Residential Conveyancing

We are happy to offer fixed fees in respect of residential conveyancing in most circumstances dependent upon the purchase or sale price of the property involved.

Please note that our professional fees are subject to VAT at the rate of 20%. Some disburesments may attract VAT at 20%, our solicitors will be happy to advise you further in respect of which disbursements are subject to VAT.

The range of fixed fees start at £600 + VAT at 20% of £120 for a sale of a property up to £100,000 and go up to £1.050.00 + VAT at 20% of £210.00 for the sale of a property between £600,001 and £700,000. In respect of purchases the range of fixed fees start at £800.00 + VAT at 20% of £160.00 for purchases up to £100,000 and go up to £1850.00 + VAT at 20% of £370.00 for purchases between £600,001 to £700,000. For purchases over £700,000 the solicitors fees are calculated on an hourly rate in addition to a fixed fee. In respect of Jade Latham this is £ 240.00 + VAT at 20% of £44.00.

Our conveyancing service is comprehensive and the legal fees we charge plus the payments we have to make to third parties (known as disbursements) cover all of that is needed to complete your conveyancing transaction.

Please be aware that in rare circumstances where a transaction becomes complex for reasons not apparent when instructions are taken at the outset additional solicitors fees at the above hourly rates + VAT may be payable in addition to the fixed fee.

Disbursements

Disbursements are costs related to the conveyancing transaction that have to be paid to third parties. Examples of these are Stamp Duty Fees for purchases and Land Registry Fees. These costs are payable by the client in addition to the solicitor’s fees payable for the transaction. When you receive a quote from our team the full fees payable will be detailed including third party payments so you are fully aware of the cost of the transaction to completion. Our solicitors will advise you of any VAT at 20% payable on disbursements.

Stages of the Transaction

It can be difficult to anticipate every stage in the purchase of a freehold property. For this example it is assumed that the transaction is straight forward with no complications.

In completing your freehold purchase our team at Coulson Read Lewis will;

• Take you instructions by appointment with one of our conveyancing solicitors and give you initial advice relating to your purchase.
• At your initial appointment we will have provided a comprehensive quote for your purchase.
• Ensure with you that there are finances in place to fund your purchase and where it is required we will contact any lender’s solicitors.
• Carry out the necessary searches which vary depending upon the type of property you purchase and in some cases where it is located.
• If required we will obtain further planning documentation
• Advise you on the purchase contract documents and receive these for you from the seller’s solicitors.
• Make any necessary enquiries of the seller’s solicitors.
• Advice you fully on all of the documents and any other information received from the seller’s solicitors.
• Give you advice on any conditions of your mortgage offer (if applicable).
• Agree with you the completion date for your purchase. The completion date is the date on which you become the owner of the property.
• Approve the final contract of purchase and send this to you for your signature.
• Exchange contracts with the seller’s solicitors prior to your completion date and notify you once the exchange has taken place.
• Arrange for all of the monies required to complete your purchase to be collected from you and any lender and hold this money in our client account pending completion.
• Complete your purchase on the agreed date. This is when we pay the monies we hold on account for your purchase to the seller’s solicitors.
• Pay on your behalf any Stamp Duty / Land Tax due in respect of your purchase.
• After completion deal with the registration of the purchase at the Land Registry.

Based on a purchase price of £200,000 a freehold purchase transaction would incur the following costs;

• Solicitors Fees – £900.00 + VAT at 20% of £180.00 Excluded from the Fixed Fee;
• Administration Fee (Electronic Money Transfer Fee)- £25.00 + VAT at 20%  of £5.00
• Search Fees – £158.00
• HM Land Registry Fees – £135.00
• Chancel Check – £14.99
• OS1 & Bankruptcy Search – £10.00
• Anti-Money Laundering Search – £6.00 per person

Estimated Costs Before Stamp Duty – £1254.99 + VAT at 20% of £250.99

The amount of Stamp Duty (or Land Tax if the property you are buying is located in Wales) is calculated based upon the purchase price of the property. In this example the purchase price is £200,000, in this instance the Stamp Duty that would normally have to be paid is £1500. Were the purchases (assuming there are 2 persons) both first time buyers then there would be £0.00 Stamp Duty payable.

You can calculate the amount of Stamp Duty you will need to pay by using HMRC’s website (for properties located in England) or for properties located in Wales by using the Welsh Revenue Authority’s website.

ESTIMATED TOTAL COST (INCLUDING STAMP DUTY) – £2754.99 + VAT at 20% OF £245.00

From the moment you make your offer to purchase your new home and that being accepted to the moment you can pick up the keys and move in will vary depending on a number of factors. In our experience the average time a purchase transaction takes is between 8 and 12 weeks.

There are factors that cam extend this timescale or decrease it. For example, if you are a first time buyer of a freehold property, there is little or no chain, you have a mortgage in place (or in principle) the transaction could take as little as 8 weeks.

If you were to be buying a leasehold property this can take significantly longer, particularly if the leasehold property you were purchasing required an extension of the lease. In those circumstances a timescale of 3-6 months can be expected. In these types of transactions there would be additional fees.

