Average Fee for Residential Property Sales

How our charges are calculated

Our fees are based on the hourly rate of £350 per hour and the work will be handled by a qualified solicitor, who is both experienced and especially practised in conveyancing matters. Or by a trainee
solicitor under the supervision of a qualified solicitor.

They cover all of the work required to complete the purchase of your new property, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

However, our fees are calculated assuming that:

• 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 preparation of additional documents ancillary to the main transaction:
• in the case of a leasehold interest, this is the assignment of an existing lease and is not the grant of a new lease
• the transaction is concluded in a timely manner and no unforeseen complication arise
• all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
• no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Additional fees:

Conveyancer’s fees –

Legal fee up to 0.5% of the value of the transaction plus VAT and where your matter is a special case there will be an additional charge (see below)

You may incur an additional charge where your matter falls into the following special cases:

• Contract races
• New builds
• Synchronised chains
• Auctions

Please note this list is not exhaustive. Please contact us with your circumstances for more information.

Disbursements –

Disbursements are costs related to your matter that are payable to third parties, such as search fees.We handle the initial payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements, which we anticipate will apply, along with our estimated costs for them, are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

Search fees – Depend on the location of the property but can range from £400 – £500 (+VAT likely to be £80 – £100)

HM Land Registry Fee – Depends on the value of the transaction but can be between £20 – £500 for a more accurate figure you can visit https://www.gov.uk/guidance/hm-land-registry-registrationservices-fees

Priority search – £3.00 (+ VAT)

Bankruptcy search – £2.00 per person (+ VAT)

Stamp Duty/ Land Tax – This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website

Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50 and £150

Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50 and £150.

Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often the fee is between £50 and £150.

Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £100 and £200.

General –

Our fees to not include obtaining Licences (for example a Licence to Assign) and disbursement fees can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.

The Process:

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances but generally include the following:

• Taking your instructions and giving you initial advice
• Check finances are in place to fund purchase and contact lender’s solicitors if needed
• Receive and advise on contract documents and the lease
• Carry out searches
• Make any necessary enquiries of seller’s solicitor
• Give you advice on all documents and information received
• Liaise with the seller’s solicitor regarding a possible licence to assign if required by the
  lease and advise accordingly
• Review conditions of mortgage offer
• Send final contract to you for signature
• Draft Transfer
• Advise you on joint ownership (if required)
• Obtain pre-completion searches
• 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
• Deal with notifying your landlord that you own the property

How long the transaction will take:

How long it will take from your offer being accepted until you can complete the purchase of your property will depend on a number of factors. On average it can take 6-8 weeks to get to exchange of contracts. It can be quicker or slower, depending on the parties in the chain. If you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 9 months. In such, a situation additional charges would apply.