Price and Service Information – Residential Conveyancing

Price and Service Information – Residential Conveyancing

1.              Introduction

Instructing solicitors can seem like a daunting process but it is easier if you clearly understand the scope of work that will be undertaken for you, how long it will take and how much you will be charged for this.

We are always very happy to discuss such matters with you, both before we undertake any work for you and at any point whilst any of your matters are progressing.

Transparency and a clear understanding of the scope of work, timescales for delivery and costs will be important for you, and are a fundamental part of our service, which has contributed in no small part to us building trusted, longstanding client relationships over a number of years. We would very much welcome the opportunity to start that journey with you too.

Since December 2018, in accordance with their Transparency Rules, the Solicitors Regulation Authority has required all solicitors to publish on their website certain key information for particular areas of legal work. You will find that information set out below for our legal services in connection with Residential Conveyancing.

Whilst we hope that you find this useful, because this information needs to cover a number of scenarios, it is unfortunately lengthy and not as simple as we would like it to be for you.

So, if you need any legal assistance and think that we may be able to help (including matters relating to Residential Conveyancing), please do contact us directly (whether over the telephone or by email) so that we can properly understand the assistance that you require and how best we help you.  This will then enable us to provide you with a tailored estimate of charges for your particular requirements, which we are sure will be much clearer and easier for you to understand since they will reflect your exact requirements.

If you would like to provide us with details of your particular circumstances and requirements, click here to request a detailed quote / to arrange a meeting. We would be very pleased to hear from you so that we can assist you with the clear and transparent information that you need.

 

2.              Purchase

2.1           Our Fees

For Residential Conveyancing, we work predominantly on a fixed fee basis for our Fees.  Our Fee (based on the Scope of Work below) is dependant upon the value of the property that you are purchasing as set out below:

Value of Property Legal Fee
£0-£50,000 £500 plus VAT
£50,000-£100,000 £550 plus VAT
£100,000-£150,000 £600 plus VAT
£150,000-£200,000 £650 plus VAT
£200,000-£300,000 £700 plus VAT
£300,000-£400,000 £750 plus VAT
£400,000-£500,000 £800 plus VAT
£500,000-£750,000 £900 plus VAT
£750,000-£900,000 £1,000 plus VAT
£900,000-£1,000,000 £1,200 plus VAT

There may be circumstances where we will need to charge an additional legal fee due to the extra work involved.  An example would be when dealing with a leasehold property due to additional third party involvement when we will need to advise you on the lease terms and liaise with the landlord and or managing agents to obtain further information on collection of ground rent, service charge and any administration charges that may be collected.  Further information on buying or selling a leasehold property can be found at section 5 below. Outlined immediately below are the types of circumstances which will attract an additional fee:

Leasehold Property                                    £175                   plus VAT

Help to Buy ISA (per draw down)                £50                   plus VAT

New Build                                                   £150                   plus VAT

Help to Buy / Shared Equity                      £175                   plus VAT

A fixed fee for your transaction in respect of our Fees can be provided upon request.

2.2           Disbursements

Disbursements are costs related to your matter that it is necessary for us to pay to other people, businesses, agencies or entities on your behalf. We will ask you to provide us with the funds in advance to pay these costs.

Anticipated disbursements are:

OS1                                                                £3.00              plus VAT

Bankruptcy search (per name)                      £2.00              plus VAT

Local Authority Search (local)                      £55.80              plus VAT

Local Authority Search (out of area)            £93.33              plus VAT

Water and Drainage Search                        £38.80              plus VAT

Environmental Search                                 £49.00              plus VAT

Telegraphic Transfer Fee                              £8.00              plus VAT

BACS Fee                                                      £0.24              plus VAT

*LMS fee                                                      £12.00              plus VAT

*LMS Fee: some mortgage lenders choose to issue their mortgage offer and supporting documents through the online LMS portal. LMS charge a fee for this service.

Land Registration Fee (dependant upon value of property):

Value of Property                                      Land Registration Fee

£0-£50,000                                                   £20                   plus VAT

£50,000-£100,000                                        £20 – £40         plus VAT

£100,000-£200,000                                      £95                   plus VAT

£200,000-£500,000                                    £135                   plus VAT

£500,000-£900,000                                    £270                   plus VAT

£900,000-£1,000,000                                 £270 – £455       plus VAT

When making an application to the Land Registry involves the creation of a new or previously unregistered title, the registration fee is increased to a maximum of double of the fee stated above.

