Our Commercial Property Pricing
We believe the most important factor people consider when choosing to instruct us is the quality of our services, however this is closely followed by price. We therefore publish our easy-to-understand pricing information for commercial conveyancing transactions.
How will we work out your conveyancing quotation?
Example of conveyancing fee quotations you can expect in a selection of situations
Company A is purchasing a freehold office block for themselves to use moving forwards. The purchase price is £280,000 and the property has not been elected for VAT. Company A is purchasing the property without the aid of a mortgage. There are no issues in relation to the transaction and the same proceeds smoothly to exchange. In these circumstances the solicitors fee quotation is likely to be £1,500 + VAT. They can expect to pay £402.60 + VAT for usual searches. They can also expect to pay £3,500 in stamp duty land tax and between £150 and £330 in Land Registry fees depending on whether the application can be made online.
Company B is acquiring a new 10 year lease of a warehouse that is currently vacant. The annual rent for the property is £15,000 and VAT will be payable on the same as the property has been opted to tax. The Landlord has requested a Rent Deposit and Company B also wish to complete some alterations to the property once they have entered the same. In these situations solicitors’ fees are likely to be £1,750 + VAT in relation to the granting of the new lease, £250 + VAT in relation to the Rent Deposit Deed and £250 + VAT in relation to the Licence for Alterations. Should Company B decide that they would like searches to be taken out then these are likely to be £402.60 + VAT for the usual searches. There will also be disbursements payable. Stamp duty will not be payable however a return will still need to be completed. Land Registry fees for registering the Lease are likely to be between £20 and £45 depending on whether we can submit the application online.
Dave owns a freehold property that he previously used for his own business. He has since decided to retire and wants to Lease the property to Company C. Dave has checked Company C’s references and has requested that Company C provide a deposit in the sum of £2,500. A rent of £12,000 per annum has been agreed and the property has not been opted to tax. The lease will be for a term of 5 years. Solicitors’ fees in relation to this matter are likely to be £1,500 + VAT in relation to the new lease and £250 + VAT in relation to the rent deposit. Dave will also be required to provide copies of the freehold title to Company C and there is likely to be a disbursement of £6 in order to provide the same.
Amanda and Claude decide that they would like to sell their business. They have agreed a purchase price of £95,000 and they currently have a Lease of their business property. They have spoken with their Landlord who has agreed that they can assign their Lease to Company D who are the purchasers. Amanda and Claude have only recently agreed a new lease over the property which still has 8 years left to run and an annual rent of £25,000. Solicitors fees are likely to be £,1,250 + VAT in relation to the asset purchase agreement which will be used for selling the business assets, £1,200 + VAT in regards to the sale of the Lease, and £250 + VAT in relation to the Licence to Assign (the Landlord’s consent for the assignment of the Lease). Amanda and Claude will also be required to pay disbursements. These will likely be limited to providing copies of both the freehold and the leasehold titles to Company D and the cost in relation to the same will be in the region of £15. Amanda and Claude may be required to pay the Landlord’s fees in relation to the licence to assign, these fees are unknown at the start of the transaction but would be provided during the same.
Dean and Sarah are purchasing a long lease with 125 years remaining for a purchase price of £350,000. They are obtaining a mortgage in order to fund the purchase and the lender is being represented by a separate solicitor. The property will be used as an office. Upon a review of the Lease several clauses are not compatible with the lender’s instructions and the lender’s solicitor requests that a Deed of Variation of the Lease is entered into. This is agreed with the Landlord and the managing agents. Solicitors fees are likely to be in the region of £1,750 + VAT in relation to the purchase and £500 + VAT for liaising with the lender’s solicitor. The lender will likely require searches to be taken out and the fees in relation to the same are £402.60 + VAT. Disbursements will include stamp duty land tax which is likely to be £7,000 and Land Registry fees are likely to be £150 provided we can make the application online.
Company E decides they would like to remortgage their commercial shop. The same has become rundown and they are obtaining a bridging loan in relation to the property in the sum of £250,000. The bridging loans are being represented by separate solicitors. The property is freehold and the current loan is with a high street bank in the sum of £95,000. The current lender has agreed that we are able to act for them in redeeming the same. Solicitors fees are likely to be £1,250 + VAT to include liaising with the lender’s solicitor. Disbursements will include £15 to register the new charge at Companies house, obtaining copies of the title for the property will likely be £6 and the land registry fee to register the charge will likely be £45.
Hannah and Greg lease an office building. The lease is coming to an end and they have agreed with their Landlord that they will renew the lease for a term of 10 years at an annual rent of £30,000. The property has not been opted for VAT and so no VAT is payable. It is decided that many of the original clauses in the lease require modernisation and as such a new lease is prepared by the Landlords solicitor. Solicitors fees in relation to this matter are likely to be £1,500 + VAT and disbursements. Disbursements will include stamp duty land tax which is likely to be £994 and land registry fees are likely to be £20.
Examples of services which we include at
NO EXTRA CHARGE
Examples of services not included within the price
|Drafting statutory declarations / statements of truth||£110 plus VAT|
|Purchasing a split title/additional title||£110 plus VAT per additional title|
|Arranging indemnity insurance||£55 plus VAT|
|Negotiation indemnity insurance||£55 plus VAT|
|Third Party Anti Money Laundering and deposit verification checks||£110 plus VAT per donor|
|Placing stop on out of date cheque and generating new payment||£33 plus VAT|
|Attending the Post Office to collect under-stamped post or collect recorded delivery or special delivery post on your matter||£73.22 plus VAT|
|Drafting Deed of Covenant||£110 plus VAT|
|Registering / removing restrictions on title||£110 plus VAT|
|Deed of variation of title||£500-£750 plus VAT|
|Dealing with undisclosed Licences (such as licence for alterations)||£250 + VAT per additional Licence|
|Dealing with an undisclosed bridging loan||£695 + VAT|
|Dealing with third party lender solicitors||£500 + VAT|
Other Fees and Costs
Tax and Disbursements
|Freehold Sale and transfers||SDLT rate|
|Up to £150,000||Zero|
|The next £100,000 (the portion from £150,002 to £250,000)||2%|
|The remaining amount (the portion above £250,000)||5%|
|New Lease sales and transfers||SDLT rate|
|Up to £150,000||Zero|
|The portion from £150,000 to £5,000,000||1%|
|The portion above £5,000,000||2%|
|SDLT Example||SDLT rate|
|You buy a property for £295,000. The SDLT you owe will be calculated as follows:|
|0% on the first £150,000||£0|
|2% on the next £100,000||£2,000|
|5% on the final £45,000||£2,250|
Click here to use the SDLT calculator to work out how much tax you’ll pay or visit:
|£0 to £80,000||£20|
|£80,001 to £100,000||£40|
|£100,001 to £200,000||£100|
|£200,001 to £500,000||£150|
|£500,001 to £1,000,000||£295|
|£1,000,001 and over||£500|
The Conveyancing Process – a short summary
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Our Residential Property Team
The person with conduct of your matter will either be a Solicitor or a qualified Licensed Conveyancer, or a Conveyancer- with experience ranging from 1 year to 20 years. Our conveyancers are often supported by law graduates on their own pathways to qualification. There are no anonymous teams with one leader working from huge “warehouse style” offices. Accessibility and communication are core features to the service that our conveyancers provide.
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