Buying or Selling a Residential Property Pricing
Pricing for Buying or Selling a Residential Property in England and Wales
Buying and selling property is often referred to as conveyancing. It means the process to transfer the legal ownership of a property from a seller to a buyer.
Our legal experts are on hand to represent you at all stages during the sale or purchase of your new home.
Meet our Property Team
Jagruti Raval who is a Senior Solicitor and Head of Property.
Jeremy Tulloch who is a CILEX Lawyer.
Daniel Haygarth who is a Paralegal working in our Property Department and is supervised by the Head of Property, Jagruti Raval.
What work we will do
Our charges for a Purchase include charges for our legal representation, and other charges (disbursements) that are mandatory and that we will need to pay on your behalf during the process and will include:
- Investigating the title to the property, to include carrying out searches with respect to title and local government information for the property and reviewing replies given by the seller to pre-contract enquiries;
- Negotiating a purchase contract;
- Negotiating a transfer document;
- Advising you in respect of your mortgage offer;
- Preparing a report on title;
- Proceeding to exchange of contracts and then completion of the purchase;
- Transferring funds by telegraphic transfer to the seller’s solicitors and for relevant taxes;
- Calculating stamp duty land tax (SDLT) on the purchase and preparing and submitting to HM Revenue and Customs the appropriate SDLT forms; and
- Registering the purchase and the mortgage at the Land Registry.
Our charges for a Sale include charges for our legal representation, and other charges (disbursements) that are mandatory and that we will need to pay on your behalf during the process and will include:
- Preparing draft contracts to be forwarded to the buyer’s solicitors together with the completed property information forms;
- Replying to pre-contract or additional enquiries raised by the buyer’s solicitors;
- Corresponding with your lender to obtain a redemption statement if there is a current mortgage on the property;
- Proceeding to exchange of contracts and then completion of the sale;
- Approving the transfer document and replying to requisitions on title;
- Transferring funds by telegraphic transfer to your lender on the day of completion to redeem your mortgage if applicable;
- Discharging the estate agents’ account on the day of completion on your behalf;
- Accounting to you for the sale proceeds.
What does it cost?
Our charges are calculated on a fixed fee basis on the sliding scales. The charges may vary depending on the particular circumstances of your purchase or sale and further information about possible additional charges that may apply are set out below.
We will always advise you of any additional charges before they are incurred. A bespoke quotation of fees will be provided to you on request or an instant quote can be obtained by clicking the ‘Get a quote’ button or by requesting a bespoke quote by emailing the property team or telephoning for a quotation.
VAT, currently 20%, will be payable on all our fees and some disbursements, and we will clearly confirm which disbursements carry VAT in our formal quotation or as we advise you to incur them.
Our Fees for acting for you on your Sale
Type of Fee | Cost | VAT at 20% | Total |
Under £1,000,000 | £1,200.00 | £240.00 | £1,440.00 |
£1,000,000 and over | £1,350.00 | £270.00 | £1,620.00 |
£1,500,000 and over | 0.1% of Value | TBA | TBA |
CHAPS Transfer (Per Transfer) | £25.00 | £5.00 | £30.00 |
Client Onboarding Fee (Per Person) | £45.00 | £9.00 | £54.00 |
Disbursements | |||
Office Copy Entries* (Per Document) | £7 .00 | £1.40 | £8.40 |
*Typically £14 + VAT (£22.00 inclusive of VAT) for Freehold properties and £35 + VAT (£42.00 inclusive of Vat) for Leasehold properties but can be higher if more documents required to be ordered from Land Registry.
