Lead Forensics
Prettys Solicitors Ipswich

Residential property

Residential Conveyancing Fee Guidance

Residential Conveyancing Fee Guidance

The costs associated with buying or selling residential property include our own fees for undertaking work on your behalf. They also include payments it is necessary for us to make to others in connection with your matter.  The latter are referred to as “disbursements” or “expenses”.

Examples of disbursements on a property purchase include search fees, stamp duty land tax and Land Registry fees.

Examples of  disbursements on a property sale include the fee payable for up to date land registry documents and the charges that may be payable to a landlord or management company to obtain up to date leasehold information.

Before we provide you with an estimate of anticipated costs and disbursements we shall discuss the matter with you in to obtain as full a picture as we can with regard to your needs so that we can provide you with a realistic estimate of our own costs and the payments we anticipate having to make on your behalf.

The charges we make for our services are based upon the time we spend on your matter.

We set out below examples of some typical conveyancing transactions, showing the expected costs and disbursements in each case. If you are aware that your matter will involve one or more items of work set out in the above list, and/or if the value of your property is more or less than the average property price of £250,000 - £350,000, we would suggest that you speak to us as soon as possible so that we can make an assessment and provide you with an estimate of costs based on your needs.

Sale of Freehold Property

For a sale of a residential freehold property valued at between £250,000 and £350,000 we would anticipate the costs and expenses to be as follows.

In our experience a typical sale of this type can be expected to take between  5 and 6 hours of work to complete. This means that our own costs for acting for you are anticipated to be between £795.00 and £950.00 plus VAT (currently 20%).  By way of timescale, we would estimate 6-10 weeks. 

In addition to our own fees the following costs and expenses (or ‘disbursements’) should be anticipated:

Costs

Expenses                                                                                                        

*1. The number and type of Land Registry documents we obtain will depend upon the individual property being sold.

Estimated total cost on lowest value and expenses: £936.00 inc VAT.

Sale of Leasehold Property

For a sale of a residential leasehold property valued at between £250,000 and £350,000 we would anticipate the costs and expenses to be as set out below.

In our experience a typical sale of this type can be expected to take between 6 and 7 hours of work to complete. This means that our own costs for acting for you are anticipated to be between £950.00 and £1,050.00 plus VAT (currently 20%).  By way of timescale, we would estimate 10 – 14 weeks.

In addition to our own fees the following costs and expenses (or ‘disbursements’) should be anticipated:

Costs

Expenses                                                                                                                    

NOTE: In addition to the expenses set out above there are often, in the case of leasehold properties, fees payable to the landlord and/or management company for supplying up to date leasehold information in connection with the sale (*2).

*1. The number and type of Land Registry documents we obtain will depend upon the individual property being sold.

*2. We shall enquire as to the costs of the same.  In our experience the fees charged by a landlord or management company for dealing with requests for leasehold information vary greatly. Typically these may be between £150.00 and £350.00 but we shall advise you as soon as these have been confirmed. Alternatively, your management company will be able to confirm to you directly their current charges.

Estimated total cost on lowest value and expenses: £1,119.00 inc VAT.

Our estimated sale fees for freehold and leasehold as set out above include the following:

Our estimated fees assume that this is a standard transaction with vacant possession being given upon completion.  It also assumes that no unforeseen matters arise and that all parties to the transaction are cooperative and that the matter is concluded in a timely manner. If the matter becomes unduly protracted then additional charges may apply.

Our estimates of costs in respect of the sales set out above do not include work in respect of any the following:

If you are aware that your matter will involve one or more items of work set out in the above list, or the value of your property is greater than £350,000, we would suggest that you speak to us as soon as possible so that we can make an assessment and provide you with an estimate of costs based on your needs.

Purchase of Freehold Property

For a purchase of a residential freehold property valued at between £250,000 and £350,000 we would anticipate the costs and expenses to be as follows.

In our experience a typical purchase of this type can be expected to take between 6 and 8 hours of work to complete. This means that our own costs for acting for you are anticipated to be between £825 and £950 plus VAT (currently 20%)  By way of timescale, we would estimate 6 – 10 weeks.

