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. This 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. 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 (see below)
- Fee for dealing with Mortgage Lender £nil (see Mortgage Charges)
- Electronic money transfer fee £30.00 (per transfer) + vat
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 standard tax is £1500 but individual circumstances (e.g. first time buyer, owner of another property) may well mean different rules apply. (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 THE GRAND TOTAL on a standard Purchase as above is £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.
THE GRAND TOTAL on a standard Sale is £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 complications 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 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.