For Leasehold properties a Management Pack from your Management Company/freeholder will be required. We will try to ascertain the cost as soon as possible and you will be asked to make a payment on account to cover the cost to enable us to request the pack. An example of the Fees is set out below:
Type of Fee | Cost | Vat at 20 % | Total |
When we are required to draft a Deed of Covenant | £175.00 | £35.00 | £210.00 |
If a Licence to Assign is required | £475.00 | £95.00 | £570.00 |
The Management Company/freeholder will also charge their fee for dealing with the same
Please also note the additional supplements listed below which may be applicable to your sale
Our Fees for acting for you on your Purchase
Type of Fee | Cots | VAT at 20% | Total | |
Under £1,000,000 | £1,200.00 | £240.00 | £1,440.00 | |
£1,000,000 and over | £1,350.00 | £270.00 | £1,620.00 | |
£1,500,000 and over | 0.1% of Value | TBA | TBA | |
CHAPS Transfer (Per Transfer) | £25.00 | £5.00 | £30.00 | |
Client Onboarding Fee (Per Person) | £45.00 | £9.00 | £54.00 | |
Electronic Registration with HM Land Registry | £60.00 | £12.00 | £72.00 | |
Dealing Stamp Duty Submission | £60.00 | £12.00 | £72.00 | |
Search Pack* | £500.00 | £100.00 | £600.00 | |
Pre-Completion Title Check (Per Title) | £7.00 | £1.40 | £8.40 | |
Bankruptcy Search (Per Person) | £6.00 | £1.20 | £7.20 | |
Pre-Completion LM04 Search | £5.00 | £1.00 | £6.00 | |
Solicitor Bank Check Fee | £20.00 | £4.00 | £24.00 | |
HM Land Registry Fee | See table below |
*Search fees vary from local authority to local authority and can be both higher and lower than the figures quoted. The exact figures will be confirmed once the searches are ordered through our agent.
HM Land Registry Fees (Buying)
The fees chargeable by the land registry can be found here https://www.gov.uk/guidance/hm-land-registry-registration-services-fees .
Below is an overview of the current Land Registry Fees.
Property Value | Fee – Postal applications, Transfers of Part
and New Leases |
Fee – Electronic Applications |
£0 – 80,000 | £45 | £20 |
£80,001 – 100,000 | £95 | £40 |
£100,001 – 200,000 | £230 | £100 |
£200,001 – 500,000 | £330 | £150 |
£500,001 – 1,000,000 | £655 | £295 |
£1,000,001 and over | £1,105 | £500 |
HM Land Registry Fees (Buying)
Scale 2 (Not for Value
and charges) |
New Lease, Transfer Part & First Registration | Whole Title |
£0 – 100,000 | £45 | £20 |
£100,001 – 200,000 | £70 | £30 |
£200,001 – 500,000 | £100 | £45 |
£500,001 – 1,000,000 | £145 | £65 |
£1,000,001 and over | £305 | £125 |
Stamp Duty Land Tax / Land Transaction Tax
This depends on the purchase price of your property. 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.
An example of our charges are set out below:
Below is an illustration of fixed fee charges on a Freehold Purchase at a purchase price of less than £1 million *based on a sole client.
Property Purchase |
|
Legal Fees | £1,200.00 |
Supplements | |
Fee to deal with lawyer bank check | £20.00 |
Dealing with Stamp Duty Return | £60.00 |
Land Registry search (per title) | £7.00 |
Bank Transfer Fee (per transfer)* | £25.00 |
Bankruptcy Search £6.00 | £6.00 |
Pre-Completion LM04 Search | £5.00 |
HMLR Registration Fee | £60.00 |
Electronic Client On-boarding Fee £45.00 * | £45.00 |
VAT @ 20% | £285.60 |
Disbursements | |
Search Pack approximate) | £500.00 |
Land Registry Fees | £20.00 |
Stamp Duty (SDLT) | £0.00 |
Total Purchase Cost | £2,233.60 |
Total cost- £2,233.60 inclusive of VAT @ 20%
Below is an illustration of fixed fee charges on a Freehold Sale at a sale price of less than £1 million * based on a sole client
Property Sale | |
Legal Fees | £1,200.00 |
Supplements | |
Office Copy Entries (per document) | £7.00 |
Electronic Client Onboarding Fee £45.00 | £45.00 |
Bankruptcy Search £6.00 | £6.00 |
Bank Transfer Fee (per transfer)* | £25.00 |
VAT @ 20% | £256.60 |
Disbursements | |
£0.00 | |
Total Sale Cost | £1,539.60 |
Total cost – £ 1,539.60 inclusive of VAT @ 20 %
*This includes the bank transfer fee of £10.00 and the administration fee for dealing with the transfer
The final quote will depend on the value and location of the property and the complexity of the transaction. We would warn you that there are some charges made by others which we will not be able to ascertain until we are instructed and make the necessary enquiries.
If at any stage our fees change, we will notify you and discuss the reason for any changes. This would typically occur if you change your instructions or your case involves an unforeseen complexity.
Our average fees assume that:
- This is a standard transaction and that no unforeseen matters arise 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.
- For Leasehold matters this is the assignment of an existing lease and is not the grant of a new lease.
- The transaction is concluded in a timely manner and no unforeseen complications 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 disbursements may apply if indemnity policies are required.
Anticipated disbursements for a leasehold purchase
There may be further disbursements as set out below for a Leasehold purchase or the purchase of a freehold property where there is a Management Company which if chargeable is set out in the lease or transfer and usually paid to the Landlord or Management Company.
Type of Fee | Cost | Vat at 20 % | Total |
Notice of Transfer / Charge Fee (per notice) – this fee, if chargeable, is set out in the lease or transfer and is often between | £30.00 – £90.00 | £6.00 – £18.00 | £36.00 – £108.00 |
Deed of Covenant fee – this fee is provided to the Management Company for the property and can be difficult to estimate but is often between | £100.00 – £200.00 | £20.00 – £40.00 | £120.00 – £240.00 |
Certificate of Compliance fee –
to be confirmed upon receipt of the lease or transfer and can range between |
£100.00 – £200.00 | £20.00 – £40.00 | £120.00 – £240.00 |
Licence to Assign | £200.00 – £475.00 | £40.00 – £95.00 | £240.00 – £570.00 |
Freeholder Replies to Enquiries | £100.00 – £350.00 | £20.00 – £70.00 | £120.00 – £420.00 |
These fees are set by the Management Company / freeholder and can vary from property to property. These fees shown above will vary from property to property and can on occasions be more than the ranges given above. We will give you an accurate figure once we have sight of the relevant documentation. When we are required to draft a Deed of Covenant our fee would be £175 plus VAT @ 20%. If a Licence to Assign is required our fee would be £475 plus VAT@ 20% and the Management Company/freeholder will also charge their fee for dealing with the same
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 in our Report.
Additional Fees
If the property falls into one of the categories below it will incur these additional legal fees
Type of Fee | Cost | Vat at 20 % | Total | |
Leasehold | £150.00 | £30.00 | £180.00 | |
Share of Freehold | £175.00 | £35.00 | £210.00 | |
Retirement Property | £100.00 | £20.00 | £120.00 | |
Shared Ownership | £150.00 | £30.00 | £180.00 | |
Help to Buy ISA | £50.00 | £10.00 | £60.00 | |
New Build (Purchase Only) | £150.00 | £30.00 | £180.00 | |
Help to Buy Equity Loan (Purchase) | £250.00 | £50.00 | £300.00 | |
Discharge of Equity Loan | £150.00 | £30.00 | £180.00 | |
Buy to Let already occupied | £150.00 | £30.00 | £180.00 | |
Lease Extension (Simultaneous with Sale/Purchase) | £650.00 | £130.00 | £780.00 | |
Lease Extension (Stand Alone Matter) | £900.00 | £180.00 | £1,080.00 | |
Obtaining Indemnity Insurance | £60.00 | £12.00 | £72.00 | |
Dealing with Receipt of funds (5 or more transfers) | £60.00 | £12.00 | £72.00 | |
Any additional CHAP transfers of monies (bank transfer fee of £10 and an administration fee to set up the transfer) | £25.00 | £5.00 | £30.00 | |
For additional verification of ID or AML check | £45.00 | £9.00 | £54.00 | |
International Client verification of ID or AML checks | £75.00 | £15.00 | £90.00 | |
Indemnity insurance (to include obtaining a quote, putting the policy in place).
