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Residential Conveyancing Fees explained:-
Selling a residential property
As an example, the fee for the sale of a freehold property (with or without a mortgage) worth £350,000 would normally be £1,500 plus VAT and disbursements. If the property was a leasehold flat, at the same value, the sale costs would be £1,800 plus VAT and disbursements.
What do our fees cover?
Our fees cover all the work required to complete the sale of your property, including:-
- The preparation of a contract and the negotiation of the same with the Buyer’s solicitors.
- Dealing with enquiries from the Buyer’s Solicitors.
- Leasehold Properties – communicating with the landlord/managing agents and raising queries with them on your behalf.
- Negotiating the transfer documents prepared by the Buyer’s Solicitors.
- Advising you on the content and effect of all documents.
- Liaising with any agents instructed and periodically updating them with the progress of the transaction.
- Effecting exchange and completion.
- Settling the agent’s commission (if applicable)
- Discharging any mortgage secured on the property.
- Accounting to you for the net funds.
The scope of our work will not include:-
- Any negotiation of the price or other items as it is assumed that they are agreed.
- Advice on investments. If during any transaction/matter you need advice on investments, we may refer you to someone authorised by the Financial Conduct Authority.
- Tax advice. For such advice you should rely on an accountant or tax specialist.
- Advising on the business implications of any matter or on financial accounting or actuarial issues, the adequacy of any insurance arrangement or the value or the physical condition of any asset.
Factors affecting our fee quote:-
The costs quoted assume that the title to the property is straightforward and registered at the Land Registry; the sale terms are agreed; the contract is not conditional; negotiations in relation to the contract and any additional enquiries are not protracted or unusually extensive.
Additional fees and disbursements:-
There are certain matters that arise in transactions more commonly and we have set out below an indication of the additional fees and disbursements that will be incurred if they apply to your transaction. Disbursements are the costs of third parties that we incur on your behalf. We handle the payment of the disbursements on your behalf to ensure a smoother process. These will be recharged to you. We have set out below an indication of the additional fees and disbursement that may apply to your transaction. VAT must be added to these fees:-
- Electronic Bank Transfers - £30.00
- Expedited completion (1 week or less) - £200.00
- Statutory Declaration (Simple) - £100.00
- Bespoke Indemnity Insurance - £100.00
- Retentions - £150.00
- Declarations of Trust (Simple) - £200.00
- Transfer of Part - £200.00
- Unregistered Land - £400.00+
- Leasehold Deed of Variation (Simple) - £300.00
- Solar Panel Lease - £300.00
- Building Safety Act - £500.00+
- Green Deal - £300.00
- Removal of Restriction - £150.00
- Official ID Verification (per person) - £24.00
- Land Registry Official Copies (per title) - £20.40
- Land Registry Copy Documents (per document) - £10.20
Buying a residential property
As an example, the fee for the purchase of a freehold property (with or without a mortgage) worth £350,000 would normally be £1,700+VAT and disbursements. If the property was a leasehold flat, at the same value, the purchase would normally cost £1,950+VAT and disbursements.
What do our fees cover?
Our fees cover all the work required to complete the purchase of your property, including:-
- The investigation of the Seller’s title to the Property.
- The review and negotiation of the draft Contract provided by the Seller’s Solicitors.
- The raising and subsequent review of Searches over the Property.
- Raising enquiries with the Seller and their Solicitors in relation to the Property and pursuing any matters revealed to a satisfactory conclusion.
- Advising you on any mortgage/security documentation (if applicable).
- Reporting to you on the results of our investigations.
- Effecting exchange and completion.
- Reporting the transaction to HM Revenue and Customs (if applicable).
- Recording your interest at the Land Registry.
The scope of our work will not include:-
- Advice on mortgage products. We will not advise on mortgage products or provide an opinion about a particular product. Any advice given in connection with a mortgage product will be limited to advice on the legal effects only and will not recommend that you enter it.
