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Residential Conveyancing Fees

residential conveyancing feesResidential Conveyancing – Range of Fees

What our residential conveyancing fees include

Our fees cover all of the work* required to complete your transaction, including dealing with registration at the Land Registry for any purchase/transfer of equity and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales. It also includes paying your Estate agents fees (should you instruct us to do so) and redeeming your first registered mortgage (if you have one).

Our residential conveyancing fees are itemised in all quotes and quotes can be obtained by visiting our fees calculator here*.

* Please note that the fee calculator provides you with our standard fee scale for a standard transaction. If you’re buying via an estate agent or developer with whom we work regularly, or have a referral agreement, our fees will differ from those quoted and we advise you to contact us at lscott@jacksons-law.com.

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.

The level of Stamp Duty you pay depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website, or if the property is located in Wales by using the Welsh Revenue Authority’s website.

If the property is Leasehold, then additional disbursements which we anticipate will apply, are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

Anticipated Disbursements*

  • Notice of Transfer fee – This fee, if chargeable, is set out in the lease. Often the fee is roughly £75-£250
  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £75-£250
  • Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £150-£300
  • Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £95-£250
  • Management Pack – Whilst these can also apply to newer freehold properties, they will almost always apply to a leasehold property. If you are selling then you will be expected to provide one of these and the cost varies from £250-£500.

*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.

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 this we receive this information.

*Our residential conveyancing fees assumes that:

  • This is a standard transaction and no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying before completion or the preparation of additional documents ancillary to the main transaction
  • This is the assignment of an existing lease and is not the grant of a new lease in the case of leasehold properties
  • The transaction is concluded promptly and no unforeseen complications arise
  • All parties to the transaction are cooperative and there is no unreasonable delay from third parties providing documentation
  • No indemnity policies are required. Additional disbursements may apply if indemnity policies are required

If your transaction is not standard, or it becomes unexpectedly complex and more time-consuming than expected, then additional fees may need to be charged as shown on the list of additional charges (click here to view), which again is not exhaustive.

Timescales

How long it will take for an offer to be accepted until you can move home (or complete your transaction if this is not your main residence), will depend on several factors. The average process takes between 6-12 weeks.

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, it could take four to eight weeks to exchange and depending on the stage of build three to six months for completion. However, if you are buying or selling a leasehold property that requires an extension of the lease, this can take significantly longer, between three to six months. In such a situation additional charges would apply.

Re-mortgages will generally move faster than a property sale or purchase, depending on the type of lending you are procuring and the lender’s requirements. The average process takes around three to eight weeks.

Keystages

The precise stages involved in the purchase of a freehold or leasehold residential property vary according to the circumstances. However, below we have suggested some key stages for your information:

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender’s solicitors if needed
  • Receive and advise on contract documents
  • Carry out searches
  • Request a management pack if the property is Leasehold
  • Obtain further planning documentation if required
  • Make any necessary inquiries of seller’s solicitor
  • Give you advice on all documents and information received
  • Go through the conditions of the mortgage offer with you
  • Send final contract to you for signature
  • Agree on completion date (date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from the lender and you
  • Complete purchase
  • Payment of Stamp Duty/Land Tax
  • Application for registration at Land Registry
  • Deal with service of notice on the Landlord/Management company if the property is Leasehold

The precise stages involved in the sale of a freehold or leasehold residential property vary according to the circumstances. However, below we have suggested some key stages for your information:

  • Take your instructions and give you initial advice
  • Obtain a copy of your title (and any associated documents) from the Land Registry
  • Draft contract documents and issue these to your Buyer’s Solicitor
  • Request a redemption statement from your lender(s) (if applicable)
  • Request a management pack from the Landlord/Management Company if the property is Leasehold (which will incur a fee charged and set by the Landlord/Management Company)
  • Deal with any necessary inquiries raised by the Buyer’s solicitor
  • Send final contract (and Transfer once received from the buyer’s Solicitor) to you for signature
  • Agree on completion date
  • Exchange contracts and notify you that this has happened
  • Complete Sale
  • The redemption of any mortgage(s)
  • Payment of the Estate Agents bill (if you instruct us to do so)
  • Payment of any outstanding ground rent/service charge due to the Landlord/Management company if the property is Leasehold (having apportioned this with your buyer before completion)
  •  Send any sale proceeds to you in the manner you have instructed us to do so.

The precise stages involved in the re-mortgage of a freehold or leasehold residential property vary according to the circumstances. However, below we have suggested some key stages for your information:

  • Take your instructions and give you initial advice
  • Obtain a copy of your title (and any associated documents) from the Land Registry
  • Request a redemption statement from your lender(s) (if applicable)
  • Request a management pack from the Landlord/Management Company if the property is Leasehold (which will incur a fee charged and set by the Landlord/Management Company)
  • Check the mortgage offer from your new lender and advise on any conditions of the loan
  • Agree on a completion date
  • Request mortgage funds and a final redemption statement for completion
  • Complete Re-mortgage
  • Deal with the redemption of any mortgage(s)
  • Send any mortgage proceeds to you in the manner you have instructed us to do so

 

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