The costs of our residential conveyancing services

Our approach to fees

Residential property transactions can be difficult to accurately price as no two properties or transactions are the same and it is often the case that something arises during the course of the transaction which could not have been anticipated at the outset.

We will discuss every transaction with our clients so as to understand the scope of the work we anticipate we will be required to undertake. Where possible, clients will be provided with a fixed fee quote. This will take into account any relevant information which we have gathered during our discussions and aims to reduce the possibility of extra costs arising during the course of the transaction

The costs of selling a residential property

Total estimated costs – to complete the sale of a residential property, excluding VAT

Property Value Lower Range Upper Range
£0 – £1,500,000 £1,200 £3,000+
£1,500,000 – £3,000,000 £2,500 £4,000+
£3,000,000 – 10,000,000+ £3,500 £8,000+

Our list of services are outlined in the stages of ‘selling a residential property’.

The fees set out for selling a residential property could be affected by the following (not exclusive/ exhaustive) list:

  • the transaction involves any unregistered land
  • there are multiple titles
  • the property is freehold or leasehold
  • there is a mortgage to redeem (or more than one)
  • the transaction involves a sale of part of a legal title
  • the transaction involves any agricultural or equine aspects
  • the contract is to be conditional
  • consent to the sale is required from a third party
  • the complexity of the legal title
  • there is a short deadline for exchange/completion
  • completion does not take place on the contractual completion date or there is another breach of the contract by either party
  • additional work is required to perfect a defect in the legal title or otherwise satisfy a mortgage lender’s requirements
  • slow or unresponsive 3rd parties
  • the transaction involves complex STL advice

Expenses and additional charges for selling a residential property, which you are likely to be required to pay include:

  • Land Registry fee for downloading an official copy of the title and supporting title documents
  • Bank transfer fee per transfer
  • Landlord / oblique managing agent fees for providing management info
  • Additional fees payable to landlord/ oblique estate owner
  • Indemnity insurance policy premium

The amount of time spent on each stage of selling a residential property will depend on the complexity of the sale. Typically this will involve:

  • Complying with Law Society and government regulations including client identification procedures
  • Obtaining the information we need including a list of fixtures and fittings in the property and replies to the Law Society’s Property Information form
  • Liaising with the landlord/managing agents and obtaining management information from them (if applicable)
  • Reviewing all papers, preparing the sale contract and sending it to the buyer’s solicitor with the legal title of the property and additional information
  • Corresponding with the buyer’s solicitor and the estate agent (if any)
  • Dealing with enquiries raised by the buyer’s solicitor and negotiating the terms of the contract
  • Providing a full report on the contract and arranging for it to be signed when it has been approved by the buyer’s solicitor
  • Exchanging contracts with the buyer’s solicitor and receiving the buyer’s deposit
  • Obtaining a redemption statement from the lender confirming the amount to be repaid on completion of the sale (if applicable)
  • Obtaining the estate agent’s commission account
  • Informing the parties of the arrangements for completion of the sale
  • Approving the Land Registry transfer documentation and arranging for it to be signed
  • Preparing a financial statement showing the net sale proceeds
  • Receiving the money for the sale from the buyer’s solicitor and confirming to all parties when completion has taken place
  • Repaying the mortgage out of the sale proceeds by bank transfer and obtaining evidence of repayment (if applicable)
  • Sending the completion documents to the buyer’s solicitor, paying the estate agent’s commission and transferring the sale proceeds

A straightforward transaction, of selling a residential property, should exchange contracts within 3-4 weeks of a sale being agreed if the matter proceeds smoothly. Completion is, of course, dependent on individuals involved in the transaction, especially where there is a chain. If you have a preferred date for exchange or completion we shall endeavour to meet that date. However, we are not always able to influence other parties in the transaction and unforeseen complications and delays can arise.

The costs of purchasing a residential property

Property Value Lower Range Upper Range
£0 – £1,500,000 £1,500 £3,500+
£1,500,000 – £3,000,000 £3,500 £4,500+
£3,000,000 – 10,000,000+ £4,500 £9,000+

Our list of services are outlined in the ‘stages of purchasing a residential property’.

