Conveyancing pricing

1. Sale of a residential property

Our fees cover all of the work required to complete the sale of your home, including dealing with a mortgage lender to redeem (pay off) the loan.

1.1. What will we do?

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

Taking your instructions and giving you initial advice
Obtaining your title to the property
Drawing the contract
Taking up replies to standard enquiries
Submitting the contract, title and replies to standard enquiries to the buyer’s conveyancer
Dealing with any additional enquiries
Obtaining your signature on the contract
Agreeing the completion date (the date from which you will move out of the property)
Exchanging contracts and notifying you that this has happened
Approving the Land Registry Transfer
Completing the sale
Redeeming your mortgage(s), paying your estate agent’s fee and accounting to you for the net proceeds of sale

1.2. How long will it take?

How long it will take from an offer being accepted until you complete your sale will depend on a number of factors. The average process takes between 10-12 weeks.

It can be quicker or slower, depending on the parties in the chain.

1.3. What will it cost*?

We price our work in a range, according to the price of the property you are selling.

For the sale of a freehold property, the range is from £850.00 for a price up to £250,000.00 to £1,300.00 for a price between £900,000.00 and £1,000,000.00*. These are fixed fees and the figures do not include VAT, which is currently charged at 20%.

For the sale of a leasehold property, the range is from £900.00 for a price up to £250,000.00 to £1,300.00 for a price between £800,000.00 and £1,000,000.00*. These are fixed fees and the figures do not include VAT, which is currently charged at 20%.

Our fees for the sale of a property for more than £1,000,000.00 are by negotiation.

These fees assume:

a standard transaction, with no unforeseen matters arising, 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;
the assignment of an existing lease and not the grant of a new lease;
the transaction is concluded in a timely manner and no unforeseen complication arise;
all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation;
no indemnity policies are required (additional fees and disbursements may apply if one or more indemnity policies are required).

In addition, you will pay:

disbursements – “out of pocket” costs related to your sale payable to third parties (for instance, Land Registry document fees) – of £10.00 to £20.00, on average;
a fee for each transfer of money, bank to bank, of £25.00.

VAT is chargeable on all of our fees (including the money transfer fee) and on some disbursements. Please contact us at leamington@fieldoverell.com or ring 01926 422101 for a precise estimate of costs in relation to a particular transaction.

If you are selling a freehold or leasehold property in a building and/or on an estate that is managed by the freeholder or a management company, you will be required to provide information to your buyer at your cost concerning such things as management and service charges at your cost. The fees charged by the landlord and/or management company vary from property to property but are typically between £250.00 to £500.00 plus VAT. We can give you an accurate figure once we have made relevant enquiries. We will ask you for money on account of such fees before we apply for the information.

2. Purchase of a residential property

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) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

2.1. What will we do?

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

Taking your instructions and giving you initial advice
Checking with you that your finances are in place to fund the purchase and contacting the lender’s solicitors if needed
Receiving the contract documents, title and replies to standard enquiries
Receiving information about the management of the building and/or estate where the property is situated and about any service charges
Carrying out searches (if applicable, this information is generated by the landlord and/or management company at the seller’s request and is typically available 4 – 6 weeks after the transaction is agreed
Making any necessary further enquiries of the seller’s solicitor and obtaining further documentation from them, as required
Give you advice on all documents and information received
Going through the conditions of your mortgage offer or offers
Obtaining your signature on the contract
Agreeing the completion date (the date from which you will own the property and on which you will pay the balance of the purchase price)
Taking up the contract deposit from you, or from your related sale, or both
Exchanging contracts and notifying you that this has happened
Drafting the Transfer
Advising you on joint ownership
Obtaining your signature on the transfer and mortgage documents
Obtaining pre-completion searches
Taking up the money needed from you and your lender to complete your purchase, pay any Stamp Duty Land Tax and register the purchase at the Land Registry
Completing the purchase
Reporting the purchase to H M Revenue & Customs as required and dealing with payment of Stamp Duty/Land Tax
Registering the purchase and any mortgage at the Land Registry

2.2. How long will it take?

How long it will take from your offer being accepted until you can move in to your new home will depend on a number of factors. The average process takes between 10-12 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 new build property with a mortgage in principle, it could take 14-16 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such a situation additional charges would apply.

2.3. What will it cost*?

We price our work in a range, according to the price of the property you are buying.

For the purchase of a freehold property, the range is from £850.00 for a price up to £250,000.00 to £1,300.00 for a price between £800,000.00 and £1,000,000.00*. These are fixed fees and the figures do not include VAT, which is currently charged at 20%.

For the purchase of a leasehold property, the range is from £950.00 for a price up to £250,000.00 to £1,400.00 for a price between £800,000.00 and £1,000,000.00*. These are fixed fees and the figures do not include VAT, which is currently charged at 20%.

Our fees for the purchase of a property for more than £1,000,000.00 are by negotiation.

