Residential property: costs

We are required to provide the best estimate possible for Residential Property work.

Since there is no such thing as a standard property transaction and the work required can vary considerably there is no standard charge, exact costs and timescales depend on a wide range of circumstances.

For any residential property transaction that we are instructed to deal with we will give you a specific written estimate of all legal fees and the total costs. Estimates are free.

Below are some examples of fees for particular transactions, giving an average fee subject to the assumptions specified.

We are required to obtain evidence of the identity of our clients at the outset of a matter and of relevant third parties. Where it is reasonably necessary for us to identify you and/or any person associated with your case remotely, rather than in person, a charge of £9.95 plus VAT per check will be added to your bill.

Purchase of a freehold residential property in York for £300,000.00.

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).

Conveyancer's fees and expenses

• Average legal fee £1250.00 plus VAT of £250.00
• Search fees 306.00 plus VAT of £61.20 
• Lender's Handbook Check £7.50 plus VAT of £1.50 (if required)
• Lawyer check (if required) £18 plus VAT of £3.60
• Land Registry Searches (assuming 1 purchaser requiring a mortgage) £5 plus VAT of £1.00
• HM Land Registry fee £150.00 - £330.00 (depending on whether the property is registered)
• Electronic money transfer fee per transfer £50.00 plus VAT of £10.00

Referral fee (if any)

We do not pay and do not receive any referral fees.

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

Stamp Duty or Land Tax (on purchase)

This depends on your circumstances and the purchase price of your property. You can calculate the amount you will need to pay by using HMRC's website 

How long will my house purchase take?

How long it will take from your offer being accepted until you can move in to 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 an empty property with a mortgage in principle, it could take 4 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 4 months. In such, a situation additional charges would apply.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are some key stages:

• 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 with you
• Send final contract to you for signature
• 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

Please note that this average figure assumes that: 

1. The property is at least 10 years old with no extensions or alterations
2. It is free from any unusual covenants or restrictions
3. It has access directly from a public highway with main drainage connections
4. It 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
5. The transaction is concluded in a timely manner and no unforeseen complications arise
6. All parties to the transaction are cooperative and there is no unreasonable delay by any of the parties
7. No indemnity policies are required. Additional disbursements may apply when indemnity policies are required

Purchase of a leasehold residential property in York for £300,000.00.

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).

Conveyancer's fees and expenses

• Average legal fee £1250.00 plus VAT of £250.00
• Search fees 306.00 plus VAT of £61.20 
• Lender's Handbook Check £7.50 plus VAT of £1.50 (if required)
• HM Land Registry fee £150.00 - £330.00 (depending on whether the property is registered)
• Electronic money transfer fee £50.00 plus VAT of £10.00

Referral fee (if any)

• We do not pay and do not receive any referral fees

Expenses

Expenses are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the expenses on your behalf to ensure a smoother process. There are certain expenses which will be set out in the individual lease relating to the Property. The expenses which we anticipate will apply are set out separately below. This list is not exhaustive and other expenses 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 Expenses*

• Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50.00- £150.00 plus VAT.
• 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 - £150.00 plus VAT.
• 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 £150.00 - £250.00 plus VAT.
• Certificate of Compliance fee - To be confirmed upon receipt of the lease - it is often between £100.00 – £250.00 plus VAT.

*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 your circumstances and the purchase price of your property. You can calculate the amount you will need to pay by using HMRC's website.

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below are some key stages:

• 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 in to your house will depend on a number of factors. The average process takes between 8-10 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing an empty property with a mortgage in principle, it could take 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 4 months. In such, a situation additional charges would apply.

* Please note this average figure 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 more than 10 years old 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.

Remortgage of a freehold residential property in York for £200,000.00

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

Conveyancer’s average fees and disbursements

• Average legal fee £550.00 plus VAT of £110.00
• Search fees 306.00 plus VAT of £61.20 
• Lender's Handbook Check £7.50 plus VAT of £1.50 (if required)
• H M Land Registry Fee £30.00
• Electronic money transfer fee per transfer £50.00 plus VAT of £10.00

Referral fee (if any)

We do not pay and do not receive any referral fees.

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

Please note that this average figure assumes that:

1. The property is at least 10 years old with no extensions or alterations
2. It is free from any unusual covenants or restrictions
3. It has access directly from a public highway with main drainage connections
4. It 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
5. The transaction is concluded in a timely manner and no unforeseen complications arise
6. All parties to the transaction are cooperative and there is no unreasonable delay by any of the parties
7. No indemnity policies are required. Additional expenses may apply when indemnity policies are required

Our Residential property: costs Team