Conveyancing Costs

Conveyancing Costs

Sam, Ian and Poppy at our Crawley office along with Tracey at Ewell will be pleased to assist you with your conveyancing transaction. They will be assisted by their administrative teams. Sam is the Head of Conveyancing and qualified as a Solicitor in 2005. Ian, Poppy and Tracey are Legal Executives and have more than 60 years experience in residential conveyancing between them.
Our charges consist of:

1. Our fees for the legal work;
2. ‘Disbursements’ – disbursements are costs related to your matter that are payable to other people, such as Land Registry fees. We handle the payment of the disbursements on your behalf.

for:

1. property purchases, Stamp Duty Land Tax (see below).
   
   Costs
   Our fees depend upon the value of the property you are buying or selling and start from £595 + VAT. For a tailored quote please email us for further details.

   If you are buying and selling a property then a charge will be made for each property.

   If you are buying, selling or re-mortgaging a ‘leasehold’ property (rather than a ‘freehold’) then there is an additional charge of £95 + VAT. Please note that VAT of 20% is also charged on all of our fees or legal work. If money needs to be sent by bank or telegraphic transfer, we charge a fee of £35 + VAT. If you are buying a property we will complete the HMRC Stamp Duty Form on your behalf and submit it on completion of the transaction. For this we charge a fee of £75 + VAT.

   If you are selling a property with a mortgage or buying a property with a mortgage then a mortgage administration fee of £95 + VAT will be payable.

   If you wish to re mortgage or take out a mortgage against a property that you already own, then we would be happy to act for you. Our fees start at £595 + VAT plus disbursements and we would be able to give you a tailored quote once we have discussed your personal circumstances.”

Disbursements
The disbursements which you pay will depend upon whether you are buying or selling property whether you are buying a freehold or leasehold property and the location and type of property.
Normally all clients who are buying a freehold property will need to pay the following disbursements:

1. Search packs starting @ £186
2. HMRC Land Registry fee can be calculated using the HMLR Fee Calculator
3. Bankruptcy Search £2 per name
4. Land Registry Search £3 per title number
   When selling a property you will ordinarily need to pay the following disbursements:
5. Land Registry Office Copy Entries and Title Plan £6 per title number
   If the property is a leasehold property then additional disbursements will be payable and normally consist of:
6. Notice of Transfer and Charge fee – This fee if chargeable is set out in the Lease or management information. Often the fee is between £50 – £300.
7. Deed of Covenant fee – This fee is charged by the management company for the property and is usually between £100 and £200.
8. Certificate of Compliance fee – To be confirmed upon receipt of the management pack and is usually approximately £150.
9. Leasehold Management Pack – This fee is chargeable when selling a leasehold property and is usually approximately £150.
10. If you are purchasing a leasehold property then ground rent and service charges are likely to apply throughout your ownership of the property.

Stamp Duty Land Tax
If you are buying a property you will also need to pay Stamp Duty Land Tax. The amount which you need to pay to the Government depends on the price of the property. You can calculate the amount you will need to pay by using HMRC’s website.

The current SDLT threshold is £125,000 for residential properties and £150,000 for non residential land and properties. How much you will pay depends on whether the land or property is residential on non residential,  whether you are a first time buyer and how many properties you own.

First time buyers can currently take advantage of relief meaning that they do not pay stamp duty for properties costing £300,000 or less. If the price is over £300,000 then stamp duty will be payable at 5% of the proportion of the property value up to £500,000.

If you are selling and buying your main residence, then the stamp duty rates set out in the below table will apply.

If you are purchasing a second property, then you will need to pay an additional 3% stamp duty on top of the rates referred to above.

Please note that stamp duty rates can change at any time in accordance with legislation. Stamp Duty is a fairly complex calculation that is based on many criteria and so we strongly recommend that before proceeding with a transaction you check the rates payable using the governments website. Due to the complexity of the calculation we have not published worked examples of the calculations as they could be misleading but we are happy to talk you through the calculation over the phone where possible.

Timescales
We have found that the average transaction takes around 2 months but each case is different and there are many factors outside our control. It can be quicker or slower, depending on the parties in the ‘chain’. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle and the transaction goes smoothly it could take as little as 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such a situation, additional charges would apply.

What We Will Do For You
The stages involved vary according to the individual transaction.However usually in a property sale, we need to do the following:

1. Take your instructions and give you initial advice
2. Obtain documents in order to prepare the draft contract package
3. Receive and obtain your instructions on enquiries raised by the buyer’s solicitors
4. Send the contact to you for signature
5. Agree completion date (date from which you no longer own the property)
6. Exchange contacts and notify you that this has happened
7. Complete the transaction and redeem any charges secured against the property

In a Property Purchase we will:

1. Take your instructions and give you initial advice
2. Check draft contract papers and raise enquiries
3. Carry out searches on the property you are buying
4. Give you advice on all documents and information received
5. Send the contract to you for signature
6. Agree completion date (date from which you own the property)
7. Exchange contacts and notify you that this has happened
8. Arrange for all monies needed to be received from you and your lender
9. Complete purchase
10. Deal with payment of Stamp Duty Land Tax
11. Deal with registration at the Land Registry

Get a Free Quote
Use our on-line service to get a free quote by clicking here