Buying a Property - How We Charge

What work does the pricing information below relate to?

Below you will find pricing information regarding the purchase of residential property.

Why do we provide this information?

We are required by the Solicitors Regulation Authority (SRA) to provide pricing information to potential clients in relation to certain types of work. We encourage our clients to contact us for more detailed information based on their specific situation and needs and not to base any decision solely on price. We strongly believe in the notion 'you get what you pay for' and strive to provide our clients with clear, practical and effective legal advice, a responsive and highly personal service and, crucially, value for money.

How do we charge?

Leasehold purchase

Property value: up to £500,000
Fee estimate: £2,000 to £2,500 + 20% VAT (£2,400 to £3,000)

Leasehold purchase

Property value: £500,000 to £1,000,000
Fee estimate: £2,000 to £3,500 + 20% VAT (£2,400 to £4,200)

Freehold purchase

Property value: up to £500,000
Fee estimate: £1,500 to £1,600 + 20% VAT (£1,800 to £1,920)

Freehold purchase

Property value: £500,000 to £1,000,000
Fee estimate: £1,600 to £3,000 + 20% VAT (£1,920 to £3,600)

Please note that the above are estimates and that we can deal with any transaction, whatever the property value.

These fees may vary from property to property and can on occasion be significantly more than shown in the ranges provided.

The above fee estimates 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; and
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 + 20% VAT (£420) (further searches may be advisable and these will be priced individually)
Stamp Duty Land Tax (SDLT): 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 the Gov.uk website to calculate how much SDLT you may need to pay on your purchase
Land Registry fee: from £20.00
Land Registry Search fee: £3.00 + 20% VAT (£3.60)
Property transaction set up fee (for file opening, client due diligence, ID verification, risk assessment and regulatory checks): £75 + 20% VAT (£90.00)
Electronic Transfer fee: £35.00 + + 20% VAT (£42.00) (if you have a mortgage and the lender requires funds to be sent via Electronic Transfer, these fees may increase)
Bankruptcy Search fee: £2 per person (this search is required when you require a mortgage) + 20% VAT (£2.40)

Estimated disbursement total: £485.00 excluding VAT and £578.00 including VAT (plus any SDLT payable).

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

On a leasehold purchase, the following fees may also be payable:

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 (this is set out in the lease);
Notice of Charge fee if the property is to be mortgaged (this is set out in the lease);
Deed of Covenant fee (this is provided by the management company for the property and can be difficult to estimate); and
Certificate of Compliance (this is set out in the lease).

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 take longer than this, as we may be also required to await information from a Landlord and/or managing agent. Completion of the purchase 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 a number of factors such as the length of time it may take to obtain title deeds from a sellers’ lender to enable the Solicitors to prepare contract papers.

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 in a purchase of residential property vary according to the circumstances. The key stages are explained here (PDF).

Who will be advising you?

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