The fees set out for purchasing a residential property could be affected by the following (not exclusive/ exhaustive) list:

  •  the transaction involves any unregistered land
  • there are multiple titles
  • the property is freehold or leasehold
  • we will be acting for a mortgage lender or dealing with a separately represented lender’s solicitor
  • the lender’s instructions to us and its requirements are non-standard
  •  the lender is offshore
  • the transaction involves a purchase of part of a legal title
  •  the complexity of the legal title
  •  there is a short deadline for exchange/completion
  •  the contract is to be conditional
  • additional work is required to perfect a defect in the legal title or otherwise satisfy a mortgage lender’s requirements
  •  completion does not take place on the contractual completion date or there is another breach of the contract by either party
  • slow or unresponsive 3rd parties
  • the transaction involves complex STL advice

Expenses and additional charges for purchasing a residential property, that you are likely to be required to pay include:

  •  Land Registry fee
  • Landlord’s notice fee
  • Search fees
  • Bank transfer fee per transfer
  • Indemnity insurance policy premium

The amount of time spent at each stage when purchasing a residential property will depend on the complexity of the sale.
Typically this will involve:

  • Complying with Law Society and government regulations including client identification procedures
  • Communicating with the solicitor and estate agent (if any) acting for the seller
  • Receiving the contract documentation and reviewing those papers in detail
  • Arranging searches and considering the results
  • Preparing a list of questions to be put to the seller arising out of the documentation provided
  • Submitting standard and additional enquiries to be put to the landlord/managing agent (if applicable)
  • Preparing a detailed professional report on legal and associated matters affecting the property, including the lease and freehold financial arrangements (if applicable)
  • Negotiating the draft contract prepared by the seller’s solicitor and reporting on the contract terms
  • Considering the mortgage lender’s instructions, reporting relevant matters to the lender and ensuring compliance with its requirements (if applicable)
  • Reporting on the contract and arranging for it to be signed and providing instructions for payment of the deposit
  • Obtaining authority to exchange, exchanging contracts with the seller’s solicitor and paying over the deposit
  • Drafting the Land Registry transfer and carrying out pre-completion searches
  • Reporting to the lender and requesting the mortgage funds in accordance with the lender’s requirements (if applicable)
  •  Preparing a financial statement, calculating the balance required to complete and providing instructions for payment of funds
  • Completing HMRC return SDLT1 (for payment of stamp duty land tax and assuming the calculation of the SDLT liability is straightforward), reporting on the return and arranging for it to be signed
  • Obtaining the mortgage funds from the lender (if applicable)
  • Sending the completion monies to the seller’s solicitor on completion and finalising completion
  • Obtaining the completion documents from the seller’s solicitor
  •  Serving Notice of Transfer and Notice of Charge on landlord/managing agent (if applicable)
  • Submitting HMRC return SDLT1 to HMRC
  • Submitting the Land Registry application and advising all relevant parties when it has been completed
  • Dealing with the lender’s standard post completion requirements (if applicable)

 

A straightforward transaction, of purchasing a residential property, should exchange contracts within 3-4 weeks of a purchase being agreed if the matter proceeds smoothly. Completion is, of course, dependent on individuals involved in the transaction, especially where there is a chain. If you have a preferred date for exchange or completion we shall endeavour to meet that date. However, we are not always able to influence other parties in the transaction and unforeseen complications and delays can arise.

The costs of remortgaging a residential property

Total estimated costs – to complete the remortgage of a residential property, excluding VAT

Amount of new loan Lower Range Upper Range
£0 – £1,000,000  £950 £2,000+
£1,500,000 – £3,000,000 £1,100 £4,000+

Our list of services are outlined in the stages of ‘remortgaging a residential property’.

The fees set out for remortgaging a residential property could be affected by the following (not exclusive/ exhaustive) list:

  • the transaction involves any unregistered land
  • there are multiple titles
  • the property is freehold or leasehold
  • the complexity of the legal title
  • consent to the new mortgage is required from a third party
  • the lender’s instructions to us and its requirements are standard
  • the lender is offshore
  • the transaction involves a mortgage of part of a legal title
  • there is a short deadline for completion
  • additional work is required to perfect a defect in the legal title or otherwise satisfy a mortgage lender’s requirements
  • slow or unresponsive 3rd parties

Expenses and additional charges, of remortgaging a residential property, that you are likely to be required to pay include:

  •  Land Registry fee for downloading an official copy of the title and supporting title documents Landlord’s notice fee
  •  Search fees
  • Landlord’s notice fee (if applicable)
  • Bank transfer fee per transfer
  •  Indemnity insurance policy premium

A straightforward remortgaging transaction should complete within 3-4 weeks of instruction subject to receipt of a satisfactory mortgage offer and lender instructions.

We have 16 members of our team who may work on your matter and further details on each of them can be found by clicking on their names below. Regardless of who works on your matter, they will be supervised by one of the partners within our Residential Property team.