Fees

Our fees for a freehold residential property purchase are set out in the Fee Schedule and cover the essential conveyancing steps that will need to be taken on a typical freehold residential property purchase by a single natural person with no mortgage.

Our fees as set out in the Fee Schedule include all of the items specified in the Key stages of the transaction. If you proceed to instruct us, this will be the scope of work that will be set out in our letter of engagement.

Our fees assume that:

  • this is a standard transaction, concluded in a timely manner and that no unforeseen, unusual or additional matters arise, for example a defect in title which requires remedying, or the preparation of additional documents ancillary to the main transaction;
  • the transaction involves only registered land;
  • all parties to the transaction are UK based, are co-operative and there is no unreasonable delay from third parties providing documentation.

Additional fees will apply for any unforeseen, unusual, complex or additional elements required in the transaction. We have specified the more common elements which are likely to arise in the Table of Supplemental Fees and for which we have been able to allocate an additional fixed charge.

Example fees exc VAT for a single freehold purchase, price £300,000, no mortgage:

Conveyancer's fees for purchase £2,200

Conveyancer's fees for SDLT/WLTT Return (assuming straightforward and no advice in relation to any surcharges or reliefs required) £300

Search costs and disbursements (inclusive of VAT) (best estimate) £669

VAT (best estimate) £500

Land Registry fees £150

Stamp Duty Land Tax (basic rate) £2,500

Total fees disbursements and purchase costs £6,319

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

We use a National Land Information Service licensed supplier to obtain our search results from a wide range of sources (local authorities, water authorities and others). A fee is payable (plus VAT) each time we use this service which we will add to the search costs payable by you.

We set out below the estimated search costs (inclusive of VAT) which are likely to arise on a standard transaction, assuming that basic searches are undertaken, with the higher cost applied where there is a range of costs, as follows:

Local authority search: £480

Drainage and Water search: £75

Chancel check: £26

Envirosearch residential: £63

Land Registry title and plan: £6

Land Registry Index map: £4

Mapping charge: £10

Pre-completion searches: £5

Total: £669

Disbursements will also include a fee payable to the Land Registry for the registration of your purchase (and mortgage if relevant) after completion. Land Registry fees are based on a scale relevant to the value of the property and type of registration required.

We have included the relevant scale fee in our Fee Schedule for that value of property assuming a simple electronic application for registering a transfer of whole (with mortgage if relevant).

There are certain disbursements which may need to be incurred which will be unknown at the outset of a transaction and which cannot be estimated in advance. These include (without limitation), additional title documents that are required, travel and courier charges, search fees specific to the property or the location of the property, and fees payable to a local authority for the provision of planning information and documents.

Stamp Duty Land Tax/Welsh Land Transaction Tax

This depends on the purchase price of your property and other relevant circumstances of the transaction. You may be able to calculate the amount you will need to pay by using HMRC's website or, if the property is located in Wales, using the Welsh Revenue Authority's website.

If your circumstances give rise to a complex SDLT/WLTT position then we can provide specific advice to you, for an additional fee to be agreed. We will also charge separately in acting as your agent on the preparation and submission of an SDLT or WLTT Return and arranging for payment of the duty.

Key stages of the transaction

  • Receiving your instructions, carrying out a conflict check, preparing and sending to you our standard letter of engagement, opening a file and receiving from you your identification documents to satisfy our anti-money laundering obligations;

     

  • Making initial contact with the selling agent and reviewing the sales memorandum and particulars of sale (if there is an agent) and making initial contact with the seller's solicitors;

     

  • Obtaining your instructions on your need for a mortgage and if so the current status of the application;

     

  • Considering with you the financial circumstances of the purchase generally including assessment of the applicable SDLT/WLTT rates and advising on the amount of duty that will be payable;

     

  • Advising on commissioning a formal independent survey;

     

  • If your lender is to be separately represented making initial contact with the lender's solicitors and ascertaining their requirements in the transaction;

     

  • Reviewing and amending draft contract and reviewing legal pack provided by seller's solicitors, submitting standard property searches, applying to third parties for copy documents if needed;

     

  • Reviewing search results;

     

  • Reviewing any existing tenancy agreements subject to which the Property will be sold;

     

  • Raising additional enquiries as necessary with the seller's solicitors;

     