In addition to our own fees the following costs and expenses (or ‘disbursements’) should be anticipated:-

Costs

Expenses

Estimated total cost on lowest value and expenses £1,645.00 inc VAT and exc SDLT

Stamp Duty Land Tax Calculator

If the property you are proposing to purchase is in Wales please use the following to calculate the Land Transaction Tax: -

Calculate Land Transaction Tax

*1. The estimated search fees are based upon a standard search ‘pack’ containing searches we recommend be undertaken in all cases. Depending upon the type and location of the individual property it may be necessary or desirable to undertake additional searches and therefore incur additional expense.

*2. Land Registry Fees payable are based on a scale according to the value of the property. The fee shown relates to a property with a value as stated above.  The fee quoted assumes that application can be made online, via the Land Registry Portal. If this should prove not to be the case (for example, in the case of unregistered land) then a higher fee will be payable. In the example given above the higher fee would be £270.00.

*3. The amount of Stamp Duty Land Tax payable by you depends upon the price being paid and upon your personal circumstances (including, but not limited to, whether you already own or have an interest in another property). The amount due can be calculated using the online calculator above.

Purchase of Leasehold Property

For a purchase of a residential leasehold property valued at between £250,000 and £350,000 we would anticipate the costs and expenses to be as follows.

In our experience a typical purchase of this type can be expected to take between  6.5 and 9 hours of work to complete. This means that our own costs for acting for you are anticipated to be between £975.00 and £1,110.00 plus VAT (currently 20%). By way of timescale, we would estimate 10 – 12 weeks.

In addition to our own fees the following costs and expenses (or ‘disbursements’) should be anticipated:

Costs

Expenses

Estimated total cost on lowest value and expenses £1,855.00 inc VAT but exc SDLT

Stamp Duty Land Tax Calculator

If the property you are proposing to purchase is in Wales please use the following to calculate the Land Transaction Tax: -

Calculate Land Transaction Tax

The following fees may be, but are not always, payable in respect of purchases of a leasehold property:

*1. The estimated search fees are based upon a standard search ‘pack’ containing searches we recommend be undertaken in all cases. Depending upon the type and location of the individual property it may be necessary or desirable to undertake additional searches and therefore incur additional expense.

*2. Land Registry Fees payable are based on a scale according to the value of the property. The fee shown relates to a property with a value as stated above.  The fee quoted assumes that application can be made online, via the Land Registry Portal. If this should prove not to be the case (for example, in the case of unregistered land) then a higher fee will be payable. In the example given above the higher fee would be £270.00.

*3. In the case of leasehold property Notice of Transfer (and Mortgage if applicable) must be given to the Landlord and/or Management Company or their appointed agents following completion. The fees payable vary according to what is stated in the lease. We have provided examples of typical fees payable in this respect but we will not be able to confirm these until we have inspected the lease and/or the leasehold information pack supplied by the seller’s legal representatives.

*4. In the case of leasehold property Notice of Transfer (and Mortgage if applicable) must be given to the Landlord and/or Management Company or their appointed agents following completion. The fees payable vary according to what is stated in the lease. We have provided examples of typical fees payable in this respect but we will not be able to confirm these until we have inspected the lease and/or the leasehold information pack supplied by the seller’s legal representatives.

*5. The amount of Stamp Duty Land Tax payable by you depends upon the price being paid and upon your personal circumstances (including, but not limited to, whether you already own or have an interest in another property). The amount due can be calculated using the online calculator above.

*6. A buyer of leasehold property may be required to enter into a Deed of Covenant. Whether this is required will depend upon the terms of the Lease. We have provided a typical fee payable in respect of a Deed of Covenant but the fee actually payable may be considerably more or less. We will not be able to confirm whether such a fee is payable until we have inspected the lease. The amount of any fee payable will usually be included in the leasehold information pack supplied by the seller’s legal representatives.

*7.   With some leasehold properties a fee is payable to the landlord or management company in order to obtain a certificate to confirm that procedures set out in the lease with regard to a transfer of ownership have been complied with. We have provided a typical fee payable in this respect but the fee actually payable may be considerable more or less. We will not be able to confirm whether such a fee is payable until we have inspected the relevant documentation. The amount of any fee payable will usually be included in the leasehold information pack supplied by the seller’s legal representatives.

