Residential Conveyancing Fees | Jacksons Law Firm

Residential Conveyancing – Range of Fees

What our residential conveyancing fees include

Our fees cover all of the work* required to complete your transaction, including dealing with registration at the Land Registry for any purchase/transfer of equity and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales. It also includes paying your Estate agents fees (should you instruct us to do so) and redeeming your first registered mortgage (if you have one).

Our fees vary greatly depending on the value and type of transaction which you are undertaking, and it is always best to obtain a quote as above noted, but please note that you can find below a very generic note of our fee range for the below types of transactions:

Freehold Purchase – A freehold purchase often involves the purchase of a house and the land upon which the house sits. The legal fees you pay will depend on the property value and complexities, but an estimate of the fees payable could range anywhere from £600 plus VAT to £2000 plus VAT.
Leasehold Purchase – A leasehold purchase often involves a similar process to a freehold purchase but also involves us having to check a lease document for things like ground rents, service charges and various other points. When you buy a leasehold property you don’t own the ground upon which the property sits, but instead a third party does, being your Landlord, and they then grant you a lease to use the property on that land for a period of time. Leasehold purchases are somewhat more complex than a freehold purchase and our fees will vary depending on price. An estimate of our fees would be from £750 plus VAT to £2500 plus VAT.
Freehold and Leasehold Sales – As well as buying, we can also act for you in the sale of freehold and leasehold property. Our fees will depend upon your property value but could range anywhere from £550 plus VAT to £2000 plus VAT.
Re Mortgages – A Re mortgage is when you obtain a new mortgage offer, from a new lender, and we do the legal work to pay off the balance owing to your prior lender, and replace them on the title with your new lender. Such transactions can vary in price but are often quicker than a sale or purchase transaction. Our fees will depend on the property value but will range from £400 plus VAT to £1000 plus VAT.

Please note that these fees are payable in addition to the disbursements outlined below, and as such its very important to contact us for a quote whenever you are looking to proceed with a matter.

For a guide – please obtain an estimate of our fees here.

Please note it might be that your deal is dealt with by a specific fee scale, for the avoidance of doubt you should still contact us for an exact quote.

Quotes can be obtained by emailing lscott@jacksons-law.com.

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

The level of Stamp Duty you pay depends on the purchase price of your property. 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.

If the property is Leasehold, then additional disbursements which we anticipate will apply, are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

Anticipated Disbursements*

Notice of Transfer fee – This fee, if chargeable, is set out in the lease. Often the fee is roughly £75-£250
Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £75-£250
Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £150-£300
Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £95-£250
Management Pack – Whilst these can also apply to newer freehold properties, they will almost always apply to a leasehold property. If you are selling then you will be expected to provide one of these and the cost varies from £250-£500.

*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 charges are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.

*Our residential conveyancing fees assumes that:

This is a standard transaction and no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying before completion or the preparation of additional documents ancillary to the main transaction
This is the assignment of an existing lease and is not the grant of a new lease in the case of leasehold properties
The transaction is concluded promptly and no unforeseen complications arise
All parties to the transaction are cooperative and there is no unreasonable delay from third parties providing documentation
No indemnity policies are required. Additional disbursements may apply if indemnity policies are required

If your transaction is not standard, or it becomes unexpectedly complex and more time-consuming than expected, then additional fees may need to be charged as shown on the list of additional charges (click here to view), which again is not exhaustive.

Timescales

How long it will take for an offer to be accepted until you can move home (or complete your transaction if this is not your main residence), will depend on several factors. The average process takes between 8-16 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a new build property with a mortgage in principle, it could take four to eight weeks to exchange and depending on the stage of build three to six months for completion. However, if you are buying or selling a leasehold property that requires an extension of the lease, this can take significantly longer, between three to six months. In such a situation additional charges would apply.

Re-mortgages will generally move faster than a property sale or purchase, depending on the type of lending you are procuring and the lender’s requirements. The average process takes around three to eight weeks.

Keystages

The precise stages involved in the purchase of a freehold or leasehold residential property vary according to the circumstances. However, below we have suggested some key stages for your information:

Take your instructions and give you initial advice
Check finances are in place to fund purchase and contact lender’s solicitors if needed
Receive and advise on contract documents
Carry out searches
Request a management pack if the property is Leasehold
Obtain further planning documentation if required
Make any necessary inquiries of seller’s solicitor
Give you advice on all documents and information received
Go through the conditions of the mortgage offer with you
Send final contract to you for signature
Agree on completion date (date from which you own the property)
Exchange contracts and notify you that this has happened
Arrange for all monies needed to be received from the lender and you
Complete purchase
Payment of Stamp Duty/Land Tax
Application for registration at Land Registry
Deal with service of notice on the Landlord/Management company if the property is Leasehold

The precise stages involved in the sale of a freehold or leasehold residential property vary according to the circumstances. However, below we have suggested some key stages for your information:

Take your instructions and give you initial advice
Obtain a copy of your title (and any associated documents) from the Land Registry
Draft contract documents and issue these to your Buyer’s Solicitor
Request a redemption statement from your lender(s) (if applicable)
Request a management pack from the Landlord/Management Company if the property is Leasehold (which will incur a fee charged and set by the Landlord/Management Company)
Deal with any necessary inquiries raised by the Buyer’s solicitor
Send final contract (and Transfer once received from the buyer’s Solicitor) to you for signature
Agree on completion date
Exchange contracts and notify you that this has happened
Complete Sale
The redemption of any mortgage(s)
Payment of the Estate Agents bill (if you instruct us to do so)
Payment of any outstanding ground rent/service charge due to the Landlord/Management company if the property is Leasehold (having apportioned this with your buyer before completion)
Send any sale proceeds to you in the manner you have instructed us to do so.

The precise stages involved in the re-mortgage of a freehold or leasehold residential property vary according to the circumstances. However, below we have suggested some key stages for your information:

Take your instructions and give you initial advice
Obtain a copy of your title (and any associated documents) from the Land Registry
Request a redemption statement from your lender(s) (if applicable)
Request a management pack from the Landlord/Management Company if the property is Leasehold (which will incur a fee charged and set by the Landlord/Management Company)
Check the mortgage offer from your new lender and advise on any conditions of the loan
Agree on a completion date
Request mortgage funds and a final redemption statement for completion
Complete Re-mortgage
Deal with the redemption of any mortgage(s)
Send any mortgage proceeds to you in the manner you have instructed us to do so