The average cost for a straightforward freehold residential leasehold purchase is between £550 – £900 plus VAT (currently 20%). The costs are based on fixed fees dependent on the property value and the complexity of the transaction. You will always be informed of the fees applicable at the outset of your matter. We have always adopted the policy of informing our clients of the anticipated fees applicable at the outset of their matter and our quotes are “to the penny” to assist our clients with their budgeting from the very outset.
The costs include all standard aspects of a conveyancing transaction including:-
- Taking your instructions and giving you initial advice
- Reviewing of title, raising enquiries and advising on contract documentation
- Obtaining prudent searches, reviewing their result and reporting to you on matters disclosed by the searches
- Searches with Companies House (as required)
- Perusing Mortgage Offer and confirming the details are accurate
- Reporting to you on replies received to our enquiries
- Perusing Management Pack and raising further enquiries
- Negotiating Retentions
- Attending upon you to discuss and advise you on all documents and information received and discuss the terms of your Mortgage Offer and advise generally on procedure between exchange of contracts and completion
- Obtaining your signature to the Contract and Mortgage Deed
- Dealing with the matter up to and including exchange of contracts and agreeing a completion date (the day you own the new property and can move in)
- Drafting Transfer and agreeing the same
- Reporting to your Lender and requesting the mortgage funds in time for the agreed completion date
- Raising and reviewing Requisitions
- Drafting Deed of Covenant
- Checking Apportionment Statement from the Seller’s Solicitor
- Accounting to you for all monies required to complete
- Completion of your purchase
- Preparing and submitting Land Transaction Tax Return (Wales) or SDLT Return (England)
- Serving Notices of transfer and mortgage to Landlord and/or Management Company
- Obtaining Certificate of Compliance and dealing with Restriction Requirements
- Transfer of share in Management Company/interest in Management Company limited by guarantee
- Registration of Transfer and Mortgage at the Land Registry
Not included in the fixed fee:-
- Perusing Draft Deed of Variation or Extension Lease if required to rectify defects in the original Lease or to extend the Lease Term to satisfy mortgage requirements
Factors that could make the matter more complex, could cause delays and may increase the fixed fee quoted can include, but are not limited to:-
- Time delay caused by the Seller or other parties in the chain
- Unclear instructions/Sales Particulars
- Defects in the title or Lease which require remedying prior to exchange of contracts
- Issues revealed by searches
- Unreasonable delay from third parties providing documentation
- Issues revealed by replies to our enquiries
- Client or Seller not being based in the UK
- Use of foreign funds/Anti Money Laundering issues
- Environment issues
- Quality or availability of opponent – if there is a poor quality, or inexperienced conveyancer, on the other side or we are unable to receive prompt responses this may make any matter more time consuming and cause delay
- Complex loan structures
- Delays in receiving the Landlord’s Leasehold Information Pack
- Increased risk
- Drafting of additional documents such as, but not limited to, the following:-
– Statutory Declaration/Statements of Truth/Deeds of Grant of Easements
– Declarations of Trust and
– Deeds of postponement/letters of waiver - If Landlord’s prior consent is required
- Lease issues
- Complex freehold titles/head lease structures etc
- Poor service charge accounts or arrears of ground rent and service charges
- Landlord/Management Company issues
- New Build Plot Purchase
- Help To Buy Scheme
- Help To Buy ISA
- If the Lender instructs their own solicitor
- If the property has Solar Panels
- Dealing with a private charge in favour of parents
- Dealing with unregistered title
- Obtaining Forms of Consent from additional occupants of 17 years and over
Additional Disbursements
There are a number of disbursements payable in all purchase transactions in addition to our fixed costs including:-
- Search fees – £183.50 on average in South Wales (to include Mining Search) but in all other areas subject to quotation dependent on Local Authority
- Land Transaction Tax (Wales) Stamp Duty (England) (will be dependent upon property value). Please visit the HMRC Calculator at https://beta.gov.wales/land-transaction-tax or https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
- Indemnity insurance (if necessary, cost varies dependent on type of policy and value of property)
- Administration charge for electronic transfer of funds (£40 plus VAT for each electronic CHAPS (same day) bank transfer)
- AML client verification check £3.96 for those clients whose identity we cannot verify personally or who are not established clients
- Possible Landlord/Lease associated costs
- Fees required to obtain Certificate of Compliance from Landlord to enable registration of Transfer at the Land Registry
- Costs as to share transfer/notice of interest in Management Company limited by guarantee
- Notice of Transfer and Mortgage fees to (both) Managing Agents
- HM Land Registry fees (between £20 and £915 (on scale fees set by HM Land Registry) and based on the purchase price paid for the property
Timescales
Our Team estimates that a typical transaction will take 10-14 weeks, although quite frankly this is subject to so many variables (as mentioned above). Each case will be dictated by the circumstances and situation within the conveyancing chain and any delays experienced with Managing Agents.
We want to give you the best possible service. However, if at any point you become unhappy or concerned about the service we/I have provided then you should inform us immediately, so that we can do our best to resolve the problem.
In the first instance it may be helpful to contact the person who is working on your case to discuss your concerns and we will do our best to resolve any issues at this stage. If you would like to make a formal complaint, then you can read our full complaints procedure here. Making a complaint will not affect how we handle your case.
The Solicitors Regulation Authority can help you if you are concerned about our behaviour. This could be for things like dishonesty, taking or losing your money or treating you unfairly because of your age, a disability or other characteristic.