Residential sale, purchase and remortgage fees

Basis of our fees

Our fees cover all work that we anticipate will be required to complete the purchase of your new home.

Unlike a number of conveyancing firms, we do not charge additional fees for acting for your mortgage lender. Nor do we make an additional charge if your chosen completion date is shortly after the exchange of contracts.

The costs of your transaction will include:-

1. Our Fees (plus VAT); and
2. Disbursements

In addition, if you are Buying a Property costs will include:-

1. Land Registry Fees
2. Stamp Duty / Land Tax
3. Mortgage Fees
4. Surveyor / Valuation Fees

Alternatively, if you are selling a Property costs will include

1. Estate Agents Fees

Please see below for full details.

Our fees

Legal Services Fee

The fee we charge for our legal services will vary depending upon:-

1. whether the transaction is a sale or purchase;
2. whether the property is freehold or leasehold;
3. whether the property is part of a new development or not;
4. the agreed price for the property;

Our standard fees for residential sales and purchases are set out below:

If you are buying a New Build Property we may be able to offer some variation to the above “Additional Charge for a New Build Purchase” if the Property is part of a Development where we have recently acted for other house purchasers.

If you are buying a property in excess of £2,000,000 we are able to offer a bespoke service and please contact us for details.

Our fees for a remortgage will usually be £850 plus VAT where we are acting for both you and your lender (with an additional £100 plus VAT where the property is leasehold).

Electronic Money Transfer Fee

We will charge a fee of £40.00 for each electronic money transfer we make on your behalf.

This would include for example when we:-

• send the completion monies to the Seller’s solicitor for you; or
• when we send you the net proceeds of sale on completion; or
• when we send funds to your mortgage lender to redeem your existing mortgage; or
• when we send funds to your estate agent to pay their fees.

Stamp Duty Land Tax / Land Transaction Tax Return Fee

We will charge you a fee of £50.00 for preparing your Stamp Duty Land Tax / Land Transaction Tax Return and filing this on your behalf at HM Revenue and Customs.

This fee will only be charged on a purchase transaction.  The return needs to be filed in order to be able to register the purchase at HM Land Registry.

Due to the size of the return and the increasing complexity of the Stamp Duty / Land Tax regime, we do make an additional charge for preparing the returns. However, advice regarding the tax itself and any reliefs that you may be able to claim is included within our Legal Services Fees.

VAT

VAT will be charged at the applicable rate on all of Our Fees (Legal Services Fee, Electronic Money Transfer Fee and Stamp Duty/ Land Tax Return Fee.

Assumptions

Our Fees assume that:-

1. this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in the title which requires remedying prior to completion or the preparation of documents ancillary to the main transaction (such as a lease extension document or lease variation document);
2. the transaction is concluded in a timely manner and no unforeseen complications arise;
3. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation;
4. if you are purchasing a Property that we will be instructed to act on behalf of your Mortgage lender and that they will not instruct their own external solicitors;
5. that if you are purchasing a Property that it has an existing registered title at HM Land Registry.

Disbursements

In addition to Our Fees, you will also incur “Disbursements” on your transactions.  Disbursements are costs related to your transaction that are payable to third parties. We handle payments of the disbursements on your behalf to ensure a smoother process.

The amount of Disbursements will vary depending on whether the transaction is a sale or purchase and whether it is a freehold or leasehold.

We will simply pass on to you the exact cost of any “Disbursements” that are charged. We do not charge any profit element on “Disbursements”.

The Disbursements that we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply. For example the cost of obtaining duplicates of any Planning or Building Regulation documents or the cost of any premium payable for any defective title indemnity insurance that may be required.

