Residential Conveyancing

How do we charge?

Our fees cover all of the legal work required to complete the relevant transaction including, for example: acting for your mortgage lender (if we are instructed do so), in the case of a purchase of either a freehold or leasehold property, dealing with registration at the Land Registry and dealing with a payment of Stamp Duty Land Tax (SDLT) if the property is in England, or Land Transaction Tax (LLT) if the property is in Wales.

Hourly rates

	£ excl VAT at 20%	£ incl VAT at 20%
Partner/Consultant	£350.00	£420.00
Solicitor	£220.00	£264.00
Senior Conveyancer	£220.00	£264.00
Trainee Solicitor	£150 to £165.00	£180 to £198.00

While we have provided the above hourly rates, our fees for most residential property transactions are calculated by reference to our fee scale:

	Freehold				Leasehold
Property value up to	Sale excl VAT	Sale incl VAT	Purch excl VAT	Purch incl VAT	Sale excl VAT	Sale incl VAT	Purch excl VAT	Purch incl VAT
£500,000	£1,500 to £1,700	£1,800 to £2,040	£1,600 to £1,800	£1,800 to £1,920	£2,000 to £2,500	£2,400 to £3,000	£2,500 to £3,000	£3,000 to £3,600
£500,000 to £1 million	£1,700 to £1,800	£2,040 to £2,160	£1,800 to £3,000	£1,920 to £3,600	£2,500 to £3,000	£3,000 to £3,600	£3,000 to £3,500	£3,600 to £4,200
£1 million to £1.5 million	£2,000 to £3,000	£2,400 to £3,600	£3,000 to £3,500	£3,600 to £4,200
Over £1.5 million	£3,500	£4,200	£4,200	£5,040	£4,000	£4,800	£5,000	£6,000

Remortgage

	(incl VAT at 20%)	(excl VAT at 20%)
Freehold	£1,800	£1,500
Leasehold	£2,400	£2,000

Transfer of Equity

	(incl VAT at 20%)	(excl VAT at 20%)
Freehold	£1,440	£1,200
Leasehold	£2,400	£2,000
Transfer of Equity with Remortgage	£2,400	£2,000

The above fee scales are based on the following assumptions:

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 completion or the preparation of additional documentation ancillary to the main transaction;
Where the property is leasehold, that this is an assignment of an existing lease and not the grant of a new lease;
The transaction is concluded in a timely manner and no unforeseen complication arises;
All parties in the transaction are co-operative and there is no unreasonable delay from third parties providing documentation;
The land is registered;
We are also acting for your lender (where applicable);
We are also instructed to act for your lender (this is usual when you require a mortgage);
A Declaration of Trust is not required.

The following factors would typically increase the cost of our services. For example:

If the legal title is defective or part of the property is unregistered;
If title rectification is required;
If planning permission or building regulations have not been obtained;
If crucial documents requested have not been provided;
If a lease extension is required.

This is not a full list of all such matters but a list of the most common factors.

Disbursements and other charges

Disbursements are costs related to your matter that are payable to third parties, such as the Land Registry. We handle the payment of the disbursements on your behalf to ensure a smoother process. Please note that further disbursements may be payable and we will be able to advise fully when taking your full instructions.

Property search fees: Approximately £350 excl VAT at 20% (£420 incl VAT at 20%) (further searches may be advisable and these will be priced individually)
Stamp Duty Land Tax (SDLT) or Land Transaction Tax (LTT): This depends on the price of your property. Please note that the current legislation means that First Time Buyers do not need to pay any SDLT. Please visit HMRC’s website to calculate how much SDLT you may need to pay or if the property is located in Wales, by using the Welsh Revenue Authority’s website.
Land Registry fee: Dependant on the amount you are borrowing. e.g. from £20.00 for loans under £100,000.00.
Land Registry Search fee: £7.00 excl VAT at 20% (£8.40 incl VAT at 20%)
Land Registry official copy fees: £7 excl VAT at 20% (£8.40 incl VAT at 20%)
Property transaction set-up fee (file opening, client due diligence, ID verification, risk assessment and regulatory checks): £75 excl VAT at 20% (£90 incl VAT at 20%)
Electronic Transfer fee: £35.00 excl VAT at 20% (£42 incl VAT at 20%) (if you have a mortgage and the lender requires funds to be sent via Electronic Transfer, these fees may increase)
Bankruptcy Search fee: £6.00 per person excl VAT at 20% (£7.20 incl VAT at 20%) (this search is required when you require a mortgage).

Further disbursements may be payable, for example, indemnity policies may need to be taken out on your behalf. The cost of these vary based on the price of the property and the matter to be insured.

In the case of leasehold property, there will be fees associated with obtaining a seller’s information pack from the management company and the notification of transfer required by the lease. Possible other disbursements may also be payable including:

Apportionment of ground rent (this is dependable on the terms of the lease);
Apportionment of service charge (this is dependable on the terms of the lease);
Notice of Transfer fee – set out in lease if chargeable. Typically, the fee is between £120 incl VAT at 20% (£100 excl VAT at 20%) and £360 incl VAT at 20% (£300 excl VAT at 20%).
Notice of Charge fee (if the property is to be mortgaged) – set out in lease. Typically, the fee is between £120 incl VAT at 20% (£100 excl VAT at 20%) and £360 incl VAT at 20% (£300 excl VAT at 20%).
Deed of Covenant fee – provided by the management company for the property and can be difficult to estimate.
Certificate of Compliance fee – confirmed upon receipt of the lease, as can range between £120 incl VAT at 20% (£100 excl VAT at 20%) and £360 incl VAT at 20% (£300 excl VAT at 20%).

Ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm these amounts to you as soon as we are in receipt of the information.

How long will my matter take?

The average timescale for conveyancing transactions in England and Wales is approximately 8 weeks from acceptance of offer to exchange of contracts. Often leasehold purchases and sales take longer than this, as we may also be required to await information from a Landlord and/or managing agent. Completion of the purchase or sale will normally take place within 28 days from the date of exchange of contacts or earlier by mutual agreement between the parties. We must stress that this is an average and is dependent upon several factors such as:

the length of time it may take to obtain title deeds from any existing lenders;
processing of new mortgage applications and specific Mortgage Lender requirements;
If there is Management Company involvement;
Complying with Land Registry requirements;
Search results delays;
Awaiting probate;
Linked transactions - “the chain”;
If a Deed of Variation is required.

If there is a chain of transactions, then you must bear in mind that everybody in the chain is going through the same process and the chain cannot proceed until all parties have completed the necessary steps.

Stages of the process

The stages of a residential conveyancing transaction vary according to type. The key stages for purchasing or selling are outlined on our website here.

Who will be advising you?

An suitably qualified member(s) of our Residential Property team will work on your matter, supervised by Manisha Bhula or another senior member of the team. You can find out more about the other members of our team below.