CONVEYANCING COSTS FOR PURCHASE

 

CONVEYANCING COSTS FOR PURCHASE

 

The firm deals with many types of immigration matters ranging from entry clearance applications, visa extensions, settlement, visa, naturalisation, representation at the first tier tribunal (immigration and Asylum chamber) and appeals etc.

 

 

Purchase Price Typical Fees
Up to £500,000 £775 + VAT (£930 Inc. VAT)
£500,001-£750,000 £875 + VAT (£1050 Inc. VAT)
£750,001 to £850,000 £975 + VAT (£1170 Inc. VAT)
£850,001 to £950,000 £1075+VAT (£1290) Inc. VAT)
£950,001 to £1 million £1375 + VAT (£1650 Inc. VAT)
£1 million to £1.5 million £1800 + VAT (£2160 Inc. VAT)
£1.5 million to £2 million £2500 + VAT (£3000 Inc. VAT)
£2 million + on application

 

  • The value of the property, location and any complexities of the purchase will dictate the final fee charged within this range.
  • Below we detail what services are covered in our standard fee.
  • HM Land Registry (Stamp Duty*) applies to most property purchase transactions. We will advise you of the stamp duty applicable to your matter and you can check via the Stamp Duty Calculator via the link here.
  • Preparing a basic Declaration of Gift £150 + VAT (£180+VAT) – a complex declaration of trust, will be referred to our private client department
  • Leasehold properties – £175+VAT (£210 Inc. VAT)
  • New build purchase supplement – £425+VAT (£510 Inc. VAT)
  • Islamic Mortgages – £425+VAT (£510 Inc. VAT)
  • Help to Buy Equity Mortgage – £325 + VAT (£390 Inc. VAT)
  • Help to Buy ISA – £75+VAT (£90 Inc. VAT)
  • We will charge the sum of £50 + VAT (£60 Inc. VAT) for Electronic money transfers.
  • VAT will be payable on our fees and some disbursements and we will clearly confirm which disbursements carry VAT in our formal quotation or as we advise you to incur them.

 

If at any stage our fees change, we will notify you and discuss the reason for any changes. This would typically occur if you change your instructions or your case involves an unforeseen complexity.

 

Our average fees assume that:

 

  1. This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction.
  2. For Leasehold matters this is the assignment of an existing lease and is not the grant of a new lease.
  3. The transaction is concluded in a timely manner and no unforeseen complications arise.
  4. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
  5. No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

 

 

Disbursements and Other Costs

 

Disbursements are costs 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.

 

You will be provided with a full list of disbursements in our formal quotation. If you need to incur any further disbursements during your case, you will be notified in advance of the reason and the amount.

 

Typical disbursements will include:

 

  • HM Land Registry fee. The fees chargeable by the land registry can be found here.
  • Priority fees £6
  • Land Registry Priority Search (per title) £6
  • Land Registry Office Copy and Title Plan (per title) £6
  • Bankruptcy search fees £2
  • Lawyer checker £12 + VAT (£14.40 Inc. VAT)
  • Mortgage Loan Legal Fees £225.00 – £325.00 + VAT (dependent upon the loan and lenders requirements) (£270.00 – £390.00 Inc. VAT)
  • Separate Representation with lenders not on our panel £500 – £850+VAT (£600 – £1020 Inc. VAT)
  • Stamp Duty Land Tax Return £150.00 +VAT (£180.00 Inc. VAT)
  • Post Completion £175.00+VAT (£210.00 Inc. VAT)
  • AML Search Fee (per search) £35.00 (£42.00 Inc. VAT)
  • Company Search Fee (per search) £50.00 +VAT (£60 Inc. VAT)

 

Typical Property Search Fees

 

Personal Search fees can vary between is £350-£450. However, Search fees vary from case to case depending on the local authority. We will advise you which searches you need for your transaction and the cost of each search. Our average fee for a standard property search pack is £350 – £450.

 

Typical local searches include:

 

  • Local land charges search;
  • Enquiries of the local authority;
  • Environment search;
  • Planning Search;
  • Chancel repair liability indemnity; and
  • Water and Drainage search

 

Official local searches may be required by your lender and your conveyancer will use their local knowledge to confirm which local searches you will need and its fees. A standard local authority search will reveal whether any legal restrictions or obligations affect the property. These include tree preservation orders, smoke control orders, flood searches as well as the property’s planning and building enforcement history. It will also reveal whether the property is in the vicinity of any planned major infrastructure projects such as HS2 and Crossrail. This will also reveal if the property is built on or near land that was affected by mining and can include a search for mine shafts and subsidence. We will advise you which searches you need for your transaction and the cost of each search.

 

There may be further disbursements* for a Leasehold purchase or the purchase of a freehold property where there is a Management Company which if chargeable is set out in the Lease or Transfer and usually paid to the Landlord or Management Company. These can include:

 

  • Notice of Transfer fee. Often this is between £50-£120
  • Notice of Mortgage fee. Often this is between £50-£120
  • Deed of Covenant Fee Often this is between £80-£150
  • Certificate of Compliance fee between £35-£50

 

*These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

 

If we found that the title was defective, or, if for example, there were planning permission or building regulations that had not been obtained by the Seller this would lead to increased costs.

