estimate of costs will be required.
Many factors determine the cost of a transaction, such as if the property is Leasehold, Freehold, New Build or Shared Ownership. Other determining factors can include Indemnity Policies, Lease Variations, Declarations of Trust and many others. To assist, and to give an idea of why the possible fees may vary, please see the table below as a guide.
Sale and Purchase Disbursements
|STAMP DUTY – Properties over £125,000||Please see links below.|
|SEARCHES||From £295 + VAT|
- Land Reg. and land charges searches £2 per name and £3 per title.
- Leasehold fees may be charged.
- An additional fee may be charged for redeeming any second or subsequent mortgages – ie any quote assumes repayment of ONE mortgage only.
- Bridging finance, Transfers of Equity, staircasing, shared ownership, Help to Buy schemes and non-standard lending require a bespoke quote.
Finally there are payments that apply to every transaction and these are consistent amongst most conveyancing firms. These are often known as Disbursements, which are payments that have to be made to third parties to fulfil the requirements for transferring land. They include payments for:
- Stamp Duty (SDLT or Welsh Land Transaction Tax depending on the location of the property). Always remember the tax you pay is self-assessment and we are not tax lawyers and cannot advise. To be sure that you pay the correct amount of tax you should consider taking specialist independent tax advice before committing to any purchase). Please click here to be taken to the basic HMRC web site calculator or here for the Welsh Land Transaction Tax Calculator.
- Land registry fees payable – again these depend on the type of property, its value, and whether an electronic submission can be made. Please click here to access the land registry website for details.
Conveyancing Time Scales
We have a great deal of experience when it comes to providing legal services for clients who are buying, selling or remortgaging their property. As a result of such experience, we can provide you with an estimate as to the likely timescale for your matter. We detail below the industry average timescales involved. Please note this timescale effectively begins once you have agreed to the Terms and Conditions, completed the instruction forms, provided us with your payment on account, your identity checks have been completed and a full set of contract papers have been received from or provided to the Seller’s Solicitors. These timescales are based on getting to the point of exchange and typically Completion follows within two weeks.
- Freehold Purchase 10 to 12 weeks
- Leasehold Purchase 10 to 14 weeks
Please note: The housing market is significantly busier than it has been for many years. In particular, the Stamp Duty ‘holiday’ has influenced the timing of many transactions. As we move towards the expiry of the ‘holiday’, we are managing our resources carefully to ensure that we can do all within our control to meet our clients’ desired timescales.
The timing of exchange of contracts and completion is dependent on the ability and willingness of other parties within your chain. The coronavirus pandemic has brought further uncertainty and varying restrictions. We must advise you that despite our efforts, we cannot guarantee that you will complete on your desired date. We are dependent on the speed of other key parties, such as other lawyers, mortgage lenders, management companies etc. and when they provide the information we need: as the March deadline approaches, there is a risk of ‘bottlenecks’ across the market. We cannot be held responsible for events outside our control.
There may be some instances where referral fees are paid to third parties, such as estate agents panels and mortgage brokers for the introduction of your business. These fees typically range from £25 – £300. Any such fees applicable to your transaction will be disclosed in our formal quote and initial paperwork before you are committed to the transaction.