How will we work out your conveyancing quotation?
All solicitors will be required from December 2018 to prominently publish price and service information on their websites, in the interests of safeguarding the interests of the consumer. At Kew Law we are working with and implementing this requirement now in order that potential clients can be sure they are making an informed choice and are obtaining a great service at a competitive cost. Our Firm has, since its inception in 2009, worked on the basis of providing our clients with clear quotations giving our best fee estimates, so we welcome this added safeguard for our clients and consumers in general. We know each transaction is different and “one size does not fit all”, so, to obtain your “bespoke” quotation, please request a quote above to be sure you are given the most detailed quotation for your unique transaction. Just answer the short questions.
By way of explanation, quotations are influenced by a number of factors including the price of the prospective property (higher price brings a conveyancing firm higher risk), whether mortgage finance is either needed for a purchase or a mortgage needs to be redeemed, whether “Help to Buy” is involved needing significant extra input from your solicitor or whether the property is Leasehold with a management company and a freeholder involved, this is to name but a few.
The best way to obtain a bespoke quotation adapted to your unique transaction is to request a detailed conveyancing quotation, or if you prefer we are more than happy to discuss your matter on 0800 9878156 so you can learn what to expect in terms of progress. Either way, we will always provide you with a quotation in writing which will be “tailor-made” to your transaction. The person with conduct of your matter will either be a Solicitor or a qualified Licensed Conveyancer- with experience ranging from 2 years to over 20 years.. No unqualified teams with one leader working from huge “warehouse style” offices.
Here are some examples of conveyancing fee quotations you can expect in a selection of situations, we have estimated some third party costs are included (known as “disbursements”) such as, Official Copies of Land Registry Documents, Indemnity Insurance, Searches and Land Registry Fees. We have however excluded Stamp Duty Land Tax as this is subject to change and depends on the circumstances of the Buyer.
To ascertain Stamp Duty Land Tax, please refer to the link below for properties in England: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
or if you are purchasing in Wales: https://beta.gov.wales/land-transaction-tax-calculator
Please note these examples are illustrative only, to obtain an individual quotation please contact us. All examples are based on Land Registry fees as at August 2018 and where we have referred to a “solicitor” we mean “solicitor or licensed conveyancer”.
- Peter and Mary are first time Buyers purchasing a freehold house with cash at a price of £170000. They do not require any advice on their joint ownership of the property . There are no title issues , no requirements for indemnity insurance with no management company involvement and the matter is expected to proceed smoothly with both parties (Buyers and Sellers) co-operating in a prompt manner. In such a transaction the solicitors’ fee quotation can be expected to be in the region of £625- £725 plus vat. They can expect to spend approximately £160 plus vat on instructing the searches required and disbursements of a further £100.00 for Land Registry searches and registration.
- Simon and Janet are purchasing a leasehold flat for £500000 with some cash but mostly by way of mortgage finance. They are not first time Buyers. The solicitor is also instructed by the Mortgage Company. Simon’s father is putting in most of the cash deposit, so Simon and Janet have agreed that they would like the father’s investment to be protected by a declaration of trust ( the Mortgage Company have agreed). Unfortunately there have also been title problems on the property with title insurance being required. There is a management company and a freeholder, both of whom require the solicitor to draw up separate notices of assignment and a deed of covenant before they will consent to the transaction. This type of transaction is complex and will involve significantly more input and time than example number 1. The property is also significantly more expensive increasing the risk in terms of professional indemnity insurance. In this transaction the solicitors’ fee quotation can be expected to be in the region of £895- £995 plus vat. They can expect to incur approximately £160 plus vat on instructing the searches required and disbursements of a further £135-£270 for Land Registry fees, depending on whether the application for registration at Land Registry can be done electronically. Unfortunately it is not possible to anticipate Freeholder and Management Company administrative fees which may be incurred, but Simon and Janet should budget for this.
