What are the fees for buying or selling a property?
When it comes to the sale or purchase of a residential property, our fees can vary significantly as no two transactions are the same, and unforeseen complications can arise.
However, to provide a general guide to our fees, we have outlined below our typical costs for standard conveyancing work that covers the completion of the sale or purchase of your new home.
This includes dealing with the registration at the Land Registry and handling the payment of Stamp Duty Land Tax (SDLT) if the property is in England or Land Transaction Tax (LTT) if it is in Wales.
Our conveyancer’s fees and disbursements*
Include: Legal fees, which are usually charged on a fixed fee basis ranging from £700 to £3000 excluding VAT.
However, in some circumstances, they may be charged on an hourly rate basis ranging from £164.00 to £295.00 excluding VAT.
Fees for acting for the mortgage lender only, which start from £750.00
Electronic money transfer fee of £40.00 per transfer, excluding VAT
Anti-Money Laundering (AML) Per Person £9.62
Search fees from £240. The cost depends on the location of the property and the type of search required.
HM Land Registry fee – please see HMLR Fee Guide (the link opens on HM Land Registry website)Bankruptcy searches at a cost of £2 per search
Official Priority Searches at the Land Registry at a cost of £4 per search
Disbursements are the 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.
Please note that costs may vary for each transaction, and our fees will reflect the specific requirements of your sale or purchase.
For example, if dealing with an unregistered property, a listed property, a new build property, or a leasehold flat, the added complexities may increase the cost. We will provide a reliable estimate of our costs when we have full details of the intended transaction and advise you of any potential impact on the price before incurring additional charges.*
This list is not exhaustive, and there may be other disbursements or fees related to your particular transaction. We will provide a full breakdown of all costs at the outset of the transaction.
It is important to note that costs for the sale or purchase of a residential property can vary depending on the particular requirements of your transaction. For instance, if the property is unregistered, listed, a new build, or a leasehold flat, there may be added complexities that result in higher costs than dealing with a registered freehold property. However, we always aim to provide a reliable estimate of our costs once we have all the details of the intended transaction. If any complications arise that may affect the price, we will notify you promptly and discuss the potential impact on the fees before incurring any additional charges.
In addition to these fees, SDLT or LTT (depending on the location of the property) may also be payable on the purchase of a property. The amount payable depends on various factors, including the purchase price of the property.
We may recommend that specialist tax advice is obtained in more complex cases.
We will ask you to complete an SDLT form to determine the amount payable, and we will need to have funds for the full amount of SDLT due before completing your purchase.
Please note that our fees are based on assumptions such as a standard transaction, readily available title deeds for unregistered property, and no unforeseen complications. The costs outlined are only examples and are not binding quotes. An individual cost estimate is provided at the start of each transaction, taking into account the specific features of your sale or purchase.
How much does it cost for a Leasehold Property?
Anticipated costs for leasehold conveyancing include various fees that may be charged by the Landlord/Management Company or other parties involved in the transaction. These fees can vary depending on the specific property and circumstances involved.
Some of the anticipated costs for leasehold conveyancing include:
Management Pack/Landlords replies to property enquiries (LPE1s): This fee is usually charged by the Landlord/Management Company for providing the pack/replies, and can range from £100.00 – £500.00 excluding VAT.
Notice of Transfer fee: This fee, if chargeable, will either be set out in the lease or confirmed by the Landlord/Management Company. It usually ranges from £50.00 – £300.00.
Notice of Charge fee: Similar to the Notice of Transfer fee, this fee will either be set out in the lease or confirmed by the Landlord/Management Company and is usually the same amount as the Notice of Transfer fee.
Deed of Covenant fee: This fee is provided by the Landlord/Management Company for the property and can be difficult to estimate. It often ranges from £150.00 – £450.00 excluding VAT.
Certificate of Compliance fee: This fee will usually be confirmed by the Landlord/Management Company and can range from £100.00 – £450.00 excluding VAT.
In addition to these fees, SDLT or LTT (depending on the location of the property) may also be payable on the purchase of a property. The amount payable depends on various factors, including the purchase price of the property. We may recommend that specialist tax advice is obtained in more complex cases. We will ask you to complete a SDLT form to determine the amount payable, and we will need to have funds for the full amount of SDLT due before completing your purchase.
How long does it take?
The time it takes to complete a house sale or purchase varies depending on different factors. On average, the process takes between 6-12 weeks from the time draft contracts and property documents are issued for a sale, and from the time draft contracts and property documents are received for a purchase.
However, the process can take longer or shorter depending on factors such as the parties involved in the transaction, and the complexity of the matter. For example, if the property is a leasehold and the leasehold requires an extension of the lease before completion, the process can take significantly longer and additional charges may apply.
