Residential Property - Our fees explained
Our experienced residential property teams have a very clear understanding of both freehold and leasehold residential property transactions. We have used this experience to provide the conveyancing fee estimates set out the table below.
We define “conveyancing” as the process which leads to a transfer of a property from one owner to another. The key stages are:
- exchange of contracts when everyone knows the transaction will proceed;
- completion when the property transfer takes place and everyone moves
These estimates are based upon a “typical” and “straightforward” residential property transaction. There may be other factors (which may or may not be known at the outset) which may increase the conveyancing fees you will incur.
If you require a mortgage quite often your lender will agree to us acting for you and the lender and our fees estimate are provided on that basis. If the lender insists upon their own separate representation then you may incur additional fees depending on the lenders requirements.
Our conveyancing fees for the sale and purchase of freehold and leasehold residential property are set out in the table below. Please note that due to a number of factors we have a separate table and structure setting the fee estimates where the conveyancing is undertaken in our London office.
|Price range||Sale – freehold £||Purchase – freehold £|
|Up to £200,000||950||950|
|£200,001 – £300,000||1095||1095|
|£300,001 – £400,000||1250||1350|
|£400,001 – £500,000||1350||1450|
|£500,001 – £600,000||1395||1550|
|£600,001 – £700,000||1495||1650|
|£700,001 – £800,000||1595||1750|
|£800,001 – £900,000||1695||1950|
|£900,001 – £1,000,000||1850||2250|
|£1,000,001 – £1,100,000||1950||2350|
|£1,100,001 – £1,200,000||2150||2450|
|£1,200,001 – £1,300,000||2250||2500|
|£1,300,001 – £1,400,000||2500||2650|
|£1,400,001 – £1,500,000||2750||2800|
|£1,500,001 – £1,600,000||2950||2950|
|£1,600,001 – £1,700,000||3250||3250|
|£1,700,001 – £1,800,000||3500||3500|
|£1,800,001 – £2,000,000||3750||3750|
|Over £2 million||POA||POA|
|Price range||Sale – leasehold £||Purchase – leasehold £|
|Up to £200,000||1150||1250|
|£200,001 – £300,000||1250||1350|
|£300,001 – £400,000||1350||1450|
|£400,001 – £500,000||1450||1550|
|£500,001 – £600,000||1550||1650|
|£600,001 – £700,000||1650||1750|
|£700,001 – £800,000||1750||1850|
|£800,001 – £900,000||1850||2100|
|£900,001 – £1,000,000||1950||2350|
|£1,000,001 – £1,100,000||2100||2450|
|£1,100,001 – £1,200,000||2250||2600|
|£1,200,001 – £1,300,000||2350||2750|
|£1,300,001 – £1,400,000||2750||2950|
|£1,400,001 – £1,500,000||2950||3150|
|£1,500,001 – £1,600,000||3250||3350|
|£1,600,001 – £1,700,000||3500||3500|
|£1,700,001 – £1,800,000||3750||3750|
|£1,800,001 – £2,000,000||3750 – 3950||3750 – 3950|
|Over £2 million||POA||POA|
Our fees for our London office
Our fees on Residential Sales or Purchases
|£0 – £250,000||£1,950+vat Freehold – our minimum charge|
|£2,450+vat Leasehold – our minimum charge|
|£250,000 – £500,000||£1,950 – £2,450+vat|
|£500,000 – £750,000||£1,950 – £2,450+vat|
|£750,000 – £1,000,000||£1,950 – £2,450+vat|
|£1,000,000 – £2,000,000||£3,250 – £3,950+vat|
Bank transfer fees
During the course of your transaction we may have to send money electronically to 3rd parties. Normal examples include sending the purchase monies to the Seller’s Solicitor; paying off your mortgage; or sending the net proceeds of sale to you. Each electronic transfer costs £45 (being £37.50 plus VAT)
Client identification Checks
In order to comply with the rules of regulations of our profession we are required to check and verify the identity of our clients. As part of this procedure we undertake searches the cost of which is currently £5 plus VAT per person
There may be costs in addition to the conveyancing fees we have set out above. Whether you will incur such costs will depend on your own circumstances and requirements or other factors (which may or may not be known at the outset) which relate either the property in question or the transaction itself. We set out below examples of the additional costs you may incur:
|Assent||£750 + VAT|
|Deed of Covenant for leasehold properties (not stand alone covenants)||£250 + VAT (per deed)|
|Help to Buy (Equity)||£495 + VAT (Estate)
£595 + VAT (one-off)
|Help to Buy (ISA)||£50 + VAT|
|ID1 Forms||£125 + VAT (per form)
£150 + VAT (per couple)
|If Lender has their own representation||Add 50% of original estimate|
|Obtaining Indemnity Insurance||£50 + VAT (standard policy)
£90 + VAT (bespoke policy – including disclosure)
Freehold owner Occupied
Leasehold Owner Occupied
|£750 + VAT
£950 + VAT
£950 + VAT (plus additional £65 + VAT + tenancy review £450 + VAT)
£950 + VAT (plus additional £65 + VAT + tenancy review £450 + VAT)
|Re-mortgage with Transfer of Equity||As per remortgage fees above plus £495.00 + VAT|
|SDLT – standard returns||£50 – £100 + VAT|
|Shared Ownership||£595 + VAT|
|Statutory Declaration – preparation of||£150 + VAT|
|Transfer of Equity||£750 + VAT|
|Trust Deed – preparation of||£500 + VAT|
|Unregistered Land – additional fees for dealing with unregistered||£250 + VAT|
Conveyancing disbursements are the payments or taxes that need to be paid to third parties and examples include the payment of stamp duty land tax, the cost of searches and land registry fees and indemnity insurance premiums. Disbursements are not part of our conveyancing fees and the amounts or rates are set by the third party.