- Advice on investments. If during any transaction/matter you need advice on investments, we may refer you to someone authorised by the Financial Conduct Authority.
- Tax advice. For such advice you should rely on an accountant or tax specialist.
- Advising on the business implications of any matter or on financial accounting or actuarial issues, the adequacy of any insurance arrangement or the value or the physical condition of any asset.
- Reviewing Survey results. As solicitors, we are not qualified to comment on the results of any survey you have carried out on the property. If your surveyor highlights any specific matters in their report which may have a legal implication, it is your responsibility to bring these to our attention for further comment.
- Planning advice. If you have particular plans to carry out works at the property, please let us know so we can advise on any legal restrictions, but you will need to take independent advice from a planning consultant regarding feasibility.
- Environmental advice. Recent environmental legislation provides that historic contamination of land will require to be remedied. The cost of remedial work can be prohibitive and in some cases this cost could fall upon the new owner even though they were not responsible for the original contamination. We will carry out an environmental search as a matter of course, but whilst must of the information in the search will be self-explanatory, parts are technical. For this reason, lawyers cannot provide specific advice on the contents of environmental searches. If you require such advice you will need to contact a qualified Environmental Surveyor or Environmental Scientist.
Factors affecting our fee quote:-
The costs quoted assume that the title to the property is straightforward and registered at the Land Registry; the sale terms are agreed; the contract is not conditional; negotiations in relation to the contract and any additional enquiries are not protracted or unusually extensive; and funding or lender’s requirements are not unusually complex.
Additional fees and disbursements:-
There are certain matters that arise in transactions more commonly and we have set out below an indication of the additional fees and disbursements that will be incurred if they apply to your transaction. Disbursements are the costs of third parties that we incur on your behalf. We handle the payment of the disbursements on your behalf to ensure a smoother process. These will be recharged to you. We have set out below an indication of the additional fees and disbursement that may apply to your transaction. VAT must be added to these fees:-
- Electronic Bank Transfers - £30.00
- Expedited completion (1 week or less) - £200.00
- Statutory Declaration (Simple) - £100.00
- Bespoke Indemnity Insurance - £100.00
- Retentions - £150.00
- Declarations of Trust (Simple) - £200.00
- New Build Properties - £200.00
- Help to Buy Mortgages - £150.00
- Help to Buy ISAs - £50.00
- Transfer of Part - £200.00
- Unregistered Land - £400.00+
- Leasehold Deed of Variation (Simple) - £300.00
- Solar Panel Lease - £300.00
- Green Deal - £300.00
- Official ID Verification (per person) - £24.00
- Electronic Verification of Funds - £30.00
- Land Registry pre-completion search - £10.20 per title
- Land Charges search (unregistered land) - £9.00 per name
- Bankruptcy search - £9.00 per name
- Index Map Search - £12.60
- Chancel Indemnity Insurance (up to £2m) - £14.22
Some disbursements vary due to the location of the property or its value. For more information on these disbursements, please click on the links below. Dawson Hart cannot be responsible for the content of external sites.
- Land Registry application fees – click here. Please note that, wherever possible, we use the Land Registry’s online portal so that you can benefit from the reduced fees. No VAT applies to these fees.
- Searches – The normal searches to be carried out include: Local Authority, Water & Drainage and Environmental. These costs vary but generally the average cost of searches if £300 to £400. Additional searches may be required depending on the location of your property but we can advise further in due course. VAT is applicable to the majority of searches.
Stamp Duty Land Tax (SDLT), or Land Transaction Tax (LTT) in Wales, is a complex area and whilst it is one of the disbursements we will handle on your behalf, we are not tax advisors or specialists. The links below will take you to the relevant tax authority’s web calculator where you can obtain an indication of the likely tax applicable to your purchase. As SDLT and LTT are both taxes, no VAT is applicable to them.