Based on a sale price of £200,000 a sale without complication a freehold transaction would attract the following fees;

• Solicitors Fees – £650.00 + VAT at 20% of £130.00
  Costs excluded from the fixed fee:
• Electronic Transfer fee – £25.00 + VAT at 20% of £5.00
• Copy of Title – £6.00 approximately.

Total Transaction Costs – £681.00 + VAT at 20% of £135.00 = £816.00

Based upon a purchase price of £200,000 by 2 persons making the following assumptions;

• The transaction is not complicated or has any unusual features.
• A new lease is not required (extending the existing lease would incur higher fees that the standard fixed fee we offer)
• There is no requirement for indemnity insurances.
• There is no unusual delay created by the parties in any chain.

The transaction would attract the following fees;

• Solicitors Fees – £1,100.00 + VAT at 20% of £220.00
  Costs excluded from the fixed fee:
• Search Fees – £158.00
• Electronic Money Transfer Fee – £25.00 + VAT at 20% of £5.00
• Anti-Money Laundering search – £6.00 per person
• HM Land Registry Fees – £135.00 (please note if the leasehold title is not already registered the cost of the Land Registry Fee doubles.

Total Transaction Costs before additional disbursements – £1430.00 + VAT at 20% of £225.00 = £1649.00

In addition to the third party payments (disbursements) detailed above, transactions involving leasehold properties can also commonly incur the following disbursements;

• Notice of Transfer Fee – If this fee is chargeable it is set out in the lease and varies depending on the lease in question. The fee is typically between £25.00 – £300.00.
• Notice of a Charge Fee – This will apply if the purchase is funded by a mortgage. The fee payable is set out in the lease and will vary depending upon the lease in question. The fee is typically between £25.00 – £300.00.
• Deed of Covenant Fee – This fee is provided by the management company for the leasehold property. The amount of the fee is difficult to estimate and will vary from one management company to another. Typically the fee will range between £25.00 – £300.00.
• Certificate of Compliance Fee – This fee is confirmed once the lease is received. The fee can range between £25.00 – £300.00

Assuming all of the above additional disbursements are payable in accordance with the lease at the lowest end of the scale the additional disbursements would total – £100.00

Stamp Duty (Land Transaction Tax for properties in Wales) would also be payable upon the purchase. As with the freehold purchase example above you can calculate the amount of stamp duty payable by using HMRC’s website or in the case of purchases of leasehold properties in Wales by using the Welsh Revenue Authority’s website.

In the above example the Stamp Duty payable is £1500.00

The Total Estimated Costs for the Transaction including the payment of Stamp Duty is £3030.00 + VAT at 20% of £604.80.

TOTAL = £3634.80

It is important to be aware that when you purchase a leasehold property you are likely to have to pay ground rent and service charge throughout your ownership of the property. The amount payable will be determined by the terms of the lease.

We will fully advise you of these costs at the beginning of the transaction as soon as we have received the information.

Based upon a sale price of £200,000 by 2 persons a leasehold transaction would attract the following fixed fee;

• Solicitors Fees – £850.00 + VAT at 20% of £170.00
  Costs excluded from the fixed fee;
• Electronic Money Transfer Fee – £25.00 + VAT at 20% of £5.00
• Office Copies – £10.00
• Anti-Money Laundering Search £6.00 per person

Estimated Total Costs – £897.00 + VAT at 20%  of £175.00 = TOTAL £1072.00

Additional Costs for the seller in leasehold transactions;

Please be aware that in the case of selling a leasehold property the seller must provide to the purchaser “pre-sale” enquiries which are answered by the Management Company or Landlord where applicable. The costs of providing this information varies greatly from lease to lease and are in addition to the fees quoted above. The fee can be in excess of £500.00 or there may not be a fee payable at all.

We will of course fully advise sellers of freehold properties as to the cost of providing “pre-sales” enquiries at the beginning of the transaction.

We offer fixed fees in respect of Solicitor’s fees for re-mortgaging and transfers of equity.

The following are examples of our fees;

Re-Mortgage

The Fixed Fee for Solicitor’s Fees is £600.00 + VAT at 20% of £120.00.

Not included in the fixed fee are the following disbursements (payments to third parties)

• Search Package – £158.00
• Chancel Check – £14.99
• OS1 & Bankruptcy Search – £10.00
• Anti-Money Laundering Search – £6.00

Please note that not all lenders require searches to be carried out. This is dependent upon the identity of the lender. We will of course advise you at the outset of your case as soon as we are aware of the position.

Estimated Total Fees – £788.99 + VAT of £120.00 at 20% = TOTAL £908.99.

Transfer of Equity

The Fixed Fee for Solicitor’s Fees is £500.00 + VAT at 20% of £100.00.

Not included in the fixed fee are the following disbursements (payments to third parties);

• Search Package – £158.00
• Chancel Check – £14.99
• OS1 & Bankruptcy Search – £10.00
• Anti-Money Laundering Search – £6.00

Please note that in certain circumstances Stamp Duty (or Land Transaction Tax if the Property is in Wales) is payable upon the transfer of equity. We will advise you of the position at the outset of your case when we have all of the information available.

Estimated Total Fees – £688.99 + VAT at 20% of £100.00 = TOTAL £788.99.