To enable us to proceed with your proposed purchase we will need to apply for the usual searches. The searches we undertake are the “minimum” searches recommended for all property purchases. Your lenders’ requirements will typically be that we undertake all the usual and necessary searches, which typically include:
- Local authority searches.
- Land Registry searches.
- Environmental searches.
- Water authority searches.
- Location specific searches.
- Chancel repair search.
Depending on the exact location of your property, other searches may be required (such as mining, planning etc) but we will know more as matters progress.
The searches need to be paid for at the point the searches are ordered. The cost and the extent of the “usual” searches will vary depending on where the property is located. We take an initial payment on account of £500.00.
Stamp Duty Land Tax
You may have to pay Stamp Duty Land Tax (SDLT) which is a tax paid by the buyer of a UK residential property. The stamp duty rates vary depending on the value of the property, your personal circumstances for example whether you are a first time buyer or multiple home owner
HM Land Registry Fees
The Land Registry charge set fees for providing information and for registering property transactions. The fees range from £3.00 to £1,150. The fees either depend on the service or in, case of registration, the value of the property or the amount of the mortgage.
In order for us to proceed we ask that you make an initial payment on account of £100. This will enable us to obtain title documents for the Land Registry, copy planning permission for the local planning authority and pay any administration fees which may be charge by our lender.
We take an initial payment on account of £600.
If your lender does not accept search indemnity insurance and we need to apply for searches, then we take an initial payment on account of £500.00. for usual searches (please see the notes on Purchases above).
Any surplus funds will also be held as money on account of our legal fees.
The fee estimates and disbursements we have set out above are intended to provide you with an indication of what we estimate our conveyancing fees will be for handling a residential property transaction for you. We would always recommend that you telephone the Residential Property Farms and Estates Team to discuss the proposed transaction or transactions with us, so that we can discuss the finer details with you, which would include financing, proposed timetable and whether or not your ability to proceed is dependent upon another transaction which may have an impact on our fee estimate.
We can talk to you about the principles of co-ownership where more than one person will own the property in question, the options available to you in terms of how the property is held, merit of prenuptial agreements and postnuptial agreements and what should happen if and when the property needs to be sold.
There may be unforeseen matters that arise during the transaction which could both effect your proposed timetable and the conveyancing fees that you will incur. We set out below some typical examples for you to consider:
The title to the property may be unregistered, which means the seller still relies on conveyances and transfer deeds to prove ownership of the property in question.
Often with unregistered titles documents can be missing or difficult to interpret, particularly plans which may no longer be accurate or consistent with current ordnance survey plans.
Where the title for the property is unregistered it is not uncommon for the selling party to find themselves having to provide a statutory declaration or statement or truth, setting out the facts and a chronology relating to the property in question and their period of ownership. In turn this may need to be backed up by some suitable indemnity insurance to protect the purchaser and any mortgage lender that may be involved.
You can also find when dealing with an unregistered titles that the purchaser’s solicitors insist that the title is registered before they will investigate and report to their client. This involves an application to Land Registry to “voluntarily” register your title. This may not necessarily hold up the transaction, as the purchaser’s solicitor can continue reviewing the unregistered title, but they may insist upon the title registration being completed before they will exchange contracts.
If you are purchasing a property that is subject to a tenancy agreement for example an assured shorthold tenancy agreement, that tenancy agreement will need to be reviewed in order for us to be able to advise you correctly on the terms of the tenancy and your ability to obtain vacant possession.
If you are going to purchase the property with a mortgage, then the tenancy will also have to be inspected in order for us to be able to report to your mortgage lender and obtain their approval to proceeding with the transaction.
Often with rural and country properties the property in question may come with either a paddock or field. It is not uncommon for land to have been purchased in the past to extend the garden grounds and amenity areas. This can present a number of additional issues that we will need to explore and advise you upon including but not limited to:
- Planning permission for change of use from agricultural land to garden land;
- Advising on grazing agreements, cropping licences or farm business tenancies and your ability to obtain vacant possession;
- Looking at the stamp duty implications for acquiring land which is not currently considered residential but may be treated as residential for the purposes of stamp duty land tax liability.
The property in question may involve a commercial element, perhaps a small part of the property is let to a commercial tenant, in which case we may need to involve our real estate colleagues to advise on the terms of the tenancy agreement, the tenant’s obligations, your obligations as landlord and, most importantly, your ability to obtain vacant possession if and when required.
Who will be doing your conveyancing?
Your conveyancing will be done by a team of experienced experts as well as a qualified solicitor. Who will carry out your conveyancing will depend on where and when the property transaction takes place, but you can view the list of Partners, Senior Associates, and Associates who head up the department here: