All property transactions are different, and our fees will vary based on your sale or purchase. Some property transactions are complex, such as a listed building, and this will have additional cost.
The following is an estimate. We will be in a better position to give you a detailed quote once we know your circumstances.
YOUR COST ESTIMATE
We will always give you a costs estimate/quote at the beginning of your case considering all factors of your purchase. Unexpected complication will be discussed with you and the cost implication before additional costs are incurred.
We can only talk about potential cost implications at this stage.
Our fees for a typical house sale or purchase range from around £695 +VAT for a simple transaction to around £5,000 +VAT for a substantial historic building on unregistered land.
THINGS WHICH WILL AFFECT THE COSTS OF YOUR TRANSACTION
A number of things will affect the costs of your transaction which could include:
– If it is freehold or leasehold
– If it is a new build
– If it is first registration of title (unregistered land)
– If it is a mortgage or not
– In a purchase cases, if it is primary residence, buy to let or secondary/holiday home
– If there are multiple owners
– If a shared ownership scheme is involved
– If you are using a help to buy scheme
– If it is purchase under right to buy
– If it is purchase at auction
– If the property has been repossessed
– If indemnity insurance is required to cure title defects
HOW LONG WILL YOUR TRANSACTION TAKE?
It is hard to predict how long a property transaction will take as there are several factors to take into consideration all of which can affect the timescale. It might depend on how many people are in the chain, how fast other Solicitors respond or the Mortgage company.
It could take as little as 4-6 weeks or as long as 4-6 months. We will always aim to exchange on a date agreeable to all parties and early in the transaction. This is not always possible to to several factors. The date cannot be guaranteed. We will always aim to keep you updated on the timescale of your case and the completion of the transaction.
Purchasing a property is a big commitment. It is important, before you commit, or the lender commits to lend, relevant searches are undertaken so you are made aware of any issues or potential issues which might affect your decision to carry on with he purchase or the lenders decision to continue with the offer to lend. Searches include but are not limited to:
Before committing you to the purchase (or the Lender to the loan) we undertake relevant searches to ensure you are both made aware of any problems or potential problems that could affect your decision to proceed with the purchase or the Mortgage Lender’s decision to proceed with the Mortgage or Re-Mortgage. Searches may include but are not limited to:
• Local Authority Search
• Homebuyers Environment Search
• Planning Search
• Chancel Check indemnity insurance policy
We cannot say what searches are required until we have reviewed the property title.
The cost of searches ranges between £295 – £395 + VAT. This includes our charges for reviewing them and advising you of the content and raise any enquires. Costs of searches may increase if additional searches are required.
WHAT IS INCLUDED IN YOUR TRANSACTION – PURCHASE
– Gathering information from your Seller’s solicitors.
– Checking that the Seller’s have good Title.
– Making enquiries of the Seller.
– Agreeing the terms of the contract.
– Reporting to you with the Contract for signature.
– Agreeing a completion date, obtaining the deposit and exchanging Contracts.
– Calculating any additional monies required from you and arrange to complete your purchase.
– After completion has taken place, dealing with Land Registry formalities.
– Following registration providing you with a copy of your title.
WHAT IS NOT INCLUDED
Our estimate of fees relates to acting on your behalf and does not include any additional work for acting on behalf of the Lender. If this applies it will include acting on behalf of the lender and obtaining Mortgage instructions. It will also include making sure all the Mortgage conditions have been met before exchanging contracts and the mortgage deed has been executed. We will then have to obtain your Mortgage advance.
If we are instructed by your Lender then their fees will have to be paid for by you. Our fees for this will be £150 plus VAT.
If the property you are purchasing is a leasehold then there will be additional work involved and we will have to charge you for this. This will include obtaining information from the Landlord or Managing agent and looking at the Landlords freehold title.
Our fees for this will be £150 plus VAT.
WHAT IS INCLUDED IN YOUR TRANSACTION – SALE
– Applying to Land Registry for Title Deeds
– Preparing draft contract pack
– Assisting in dealing with enquiries raised by the Buyer’s Solicitors
– Agreeing the terms of the contract.
– Once we are satisfied that all matters have been properly dealt with, reporting to you with the Contract for signature.
– Agreeing a completion date and exchanging Contracts.
– Taking steps to deal with the repayment of mortgages and third-party charges
– Paying estate agent commission
– Accounting to you for the net proceeds of sale
Our estimate of fees relates to acting on your behalf and does not include any additional work for acting on behalf of the Lender in redeeming Mortgages and/or loans secured against the property. We are on several Lending Institutions panels who may or may not choose to instruct us to act for them. If we are instructed our fees for acting for each Lending will have to be paid for by you. Our fees for this will be £150 plus VAT.
If the property you are purchasing is a leasehold then there will be additional work involved and we will have to charge you for this. This will include obtaining information from the Landlord or Managing agent and looking at the Landlords freehold title. This will attract additional charges.
Our fees for this will be £150 plus VAT.
FURTHER COST INFORMATION
We will always try and provide our clients with fixed fees. This is calculated for the work to fall within a certain bracket of time. In certain circumnutates and where a case becomes complicated (which could not be foreseen) we reserved the right to revert to our hourly rates. If this situation occurs, we will consult with you and provide a revised cost estimate.
- Our conveyancing fixed fees are based upon certain assumptions as follows:
– Letters and calls between us are kept to the minimum which is reasonably required.
– Accurate information regarding the transaction is supplied to us.
– The property has good title.
– It has been disclosed to us if the property is:
a transfer of part
to involve a mortgagee in possession
a new build
subject to any affordable home ownership schemes
to be subject to any tenancies
unregistered or is held under multiple title numbers
is freehold yet subject to the involvement of a management company
– You have disclosed to us if the transaction must complete within a short timescale
– There are no existing legal disputes associated with the Property
– The property is not subject to any existing Legal Dispute
– The sale is not connected with a divorce settlement
– There are no significant complications in agreeing exchange or completion dates
– There are no problems on the contract completion date
– There is not an unusually complex title.
– The matter is a standard conveyancing transaction
– The transaction does not take substantially longer than 12 weeks to complete
– No issues relating to a breach of contract need to be resolved after completion.
If the above conditions are not met and your matter becomes unusually complex or protracted, we reserve the right to charge for the additional time spent. If this situation arises you will be consulted, and an estimate of additional fees will be provided.
BANK TRANSFERS (BACS)
BACS transfers are charged at £35 for each transfer of funds out.