These fees assume:

a standard transaction, with no unforeseen matters arising, 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;
the assignment of an existing lease and not the grant of a new lease;
the transaction is concluded in a timely manner and no unforeseen complication arise;
all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation;
no indemnity policies are required (additional fees and disbursements may apply if one or more indemnity policies are required).

In addition, you will pay:

disbursements – “out of pocket” costs related to your sale payable to third parties (for instance, Land Registry document and search fees) – of £10.00 to £20.00, on average;
fees for conveyancing searches, which are likely to include some or all of the following:
– Local Authority searches- £115
– Highways and Access searches- £50
– Drainage and Water Connection searches- £75
– Flood risk searches- £34
– Environmental and Contamination searches- £60
– Mining and Ground Stability searches- £75
Land Registry fees, based on the purchase price – please see www.gov.uk/guidance/hm-land-registry-registration-services-fees;
a fee for each transfer of money, bank to bank, of £25.00,

and may also have to pay Stamp Duty Land Tax (England) or Land Transaction Tax (Wales) – see below.

If you are buying a leasehold property, you should also be aware that:

ground rent and service charge are likely to apply throughout your ownership of the property;
some or all of the following will also be required*:
– Notice of Transfer fee – This fee if chargeable is set out in the lease. Typically, the fee is between £50.00 and £250.00.
– Notice of Charge fee (if the property is to be mortgaged) – This fee if chargeable is set out in the lease. Typically, the fee is between £50.00 and £250.00.
– Deed of Covenant fee – This fee is payable to the landlord or the management company to approve a deed of covenant between the new owner and the landlord/management company if the lease requires one. It is difficult to estimate because it is rarely specified in the lease but, typically, it is between £150.00 and £250.00.
– Certificate of Compliance fee – This fee is payable to the landlord or the management company if the lease requires a deed of covenant between the new owner and the landlord/management company, for the production of a certificate required by the Land Registry to register the transfer of title. It is difficult to estimate because it is rarely specified in the lease but, typically, it is between £150.00 and £250.00.

*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 relevant documents..

2.4. Stamp Duty Land Tax and Land Transaction Tax

This depends on the purchase price. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website here.

3. Re-mortgage of a residential property

Our fees cover all of the work required to complete the re-mortgage of your home, including dealing with a lender to redeem (pay off) the loan and registration of the new mortgage at the Land Registry.

3.1. What will we do?

The precise stages involved in the re-mortgage of a residential property vary according to the circumstances. However, the key stages are:

Taking your instructions and giving you initial advice
Reviewing the title to your property
Checking with you that your finances are in place to fund the re-mortgage
Carrying out searches or pricing search indemnity insurance
Going through the conditions of your mortgage offer or offers
Obtaining your signature on the new mortgage documents
Agreeing the completion date (the date from which your old mortgage will be replaced with the new one)
Obtaining pre-completion searches
Taking up the money needed from you and your lender to complete your re-mortgage and register it at the Land Registry
Completing the re-mortgage and redeeming the old loan(s)
Registering your new mortgage at the Land Registry

3.2. How long will it take?

How long it will take from receipt of your new mortgage offer until completion of your new mortgage will depend on a number of factors. However, the average process takes between 4 – 6 weeks.

3.3. What will it cost*?

Our fees for re-mortgage work are £550.00 for the re-mortgage of property up to a loan value of £1,000,000,00. Our fees for the re-mortgage of a property for more than £1,000,000.00 are by negotiation. These are fixed fees and the figures do not include VAT, which is currently charged at 20%.

These fees assume:

a standard transaction, with no unforeseen matters arising, 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;
the transaction is concluded in a timely manner and no unforeseen complication arise;
all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation;
no indemnity policies are required (additional fees and disbursements may apply if one or more indemnity policies are required).

In addition, you will pay:

disbursements – “out of pocket” costs related to your sale payable to third parties (for instance, Land Registry document and search fees) – of £10.00 to £20.00, on average;
(if your new lender will not accept search indemnity insurance) fees for conveyancing searches – usually a local search, an environmental search and a drains and water search – the cost of which is typically about £165.00, but there may be others depending on the geographical location of the property;
(if your lender will accept search indemnity insurance), the cost that insurance, which varies according to the value of the property but is typically about £50.00 for a property valued at £300,000;
Land Registry fees, based on the amount of the new loan – please see www.gov.uk/guidance/hm-land-registry-registration-services-fees;
a fee for each transfer of money, bank to bank, of £25.00.

If you are mortgaging a leasehold property, you should also be aware that a Notice of Charge fee will almost always be payable to the landlord and/or the management company. This fee varies from property to property and we can give you an accurate figure once we have sight of relevant documents or have made relevant enquiries. Typically, the fee is between £50.00 and £250.00.

Our team of conveyancers have between 11 and 29 years experience and are supervised by Mr Andrew McCusker, Senior Partner of the firm and a Solicitor since 1992