Conveyancing Fees
Leasehold Sale
It is reasonable to assume that cost, amongst others, is a significant factor when deciding on which Solicitor is right for you. But cost is not everything.
Over the past few years a greater emphasis has been placed on cost rather than the quality of work expected of a Solicitor. It was recently published in the Law Gazette that “consumer champions have criticised regulators for placing too much emphasis on price and not enough on quality”. We aim to provide good value for money.
The need to be more transparent with costs combined with the movements in litigation to the Fixed Cost Regime have caused Solicitors to be torn between 1) the costs that can be charged to their client and 2) the quality of work that can reasonably be done for the costs charged.
The concern is for the client actually receiving the quality of work expected for a budgeted cost.
The price should not prevent an open line of communication with your Solicitor about your case. We offer an appropriate fee structure to suit the needs of acting for you.
We are not a high volume or factory firm. We do not pay for, and have never paid for, referrals from Estate Agents. Most work is for existing clients and those recommended to us but we welcome others. We offer personal care and attention with ease of contact. We aim to make the process less stressful for you and to explain what is happening. Work will be carried out by Colin Kenneth Byford here who is the Principal and who qualified in 1979 and has many years experience of dealing with this type of work.
Estimate of leasehold sale costs
For properties with a value up to £1,000,000.00, the likely fee would be in the range of £1,350.00 – £3,000.00 plus VAT which currently is at 20% or the current rate from time to time.
In addition there is the administration fee for the transfer of monies which is £45.00 plus VAT currently at 20% of £9.00.
There is also a fee of £24.00 plus VAT which at 20% is £4.80 for each Electronic Anti Money Laundering/Identity Check carried out.
The intention is to carry out an Electronic Anti Money Laundering/Identity Check for all parties for whom we are acting.
In addition there will be any disbursements namely payment of monies to third parties and it can be expected there will be payment to the Land Registry for Official Copy document.
The likely range of fees for properties up to £1,000,000.00 is therefore:
Chennells charges £1,350.00
VAT at 20% on our charge £270.00
Our administration fee for transfer of monies £45.00
VAT at 20% £9.00
Our fee for Electronic AML/ID check £24.00
VAT at 20% £4.80
Up-to-date official copies of the Land Registry Title £15.00
Total estimated £1,717.80
and
Chennells Charges £3,000.00
VAT at 20% on our charge £600.00
Our administration fee for transfer of monies £45.00
VAT at 20% £9.00
Our fee for Electronic AML/ID check £24.00
VAT at 20% £4.80
Up-to-date official copies of the Land Registry Title £15.00
Total estimated £3,697.80
For properties with a value over £1,000,000.00 then the likely fees are in the range of £3,500.00 – £5,000.00 plus VAT currently at 20% or the then current rate of VAT from time to time and therefore within the following range:
Chennells charges £3,500.00
VAT at 20% on our charge £700.00
Our administration fee for transfer of monies £45.00
VAT at 20% £9.00
Our fee for Electronic AML/ID check £24.00
VAT at 20% £4.80
Up-to-date official copies of the Land Registry Title £15.00
Total estimated £4,297.80
and
Chennells charges £5,000.00
VAT at 20% on our charge £1,000.00
Our administration fee for transfer of monies £45.00
VAT at 20% £9.00
Our fee for Electronic AML/ID check £24.00
VAT at 20% £4.80
Up-to-date official copies of the Land Registry Title £15.00
Total estimated £6,097.80
Our charges/fees will reflect what we are dealing with and the value of the property.
At lower values the fees will be based on an hourly rate of £150.00 plus VAT and at higher values based on an hourly rate of £261.00 plus VAT. An hourly rate between these may be used depending on what we are dealing with. If you provide us with details of the property then we will advise you of the figure which will apply.
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 (see below).
Estimate of fees on typical leasehold sale
Sale price £450,000.00
Chennells charges including leasehold element £2,000.00
VAT at 20% on our charge £400.00
Our administration fee for transfer of monies £45.00
VAT at 20% £9.00
Our fee for Electronic AML/ID check £24.00
VAT at 20% £4.80
Up-to-date official copies of the Land Registry Title £15.00
Total estimated £2,497.80
Notes:
- There will be an administration fee as indicated for each transfer of monies.
- The fees for official copies of the Land Registry documents will depend on what documents there are in any particular transaction.
- Further legal services required in addition to a standard conveyancing transaction will be charged at an additional rate and details will be provided when known.
- This estimate assumes that the transaction will not be substantially more complex or time-consuming than usual and allows for reasonable expectations of the client to be met. If the transaction does not complete, work done and payments incurred will remain chargeable.
- VAT is calculated at the current rate from time to time.
- There may be payments to other parties e.g. your Lender and any Surveyor and you should check with them as to the amounts required.
- As the property is leasehold there may be additional fees payable and additional disbursements e.g. to a Landlord and/or Managing Agent and we would let you have further details when further information is available about what is involved.
- For the sale of a property in connection with a Divorce or where parties have separated or where there are Court proceedings involved of any sort then the fee is likely to be higher given the additional work which is likely to be involved and to take account of the likely need to liaise with others.
- For a sale of a property comprised in an Estate please see under Probate.
Conveyancing Overview
Our fees cover all of the work required to complete the purchase, sale or remortgage of your property, including dealing with registration at the Land Registry and, if the transaction involves a purchase over a certain value, 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. The amount of Stamp Duty Land Tax may change depending on the position with HMRC.
We have given fees and disbursements for types of transactions. The fees and disbursements may vary depending upon the value of the property and any complexity involved and may be affected by any other requirements you may have of us. In addition to our fees there are likely to be disbursements and disbursements for a purchase are going to be higher than those for a sale and disbursements for a leasehold property will be higher than those with a freehold property. Disbursements are sums payable by us to third parties. We can provide details of the specific disbursements once known.
Stamp Duty or Land Tax (on purchase)
This depends on the purchase price of your property and other factors. You can get an indication of 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 here. There are however detailed and complex rules involved and care should be taken to ensure that the rules are followed and it is advised professional advice is sought.
How long will my property purchase or sale take?
How long it will take from your offer being accepted until you can move in or out of your property will depend on a number of factors. The average process takes between 8 and 16 weeks.
It can be quicker or slower, depending on the number of 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 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 6 and 12 months. It could be longer. In such a situation, additional charges would apply.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, these are likely to be some of the key stages in a purchase:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors as required
- Receive and advise on contract documents
- Carry out searches
- Obtain further documents as required
- Make any necessary enquiries of seller’s solicitor
- Give you advice on all documents and information received
- Go through conditions of any mortgage with you
- Send final contract to you for signature
- Agree completion date (date from which you will own the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from lender and you
- Complete purchase
- Deal with payment of Stamp Duty Land Tax
- Deal with application for registration at Land Registry
Our fee assumes that:
- this is a standard transaction and that no unforeseen matters arise including, for example (but not limited to), a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction.
- the transaction is concluded in a timely manner and no unforeseen complication arises.
- all parties to the transaction are co-operative 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.
Below is a list of things which may affect the amount of transaction charges:
- value of the property
- first-time buyer
- remortgage
- freehold or leasehold
- new build
- first registration of title
- whether there is a mortgage or not, or Islamic mortgage
- in purchase cases, whether primary residence, buy to let or second/holiday home
multiple owners - shared ownership scheme
- using a help to buy scheme, and whether it is an equity loan or ISA
- purchase under right to buy
- purchase at auction
- property has been repossessed
November 2023