The SRA have asked all regulated law firms who carry out Residential Conveyancing to publish information on average Residential Purchase matters. We believe there is no such thing as an average residential transaction; we like to treat each client as an individual. Additionally, due to the impact of COVID-19 on the property market, many transactions are taking longer than usual. Some firms are reporting that standard transactions (those usually completed within 8 weeks) are taking up to 5 months. The current SDLT “holiday” is due to end on 30 June 2021. As such, while we will do our upmost to progress your purchase in a timely manner, we cannot guarantee completion before this date.
Please do not hesitate to contact us if you have any queries about the information below.
What is the price range for this service?
- Our fees are dependent on the sale price of the property:
- £0-100K – £500.00
- £100-150K – £545.00
- £150-200K – £645.00
- £200-250K – £745.00
- £250-300K – £800.00
- £300-400K – £900.00
- £400-500K – £1,050.00
- £500-600K – £1,075.00
- £600-700K – £1,200.00
- £700-800K – £1,300.00
- £800-900K – £1,350.00
- £900-1mil – £1,450.00
- If the property is Leasehold, an additional £295.00 may be charged.
What hourly rates do you charge?
- We do not charge for Residential work on an hourly basis. If your matter requires additional steps to be undertaken, you may be charged a fixed additional fee (please see “What services may be required in addition to the above, and what will they cost?” below).
What disbursements will I need to pay?
- Pre completion searches (estimated £7.00)
- SDLT (depends on price of property and purchaser’s situation)
- Standard search pack (locally – £168.00, out of area – £184.00)
- Land Registry Fees based on the purchase price:
|Value||Electronic transfer of whole||Electronic transfer of leases and of part||Voluntary first registration|
Will I be charged VAT?
- We charge VAT on our fees and searches and if required, on Land Registry documents.
What steps are involved?
- On receipt of instructions, ID and evidence of source of funds from the you, carrying out due diligence and complying with money laundering regulations.
- On receipt of contract pack from the Seller’s solicitor – investigation of title and property information forms. Raising enquiries with the Seller’s solicitor, forwarding Property Information Form and Fittings and Contents Form to you.
Steps 1 & 2 will be completed within three days of receipt of the contract pack.
- Applying for searches as soon as the above points have been satisfied.
- Receiving searches, raising any necessary enquiries and forwarding reports to you on receipt of the searches.
- Receiving and checking mortgage offer, if any, and reporting to you and the lender. Sending you the mortgage deed to sign within three days of receipt of mortgage offer.
- Sending Transfer and Requisitions within five days of approval of draft Contract.
- Agree dates for exchange and completion with the parties in the chain.
- Exchange as expeditiously as possible.
- Completion – All completions will be dealt with expeditiously on the agreed completion date.
- Attend to registration at HM Land Registry within a week of completion.
- Sending completed registration documents to you and, where applicable, the lender, within two days of receipt from HMLR.
What services are included in the price?
- Negotiate and agree a Contract and Transfer.
- Investigate and report on the title to the Property.
- Provide a written Report on Title to you.
- Co-ordinate the transaction to achieve exchange of contracts and completion in accordance with your instructions.
- Attend to exchange and completion on your behalf.
- Attend to post-completion matters including submitting a Stamp Duty Land Tax (SDLT) Return at HMRC and making an application to the Land Registry to register the transaction
What services may be required in addition to the above, and what will they cost?
- Potential additional services may include:
|Additional Work||Charge (Ex VAT)|
|If you require completion to take place in less than 14 days from exchange of contracts||£100.00|
|If we are instructed in a contract race with more than one buyer||£250.00|
|Receiving instructions via a Lender portal (such as LMS)||£15.00|
|If the title to the property is to be upgraded with the Land Registry (excluding Land Registry Fee)||£125.00|
|Gifted Deposit from third party||£75.00|
|If your lender requires occupiers to sign a consent or release||£75.00|
|Statutory declaration or statement of truth||£195.00|
|Arranging Indemnity Insurance (excluding the cost of the insurance policy)||£100.00|
|If there are other solicitors related to the transaction, either dealing with a related sale/purchase or matrimonial||£150.00|
|HMO if the property is bought or sold with multiple occupation||£125.00|
|Deed of Postponement||£150.00|
|Shared ownership leases||£250.00|
|Help to Buy Scheme||£250.00|
|If the lender has their own representation or you are using a non-high street lender||£450.00|
|New build Properties (if not aware when instructed)||£250.00|
|Leasehold (if not aware when instructed)||£295.00|
|If we are required to draft or approve a tenancy agreement||£195.00|
|If the property is being purchased as a Buy to Let with specialist Lender||£300.00|
|If there are solar panels on the property and subject to a lease||£250.00|
|Declaration of Trust||£250.00|
|Deed of Covenant (each)||£250.00|
|Transfer of Equity||£350.00|
|Transfer of Part||£350.00|
|Defective Title||Hourly rate|
|If a property is being purchased through an Auction (does not include a fee for checking the auction pack nor does it cover attendance at the auction)||Minimum of £450 depending on price|
|Purchase/sale of additional plot/piece of land with a separate title||To be agreed depending on parcel and price|
|Sale of Freehold property subject to a management company or service charge||£250.00|
|Where source of funding requires further investigation||£110.00|
These prices are excl VAT.
Who will handle my matter?
- Your Client Care Letter will let you know who is dealing with your matter. More information on your Fee Earner can be found by clicking on their names below:
- With more than 70 years of collective experience, the Residential Team are ably assisted by:
Who supervises the work?