All our fee earning work is carried out by qualified or appropriately experienced personnel – details can be found here The fee earners at this firm all have individual hourly charging rates to to reflect their expertise and enable them to assess the fees for each matter. The thing to remember is that every matter is individual and different in value, complexity and urgency.
Still, we know that clients find it helpful to have an idea of legal fees especially for Residential Conveyancing and Probate, so this is an explanation as to how our charges are assessed and a typical example given. The fee will usually reflect the value of the transaction so the costs in your instance may differ somewhat from the example but we are more than happy to provide an estimate for any specific matter. Of course, we do offer many other services to our clients.
CONVEYANCING – what do our fees cover?
Our fees cover the work required from the outset to completion of the transaction, including dealing with post-completion registration at the Land Registry 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 (which may sound straightforward but the paperwork can be complex!).
Where we also act for your Lender, our fee will usually include dealing with their standard mortgage. Otherwise, see notes on Mortgage Charges.
Example – on a sale or purchase of a FREEHOLD residential property for your own occupation at a price of £200,000.
- Legal fee £780.00 plus vat + relevant disbursements
- Fee for dealing with Mortgage Lender £nil (see Mortgage Charges)
- Electronic money transfer fee £30.00 (per transfer) + vat
Disbursements :- these are out of pocket costs that are payable to third parties, such as the Land Registry and are usually much heavier on a purchase than a sale.
- Search fees. Usually £335.00 + vat. (The third parties involved may change their charges from time to time, in which case you would be advised).
- H M Land Registry scale fee £95.00
Please note that additional disbursements may apply if indemnity policies are required.
Sub Total £1469
AND DON’T FORGET THE TAX – how much Stamp Duty Land Tax is payable depends on the price of your property. On a purchase price of £200,000 the tax is £1500 but individual circumstances (e.g. first time buyer, owner of another property) may well alter this substantially. (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)
THEREFORE GRAND TOTAL on standard Purchase as above, £2969
- Official Copy Land Registry entries & plan £12 – £20
- Electronic money transfer fee £30.00 + vat (per transfer)
- Additional disbursements may apply if indemnity policies are required.
GRAND TOTAL on standard Sale £986
- that it is a standard private treaty transaction (not an auction) and no unforeseen matters arise including, for example, a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
- that the transaction is concluded in a timely manner and no unforeseen complication arise
- that all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- that building regulation, planning permission or other crucial documents have not been provided
- that no indemnity policies are required
The timescales and key stages of such transactions can be found here
There are plenty of non-standard circumstances in which we cannot really provide a cost guide without speaking with you. Examples would be transfers of equity e.g. in divorce proceedings where the property is transferred from joint names into one of the parties’ name as part of the financial settlement, equity release, buy-to-lets, gifts of property and sales / purchases by auction.
Click here for costs example on a sale or purchase of a LEASEHOLD residential property at a price of £200,000.