Remortgaging a residential property
If you are thinking of re-mortgaging your property, our fees would normally be somewhere between £850 and £950 plus VAT and disbursements. Different mortgage lenders have different requirements and so your personalised fee quote will depend upon the lenders requirements. These requirements may not be known until we receive their mortgage offer in which they list their specific conditions and requirements.
What do our fees cover?
Our fees cover all the work required in connection with your re-mortgage, including:-
- The preparation or review of relevant documentation.
- The raising and subsequent review of Searches over the Property (if applicable).
- Advising you on any mortgage/security documentation.
- Effecting completion.
- Discharging any existing mortgage secured on the Property (if applicable).
- Accounting to you for the net funds.
- Updating the records at the Land Registry.
The scope of our work will not include:-
- Advice on mortgage products. We will not advise on mortgage products or provide an opinion about a particular product. Any advice given in connection with a mortgage product will be limited to advice on the legal effects only and will not recommend that you enter it.
- Investigation of title. Other than as required by your lender, we will not investigate the title to the property on the basis that you already own it.
- Advice on investments. If during any transaction/matter you need advice on investments, we may refer you to someone authorised by the Financial Conduct Authority.
- Tax advice. For such advice you should rely on an accountant or tax specialist.
- Advising on the business implications of any matter or on financial accounting or actuarial issues, the adequacy of any insurance arrangement or the value or the physical condition of any asset.
- Reviewing Survey results. As solicitors, we are not qualified to comment on the results of any survey you have carried out on the property. If your surveyor highlights any specific matters in their report which may have a legal implication, it is your responsibility to bring these to our attention for further comment.
- Planning advice. If you have particular plans to carry out works at the property, please let us know so we can advise on any legal restrictions, but you will need to take independent advice from a planning consultant regarding feasibility.
Factors affecting our fee quote:-
The costs quoted assume that: the title to the property is straightforward and registered at the Land Registry; the matter is not protracted or unusually extensive; and your lender’s requirements are not unusually complex.
Additional fees and disbursements:-
There are certain matters that arise in transactions more commonly and we have set out below an indication of the additional fees and disbursements that will be incurred if they apply to your transaction. Disbursements are the costs of third parties that we incur on your behalf. We handle the payment of the disbursements on your behalf to ensure a smoother process. These will be recharged to you. We have set out below an indication of the additional fees and disbursement that may apply to your transaction. VAT must be added to these fees:-
- Electronic Bank Transfers - £30.00
- Expedited completion (1 week or less) - £200.00
- Statutory Declaration (Simple) - £100.00
- Bespoke Indemnity Insurance - £100.00
- Help to Buy Mortgages - £150.00
- Unregistered Land - £400.00+
- Leasehold Deed of Variation (Simple) - £300.00
- Solar Panel Lease - £300.00
- Green Deal - £300.00
- Official ID Verification (per person) - £24.00
- Electronic Verification of Funds - £30.00
- Land Registry Official Copies (per title) - £20.40
- Land Registry Copy Documents (per document) - £10.20
- Land Registry pre-completion search - £10.20 per title
- Land Charges search (unregistered land) - £9.00 per name
- Bankruptcy search - £9.00 per name (no VAT)
- Chancel Indemnity Insurance (up to £2m) - £14.22
Some disbursements vary due to the location of the property or its value. For more information on these disbursements, please click on the links below. Dawson Hart cannot be responsible for the content of external sites.
- Land Registry application fees – click here. Please note that, wherever possible, we use the Land Registry’s online portal so that you can benefit from the reduced fees. No VAT applies to these fees.
- Searches – The normal searches to be carried out include: Local Authority, Water & Drainage and Environmental. These costs vary but generally the average cost of searches if £300 to £400. Additional searches may be required depending on the location of your property but we can advise further in due course. VAT is applicable to the majority of searches.
- Depending on your lender, it may be possible to obtain indemnity insurance instead of conducting searches. The cost of this will depend on the value of the loan and the property.