Conveyancing for individuals – Services and Costs
This costs information relates to the following residential conveyancing services provided to individuals namely sales, purchases, mortgages or remortgages of freehold or leasehold residential property.

Costs
Indicative cost estimates for providing these services, assuming that the relevant matter is of average value, relatively straightforward and doesn’t become overly protracted are set out below:

– Freehold sale – £1,250.
– Leasehold sale – £1,250
– Freehold purchase – £1,500.
– Leasehold purchase – £1,500
– Remortgages – £400 in addition to the relevant mortgage fee estimate above.

These cost estimates are exclusive of VAT and disbursements (see below) and are based on the time cost we anticipate will be incurred dealing with those matters.

Disbursements
Disbursements are sums paid to third parties which we incur on your behalf in the course of your matter. Examples of disbursements likely to be incurred in conveyancing matters (these are indicative – there may be others) are as follows:-

Freehold sale:
Land Registry charges for supplying title information, typically £10-20

Leasehold sale:
Land Registry charges for supplying title information, say £10-20
Managing Agent’s fees (for providing information about the management of the building) – these vary from case to case.

Freehold purchase:
Searches – depends on area and property but typically around £300- £400.

Leasehold purchase:
As for a freehold purchase, plus Managing Agent’s fees for registering the change of ownership – these vary from case to case.

Mortgages and Remortgages
As for a freehold or leasehold purchase, as applicable.

These figures do not include any other professional fees you may incur, such as estate agents’ fees (in the case of a sale) or surveyors’ fees (in the case of a purchase).

In the case of a freehold or leasehold purchase you will also need to budget for Stamp Duty (SDLT) and Land Registry fees

– Land Registry scale fee – see Land Registry Fees Calculator
– SDLT – see Stamp Duty Calculator

In the case of a mortgage or a remortgage, there will be no SDLT but Land Registry fees are payable.

VAT
Our fees attract VAT which is charged at the standard rate (currently 20%) in addition to the fees set out above.
Land Registry fees are not subject to VAT but some search fees and other disbursements do attract VAT.

Services included within the above costs
The above figures reflect the legal advice and other work, generally known as “conveyancing”, typically required to carry out the types of transaction set out above.

Our services will not include providing advice as to other aspects such as tax (apart from calculating any SDLT payable), or on the value or condition of a property. You should engage a suitably qualified professional, such as a surveyor, to provide you with advice on these aspects.

We also may need to make an extra charge if additional documentation turns out to be required. An example of this would be an agreement between joint purchasers as to their shares in the property. In these instances, we will discuss the extra cost with you but it will reflect the additional work involved.

Key stages and timescales
For a sale or purchase there are usually two key stages – exchange of contracts and completion. On exchange of contracts the parties become legally committed to the sale/purchase and the completion date is fixed.

All the usual pre-contract searches and enquiries need to be undertaken and any necessary mortgage finance obtained before exchange of contracts takes place. A deposit, usually 10% of the purchase price, will be payable by the buyer on exchange of contracts.

On completion the balance of the price is paid to the seller and the buyer takes possession of the property.

It is normally possible to have all the pre-contract work completed and be in a position to arrange exchange of contracts within about 4 weeks from when we have received all the contract papers we need from the seller’s solicitor. The completion date is a matter for negotiation between the parties, depending on their individual circumstances, but 2-4 weeks after exchange of contracts would be typical.

As we are required to do under our professional rules we will provide with you with best information we can about the likely overall cost when you first instruct us at the outset of your matter and update you at appropriate stages as the matter progresses. When an unforeseen complexity arises or where the way in which you ask us to proceed means additional work, we will discuss the likely impact on the overall cost and timescale with you.

Examples of such complexity include things such as:
1. if legal title is defective or part of the property is unregistered
2. if we discover that building regulations or planning permission has not been obtained
3. if crucial documents we have previously requested have not been provided