+44 (0)20 7583 2105 sebastians@seblaw.co.uk

RESIDENTIAL CONVEYANCING

Pricing and General Information

In all cases below the fees and disbursements are indicative only and assume:-

  • A standard transaction and that no unforeseen matters arise (e.g. a defect in title or adverse search result or the carrying out of works or change of use without consent which requires remedying prior to completion) or the preparation of additional documents ancillary to the main transaction.
  • A single use residential property and where the property is leasehold it is an existing lease and not the grant of a new lease.
  • The transaction is concluded in a timely manner and no unforeseen complications arise.
  • All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
  • We are not advising on price, the condition or location of the property or its suitability for any purpose or on tax.

Sale or purchase of a residential property

Cost

Our fees cover the work required to complete the sale or purchase and are usually offered on a fixed basis together with charges and fees to be paid to others on your behalf.
At the outset we will provide you with a detailed estimate and an outline of what we will do.

Where there are no complications you can expect our charges to be:-

Price of property
Below £1,000,000
£1,000,000 to £2,000,000
Over £2,000,000

Legal fees range
£1,200 to £2,500 plus VAT
£2,000 to £4,000 plus VAT
Please contact us for an estimate

In addition you should allow for:-

Minor expenses (e.g. fees payable for obtaining title documents from the Land Registry or planning documents from the Local Authority). These are unlikely to be more than £50.00.

Fees payable to your landlord or its solicitors/managing agents for the provision of management information and dealing with requirements set out in the lease (e.g. on a sale you may require consent to sell and/or have to ensure that the purchaser enters into an agreement with the landlord to comply with the terms of the lease and on a purchase to give formal notice of your purchase and of any mortgage or to join a management company). These vary greatly and need to be checked.

Our fee for electronic transfer of money of £25.00 plus VAT for each (e.g. on sale payment to you or mortgage redemption and on purchase payment to the seller’s solicitors).

Fees for Local Authority and other searches (purchase only). These vary and are likely to be in the order of £400.00. 

Fee payable for registration of the purchase at the Land Registry (purchase only). This varies and details are available on the HMLR website. In simple cases this will be:

Price of property
£0- £80,000
£80,001 – £100,000
£100,001 – £200,000
£200,001 – £500,000
£500,001 – £1,000,000
£1,000,001 and over
Fee
£20
£40
£95
£135
£270
£455
Stamp Duty Land Tax (purchase only) the amount of which depends not simply on the purchase price of the property but on other factors such as whether you are purchasing as one or more individuals or as a company and, if as individuals whether you own or are interested in other residential property (not limited to this country) or are replacing your main residence.  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.

The process

The stages involved in a sale will typically require us to:

  • Take your instructions and give you initial advice.
  • Keep you informed throughout.
  • Prepare the contract for sale and submit it to the purchaser’s solicitors together with supporting papers
  • Generally deal with enquiries raised by the purchaser’s solicitors and other matters arising.
  • Agree the form of contract with the purchaser’s solicitors and attend to exchange thereof.
  • Complete the sale and:-
    • Attend to redemption of your mortgage (if any).
    • Account to you.

The stages involved in a purchase will typically require us to:

  • Take your instructions and give you initial and subsequent advice.
  • Keep you informed throughout.
  • Investigate the title to the property and report to you on any matters of concern.
  • Make enquiries of the seller and report to you on any matters of concern.
  • Make Local and other appropriate searches
  • Deal with the requirements of your mortgagees or their solicitors (if any).
  • Agree the form of contract with the seller’s solicitors and attend to exchange thereof.
  • Complete the purchase and:-
    • Attend to payment of Stamp Duty Land Tax.
    • Apply for registration at the Land Registry.

Timing

This varies greatly and depends on a number of factors some of which will be outside your or our control.
On average the process takes between four and eight weeks but can be very much quicker or slower.
At the outset we will discuss with you the timing you have in mind and review this with you as the matter progresses. 

Remortgage of a residential property

Cost

Our fees cover the work required to complete the remortgage and are usually offered on a fixed basis together with any charges and fees to be paid to others on your behalf.
At the outset we will provide you with a detailed estimate and an outline of what we will do.
Where there are no complications you can expect our charges to be:-

Amount borrowed
Up to £500,000
£500,001 to £1,000,000
Over £1,000,000
Legal fees range
£750 to £1,125 plus VAT
£900 to £1,200 plus VAT
£1,150 to 0.1% of amount borrowed plus VAT
In addition you should allow for the same expenses and fees as on a sale/purchase (Stamp Duty Land Tax is not payable and a reduced fee is charged by the Land Registry).

The process

  • The stages involved in a remortgage will typically require us to:
  • Take your instructions and give you initial and subsequent advice.
  • Keep you informed throughout.
  • Investigate the title to the property. 
  • Make Local Authority and other appropriate searches
  • Generally deal with the requirements of your mortgagees and/or their solicitors. 
  • Complete the remortgage and:-
     Redeem any existing mortgage(s).
     Account to you.
     Apply for registration at the Land Registry.

Timing

This varies greatly and depends on a number of factors some of which will be outside your or our control.
On average the process takes approximately four weeks but time can be saved if preparatory work is done in advance of receiving a mortgage offer.
At the outset we will discuss with you the timing you have in mind and review this with you as the matter progresses.

Personnel

Please contact the head of our property department, Gerry Murphy, who will either undertake the work himself or introduce you to a suitably experienced member of our team.