Stamp Duty: the calculation of the stamp duty land tax payable on your purchase depends on a number of factors. As such, we have provided a link to the HMRC website to enable you to input the details of your transaction to produce an estimated figure from HMRC click here.

2.3           Scope of Work

Included in Our Fees as set out above is the following work:

  • all work involved in a standard purchase conveyancing transaction including:
    • checking the title, searches and raising any necessary enquiries on your behalf
    • reporting to you on the above;
    • registration of your ownership at the Land Registry;
    • submission of your stamp duty land tax return to HMRC; and
    • payment of Stamp Duty Land Tax (or Land Tax if the property is in Wales).

Our Fees as set out above do not include:

  • any work involved in a transaction falling outside of a standard purchase conveyance including:
    • if the legal title to the property is defective;
    • if planning or building regulations have not been properly obtained; or
    • if crucial documents requested from you or a third party have not been provided.

We have included disbursements (fees payable to third parties) which are usual to the type of transaction. The cost of the disbursements are estimated only, as they often need to be tailored depending on a number of factors. As an example, it may be necessary to carry out additional searches depending on the geographical location of the property. Additionally new build and other new title registrations incur a higher registration fee with Land Registry.

2.4           How long will my matter take?

How long it will take from acceptance of your offer until you can move into your new house will depend on a number of factors. On average, a single transaction takes between 6 – 8 weeks. The process can be quicker or slower depending on the number of parties in the chain and their position. Also a matter can take longer when we are reliant on third parties for information required to progress. An example would be a leasehold transaction in which we rely on the Landlord or Management Company to produce information. We estimate that a leasehold transaction would take between 6 – 12 weeks.

3.              Sale

3.1           Our Fees

For Residential Conveyancing, we work predominantly on a fixed fee basis for our Fees.  Our Fee (based on the Scope of Work below) is dependant upon the value of the property that you are selling as set out below:

Value of Property Legal Fee
£0-£50,000 £450 plus VAT
£50,000-£100,000 £500 plus VAT
£100,000-£150,000 £550 plus VAT
£150,000-£200,000 £600 plus VAT
£200,000-£300,000 £650 plus VAT
£300,000-£400,000 £700 plus VAT
£400,000-£500,000 £750 plus VAT
£500,000-£750,000 £850 plus VAT
£750,000-£900,000 £950 plus VAT
£900,000-£1,000,000 £1,150 plus VAT

There may be circumstances where we will need to charge an additional legal fee due to the extra work involved.  An example would be when dealing with a leasehold property due to additional third party involvement when we will need to advise on the lease terms and liaise with the landlord and or managing agents to obtain further information on collection of ground rent, service charge and any administration charges that may be collected.  Further information on buying or selling a leasehold property can be found at section 5 below. Outlined immediately below are the types of circumstances which will attract an additional fee:

Leasehold Property                                             £175         plus VAT

Help to Buy Equity Loan/Shared Ownership      £175         plus VAT

A fixed fee for your transaction in respect of our Fees can be provided upon request.

3.2           Disbursements

Disbursements are costs related to your matter that it is necessary for us to pay to other people, businesses, agencies or entities on your behalf. We will ask you to provide us with the funds in advance to pay these costs.

Anticipated disbursements are:

Land Registry Copies                                              £6         plus VAT

Telegraphic Transfer Fee                                        £8         plus VAT

3.3           Scope of Work

Included in Our Fees as set out above is the following work:

  • drafting the contract and supplying the buyer’s solicitors with any supporting information related to the property provided by you
  • liaising with you and any necessary third parties to deal with any pre-exchange enquiries the buyer(s) might have
  • all work involved in a standard sale conveyancing completion including repayment of any mortgage.

Our Fees as set out above do not include:

  • any work involved in a transaction falling outside of a standard sale conveyance including:
    • if the legal title to the property is defective;
    • if planning or building regulations have not been properly obtained; or
    • if crucial documents requested from you or a third party have not been provided.

