Residential Conveyancing – Fees and Costs
We understand that clients want to know the likely cost of their conveyancing transaction from the outset.
For many residential property matters, we offer a fixed fee based on the value and circumstances of the transaction. Once we have the relevant details, we will provide you with a clear quotation setting out our legal fees, VAT and the anticipated disbursements.
If your transaction involves additional or unusually complex work, we will explain this to you and advise you of any additional costs before that work is undertaken.
Purchase Fees
Freehold and Leasehold Purchases
| Property Value | Our Legal Fee |
|---|---|
| Up to £250,000 | £900 + VAT |
| £250,001 – £500,000 | £1,200 + VAT |
| £500,001 – £750,000 | £1,500 + VAT |
| £750,001 – £1,000,000 | £1,750 + VAT |
| Over £1,000,000 | £2,500 – £5,000 + VAT |
These are the fee bands currently set out in your pricing information.
Sale Fees
Freehold Sales
| Property Value | Our Legal Fee |
|---|---|
| Up to £250,000 | £750 + VAT |
| £250,001 – £500,000 | £900 + VAT |
| £500,001 – £750,000 | £1,200 + VAT |
| £750,001 – £1,000,000 | £1,500 + VAT |
| Over £1,000,000 | £1,750 – £5,000 + VAT |
Leasehold Sales
| Property Value | Our Legal Fee |
|---|---|
| Up to £250,000 | £900 + VAT |
| £250,001 – £500,000 | £1,000 + VAT |
| £500,001 – £750,000 | £1,200 + VAT |
| £750,001 – £1,000,000 | £1,500 + VAT |
| Over £1,000,000 | £1,750 – £5,000 + VAT |
These figures reflect the existing sale fee bands in your document.
Remortgages and Transfers of Equity
Remortgage
- Up to £500,000: £1,500 + VAT
- £500,001 – £1,000,000: £2,000 + VAT
Transfer of Equity
- £1,200 + VAT
Additional Legal Fees
Depending upon the transaction, additional work may be required. Our current additional charges include:
- SDLT Return: £50 + VAT
- Acting for a mortgage lender: £150 + VAT
- Redemption of each mortgage or charge on a sale: £50 + VAT
- CHAPS transfer: £30 + VAT
- Dealing with unregistered title: £150 + VAT
- Auction transaction: £750 + VAT
- AML check: £9.95 + VAT per person
Where an additional fee applies, this will be explained to you as part of your quotation or as soon as the need for the additional work becomes known.
Disbursements
Disbursements are payments made to third parties on your behalf and are payable in addition to our legal fees.
Depending upon your transaction, these may include:
- HM Land Registry fees
- Search fees
- Land Registry searches and documents
- Bankruptcy searches
- Lawyer verification checks
- Stamp Duty Land Tax
- Leasehold management company or landlord fees
- Indemnity insurance
The amount payable will depend upon the property and the nature of the transaction. We will provide details of the anticipated disbursements as part of your quotation and update you if these change.
For leasehold properties, additional fees may be charged by the landlord, managing agent or management company for matters such as management packs, notices, Deeds of Covenant and certificates of compliance.
What Is Included in a Purchase?
Our standard legal work on a residential purchase will usually include:
- Taking your instructions and providing initial advice
- Reviewing the contract and title documentation
- Carrying out the appropriate searches
- Raising enquiries with the seller’s solicitors
- Reviewing your mortgage offer, where applicable
- Reporting to you on the property and legal documentation
- Advising on joint ownership, where applicable
- Preparing for exchange of contracts
- Carrying out pre-completion searches
- Exchange of contracts
- Completion
- Preparing and submitting the SDLT Return
- Applying to register your ownership at HM Land Registry
The precise work required will depend upon the circumstances of your transaction.
What Is Included in a Sale?
Our standard legal work on a residential sale will usually include:
- Obtaining and reviewing the title documentation
- Preparing the contract documentation
- Reviewing the property information supplied by you
- Responding to enquiries raised by the buyer’s solicitors
- Dealing with your mortgage lender, where applicable
- Preparing for and exchanging contracts
- Dealing with completion
- Redeeming any mortgage secured against the property
- Accounting to you for the balance of the sale proceeds
How Long Will My Conveyancing Take?
Every transaction is different and the timescale will depend upon factors such as the length of the chain, mortgage arrangements, searches, enquiries and the circumstances of the other parties.
As a general guide, your existing published estimate is approximately 6 to 8 weeks for a sale or purchase and approximately 3 to 4 weeks for a straightforward remortgage or transfer of equity. These are estimates rather than guaranteed completion times.
We will always work to progress your transaction efficiently and will keep you informed of any issues that may affect the anticipated timescale.
Stamp Duty Land Tax
Stamp Duty Land Tax may be payable when purchasing a property and can also arise in certain transfers of equity and other transactions.
The amount payable depends upon your individual circumstances and the nature and value of the transaction. We will advise you about the SDLT requirements relevant to your transaction.
Who Will Deal With Your Matter?
Our Property Department is headed by Sundeep Singh Bamrah, Director and Solicitor, who oversees the firm’s property work.
Contact Our Residential Property Team
For a conveyancing quotation or to discuss a residential property transaction, please contact:
Telephone: 020 8597 5097
Sundeep Bamrah: ssb@mvlegal.co.uk