RESIDENTIAL PROPERTY FEES
There are many complexities and variables that may arise in any property transaction and this makes it hard to give a standard fee. However, the following is a guide to what you may expect to pay as a minimum.
|Bank transfer (each)|
*VAT (currently 20%) is payable on each of the above fees.
We charge a compliance fee per instruction which can cost anywhere between £12.50 – £150 +VAT depending on the number of parties to check and complexity of work involved.
Disbursements are costs that are payable to third parties in connection with the transaction. We will arrange payment of these on your behalf provided that you have put us in funds for the disbursements in question.
On a sale, the following disbursements are common:
|Management enquiries fee (payable to landlord/managing agents on leasehold property)*||£400.00|
|Land Registry fee (per document)||£3.00|
On a purchase, the following disbursements are common:
|Land Registry fee||£20-910.00|
|Priority search fee||£3.00|
|Bankruptcy search fee (per person)||£2.00|
|Landlord’s registration fee (if leasehold)*||£100.00|
*These figures are estimates and the actual sum payable may be higher or lower.
Stamp Duty Land Tax
This is payable on a purchase and the amount will vary depending on the price you pay for the property and whether you (or your spouse) own any other residential property, anywhere in the world .
If the property is in England, you can check the stamp duty land tax payable on the HMRC website.
If the property is in Wales, you can check the land transaction tax payable on the Welsh Revenue Authority website.
What our fees include
On a purchase, our fees include:
- Taking instructions from you and verifying your identity, address, the source of your wealth and the source of the funds for the purchase
- Confirming our instructions to the seller’s solicitor and requesting the contract and title documentation
- Reviewing and agreeing the contract for the purchase
- Examining the seller’s title to the property (including the lease, if the property is leasehold)
- Carrying out and reviewing the searches, which include checking the records held by the local authority and water authority in relation to the property and also checks against databases relating to environmental matters and other searches that may be applicable
- Reviewing replies provided by the seller to the standard property information forms
- Reviewing the management information (if the property is leasehold)
- Raising enquiries with the seller in respect of any matters referred to in the above documentation that require clarification
- Complying with your mortgage lender’s instructions (if applicable)
- Providing you with a comprehensive report in relation to the documentation received
- Dealing with exchange of contracts
- Preparing a completion statement setting out the sum we require from you in order to complete the purchase
- Undertaking the pre-completion searches
- Obtaining the funds from your mortgage lender (if applicable)
- Preparing the transfer deed and stamp duty land tax return for signature together with any other applicable documentation
- Advice on joint ownership of the property (if applicable)
- Dealing with completion of the purchase and the transfer of funds to the seller’s solicitors
- Submitting the stamp duty land tax return to HM Revenue and Customs
- Registering your ownership of the property (and the mortgage if applicable) at the Land Registry
- Registering your ownership of the property with the landlord (if applicable)
On a sale, our fees include:
- Taking instructions from you and verifying your identity and address
- Drafting and agreeing the contract for the sale
- Obtaining the title documents to the property from the Land Registry (including the lease, if the property is leasehold)
- Requesting the management information from your landlord or managing agents (if the property is leasehold)
- Dealing with enquiries raised by the buyer in respect of any matters referred to in the above documentation
- Advising you on how to deal with any issues that may arise
- Liaising with the estate agents and the landlord/managing agents throughout
- Obtaining a mortgage redemption statement from your lender (if applicable)
- Dealing with exchange of contracts
- Preparing a completion statement setting out the sum due to you on completion of the sale
- Agreeing the transfer deed with the buyer’s solicitor
- Dealing with completion of the sale
- Dealing with the redemption of your mortgage (if applicable)
- Transferring the net sale proceeds to you
Please note that the following circumstances may require an increase in our fees:
- The value of the property
- The lease requires the consent of the landlord to the transfer of the property to you
- Your mortgage lender chooses to appoint their own solicitors, rather than instructing us
- The transaction has to be expedited
- A lease extension is required
- An exclusivity agreement is required
- There is a defect in the title
- The transaction involves the grant of a new lease
- There is more than one lease (if the property is leasehold)
- Your require a declaration of trust or co-habitation agreement
- There is conditionality in the contract
- You are buying in the name of a company
- The property is not registered at the Land Registry
- The property is subject to a tenancy that will continue after completion
- Completion does not take place on the contractual completion date
- An indemnity insurance policy is required
- You require translation of any documentation
- You require tax advice
- You are buying or selling a shared ownership property
- You are using a help to buy ISA
- You are buying or selling at auction
- There is an abnormal delay on the part of one or more of the parties to the transaction
Please note that the following items are not included within our fee:
- Arranging a survey of the property*
- Arranging your mortgage and agreeing its terms*
- Arranging buildings insurance*
- Advising you on the tax aspects of the transaction (though we are able to provide you with this advice for an additional fee)
*We would be happy to put you in touch with surveyors, mortgage brokers and insurance brokers who can assist you with these aspects of the transaction if you wish.
We generally estimate that a transaction will take 4 weeks from the initial agreement of terms to exchange of contracts (when both parties become legally bound to proceed with the sale and purchase), though it can be done within a day in certain circumstances, or it can take a few months.
Completion commonly takes place between 2 and 6 weeks after exchange of contracts, but this depends on the date that is agreed between the buyer and seller.
The timeframe of 4 weeks for exchange of contracts depends on a number of different factors outside our control and any of the following may delay exchange of contracts:
- Either party not providing relevant documentation or information promptly
- The local authority not returning the search result promptly, or the search revealing any issues that need to be resolved
- Delay in obtaining a mortgage offer (if applicable)
- If the property is leasehold, the landlord/managing agents failing to provide the required management information promptly
- Any defect in title that needs to be resolved
- Any delay in obtaining a survey or other related inspections
- Any related transactions in a chain
Please do not hesitate to contact us if you would like to discuss your requirements in more detail.