3.4           How long will my matter take?

How long it will take from accepting the offer until your sale has completed will depend on a number of factors. On average, a single transaction takes between 6 – 8 weeks. The process can be quicker or slower depending on the number of parties in the chain and their position. Also a matter can take longer when we are reliant on third parties for information required to progress. An example would be a leasehold transaction in which we rely on the Landlord or Management Company to produce information. We estimate that a leasehold transaction would take between 6 – 12 weeks.

4.              Remortgage/Transfer of Equity

4.1           Our Fees

For Residential Conveyancing, we work predominantly on a fixed fee basis for our Fees.  Our Fee (based on the Scope of Work below) is dependant upon the value of the property that you are purchasing as set out below:

Value of Property Legal Fee
£0-£500,000 £450 plus VAT
£500,000-£1,000,000 £950 plus VAT

There may be circumstances where we will need to charge an additional legal fee due to the extra work involved.  An example would be when dealing with a leasehold property due to additional third party involvement when we will need to advise you on the lease terms and liaise with the landlord and or managing agents to obtain further information on collection of ground rent, service charge and any administration charges that may be collected.  Further information on buying or selling a leasehold property can be found at section 4 below. Outlined immediately below are the types of circumstances which will attract an additional fee:

Leasehold Property                                             £175         plus VAT

Help to Buy Equity Loan/ Shared Equity             £175         plus VAT

A fixed fee for your transaction in respect of our Fees can be provided upon request.

4.2           Disbursements

Disbursements are costs related to your matter that it is necessary for us to pay to other people, businesses, agencies or entities on your behalf. We will ask you to provide us with the funds in advance to pay these costs.

Anticipated disbursements are:

OS1                                                                £3.00              plus VAT

Bankruptcy search (per name)                      £2.00              plus VAT

Land Registry Copies                                    £6.00              plus VAT

Telegraphic Transfer Fee                              £8.00              plus VAT

BACS Fee                                                      £0.24              plus VAT

*LMS fee                                                      £12.00              plus VAT

*LMS Fee: some mortgage lenders choose to issue their mortgage offer and supporting documents through the online LMS portal. LMS charge a fee for this service.

Land Registration Fee (dependant upon value of property):

Value of Property (£)                                Land Registration Fee

£0-£50,000                                                   £20                   plus VAT

£50,000-£100,000                                        £20 – £40         plus VAT

£100,000-£200,000                                      £95                   plus VAT

£200,000-£500,000                                    £135                   plus VAT

£500,000-£1,000,000                                 £270                   plus VAT

£1,000,000 and over                                  £455                   plus VAT

When making an application to the Land Registry involves the creation of a new or previously unregistered title, the registration fee is increased to a maximum of double of the fee stated above.

Searches Indemnity Policy – dependant upon property value

Stamp Duty: the calculation of the stamp duty land tax payable on your purchase depends on a number of factors. As such, we have provided a link to the HMRC website to enable you to input the details of your transaction to produce an estimated figure from HMRC click here.

4.3           Scope of Work

Included in Our Fees as set out above is the following work:

  • all work involved in a standard re-mortgage or transfer of equity conveyancing transaction (a transfer of equity changes the registered owner of a property. An example would be adding or removing your partner’s name to the title of your property) including:
    • drafting the transfer papers;
    • repayment of any mortgage;
    • registration of your transfer and/ or new mortgage at the Land Registry;
    • submission of your stamp duty land tax return to HMRC; and
    • payment of Stamp Duty Land Tax (or Land Tax if the property is in Wales) if payable.

Our Fees as set out above do not include:

  • any work involved in a transaction falling outside of a standard transfer or remortgage including:
    • if the legal title to the property is defective; or
    • if crucial documents requested from you or a third party have not been provided.

4.4           How long will my matter take?

How long it will take from  your initial instructions depends on a number of factors. On average, a single transaction takes between 4-6 weeks. The process can be quicker or slower depending on how quickly your mortgage offer is received and the compliance of any other parties involved in a transfer of equity. Also a matter can take longer when we are reliant on third parties for information required to progress. An example would be a leasehold transaction in which we rely on the Landlord or Management Company to produce information. We estimate that a leasehold transaction would take between 6 – 12 weeks.

5.              Additional Costs relating to a Leasehold Property

When purchasing, selling or transferring a Leasehold Property (a flat) there are likely to be additional disbursements. We are generally unable to confirm the amount of these disbursements at the beginning of the transaction as they depend upon the individual Landlord and/or Management Company involved along with the terms of the Lease itself.

