FREDERICK RINE PRICING FOR CONVEYANCING

WHAT IS THE COST OF CONVEYANCING?

Our fees for selling a freehold or leasehold property range from £800 – £3,500 plus VAT of 20%. This range is based on a straightforward sale of a property that has good title:  6-8 weeks typical sale or purchase with no delays or additional services required.

Property Value Purchase Sale
Leasehold Freehold Leasehold Freehold
Under £200,000 £850.00 + VAT £800.00 + VAT £850.00 + VAT £800.00 + VAT
£200,001 – £250,000 £1,150.00 + VAT £1,000.00 + VAT £1,000.00 + VAT £950.00 + VAT
£250,001 – £ 350,000 £1,200.00 + VAT £1,150.00 + VAT £1,200.00 + VAT £1,000.00 + VAT
£350,001 – £500,000 £1,250.00 + VAT £1,200.00 + VAT £1,250.00 + VAT £1,200.00 + VAT
£500,001 – £750,000 £1,350.00 + VAT £1,250.00 + VAT £1,350.00 + VAT £1,250.00 + VAT
£750,001 – £1,000,000 £1,550.00 + VAT £1,500.00 + VAT £1,550.00 + VAT £1,500.00 + VAT
£1million – £1.5million £3,000.00 + VAT £2,500.00 + VAT £3,000.00 + VAT £2,500.00 + VAT
£1.5million & above £3,500.00 + VAT £3,000.00 + VAT £3,500.00 + VAT £3,000.00 + VAT
  Land Registration Fees  
£0 – £50,000 £40.00 £40.00 N/A
£50,001 – £80,000 £70.00 £70.00 N/A
£80,001 – £100,000 £120.00 £120.00 N/A
£100,001 – £200,000 £190.00 £190.00 N/A
£200,001 – £500,000 £270.00 £270.00 N/A
£500,001 – £1,000,000 £540.00 £540.00 N/A
£1,000,001 & above £910.00 £910.00 N/A
Re-mortgages
  Fees for Re-mortgages Re-mortgage Land Reg Fees
£0 – £100,000 £425.00 £40.00
£100,001 – £200,000 £475.00 £60.00
£200,001 – £500,000 £600.00 £80.00
£500,001 – £1,000,000 £700.00 £120.00
£1,000,001 & above £800.00 £250.00
Please find the Stamp Duty rates for residential properties here:

https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

If, however, additional steps to those set out below need to be taken, or the matter is more complicated because, for example, the title is defective, you or a previous owner have carried out works without obtaining consents, there are multiple mortgages to pay off, or a compliance certificate is needed to sell the property, costs might exceed the range provided. If this is the case, we will advise you on the estimated additional costs as soon as we become aware.

Our fees for purchasing a freehold or leasehold property generally range from £850 to £3,500 plus VAT of 20%. This range is based on a straightforward purchase of a property that has good title.

If, however, additional steps to those set out below need to be taken, or the matter is more complicated because, for example the title is defective, the building is listed and unauthorised works have been carried out, or the property is part of a title only, costs might exceed the range provided. If this is the case, we will advise you on the estimated additional costs as soon as we become aware.

OUR CONVEYANCING SERVICES

  1. Purchasing a Property

The fees set out above cover all of the work in relation to the following:

  • due diligence
  • reviewing the purchase contract and liaising with the Seller’s solicitor
  • raising preliminary enquiries
  • investigating the seller’s title and matters affecting use of the property
  • preparing a detailed report on title to you
  • reviewing the mortgage offer terms, if a mortgage is needed, and reporting to your lender
  • exchanging contracts and arranging for funds to be transferred
  • post completion formalities including registration with the Land Registry and SDLT payment.

Additional Services

The range of costs shown above does not include the following additional services, and we will provide a separate fee estimate for these services, should you require them:

  • dealing with title defects
  • engaging in protracted negotiations with the seller
  • arranging indemnity insurance
  • obtaining planning or building regulations consents
  • advising on a management scheme
  • advising on development of the property
  • buying part of an existing property.

OUR CONVEYANCING SERVICES

  1. Selling a Property

The fees set out above cover all of the work in relation to the following services:

  • drafting and submitting the sale contract to the buyer’s solicitors
  • responding to the buyer’s lawyers’ preliminary enquiries on the legal paperwork supplied
  • obtaining your signature, agreeing the completion date and exchanging contracts
  • completion of the sale
  • transfer of funds to you and repayment of any mortgage.

Additional Services

The range of costs shown above does not include the following additional services, and we will provide a separate fee estimate for these services, should you require them:

  • dealing with any defects in your legal title
  • effecting indemnity insurance in connection with title issues
  • providing advice to you in respect of the buyer’s default becoming involved in contentious correspondence and proceedings
  • verifying the buyer’s financial status or ability to complete in the event of insolvency, death etc.

Disbursements (not included in fee estimates)

In addition to our fees, other costs will arise during the matter that are payable to third parties. These costs are called ‘disbursements’ and are likely to include search fees of approximately £300 and HM Land Registry fees that are calculated according to the transaction value. You can calculate the amount that you will need to pay using the HM Land Registry website.

We will keep you updated on these expenses throughout the matter and let you know in advance before they are incurred. We will also inform you if additional exceptional expenses are required.

Stamp Duty Land Tax

If you are purchasing a property, Stamp Duty Land Tax (SDLT) may be payable in addition to our costs and any disbursements. The rate of SDLT that will be payable on completion will depend on the value of the property and any relief you may be entitled to. You can calculate the amount you will need to pay using HMRC’s website.

Timescales

At the outset of a matter it can be difficult to predict timescales, because the time that it takes from taking your initial instructions to concluding the sale or purchase depends largely on the other parties in the chain. It is also hard to predict how complicated a transaction will be before conducting a thorough investigation into the property. A typical sale or purchase where there are no delays or additional services required takes between 6-8 weeks.

We will provide you with a more accurate timescale once we have more information and update you as the matter progresses.

Supporting our clients in Conveyancing matters

We have a small team which offers residential conveyancing. The team is led by the Partner, Frederick Twum-Barima. We think it is very important for clients to have a choice in terms of how much support they require from us and the costs involved in receiving that support.

The experienced conveyancing staff offer a professional legal service.  They collectively have many years of conveyancing experience and have dealt with property transactions ranging from the straightforward to highly complex.

How we approach pricing

We usually charge clients by way of a fixed fee.  We will agree the fixed fee with you at the outset of the matter. The fixed fee is calculated by reference to a number of factors as follows:

  • type of property
  • price of the property
  • how the transaction will be financed
  • whether it is a sale or purchase
  • where the property is located and anticipated timescale.

There are times when we charge on the basis of an hourly rate and estimate the costs based on the amount of time we think the matter will take. We will set out all of the rates and the estimates in our client care so that each client authorises our costs at the outset of the matter, and we provide regular costs updates for approval as the case proceeds. No two conveyancing matters are the same and the ultimate cost will depend on the individual circumstances of each matter.

For more information regarding our residential conveyancing services, please contact Frederick Twum-Barima on 020 84409833