Call us: 020 8906 6777
Fees
Fees
Example : Purchase of a leasehold residential property
Our fees cover all 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 is in Wales.
Conveyancer's fees
• Legal fee £1,250.00
• Fee for acting on behalf of the mortgage lender £200.00
• Electronic money transfer fee £15.00
• VAT £290.00
• Subtotal £1,755.00
Disbursements
Estimated total: £1,755.00
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.
• HM Land Registry fee: £295.00
• Search fees: £260.00
• VAT on search fees £NIL
• Subtotal: £555.00
Anticipated Disbursements*
• Notice of Transfer fee
– This fee if chargeable is set out in the lease. Often the fee is between £50-120.00 plus V.A.T
• 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 and £120.00 plus V.A.T
• 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 £100.00 and £200.00. plus V.A.T
• Certificate of Compliance fee
- To be confirmed upon receipt of the lease, as can range between £50.00- £100.00 plus V.A.T
*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 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 this we receive this information.
Stamp Duty Land Tax
This 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.
Grand total £2.130.00 (This will give clients a clear understanding of the total cost of the transaction and so the full funds the client will need to complete it.)
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
• 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
• Obtain further planning documentation if required
• Make any necessary enquiries of seller's solicitor
• Give you advice on all documents and information received
• Go through conditions of mortgage offer
• Send final contract to you for signature
• Draft Transfer
• Advise you on joint ownership
• 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 purchase
• Deal with payment of Stamp Duty/Land Tax
• Deal with application for registration at Land Registry
How long will my house 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 8-12 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 12-16 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2-4 months. In such, a situation additional charges would apply.
* Our fee assumes that:
a. 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
b. this is the assignment of an existing lease and is not the grant of a new lease
c. the transaction is concluded in a timely manner and no unforeseen complication arise
d. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
e. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
If you wish to use an online quote calculator for residential conveyancing
Additional Charges
Unregistered land supplement • £75
Shared ownership purchase supplement • £125
Indemnity Policy supplement** • £50
Telegraphic Transfer fee • £15
Declaration of Trust • £50
Help To Buy (ISA) • £50
ID Search (per individual) • £5
Lawyer Checker fee • £12
Disbursements
Search Pack • £190.60
HM Land Registry Fee*** • £20-£1,105.00 (purchase price dependent)
Priority Search Fee*** • £3
Bankruptcy Search Fee (per name)*** • £2
Official copies per title document *** • £3
Notes
*If the re-mortgage is a leasehold property then in addition to the Residential (Freehold) Re-mortgage Fee we will also charge the Leasehold Supplement fee as detailed in the Additional Charges Section.
**If an indemnity policy is required then an additional insurance premium will be payable to the insurance provider. The premium will be confirmed before the indemnity policy is put on cover.
***No VAT is payable in addition to this fee.
^ The search fees are best estimates and can differ slightly for each property. A precise fee will be confirmed before fees are incurred.
Non Contentious UK Probate
We know that dealing with the death of a family member or friend can be a difficult time. Dealing with the administration of the deceased person’s estate can only add to these troubles.
Full Probate Service
(Dealing with the Inheritance Tax Returns, Obtaining the Grant of Probate and Distributing the Estate)
We offer a full Probate service whereby we deal with the whole of the administration of the estate from start to finish on your behalf.
We estimate that this can take anywhere up to 30 hours work at an average of £200 per hour. Total Costs are estimated usually between £1,200 and £6,000 (Plus VAT)
The exact cost will depend on the individual circumstances of the Estate. For example, if there is one beneficiary and few assets, costs will be at the lower end of the range (or possibly even less). If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end.
If there are any potential further cost’s we will always notify you beforehand and we will be able to give you a more precise estimate once we have had initial discussions with you.
We will handle the full process for you. This quote is typically for estates whereby:
There is a valid Will (or if there is no Will, where the estate is straightforward)
There is no more than one property
There are no more than 7 bank or building society accounts
There are no other intangible assets
There are 2-8 beneficiaries
There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
There are no claims made against the estate
Our Service will include the following where necessary. We will:
Provide you with a dedicated and experienced probate solicitor or probate manager to work on your matter
Obtain details and valuations of the assets of the estate
Complete the IHT205 Inheritance Tax Return (If the estate is taxable and a full IHT400 Account is Required, there may be an additional cost)
Obtain the Grant of Probate to the estate
Deal with and close off the assets of the estate
Gather in funds due to the estate
Prepare the final Estate Accounts
Discharge the liabilities of the estate
Distribute the estate
Disbursements not included in our fees
Disbursements are costs related to your matter that are payable to third parties, such as court fees. We will handle the payment of the disbursements on your behalf to ensure a smoother process.
The disbursements paid will depend on the circumstances of the matter and these may include:
• Probate application fee of £273.00
• If any additional copies of the Grant are required, they will cost £1.50p each
• Bankruptcy only Land Charges Department searches (£2 per UK resident beneficiary)
• Swearing the Oath fee (£7 per executor)
• A post in The London Gazette and a local Newspaper – (This protects against unexpected claims from unknown creditors) £200-£250
Potential additional costs
If the Estate is particularly large or non-standard, there may be additional costs. We will, of course, advise you about these once we have reviewed the estate. These could include situations where:
• If there is no will or the estate consists of numerous share holdings (stocks and bonds) there is likely to be additional costs that will depend on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information
• Inheritance Tax is payable on the Estate and a full IHT400 Inheritance Tax Return is required
• There is a claim made against the estate
• There are foreign assets to be dealt with
• Dealing with the sale or transfer of any property in the estate is not included
How long will a Full Probate Service Take?
On average, estates that fall within this range are dealt with within 3 – 10 months. Typically, obtaining the Grant of Probate will take 10-16 weeks.
The current V.A.T rate is 20 %.
