Whilst we do not ordinarily carry out standard residential conveyancing we are able to provide bespoke residential conveyancing services on a case by case basis. To confirm whether we can assist you please call or email one of the Real Estate Team;
Karron Whitter, 01793 492252, email@example.com
Rachel Booth, 01793 492272, firstname.lastname@example.org
Renata Lovat Short, 01793 492255, email@example.com
or call or email 01793 617444, firstname.lastname@example.org
Residential Conveyancing Prices and Scope
The costs (prices) set out below are based on a sale, purchase, mortgage or remortgage of an individual, unoccupied or owner occupied residential dwelling and include dealing with your seller, buyer or mortgagee’s solicitor, carrying out searches and reporting to you and include the work involved to file and pay Stamp Duty Land Tax (in England) and Land Transaction Tax (in Wales) and to register the purchase/remortgage at the Land Registry.
Range of Prices
As a guide would usually expect our costs (prices) in connection with conveyancing matters to fall within the following range:-
• Freehold sale/purchase/remortgage – £2,100 – £6,000 (including VAT) each. For transactions involving substantial consideration (namely, in excess of £3,000,000) or covering large or several plots of land, we would be pleased to provide a separate and detailed estimate which would usually be outside the scope of the range set out above;
• Leasehold sale/purchase/remortgage – £3,000 – £7,200 (including VAT) each;
Actual costs will depend on a number of factors including the price of the property that is being sold/purchased/remortgaged and the complexity of the particular transaction;
Therefore a fee at the lower end of the scale would be more likely for a sale/purchase/remortgage around £500,000 and assuming:-
a. that the transaction is fairly standard and that there are no unforeseen matters arising including, for example (but not limited to), a defect in title that requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction;
b. the transaction is concluded in a timely matter with no unforeseen complications arise;
c. all parties to the transaction are cooperative and there is no unreasonable delay from third parties providing documentation;
d. no indemnity policies are required. Additional disbursements may apply in indemnity policies are required. Indemnity policies may be required if a defect in title cannot otherwise be put right; and
e. for reasons beyond our control the matter is particularly protracted.
For a more detailed estimate, please contact one of the Real Estate Team on the contact details provided above.
During the course any residential transaction, we need to pay disbursements – these are costs payable to another organisation which we incur on your behalf as your agent. These can be summarised (please note this is not an exhaustive list) as follows:-
Land Registry fee (on purchase only) – the actual Land Registry fee depends on the purchase price of the property. You can calculate the amount you will need to pay us by using the Land Registry’s fee calculator website http://landregistry.data.gov.uk/fees-calculator.html. We will confirm this calculation for you.
Stamp Duty Land Tax or Land Transaction Tax (on purchase only) – this depends on the purchase price of your property. You can calculate the amount you will need to pay using HMRC’s website (for properties in England) – https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or for properties located in Wales, using the Welsh Revenue Authority’s website – https://beta.gov.wales/land-transaction-tax-calculator. We will confirm this calculation for you.
Other searches (on purchase only) – this will include Local Authority search, Local Land Charges search, Land Registry searches, Water and Drainage search, Desktop Environmental search, Chancel search and any mining or other searches which may be necessary and this is dependent on the location of the property. By way of a guide, search fees are likely to be in the region of £480 – £960 inclusive of VAT.
How long will it take?
This will depend on a number of factors. The average transaction takes 4 – 12 weeks.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. These will include:-
• taking your instructions and giving you initial advice;
• checking finances are in place to fund the purchase and contacting lender’s solicitors if needed;
• receiving and advising on contract documents/drafting and advising on contract documents;
• carrying out searches;
• obtaining planning documentation if required;
• making any necessary enquiries of the seller’s solicitor or responding to the buyer’s solicitor and any enquiries they have;
• giving you advice on documentation and information received;
• going through the conditions of any mortgage offer with you;
• sending you the Contract for signature;
• drafting or approval of a transfer document;
• agreeing a completion date;
• exchanging contracts and notifying you this has happened;
• arranging for monies needed to be received from the lender or you;
• obtaining pre-completion searches;
• completing the purchase/sale/remortgage;
• redeeming any pre-existing mortgage and on a sale forwarding completion monies to you or your mortgagee;
• on a purchase, dealing with payment of Stamp Duty Land Tax or Land Transaction Tax;
• dealing with the application for registration to the Land Registry.
Residential conveyancing matters can be dealt with by any of the Real Estate Team – please refer to our team details on our website.