5.1           Additional Disbursements relating to a sale of a Leasehold Property

Management Pack from Management Company – If your ground rent and service charge is collected separately you are likely to be asked to purchase a second standard information pack, this time produced by the managing agents who will likely deal with the collection of the service charge and general management of the building of which the flat forms part. This pack is likely to contain information on the collection of the service charge, provide a prospective service charge budget for the following year and contain information such as the buildings insurance schedule and fire risk assessment for the building.

Consent to Sell – Sometimes the terms of the lease require the seller to obtain the landlords’ consent to the sale of the property. Landlords will make a charge for this.

Certificate of Compliance Fee – Sometimes the registered title to the property contains a restriction which will prevent registration of your ownership with the Land Registry until a certificate of compliance has been provided by the Landlord or Management Company – The certificate will be issued once we can show the Landlord/Management Company that the relevant terms of the Lease have been complied with and the relevant fee paid.

5.2           Additional Fees relating to a purchase of a Leasehold Property

Notice of Transfer Fee – This is a fee that may be collected by both the Landlord and/or Management Company to process the request to update their records with your details. This enables them to correctly invoice for ground rent and service charge.

Notice of Charge Fee – The Landlord and Management Company will require details of your mortgage lender or any other charges you have registered against the property and they will charge a fee for updating their records.

Deed of Covenant Fee – A deed of covenant is a document which you may be asked to sign in which you are agreeing to comply with the terms of the lease for the benefit of the Landlord, Management company or both. The Landlord and/or Management Company may charge a fee for preparing and accepting the deed.

Apportionment of Ground Rent and Service Charge – It is usual that service charge and ground rent are payable in advance on dates specified in the lease. If the seller has already paid part of the years charges it is usual that you would reimburse them for your period of ownership. The amount due is usually agreed between both parties once evidence of the sellers payment has been received.

Service Charge Deficits – The service charge is collected in advance by the landlord or management company. At the end of the service charge year they will produce an account showing the amount actually spent versus the amount collected and additional funds may be due from each of the flat owners to cover the difference. We may be able to agreed a retention with the sellers solicitors whereby a specified sum is held a solicitors account for an agreed length of time (usually upon finalisation of the end of year accounts). The sum can then be used to pay any deficit accountable to the sellers period of ownership. If this cannot be agreed we advise that you consider budgeting for any additional sums which may be due at the end of the service charge year.

Consent to Alterations/Subletting – The Landlord and/or Management Company may charge a fee to issue their consent to make alterations to the property after completion of your purchase. Alternatively they may charge a fee to issue their consent for you to let the property out on completion. You should advise us at the outset of any intentions to alter or let the property out so that we can make the relevant enquiries for you.

6.              Individuals dealing with your transaction

We have four members of the Residential Conveyancing Team who may work on your matter:

Claire Ryder – Associate

As a qualified solicitor and senior member of our Residential Conveyancing team, with 5 years’ experience in house sales and purchases, Claire assists clients with all residential property related transactions, including acting for National Building Companies in new development plot work.

Claire’s experience includes dealing with freehold, leasehold, shared ownership, right to buy, unregistered land, mortgages, remortgages, transfers of equity and lease extensions.

Joanne Brennan – Solicitor

Based predominantly in our York Office, Joanne also a qualified solicitor, has been helping clients with residential conveyancing matters for over 25 years.

Joanne’s expertise includes all aspects of property sale and purchase, as well as assisting our Private Client team in matters relating to the matrimonial sales and transfers of jointly owned properties and the sale of probate properties.

John Taylor – Senior Paralegal

John has 10 years’ experience with us dealing with property sales and purchases, mortgage and remortgage work and the transfers of equity.

As part of his work, John regularly assists the Private Client team with private sales, transfers and assents and also matrimonial sales of the property.

Danielle Lewis – Paralegal

Danielle joined the team in 2014 and deals with property sales and purchases, mortgage and remortgage work and the transfers of equity.

Paul Barker

As Head of Department, Paul has over 35 years’ experience working as a property lawyer.  Paul works closely with clients in a range of sectors and supervises the Residential Conveyancing Team.

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Hull+44 (0)1482 325 242

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Grimsby+44 (0)1472 267 770

Scarborough+44 (0)1723 882 500

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