Freehold Sale Transaction

Disbursements on a freehold sale Transaction are usually limited to:

Freehold Purchase Transaction

Disbursements on a freehold purchase Transaction are usually limited to:

Leasehold Sale Transaction

Leasehold Purchase Transaction

Disbursements on a freehold purchase Transaction are usually limited to:

Additional Leasehold Disbursements

Sometimes a Lease will require that:-

• the Landlord’s consent is required for the sale in the form of a “Licence to Assign”. If so they will charge a fee for issuing that consent. The amount of the fee will vary depending on the Lease / Landlord. Often fees range from £750.00  to £1500.00 plus VAT. It will be a matter of negotiation whether those are paid by the Seller or the Buyer or shared between you;
• the Buyer enters into a “Deed of Covenant” with the Landlord to comply with the terms of the Lease. Again the Landlord will charge a fee for preparing or approving that document.  Often those fees range between £300.00 to £850.00 plus VAT.  Usually it is the Buyer that is required to pay that fee;
• the Landlord provides the Land Registry with a Certificate of Compliance to confirm that all of the Lease procedures relating the sale have been complied with. Again the amount of fee charged will vary depending on the Landlord.  Often the cost of this will range between £150.00 to £300.00 plus VAT. Again it is usually the Buyer that pays these fees.

Land Registry Fees on a Purchase

The Land Registry will charge a fee for registering a purchase. Therefore if you are buying a freehold or leasehold Property you will need to also pay HM Land Registry Registration Fees.

The fees charged vary depending upon the value of the Property and whether the transaction involves the transfer of an existing registered title or the “first registration” of a new title.

An example of a “first registration” transaction would be if you are buying a Property which is being granted a new lease.

Land Registry Fees also vary depending on whether it is possible for us to file the application for registration “online” or whether HM Land Registry will only accept a “postal application” for the transaction. Where possible we will always try to submit an application using their “online” facility.  Unfortunately “first registration” applications can currently only be submitted by a “postal application”.

Full details of the fees charged by HM Land Registry can be found here: Click here

To provide you with an indication of likely fees please see the table below. This is based on the assumption that the Property you are buying already has a registered title.

Stamp Duty / Land Tax on a Purchase

If you are buying a property you will need to pay either Stamp Duty Land Tax (if you are buying a Property in England) or Land Transaction Tax (if you are buying a Property in Wales).

The amount of tax you pay will vary depending upon several factors including:-

• the value of the Property;
• whether you own another Property either in the UK or abroad or a share of such a Property;
• whether the transaction is linked to any other transaction;
• whether you have any connection to the party Selling;
• whether you are entitled to claim any reliefs in respect of the transaction;
• whether you are buying in the name of a Company;
• whether you are paying the Seller any consideration “in money or monies worth” over and above the stated purchase price.

If you are buying a Property in England you can calculate the amount of SDLT you will need to pay here:- Calculate Stamp Duty Land

If you are buying a Property in Wales you can calculate the amount of Land Transaction Tax you will need to pay here:- Calculate Land Transaction Tax

Once instructed to act on your behalf we will be able to provide you with detailed advice on the amount of tax that you should expect to pay depending upon your own personal circumstances.

Mortgage Fees on a Purchase

If you are purchasing the property with a mortgage it is likely that you will need to pay a fee to the Lender for providing the mortgage to you. Details of those fees should be set out in your Mortgage Offer. You will also usually have to pay the fee the mortgage lender incurs for having a valuation of the property carried out.

If you have instructed a Mortgage Broker to act on your behalf you may also have to pay your Mortgage Broker a fee depending upon the terms of your contract with them.

Surveyors Fee on a Purchase

If you are buying a property we recommend that you instruct a full structural survey of the Property and you will need to pay for the costs of that Survey.

Estate Agents Fee on a Sale

If you are selling a property then it is likely that you will have to pay a fee to an Estate Agent for marketing the Property on your behalf.

The amount of the fee will depend upon the contract you have agreed with your particular agent and the agreed sale price. Often Estate Agent Fees will vary from between 1.25% to 3.5% of the agreed Sale Price plus VAT.

On completion of the Sale, unless you instruct us otherwise, we will ask the Estate Agents to provide us with a copy of their invoice and pay the quoted fee from the net proceeds of the sale.