Our estimated purchase fees set out above include the following:

Our estimated fees assume that this is a standard transaction with vacant possession being given upon completion.  It also assumes that no unforeseen matters arise and that all parties to the transaction are cooperative and that the matter is concluded in a timely manner. If the matter becomes unduly protracted then additional charges may apply.

Our estimates of costs in respect of the purchase transactions set out above do not include work in respect of any the following:

If you are aware that your matter will involve one or more items of work set out in the above list, and/or if the value of your property is more than £350,000, we would suggest that you speak to us as soon as possible so that we can make an assessment and provide you with an estimate of costs based on your needs.

Remortgage of a freehold property

For a remortgage of a residential freehold property valued at between £250,000 and £350,000 we would anticipate the costs and expenses to be as follows.

In our experience a typical remortgage can be expected to take between 3 and 5 hours of work to complete. This means that our own costs for acting for you are anticipated to be between £500.00 and £700.00 plus VAT (currently 20%)  By way of timescale, we would estimate 4-6 weeks.

In addition to our own fees the following costs and expenses (or ‘disbursements’) should be anticipated:-

Costs

Expenses                                                                                                            

Estimated total cost on lowest value and expenses:  £674.00 inc VAT

*1. The search fees are based on search insurance which is usually accepted by most high street lenders for remortgage purposes.  If the lender requires a full search, the estimated search fee would be £400.00 and is based upon a standard search ‘pack.’ Depending upon the type and location of the individual property it may be necessary or desirable to undertake additional searches and therefore incur additional expense.

*2. Land Registry Fees payable are based on a scale according to the value of the new charge. The fee shown relates to a property with a value as stated above.  The fee quoted assumes that application can be made online, via the Land Registry Portal. If this should prove not to be the case (for example, in the case of unregistered land) then a higher fee will be payable. In the example given above the higher fee would be £40.00 - £80.00.

*3. The number and type of Land Registry documents we obtain will depend upon the individual property being remortgage and the number of parties to the remortgage for the final searches. 

In the case of  a remortgage of a leasehold property  additional legal fees of approximately £100.00 - £200.00 will be incurred dependent on whether there is one management company or more for us to liaise with and how detailed the freeholder’s requirements are. 

In the case of leasehold property a Notice of Mortgage must be given to the Landlord and/or Management Company or their appointed agents following completion. The fees payable vary according to what is stated in the lease. A typical example of a notice of mortgage fee  payable would be £50.00 - £75.00 plus vat  in but we will not be able to confirm these until we have inspected the lease and/or the leasehold information pack supplied by the freeholder or their management company. 

Our estimated sale fees for freehold remortgage as set out above include the following:

Our estimated fees assume that this is a standard remortgage transaction.  It also assumes that no unforeseen matters arise and that all parties to the transaction are cooperative and that the matter is concluded in a timely manner. If the matter becomes unduly protracted then additional charges may apply.

Our estimates of costs in respect of the remortgage as set out above do not include work in respect of any the following:

Personnel

The Residential Property team is made up of the following personnel.  Their full profiles can be found by clicking the link on their name.

Penny Gordon – CILEX Associate

Penny oversees the Residential Property Department and is an Associate Member of the Chartered Institute of Legal Executives (CILEX) and worked in the local area for 8 years before joining the Residential Property Department at Prettys in 2005.  Having worked in conveyancing for many years, Penny has forged close links with local agents and businesses. 

Neil Ford – Solicitor

Neil qualified as a solicitor in 1994 and has specialised in residential conveyancing throughout his career.  Before joining Prettys in 2017, Neil worked mainly in North East London and Essex where he became a partner in a long-established firm of solicitors.  Neil spends all his time working with the Residential Property Team.

Rujina Begum - Paralegal

Rujina earned a  LLB Degree of Bachelor of Laws (University of East Anglia) and Legal Practice Course (University of Law - Moorgate) before undertaking a Masters of Laws in Professional Legal Practice (University of Law - Moorgate).  Rujina joined Prettys in 2018 and spends all her time working with the Residential Property team.

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