Residential Property Conveyancing Fees

Our fees are calculated by reference to the time spent on the matter, the hourly rates of the members of the Residential Property Team and the value of the transaction.

Residential Property Conveyancing Fees

Our fees are calculated by reference to the time spent on the matter, the hourly rates of the members of the Residential Property Team and the value of the transaction. Our fees are provided on an estimated basis.

When we give a fee estimate, we have an associated scope of work, together with assumptions and exclusions. These are relevant for all conveyancing transactions and an example is set out below.

Scope of fees for a residential purchase or sale

  • Engaging you as a client of Birketts.
  • Dealing with standard checks on where the money for your transaction is coming from in line with our duties under the Money Laundering Regulations 2017.
  • Liaising with estate agents and your mortgage lender (if any).
  • Submitting and/or reviewing contract papers and searches.
  • Investigating title to the property and dealing with legal enquiries.
  • Preparing and/or reviewing and approving the transfer deed.
  • Preparing and/or reviewing the mortgage offer and mortgage deed (if any).
  • Reporting to you on the transaction.
  • Attending to exchange of contracts and dealing with post-exchange formalities.
  • Dealing with post-completion work such as payment of Stamp Duty Land Tax and registration formalities, including leasehold matters.

Exclusions

  • Tax advice except for standard residential Stamp Duty Land Tax (we can refer you to specialists at Birketts to assist with any more complicated Stamp Duty Land Tax matters, Capital Gains Tax, Income and Inheritance Tax queries you may have).
  • Acting on a related transaction (although we would be happy to do so and can provide a separate estimate should you wish us to).
  • Dealing with a substantially defective title (e.g. missing title deeds or title deeds not covering the whole of the property to be sold or insufficient rights required for the enjoyment of the property).
  • Advising/dealing with any matter relating to an existing tenancy agreement affecting the property.
  • Arranging and/or advising on indemnity insurance policies.
  • Reviewing any survey report.
  • Dealing with unexpected third party involvement in a transaction such as a third party gifting you money.
  • Dealing with any government assisted scheme such as Help to Buy or Shared Ownership.
  • Undertaking, reviewing and reporting on any non-standard searches.
  • Dealing with non-standard checks on where the money for your transaction is coming from for example funds coming from foreign territories, a company loan or where we might need to liaise with a wealth manager.
  • Lease term extension or lease variation required.
  • Licence to assign or alter required.

Assumptions

  • Your purchase or sale will be a standard residential transaction and any third party lawyers are accredited under the Conveyancing Quality Scheme (CQS).
  • All parties are legally represented.
  • No conflict of interest will arise.
  • Any lender is not separately represented.
  • You and/or a third party are resident in the UK and not represented by an attorney.
  • No unexpected matters are revealed by the searches and enquiries, for example the property is situated on contaminated land or more than one title is involved.
  • There are no significant planning and/or structural issues including no issues with Listed Buildings matters.
  • Completion takes place on the date fixed for completion.
  • There are no boundary or insolvency issues.
  • The purchase is not in the name of a company.
  • You are not using the Help to Buy scheme, a Help to Buy ISA or LISA.
  • The transaction does not involve an auction.
  • The property is not one that has been repossessed.
  • The transaction does not involve a new build property and/or a shared ownership lease.
  • The deposit is not being gifted.
  • The property is already registered.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as HM Land Registry fees. We handle the payment of disbursements on your behalf to ensure a smoother process. The disbursements which we anticipate will apply to a purchase are included in the example budgets below. These are not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific disbursements as the matter progresses. Please note that we do not set these costs.

Stamp Duty or Land Tax

This depends on the purchase price of your property. You can calculate the amount you will need to pay using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.

The amount of Stamp Duty Land Tax payable will vary dependent upon the purchaser’s individual circumstances, i.e. if they are first time buyers, foreign purchasers, a company or already own property either in the UK or anywhere else in the world.

How long will my transaction take?

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 10-16 weeks for a freehold transaction and 12-18 weeks for a leasehold transaction but it can be quicker or slower, depending on the parties in the chain. A standard remortgage will take approximately 6-8 weeks.

Example budgets

Purchase of a freehold or leasehold residential property for £250,000

  • Our legal fees starting from £1,450 plus VAT*
  • Search fees £300 to £500 approximately (please note that some searches are subject to VAT) HM Land Registry fee £150 Bankruptcy and HM Land Registry Searches of £2.00 plus VAT per person and £3.00 plus VAT* per title number
  • Electronic funds transfer fee £30.00 plus VAT*
  • Stamp Duty Land Tax – please see link to calculator above
  • Notice of Transfer and/or charge fee – this fee, if chargeable, may be set out in the lease or set by the landlord/management company or their agent. Often the fee is between £30.00 – £350.00 plus VAT*
  • Deed of covenant or a licence to assign – this fee is provided by the landlord/management company or their agent/solicitors and can be difficult to estimate. Often it is between £350.00 plus VAT* (for a deed of covenant) and £1,500.00 plus VAT* for a licence to assign
  • Certificate of compliance fee – this will be upon receipt of either lease or information from the landlord/management company or their managing agent. It often ranges from £200 – £500 plus VAT*.

**These fees vary from property-to-property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.

Sale of a Freehold or Leasehold residential property for £250,000

  • Our legal fees starting from £1,350 plus VAT*
  • Copy title documents from H M Land Registry £12.00 plus VAT*
  • Electronic money transfer fee £30.00 plus VAT*
  • Leasehold properties will require us to obtain a sales pack from the managing agents/management company, which can cost from £300.00 plus VAT*

Mortgage or remortgage of a residential property

  • Our legal fees starting from £1,250 plus VAT*
  • Search fees £300 to £500 approximately (please note that some searches are subject to VAT) if required H M Land Registry fee £20.00 – £140.00 (this is dependent upon the value of the property/mortgage) H M Land Registry Searches of £2.00 plus VAT per person and £3.00 plus VAT* per title number
  • Electronic money transfer fee £30.00 plus VAT*
  • If the property is leasehold it will be necessary to obtain information from the managing agents or management company, as soon as we are aware of this cost we will advise however they are generally in the region of £300.00 – £500.00 plus VAT*
  • Notice of charge fee – this fee, if chargeable, may be set out in the lease or set by the landlord/management company or their agent. Often the fee is between £30.00 – £350.00 plus VAT*

*VAT is chargeable at 20% as at 8 March 2022

The Law Society Accredited Conveyancing Quality