Referral Fees

We do not pay or receive any third parties fees for referring any clients or work to us.

As a firm we like to act solely in the best interests of our client and so do not agree to pay any referral fees to estate agents or mortgage brokers. We believe that taking that stance ensures that when we are acting for a client our professional integrity and judgement is not clouded or compromised by any external business relationships.

DURATION AND STAGES OF PURCHASE AND SALE

How long will my transaction take?

How long your purchase or sale will take will vary depending upon a number of factors, including:-

• how many other parties are involved in the chain and their personal circumstances and requirements regarding moving dates;
• how quickly you and the other parties in the transaction are able to obtain their mortgage offers and surveys;
• how quickly you and the other parties in the transaction are able to deal with requests for additional information about the Property;
• whether the Property is freehold or leasehold;
• whether there are any issues in the title documentation or planning history for the Property (or other properties in the chain) that need to be resolved or insured against

If instructed our commitment to you is that we will throughout the transaction strive to progress the transaction with all due speed and diligence.

Our experience shows that:-

• the purchase or sale of a freehold Property will usually take between six to eight weeks from the date that we have received details of the transaction from the Estate Agents;
• the purchase or sale of a leasehold Property will usually take between eight to ten weeks from the date that we have received details of the transaction from the Estate Agents

Key Stages in the Process

The keys stages that are involved in a standard sale transaction are:-

• Taking your initial instructions and providing you with preliminary advice on the matter;

• Providing you with a “Client Care” pack which will contain:-

• • full details or our Terms and Conditions,
  • a detailed written “Costs Information Sheet” setting out our best estimate of the costs and disbursements to be incurred in respect of the transaction
  • a “Keys Details and ID Form” that will set out details of the ID and other documentation we will require from you
  • a  “Property Information Form”, a “Fittings and Contents Form” and if required a “Leasehold Information Form” for your completion and return

• Receiving the Memorandum of Sale from the Estate Agents and contacting the Buyer’s solicitors to confirm that we are instructed.

• Obtaining the title documents for your Property from HM Land Registry and your lender.

• Drafting the Contract and Transfer Deed and submitting those to the Buyer’s solicitors for approval along with a set of the title documents and the Property forms you have completed.

• Contacting your existing mortgage lender to ask them for an indicative statement showing the amount they will require to be repaid.

• If the Property is Leasehold contacting the Landlord or the Managing Agents to ask them to provide a “Pre-Sale Management Information Pack” for the Property and providing a copy of the same to the Buyer’s solicitor.

• Receiving in additional enquiries from the Buyer’s solicitor and discussing these with you in order to provide satisfactory replies to the Buyer. In addition obtaining any additional documents that the Buyer may have requested for example planning documents or draft defective title indemnity policies.

• Negotiate and agree any amendments to the Contract and Transfer Deed with the Buyer’s solicitor and once agreed arrange for you to sign the same.

• Exchange of Contracts

• Request final redemption statements from your Mortgage Lender and prepare a completion statement for you showing the amount of net proceeds of sale that will be available to you following the sale.

• Completion

• Redeem your mortgage from the sale proceeds.

• Pay your Estate Agents fee

• Send you any net proceeds of sale (or use them in respect of any related purchase you may have).

• Close our file and confirm to you once all legal work has completed. As part of our closing procedures we will also ask whether you would be willing to complete an online questionnaire regarding the level of service that we have provided you with. We do this so that we can ensure that we are maintaining the high level of service which our clients have come to expect.

The keys stages that are involved in a standard purchase transaction are:-

• Taking your initial instructions and providing you with preliminary advice on the matter;

• Providing you with a “Client Care” pack which will contain:-

• • full details or our Terms and Conditions,
  • a detailed written “Costs Information Sheet” setting out our best estimate of the costs and disbursements to be incurred in respect of the transaction
  • a “Keys Details and ID Form” that will set out details of the ID and other documentation we will require from you

• Receiving the Memorandum of Sale from the Estate Agents and contacting the Seller’s solicitors to confirm that we are instructed.