  • Reporting to you on any identified defects or issues;

     

  • Reviewing your mortgage offer, checking any unusual conditions with you, reporting to your lender (or to your lender's solicitors) any matters which need to be referred to them under the UK Finance Mortgage Lenders' Handbook;

     

  • Reviewing and commenting on your survey report (if commissioned and received) and if required by you raising additional enquiries with the seller's solicitors on any issues revealed by the survey report;

     

  • Agreeing the form of contract and the transfer deed;

     

  • Preparing report on title and contract for you and advising you generally as to shared or joint ownerships and financial contributions of the parties if there is more than one buyer;

     

  • Arranging for you to sign the contract and arrangements for transfer from you to us of the required deposit monies;

     

  • Agreeing a completion date with all parties and proceeding to exchange of contracts;

     

  • Preparing draft SDLT /WLTT Return for your approval and arranging signature of transfer, mortgage deed, and SDLT/WLTT Return;

     

  • Preparing and submitting certificate of title to your lender (or your lender's solicitors), dealing with their pre-completion requirements, finalising net mortgage advance and requesting and receiving your mortgage advance;

     

  • Reviewing pre-completion information received from seller's solicitors, considering the requirements for redemption and discharge of the seller's mortgage(s) and obtaining the necessary undertakings;

     

  • Preparing a completion statement for you and arrangements for the transfer from you to us of the balance of the purchase monies;

     

  • Carrying out pre-completion searches;

     

  • Transferring funds to the seller's solicitors, formally completing, notifying all parties of completion and advising you of key collection arrangements;

     

  • Submitting SDLT/WLTT Return on-line and payment of duty;

     

  • Registering the purchase and mortgage at the Land Registry (and Companies House if relevant) and dealing with other routine post completion matters;

     

  • Reporting to you once registration is completed and accounting to you for any surplus monies on account.

 

TLT Fee Schedule – residential freehold purchase

The fees1 specified in this table are all exclusive of VAT and disbursements.

Property value

TLT fees

Land Registry Fees

Up to £200,000

£2,000

£20-£100

£200,001 - £400,000

£2,200

£150

£400,001 - £500,000

£2,600

£150

£500,001 - £600,000

(Price - £500,000) x 0.15% + £2,700

£295

£600,001 - £700,000

(Price - £600,000) x 0.15% + £2,900

£295

£700,001- £800,000

(Price - £700,000) x 0.15% + £3,100

£295

£800,001 - £900,000

(Price - £800,000) x 0.15% + £3,300

£295

£900,001 - £1,000,000

(Price - £900,000) x 0.15% + £3,500

£295

£1,000,000 - £2,000,000

(Price - £1,000,000) x 0.05% + £3,800

£500

£2,000,001 - £3,000,000

(Price - £2,000,000) x 0.05% + £4,300

£500

Above this – fixed fee estimate as agreed with you or hourly rates subject to a minimum fee of £4,800

£500

1.Discounts to our published fees may be available by agreement where we can resource work at a more junior level and/or from one of our regional offices.

Table of Supplemental fees

The fees specified in this table are all exclusive of VAT and disbursements.

Description

£

Fee for remitting money by telegraphic transfer

25

Supplement where buyer is obtaining a mortgage

TLT to act for mortgagee

400

Mortgagee to be separately represented

700

Supplement for SDLT / WLTT Return (assuming straightforward and no advice in relation to any surcharges or reliefs is required)

300

Supplement where title is subject to a Restriction that needs to be satisfied or removed on completion

200

Supplement for new builds

500

Supplement for a first registration of unregistered land at the Land Registry

500

Supplement where an indemnity insurance policy is required

200

Supplement for any gift element or other third party contributions to the purchase price

300

Supplement for review of an existing tenancy agreement where property is let (per agreement)

100

Supplement for advice on rectifying non-compliance with pre-letting requirements and tenancy deposits where property is let

500

Supplement for review of licence where property is a licensed House in Multiple Occupation (HMO)

200

Supplements where buyer is a corporate entity

Companies House review

125

Review of board minutes/resolutions

150

Preparation of board minutes/resolutions

250

Review of Director loan requirements and loan agreements

500

Obtaining letters of non-crystallisation from other lenders (per lender)

200

Obtaining deeds of release from other lenders (per deed)

200

 

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