Charges – Residential Conveyancing
We do our best to be fair to our clients. We regard our relationship with our clients as an individual and personal relationship and not a “one size fits all”. The fees set out below are not to be regarded as any representation or offer to you for contractual purposes nor can they form part of any agreement or retainer with you to perform any services until we both agree a formal retainer.
All fee earning work is carried out by our solicitor who has over 30 years’ post qualification experience.
There are three main elements to legal costs of our Conveyancing Services:
- “Our Charges” – these are our fees for the work we carry out on your file ; and
- “Expenses” we must pay out of your behalf; and
- “Third Party Costs” costs that you may have to pay another party
Our charges are either FIXED or estimated according to Time Spent.
PLEASE NOTE THAT FIXED CHARGES RELATE ONLY TO OUR CHARGES (1. ABOVE). IT DOES NOT APPLY TO EXPENSES (2. ABOVE) OR COSTS YOU MAY HAVE TO PAY ANOTHER PARTY (3. ABOVE). WE CANNOT CONTROL THE COST OF (2) OR (3).
- For Property already registered at the Land Registry: Freehold Transactions: Our Charges will range between £500 to £1500 for properties bearing a value up to £1m, broadly 0.2% of the value of each transaction but subject to a minimum of £500.Leasehold Transactions: Our Charges in Leasehold transactions are subject to a minimum charge of £1500 for properties bearing a value of up to £300,000 and thereafter 0.5% of the value of the property up to £1m.Our Charges within the above ranges will depend upon complexity, urgency, due diligence, the number of buyers or sellers, length of chain, source of funds and whether a lender is involved and the number of Titles involved.
- For Property not registered at the Land Registry
- In this category, we may be able to offer a fixed price for Our Charges but they are likely to be double the above estimates for Registered Land. The price will depend upon the complexity in the audit trail governing ownership.
Whether the property is registered at The Land Registry or not, if a matter or transaction does not reach a conclusion, we reserve the right to charge a fair proportion of Our Charges for the work done. If the majority of the investigatory work has been completed then we are likely to charge 90% of our fixed price but obviously if the deal revives, that work will already have been done and charged.
The above charges are based on a typical straightforward transaction. Additional amounts may be payable for Our Charges and/or expenses if unforeseen complications arise, for example, issues relating to ownership or underlying interests, boundary issues, verification of identity or matters affecting registration. Our Fixed Charges specifically do not include for example complex transactions relating to Stamp Duty Land Tax or Planning or Building Regulations matters or construction issues or the sale of part of a complex deceased’s estate. Where unforeseen complications arise, we reserve the right to increase the fixed price reasonably to reflect the work involved to address the matter.
Specifically, our Retainer excludes:
- Any tax advice other than the applicable rates of Stamp Duty Land Tax
- Dealing with HMRC about any tax implications whether personal, Inheritance Tax, Capital Gains Tax other than Stamp Duty Land Tax;
- Any advice in relation to domicile, trusts or succession;
If we do not offer a fixed price for Our Charges, we may offer to carry out the work at our usual hourly rate of £250 and we will give an estimate of time to be spent for the various stages of the transaction
Our Charges above do not include VAT, which we will add to your bill at the prevailing rate.
Whether Our Charges are fixed or not, there are usually certain expenses incurred on your behalf which we will also add to your bill. We cannot give an exact figure for expenses we will incur on your behalf, but the following are typical examples in a standard transaction and will be virtually identical whichever firm you instruct.
Selling a Property broadly as follows:
Copy of Register and plan at Land Registry – 6.00
Estate Agents Fees – this varies according to agent and we cannot give any estimate
On Leasehold sales, payments to management companies or Landlords.
Buying a Property broadly as follows:
Searches: Local Authority Search, Water Search, Chancel Repair Search, Environmental Search, these may range from 250.00 – £500 but may be more depending upon factors such as location or type of Property
Land Registry Searches: £5.00 per title
and Land Charges Searches £3.00 per search and name
For Leasehold purchases: payments to management companies or Landlords
Stamp Duty Land Tax: this depends upon the transaction, but you may consult the HMRC website: https://www.gov.uk/stamp-duty-land-tax
Land Registration Fees: this varies according the value of the transaction or the Property, but you may consult the Land Registry Website: https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees
- Third Party Costs – Costs that you may have to pay another party
It is very rarely in Conveyancing transactions that another party can request that you pay some or all of their costs. It may arise if you expressly agree this with them at the start.
However, whenever you exchange contracts for the sale or purchase or other disposition of land, you enter into a binding contract to sell/purchase (as the case may be) and this will usually include a date agreed by you as to when the transaction will be completed. If you do not complete the transaction on that date the other party (or parties) may have a claim against you for their losses, for example, removal costs or interest on funds drawn down. Our Charges (whether a fixed price or otherwise) and Expenses do not include such costs.