This fee is separate to the Premium paid for the Indemnity Policy |
£60.00 | £12.00 | £72.00 | |
To re-issue any paperwork previously sent to you | £60.00 | £12.00 | £72.00 | |
Exchange and complete within a period of less than 7 working days. | £100.00 | £20.00 | £120.00 | |
Simultaneous exchange and completion | £175.00 | £35.00 | £210.00 | |
Gifted Funds Check with a third party involvement. Additional Charge per person | £100.00 | £20.00 | £120.00 | |
Gifted Funds Check with an International third party involvement. Charge per person | £200.00 | £40.00 | £240.00 | |
Compliance Checks of funds from an International source | £250.00 | £50.00 | £300.00 |
Anticipated Disbursements
Notice of Transfer / Charge (Per Notice) | £30-90 |
Deed of Covenant | £100-£200 |
Certificate of Compliance | £100-£200 |
License to Assign | £200-£475 |
Freeholder Replies to Enquiries | £100-£350 |
Share Certificate | £100-£175 |
How long does it take?
How long a matter will take depends on a number of factors but currently there is an average processing time of 8 to 12 weeks from taking initial instructions to completion. Please note that it can be quicker or slower. Ultimately how long it takes is dependent on a number of factors including, the time taken to complete client onboarding and any gifted deposit checks, whether there is a long chain of transactions, what timescales all the parties in the chain require and whether all parties in the chain are ready and willing to proceed. If you are buying a leasehold property that requires an extension of the lease, this can take longer. In such a situation, additional charges would apply and we will notify you of the additional charges and time estimate when we have engaged the landlord to discuss the extension.
On average the whole process can take between 8 to 12 weeks for both Purchases and Sales.
What are the main stages involved for a Sale and a Purchase?
There are a number of stages, all of which may vary according to the circumstances of your matter. Our experts can represent you during each stage, as follows.
Onboarding
The first stage is to complete onboarding which for a purchase will include detailed source of funds checks.
Pre-contract
Sale – After you have been onboarded and your buyer’s solicitor has confirmed they have been instructed we will prepare the contract pack and send this to the buyer’s solicitors. The buyer’s solicitors carry out their own searches and may raise enquiries. They will prepare the legal document by which the property is transferred to the buyer. When this is received we will arrange for you to sign the contract documentation. The parties via the estate agents discuss dates for exchange and completion and once the chain has agreed the completion date and all parties are ready we will then seek your authority to exchange contracts when the completion date which is the moving date will be fixed.
Purchase – The seller’s solicitor will prepare the contract pack which will include the agreement for the sale setting out the selling price, legal title for the property, a property information pack, a fixtures and fittings form and any other property documents held by the seller such as planning documents, gas and electrical certificates etc. We will send you a report on the property before asking you to sign the contract documentation. We will provide as much information as we can gather for you about the property, including searches with the local authority and verifying the seller’s ownership of the property.
You will need to make arrangement to have a survey carried out on the property and to apply for any mortgage funding you require. We can act on behalf of your mortgage provider providing we are on their panel.
Exchange of contracts
When you and the other party are happy to agree to the contract we will formally exchange contracts on your behalf and make arrangements for the deposit. The seller of the property is entitled to receive a deposit, usually ten per cent of the purchase price.
Before completion
We will make sure that everything is ready for you. For a sale we will let you have a financial statement setting out the sale proceeds due to you and arrange to settle your estate agents commission account, redeem any mortgage and transfer sale proceeds to you. For a purchase we will request your mortgage funds to be received 1 working day before completion, arrange for you to send us any balance of funds at least 2 working days before completion and make arrangements for the transfer of your funds to the seller on the day of completion. We will also carry out our final HM Land Registry checks.
Completion
We will continue to oversee the process during the completion stage to make sure thing progress as smoothly as possible. This includes making sure you receive the legal documents that prove your new ownership.
After completion
We will register the change of ownership with HM Land Registry and pay your Stamp Duty Land Tax or Land Transaction Tax.
For more information about our pricing please contact us on 020 8866 1820 or email our specialist Property team on property@collinshoy.com and we would be happy to assist.