WHAT ARE THE FEES FOR RESIDENTIAL CONVEYANCING?
At Carbon Law Partners we pride ourselves on transparency and clarity on all aspects of your transaction. The following guide should help you understand the process and the charges that are applicable to your transaction, whether we support you to sell your existing property, or buy a new one.
WHAT ARE THE TYPICAL STAGES OF SELLING A RESIDENTIAL PROPERTY?
The precise stages involved in the sale of a residential property vary according to the circumstances. However, typically you can expect that we will:
- Take your instructions on the sale
- Invite you to complete a Property Information Form, Fixtures and Fittings Form and Leasehold Information Form (if applicable)
- Prepare the contract pack to include the contract for sale, Land Registry title documents and other relevant documents
- Order a Management Company Sales Pack (Leasehold only)
- Answer enquiries raised by your Buyer about the property
- Complete your sale
- Redeem your mortgage on completion (if applicable)
- Arrange for the transfer of the proceeds of sale to you
WHAT ARE THE TYPICAL STAGES OF BUYING A RESIDENTIAL PROPERTY?
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, typically you can expect that we will:
- Take your instructions and provide you with initial advice in relation to your purchase
- Check finances are in place to fund your purchase and contact the lender’s solicitors if needed
- Receive and advise on contract pack documentation
- Order the relevant searches
- Obtain further planning documentation if required
- Make any necessary enquiries of the seller’s solicitor
- Give you advice on all documents and information received
- Go through the conditions of the mortgage offer with you
- Send the final contract and transfer to you for signature
- Agree the completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened
- Order mortgage funds from the lender and request any additional funds from you if necessary
- Complete your purchase
- Deal with the payment of Stamp Duty/Land Tax
- Submit the application for registration at Land Registry
HOW LONG WILL THE TRANSACTION TAKE?
It is difficult to determine how long this process will take, as the timescale from the acceptance of your offer until the completion of the sale depends on a number of factors. On average, this will take around 8 weeks.
The process 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 on average up to 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, or there are multiple parties in the chain, this can take significantly longer. In such a situation, additional charges would apply (see pricing below for further details. )
WHAT ARE THE FEES FOR RESIDENTIAL CONVEYANCING?
When we are instructed in conveyancing matters, the cost of the service can be estimated, but not fixed, depending on the complexity of the matter.
Low level of complexity (£850) – (£1750)
Mid-level of complexity (£1750 – (£3000)
High level of complexity (£3000 – (£5000)
Our Partners will use the following (but not limited to) points, to determine the complexity level of your conveyancing matter:
- Transaction type (sale or purchase) · Property value.
- Transaction timetables.
- Complexity of the title (e.g. composite titles, separate titles and unregistered titles).
- Restructure covenants and easements affecting the title.
- A lack of building regulations or planning consent.
- Your inability to provide the requisite documentation.
- Delays to the intended transaction timetable.
- Any unforeseen complications that arise (e.g. one or more of the parties to the transaction changing).
- The contract being subject to special conditions.
- If the property is a recently built or renovated.
- The complexity of your financing arrangements.
- The complexity of your domicile arrangements.
- Additional work required by your lender (e.g. issuing a bespoke certificate of title).
- A higher number of buyers/sellers.
- A chain of dependent transactions.
- Ownership in probate.
- Assigning the right to extend a ‘short’ lease on completion.
Property transactions also attract fees known as disbursements, which will be charged in addition to the fee agreed between and the solicitor. Disbursements are costs related to your matter that are payable to third parties, such as Search Fees or Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Disbursements include but are not limited to:
For Freehold properties
- Search fees – £300.00
- HM Land Registry fee – £135.00-£270.00
- Stamp Duty or Land Tax – £TBC (on purchases only) · Bank Transfer Fee – £10.00-£30.00
For Leasehold properties
Certain disbursements will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below and will include 20% VAT if applicable:
- Search fees – £300.00
- HM Land Registry fee – £135.00-£270.00
- Stamp Duty or Land Tax – £TBC (on purchases only)
- Bank Transfer Fee – £10-£30
Additional disbursements to leasehold properties
These fees vary from property to property and can on occasion be significantly more than the ranges given below. We can give you an accurate figure once we have sight of your specific documents. These disbursements will include 20% VAT if applicable:
- Notice of Transfer Fee. This fee if chargeable is set out in the lease. Often the fee is between £50.00 to £150.00
- 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 to £150.00
- 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 £50.00 to £250.00.
- Certificate of Compliance Fee. It is confirmed upon receipt of the lease and can range between £50.00 to £150.00.
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 we receive this information.
Our fee assumes that:
- this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a problem with the ownership (title) which must be resolved either before completion or preparation of additional documents that are needed to support the main transaction;
- this is the assignment of an existing lease and is not the grant of a new lease;
- the transaction is concluded promptly and no unforeseen complication arise;
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation; and
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Stamp Duty or Land Tax
The amount of Stamp Duty or Land Tax owed depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website here or if the property is located in Wales by using the Welsh Revenue Authority’s website here.
What is the typical process for residential re-mortgage?
We support clients with residential re-mortgages.
This process typically takes approximately 4 weeks and will include representing your lender, checking your ownership (title) of the property and providing a report on this, called a
“Report on Title”. We also register the new mortgage lender’s Legal Charge at the Land Registry to complete the process.
Our current fixed fee for residential re-mortgages is £650.00 + 20% VAT.
What are the disbursements for residential re-mortgage?
Disbursements are costs related to your matter that are payable to third parties, such as Search Fees or Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
The likely disbursements concerning re-mortgages are as follows and will include 20% VAT if applicable:
To access a copy of the:
- Land Registry Title Register and Plan – £6.00
- To register a legal charge – £40.00
- To carry out a bankruptcy search – £2.00 + VAT
- To carry out a Land Registry search – £3.00 +VAT
VAT
All figures for rates and charges are the cost before VAT unless otherwise specified.