• Receiving in the draft Contract and draft Transfer Deed from the Seller’s solicitors along with the Title and other supporting documents for the Property.

• If the Property is leasehold receive in and review the terms of the Lease to ensure that there are no defects in it that may require the document to be varied.

• Reviewing the draft Contract, Transfer Deed and Title documents to check whether there are any defects in these or whether they contain any onerous provisions which may affect whether the title to the Property is good and marketable.

• Instruct Searches

• Negotiate and agree any amendments to the Contract and Transfer Deed with the Seller’s solicitor and once agreed arrange for you to sign the same.

• Raise any additional enquiries with the Seller’s solicitors regarding the title to the Property so as to resolve any potential issues that may affect the Property.  Obtain any additional documentation that may be required, for example planning documents or defective title indemnity insurance policies.

• If the Property is Leasehold receive in and review the “Pre-Sale Management Pack” providing details of the management arrangements for the Property to ensure that those arrangements are satisfactory. Raise any additional enquiries of the Landlord that may be necessary.

• Receive back search results and review the same. Raise any further enquiries that may be needed as a result of any adverse search result.

• Receive in your mortgage offer and instructions from the mortgage lender to act on their behalf. Review any conditions attached to the mortgage offer to ensure that they can be complied with.

• Review mortgage lender’s instructions to ensure that the title to the Property complies with them.

• Arrange for you to sign the Mortgage Documents

• If the Property is leasehold, review any Licence to Assign or Deed of Covenant that may be required to confirm whether these are satisfactory.

• Once all documentation has been agreed and satisfactory searches, replies to enquiries and mortgage offer have been received provide you with a bespoke comprehensive written “Report on Title” to provide you with a user-friendly summary of all key material legal points in respect of:-

• • the Title to the Property
  • the Lease (if applicable)
  • the terms of the Contract
  • the enquiries received from the Seller (and if applicable the Landlord and Managing Agents)
  • the Search results
  • the Mortgage Offer

• Advise you on “joint-ownership” of the Property (if you are buying with another person)

• Exchange of Contracts

• Request Mortgage funds from your Lender and prepare a completion statement for you showing the amount you will need to pay in order to complete the Purchase.

• Obtain pre-completion searches.

• Prepare the Stamp Duty Land Tax Return (England) / Land Transaction Tax Return (Wales) and submit this to you for approval.

• Completion

• File the Stamp Duty Land Tax Return (England) / Land Transaction Tax Return (Wales) and make payment of the required Tax

• Receive the Completion Documents from the Seller’s solicitor.

• Apply for registration of your Purchase at the Land Registry

• Once registration at HM Land Registry has completed send you the updated title documents.

• Close our file and confirm to you once all legal work has completed. As part of our closing procedures we will also ask whether you would be willing to complete an online questionnaire regarding the level of service that we have provided you with. We do this so that we can ensure that we are maintaining the high level of service which our clients have come to expect.

Who will carry out my transaction?

If you instruct us to act on your sale or purchase you can be assured that your transaction will only ever be carried out by one of our fully qualified solicitors. That solicitor will then be your first port of contact with the firm throughout the transaction.

We pride ourselves on providing a bespoke service to our clients and we believe that can only be achieved by ensuring that your transaction is handled by an experienced fully qualified solicitor from start to finish.  We do not allow any unqualified members of staff to conduct any of our conveyancing transactions.

As a firm, our solicitors collectively have in the region of 90 years of practical experience in handling property transactions for clients.

Details of our assistant solicitors can be found here:

Grace Wood

The work of all of our assistant solicitors will be supervised by one of our three partners:-

Brendan Dean

James Simmonds

Diana Greenham

If one of our partners is instructed to act on your behalf their work will in turn be supervised by one of the other partners within the firm.

Complaining about our service

We strive for 100% client satisfaction, but if you are not happy with the service that we provide please let us know so that we can try to put things right.

A copy of of our formal complaints procedure can be found here.