- Jennifer and Lesley are selling a freehold house for £250000 which has an existing mortgage on the property which will need to be redeemed and they would like to tie in a related purchase for which they have already obtained a separate quotation. There is no management company. All parties agree to proceed promptly and efficiently. Unfortunately Jennifer and Lesley cannot provide evidence of building regulations for some work at the property so they have agreed upon the solicitors’ advice to obtain suitable indemnity insurance. Again a relatively straightforward matter and the solicitors’ fee quotation can be expected to be in the region of £675 to £775 plus vat . They should expect to incur in terms of disbursements a further £12 for Land Registry title documents and the indemnity insurance in the region of £150. Jennifer and Lesley will also incur estate agency fees, which of course which are determined by agreement prior to marketing.
- Henry and Penny are first time Buyers who funding the purchase of a house at £325000 with a “High Street Bank” mortgage and a Help to Buy mortgage. The solicitor will be instructed to act by both the Help to Buy Agency and the Bank. The property is a “New Build” and therefore there is a significantly increased amount of documentation to go through and further the Developers are pushing for a fast exchange of contracts to meet their “month end target”. Henry and Penny would like their solicitor to do everything they can to meet the deadline. In this transaction the solicitors’ fee quotation can be expected to be in the region of £850-£950 plus vat and disbursements. The solicitor will be required to provide undertakings and deal with significant administration in respect of Help to Buy requirements. They can expect to spend approximately £190 plus vat on instructing the searches required and disbursements of a further £135-£270, depending on whether the application for registration at Land Registry can be done electronically.
- Paul and Garry are selling a leasehold flat for £170000 which is free of mortgage, there is a management company and a freeholder who will need to be communicated with to provide up to date administrative requirements and accounts. The solicitor will need to discharge all service charge and ground rent and work out the relevant figures. There are no title problems or complicated matters requiring indemnity insurance. In this transaction the solicitors’ fee quotation can be expected to be in the region of £695-£795 plus vat and disbursements. They should expect to incur a further £12 disbursement for Land Registry title documents. Sellers also incur estate agency fees of course which are determined by agreement prior to marketing. Paul and Garry must also budget for administrative costs of the freeholder and management company to provide up to date required documentation and information.
- Harriet and April are first time buyers purchasing 25% at £90000 under a shared ownership lease arrangement from the Housing Association. They will be obtaining a mortgage and are funding the deposit jointly. The solicitor will need to obtain approval of the mortgage offer and comply with complex Lender Requirements as well as advise on the Stamp Duty Land Tax implications of electing to pay on this transaction or upon final staircasing. Although Harriet and April are purchasing only a smaller percentage for a lower value than on the other examples, the shared ownership element will take more time. The solicitors’ fee quotation can be expected in this transaction will be in the region of £650-£750 plus vat. Again, they can expect to spend approximately £160 plus vat on instructing the searches required and disbursements which are too difficult to estimate in this transaction as they are dependent on whether Harriet and April elect to pay Stamp Duty Land Tax. Land Registry Fees and Searches will be payable at approximately £90.00
- George and Mildred are remortgaging their freehold house. They only have one mortgage to pay off and are borrowing the sum of £100000 to do this. The solicitor is asked to also act for the Bank, but George and Mildred will be expected to meet the Bank’s legal fees. The solicitors’ fee quotation which can be expected in this transaction will be in the region of £550-£650 plus vat. They should budget to spend £160 plus vat instructing searches (thought it may be much less depending on their Bank’s requirements) and £25-£45 on Land Registry searches and registration.
As you can see from the above examples, there are many, many factors which control how complicated and time consuming buying or selling can be.
It may be useful to have an understanding of the key stages your solicitor will deal with in the course of your transaction:
- Take your instructions and give you initial advice
- Carry out identity and anti money laundering checks
- 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
- Take your instructions 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 6-12 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 property with a mortgage in principle and no chain 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 4 and 6months. In such, a situation additional charges would apply and we would confirm those to you before proceeding.
The best thing to do is to obtain a quotation. Making sure you answer the questions as completely as possible or give us a ring on 0800 9878156 – we would be delighted to talk you through it. Remember, only solicitors or firms with the same regulator are obligated from December 2018 to provide you with this standard of up front clarity, so ensure you read the small print if you obtain quotations from other conveyancing firms not regulated by the Solicitors Regulation Authority.