 

Stamp Duty or Land Tax (on purchase)

 

This amount payable depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website.

 

Provided all the relevant documents in a timely manner, we should be able to submit your application in 2-4 weeks. We cannot guarantee how long the Home Office will take to process your application. Please read the published processing times which are approximate.

 

Aborted Cases

 

If the transaction should go abortive, then depending on what stage you are at will depend on how much you will be charged. Please note that any disbursements paid we will be unable to claim back.

 

Expedition Charges

 

At the outset of the matter, we will advise you that transaction may take 6-8 weeks. Should you instruct us that you require the completion of matter prior to 6 weeks from the date of instructions, then we reserve the right to charge additional fixed legal fees of £195.00 + VAT (£234 Inc. VAT) depending upon how soon you require us to complete the matter.

 

Protracted Transaction

 

If the matter takes longer than the agreed period of completion which is 6-8 weeks, due to any reason whatsoever, then we reserve the right to charge additional fixed legal fees of £195.00 plus VAT (£234 + VAT) depending upon how long the matter is delayed.

 

How long will my property purchase take?

 

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors.

 

  • The average process for a residential freehold property purchase is between 6 – 8 weeks.
  • The average process for a residential leasehold property purchase is between 6 – 12 weeks.

 

It can be quicker or slower, depending on a number of factors and we will notify you if we believe your transaction may take longer than average or if something occurs in your case to extend the transaction time we will inform you.

 

If you are buying a leasehold property that requires an extension of the lease, this can take longer. In such a situation, additional charges would apply and we will notify you of the additional charges and time estimate when we have engaged the landlord to discuss the extension.

 

Stages of the Process

 

The precise stages involved in the purchase of a residential property vary according to the circumstances. We have set out the key stages of a standard transaction:

 

  • Taking your instructions and giving you initial advice.
  • Undertaking regulatory checks.
  • Checking that finances are in place to fund the purchase and contact lender’s solicitors if needed.
  • Receiving and advising on contract documents.
  • Carrying out and advising on searches.
  • Obtaining of further planning documentation, if required.
  • Making any necessary enquiries of seller’s solicitor.
  • Giving you advice on all documents and information received.
  • For Leasehold properties – obtaining and advising on the Management Pack, the Lease and identifying transfer fees.
  • Advising you on joint or shared ownership.
  • Going through conditions of any mortgage offer if appropriate.
  • Sending final contract to you for signature.
  • Agreeing completion date (date from which you own the property).
  • Exchanging contracts and notifying you that this has happened.
  • Arranging for all monies needed to be received from your lender (if applicable) and you.
  • Completing the purchase and notifying the relevant parties.
  • Dealing with payment of Stamp Duty/Land Tax.
  • Dealing with the application for registration at Land Registry.

 

Other Factors

 

Other Factors to consider which may affect your Legal Fees and disbursements are:

 

  • Notice of Transfer fee – This fee if chargeable is set out in the lease.
  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease.
  • Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate.
  • Certificate of Compliance fee for leasehold matters.
  • Value of the property.
  • First-time buyer.
  • New build.
  • First registration of title.
  • Islamic mortgage.
  • In purchase cases, whether primary residence, buy to let or second/holiday home.
  • Multiple owners.
  • Shared ownership scheme.
  • Using a help to buy scheme, and whether it is an equity loan or ISA.
  • Purchase under right to buy.
  • Purchase at auction.
  • Property is purchased under receivership or Property has been repossessed
  • Purchasing with bridging or private loans

 

These fees vary from property to property and can on occasion, be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

 

When you purchase a leasehold property, you should also be aware that ground rent and service charges are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.

 

For further information relating to our pricing structure or any other questions you may have relating to our fees and services, please contact our Conveyancing Team on 0208 577 1222.

 

  • Senior Partner, Chaman Lal is the founder of CL Law Solicitors with over 20 years PQE. He is the driving force of the firm and thrives in dealing with complex and high Net cases. He has extensive experience in Residential and Commercial Conveyancing including Grant or Assignment of Leases and is known for going above and beyond to achieve the best results for his clients. Chaman has overall supervision of the property department and the team.

 

  • Head of the Property Department, Hardeep Singh Grewal LLB (Hons) is a Partner at the firm. He joined the firm in December 2014 as a Legal Assistant and progressed to qualify as a Solicitor in September 2019 after gaining experience in four seats. Hardeep handles a range of conveyancing matters consisting of both Residential and Commercial Property. Hardeep is known for his focused attention to detail and prides himself on excellent client care, ensuring all property transactions run smoothly and efficiently.

 

  • Mandeep Kaur Neta LLM is a Trainee Solicitor, she is overall supervised by Chaman Lal and in Conveyancing matters by Hardeep Grewal. Mandeep has gained experience in all aspects of residential Conveyancing including Remortgage, Transfer of Equity, sales and purchases of leasehold and freehold properties. Mandeep is known for her efficiency in bringing all Residential conveyancing transactions to a speedy and satisfactory conclusion.

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