Residential property conveyancing: range of costs quotations
The examples below are to give you indicative figures. The fees quoted only relate to properties situated in the U.K.
These fees cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.
Freehold properties – indicative fees range
Purchase price up to £500,000
Our fees will go up to:
£920.00 + VAT
Purchase price between £500,001 to £1,000,000
Our fees will go up to:
£1,315.00 + VAT
Purchase price over £1,000,000
Please call or email us for a bespoke quotation.
The figures quoted above assume a straightforward transaction without unforeseen complexity or issues. If the matter becomes complex then there will be an additional fee, examples of which include (but are not limited to):
- Where your property involves a Help to Buy mortgage
- Where your property is leasehold
- Where your property is new build
- Where your mortgage lender instructs its own solicitor
- Where your lease purchase includes the purchase of a share of the freehold
- Where a lease extension is involved
- Where freeholder consent for any reason may be required
- Where there is a perceived defect in title
- If leasehold, that it is the transfer of an existing lease and not the grant of a new lease
- Shared ownership transactions
- Missing or absentee landlords
- Compulsory Purchase
- Where a transaction is required to be expedited
- Contract races
- Lock out/exclusivity agreements
Obviously, all cases are different and we will try our best to inform you as soon as we become aware of any feature that might have an impact on the quoted fee. Please note that all are work is normally charged on a fee basis as outlined above. For information purposes, if any work was carried out on a time spent basis, then the hourly rate is Partner at £220.00 plus VAT, Senior Conveyancer and Solicitor at £200 plus VAT and Conveyancer at £180 plus VAT. We will always inform you if any work was intended to be carried out on this basis.
Disbursements are costs (i.e. expenses), related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
The following comprise the usual disbursements:
- Search fees – between £210.00 and £400.00 depending on the type and volume of searches required. For instance, in addition to the searches included in our professional search pack it may be necessary to arrange for a Mining Report which would cost £43 inc vat.
- Stamp Duty Land Tax – Read more
- Land Registry fee – Read more (where the property is in Wales read here)
- Electronic money transfer fee £42.00 inc. VAT
- Managing Agents pack on sale of leasehold – this can only be ascertained on receipt of documents but the average charge is approximately £360.00 inc. VAT, but can vary depending on the Managing Agent or Freeholder
- Notice and compliance fees on leasehold purchases – these can only be ascertained during the transaction but typically can range between £240.00 to £480.00 inc. VAT
How long will my house purchase take?
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 6 to 8 weeks.
It can be quicker or longer, depending on the number of parties in the chain. For example, if you are a first-time buyer, purchasing a new build property with a mortgage offer in place, it could take 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 to 4 months. In such a situation additional charges would apply.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller’s solicitor
- Give you advice on all documents and information received
- Go through the conditions of the mortgage offer with you
- Send final Report to you with the contract for signature
- Agree the completion date (date from which you own the property) with the sellers’ solicitor
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from the lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry