Conveyancing Fees & Process

Conveyancing Fees & Process

Purchasing Freehold Residential Property

Our fees cover all of the work* required to complete the purchase of your new home, including dealing with registration at the Land Registry 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.

Conveyancer’s fees

  • Legal fee up to 0.5% of the value of the transaction plus VAT
  • Electronic money transfer fee £35.00 plus VAT
  • VAT payable is currently set by the government at 20%
  • Completing and submitting to the tax authority the Stamp Duty or Land Tax form, the fee is £95.00 plus VAT

Referral fee 

  • We do not usually enter into any arrangement for a referral fee but on the rare occasion when a client is referred by another practicing solicitor only, a fee arrangement may be agreed but you will be informed from the outset on the amount and the name of the recipient.

Disbursements

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.

  • Local Authority Search fee. This depends on the local authority in charge of the area where the property is located.
  • HM Land Registry fee. This depends on the value of the property. You can check the Land Registry on this link: http://landregistry.data.gov.uk/fees-calculator.html
  • Water and Drainage Search fee of approximately £57.72
  • Environmental Search fee of approximately £61.20
  • Chancel Check Fee of approximately £24.00
  • Land Registry Priority Search is £3.00 per title
  • Bankruptcy Search is £2.00 per person

Stamp Duty or Land Tax

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if the property is located in Wales by using the Welsh Revenue Authority’s website, https://www.stampdutycalculator.org.uk/ltt-calculator.htm

 

How long will my property purchase take?

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 6-8 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 12 weeks or longer. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 6 months. In such, a situation additional charges would apply but you will be informed in advance of us incurring any additional fees and your approval will be sought first and before the fee is incurred.

The Purchase Process

The precise stages involved in the purchase of a residential property vary according to the circumstances of the transaction, but most transactions involve the following:

  • Taking your instructions and giving you initial advice
  • Check finances are in place to fund the purchase and contact the lender’s solicitors if needed and only if we are not also acting for the lender
  • Receive and advise on contract documents
  • Carry out the necessary searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries with the seller’s solicitor
  • Give you advice on all documents and information received which is usually done by way of a “Report on Title” that we will send you with all the transaction documents and copy searches
  • Go through conditions of mortgage offer with you if you are taking a mortgage
  • Send final contract to you for signature
  • Agree completion date (date from which you own the property)
  • Exchange contracts once you have given us clear instructions to do so and notify you that this has happened
  • Draft the Transfer Deed
  • Advise you on joint ownership if the purchasers are more than one person
  • Arrange for all monies needed to be received from lender and you by preparing and sending you a completion statement
  • Complete the purchase and keeping you up to date of the process over the telephone
  • Deal with the payment of the Stamp Duty or the Land Tax
  • Deal with application for registration at Land Registry when the property will be registered in your name and if you have taken a mortgage it will also show the lender as having a first charge on the property

 

Purchasing Leasehold Residential Property

Our fees cover all of the work* required to complete the purchase of your new home, including dealing with registration at the Land Registry 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.

Conveyancer’s fees

  • Legal fee up to 0.5% of the value of the transaction plus VAT
  • Electronic money transfer fee £35.00 plus VAT
  • VAT payable is currently set by the government at 20%
  • Completing and submitting to the tax authority the Stamp Duty or Land Tax form, the fee is £95.00 plus VAT

Referral fee 

We do not usually enter into any arrangement for a referral fee but on the rare occasion when a client is referred by another practicing solicitor only, a fee arrangement may be agreed but you will be informed from the outset on the amount and the name of the recipient.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The 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.

  • Local Authority Search fee. This depends on the local authority in charge of the area where the property is located.
  • HM Land Registry fee. This depends on the value of the property. You can check the Land Registry on this link: http://landregistry.data.gov.uk/fees-calculator.html
  • Water and Drainage Search fee of approximately £57.72
  • Environmental Search fee of approximately £61.20
  • Chancel Check Fee of approximately £24.00
  • Land Registry Priority Search is £3.00 per title
  • Bankruptcy Search is £2.00 per person

Anticipated Disbursements*

  • Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50.00 – £100.00.
  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50.00 – £100.00.
  • 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 £75.00 and £300.00.
  • Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50.00 – £150.00.

*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. In addition, some of these fees are subject to VAT.

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.

Stamp Duty or Land Tax

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if the property is located in Wales by using the Welsh Revenue Authority’s website, https://www.stampdutycalculator.org.uk/ltt-calculator.htm

 

How long will my property purchase take?

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 6-8 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 12 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 6 months. In such, a situation additional charges would apply but you will be informed in advance of us incurring any additional fees and your approval will be sought first and before the fee is incurred.

 

The Purchase Process

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances but generally include the following.

  • Taking your instructions and giving you initial advice
  • Check finances are in place to fund the purchase and contact the lender’s solicitors if needed and only if we are not also acting for the lender
  • Receive and advise on contract documents
  • Carry out the necessary searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries with the seller’s solicitor
  • Give you advice on all documents and information received which is usually done by way of a “Report on Title” that we will send you with all the transaction documents and copy searches
  • Go through conditions of mortgage offer
  • Send final contract to you for signature
  • Draft the Transfer Deed
  • Advise you on joint ownership if the purchasers are more than one person
  • Obtain pre-completion searches
  • Agree 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 lender and you
  • Complete the purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry when the property will be registered in your name and if you have taken a mortgage it will also show the lender as having a first charge on the property

* Please note that our Fee assumes that:

  1. this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
  2. this is the assignment of an existing lease and is not the grant of a new lease
  3. the transaction is concluded in a timely manner and no unforeseen complication arise
  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required

Sale of Freehold Residential Property

Our fees cover all of the work required to complete the sale of your property.

Conveyancer’s fees

  • Legal fee up to 0.5% of the value of the transaction plus VAT
  • Legal fee for acting for the lender if you have a mortgage secured on the property is £350.00 plus VAT
  • Electronic money transfer fee £35.00 plus VAT
  • VAT payable is currently set by the government at 20%

Referral fee 

We do not usually enter into any arrangement for a referral fee but on the rare occasion when a client is referred by another practicing solicitor only, a fee arrangement may be agreed but you will be informed from the outset on the amount and the name of the recipient.

Disbursements

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

  • Land Registry Title Documents are £3.00 each
  • If you are selling through an estate agent then you would be expected to have agreed the fee with the agents directly but we will pay the agent’s fees from the sale proceeds in accordance with your instructions. The agent’s fee usually varies between 1% and 3% of the sale price plus VAT at 20%.
  • Payment if required by the Local Authority for copy planning permissions/ building Regulation Certificate if you do not have copies of the same in your possession.

How long will my property sale take?

How long it will take from your acceptance of an offer on your property until you can move out on completion will depend on a number of factors. The average process takes between 6-8 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if the buyer is a first time buyer and purchasing with a mortgage, it could take 8 to 12 weeks or longer.

The Sale Process

The precise stages involved in the sale of a residential property vary according to the circumstances of the transaction, but most transactions involve the following:

  • Taking your instructions and giving you initial advice
  • Contacting your lender if you have a mortgage secured on the property to obtain a provisional redemption statement before you are committed to the sale to make sure that the sale price is sufficient to redeem the mortgage on completion of the sale.
  • Drafting and seeking your approval on the sale contract
  • Obtain further planning documentation if required
  • Make any necessary enquiries of buyer’s solicitor and the buyer’s position
  • Give you advice on all documents and information received and sent to the buyer’s solicitors
  • Send final contract to you for signature
  • Agree completion date (date from which you hand over the property to the buyer)
  • Exchange contracts once you have given us clear instructions to do so and notify you that this has happened
  • Consider the draft Transfer Deed prepared by the buyer’s solicitors and once approved arranging for you to sign in our presence if possible otherwise before an independent witness
  • Arrange for the redemption of the mortgage (if you have one) on the same day of completion of the sale and discharging any other liability which you have instructed us to do as shown on the completion statement
  • Accounting to you for the net balance of the sale price in accordance with your specific instructions

 

Sale of Leasehold Residential Property

Our fees cover all of the work required to complete the sale of your property.

Conveyancer’s fees

  • Legal fee up to 0.5% of the value of the transaction plus VAT
  • Legal fee for acting for the lender if you have a mortgage secured on the property is £350.00 plus VAT
  • Electronic money transfer fee £35.00 plus VAT
  • VAT payable is currently set by the government at 20%

Referral fee 

We do not usually enter into any arrangement for a referral fee but on the rare occasion when a client is referred by another practicing solicitor only, a fee arrangement may be agreed but you will be informed from the outset on the amount and the name of the recipient.

Disbursements

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

  • Land Registry Title Documents are £3.00 each
  • If you are selling through an estate agent then you would be expected to have agreed the fee with the agents directly but we will pay the agent’s fees from the sale proceeds in accordance with your instructions. The agent’s fee usually varies between 1% and 3% of the sale price plus VAT at 20%.
  • Payment if required by the Local Authority for copy planning permissions/ building Regulation Certificate if you do not have copies of the same in your possession.
  • Managing Agent’s sale pack and replies to leasehold enquiries by the landlord. The fee depends on the managing agents but we find this to range between £150.00 to £500.00 plus VAT at 20%.
  • In some leases, there is a requirement for a licence to assign the lease. The fee is usually payable to the landlord’s solicitors and this can vary between £400.00 to £1,000 plus VAT at 20%.

How long will my property sale take?

How long it will take from your acceptance of an offer on your property until you can move out on completion will depend on a number of factors. The average process takes between 6-8 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if the buyer is a first time buyer and purchasing with a mortgage, it could take 8 to 12 weeks or longer.

The Sale Process

The precise stages involved in the sale of a residential property vary according to the circumstances of the transaction, but most transactions involve the following:

  • Taking your instructions and giving you initial advice
  • Contacting your lender if you have a mortgage secured on the property to obtain a provisional redemption statement before you are committed to the sale to make sure that the sale price is sufficient to redeem the mortgage on completion of the sale.
  • Drafting and seeking your approval on the sale contract
  • Obtain further planning documentation if required
  • Obtaining the landlord’s managing agents’ leasehold sale pack
  • Contacting the landlord’s solicitors if a licence to assign is required in accordance with the lease
  • Make any necessary enquiries of buyer’s solicitor and the buyer’s position
  • Give you advice on all documents and information received and sent to the buyer’s solicitors
  • Send final contract to you for signature
  • Agree completion date (date from which you hand over the property to the buyer)
  • Exchange contracts once you have given us clear instructions to do so and notify you that this has happened
  • Consider the draft Transfer Deed prepared by the buyer’s solicitors as well as any draft licence to assign from the landlord’s solicitors and once approved arranging for you to sign in our presence if possible otherwise before an independent witness
  • Arrange for the redemption of the mortgage (if you have one) on the same day of completion of the sale and discharging any other liability which you have instructed us to do as shown on the completion statement
  • Accounting to you for the net balance of the sale price in accordance with your specific instructions

Residential Re-Mortgage

Our fees cover all of the work required to complete the re-mortgage of your property including dealing with the registration of the charge in the Land Registry in favour of the lender and if you are changing lenders hence you are re-mortgaging then our work includes redeeming the mortgage registered on the property title by the existing lender.

Conveyancer’s fees

  • Legal fee is £750.00 plus VAT if you do not have an existing mortgage to redeem and £950.00 plus VAT if you have a mortgage to redeem.
  • Electronic money transfer fee £35.00 plus VAT
  • VAT payable is currently set by the government at 20%

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The 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.

  • Local Authority Search fee. This depends on the local authority in charge of the area where the property is located.
  • HM Land Registry fee. This depends on the value of the loan. You can check the Land Registry on this link: http://landregistry.data.gov.uk/fees-calculator.html
  • Water and Drainage Search fee of approximately £57.72
  • Environmental Search fee of approximately £61.20
  • Chancel Check Fee of approximately £24.00
  • Land Registry Priority Search is £3.00 per title
  • Bankruptcy Search is £2.00 per person
  • If you are re-mortgaging a leasehold property then there will in most cases a Managing Agent’s sale pack and replies to leasehold enquiries by the landlord. The fee depends on the managing agents but we find this to range between £150.00 to £500.00 plus VAT at 20%.

 

 

Anticipated Disbursements

  • Notice of Charge fee. This fee is set out in the lease. Often the fee is between £50.00 – £100.00.
  • Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50.00 – £150.00.

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. In addition, some of these fees are subject to VAT.

 

How long will my property Re-Mortgage take?

How long it will take depends on the speed of the return of the search results and the enquiries from the landlord’s managing agents as well as any need to seek further instructions from the lender on any aspect which we are required to report back to the lender following our investigation of title. On average a re-mortgage could take between 4 to 6 weeks to complete.

The Re-Mortgage Process

The precise stages involved in the re-mortgage of a residential property vary according to the circumstances but generally include the following.

  • Taking your instructions and giving you initial advice
  • Liaising with you in order to make sure that all mortgage conditions can be met
  • Carry out the necessary searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of the landlord’s managing agents including obtaining the leasehold enquiries pack
  • Inviting you to a meeting to sign the mortgage deed in readiness for completion of the re-mortgage
  • Obtain pre-completion searches
  • Agree completion date with you and reporting on title to the lender
  • Arrange for all monies needed to be received from lender, Complete the re-mortgage, redeem the existing mortgage (if any) and accounting to you for the balance (if any) as shown in the completion statement
  • Deal with the registration of the mortgage deed and if you had a mortgage to redeem then we will be obtaining a certificate of discharge of the old mortgage

 

 

Contact Us

+44 (0)20 7855 7700

74 Pembroke Road, Kensington, London W8 6NX

lawyers@gaasolicitors.com