The following costs are based upon an Average Estimate Scheme:
|Up to £150k||£895||£950||£995||£1,295|
|£151k- £200k||£900 - £950||£995 - £1,195||£995||£1,495|
|£201k - £250k||£950 - £995||£995 - £1,195||£1,295||£1,595|
|£251k - £300k||£950 - £995||£1,195 - £1,250||£1,295||£1,695|
|£301k - £350k||£995 to £1,195||£1,195 - £1,250||£1,395||£1,795|
|£351k - £400k||£995 to £1,295||£1,250 - £1,495||£1,495||£1,895|
|£401k - £450k||£1,495||£1,495 - £1,695||£1,595||£1,995|
|£451k - £500k||£1,595||£1,695 - £1,995||£1,695||£2,095|
|£501k - £650k||£1,695||£1,995 - £2,300||£1,795||£2,195|
|£651k - £800k||£1,995||£2,300 - £2,750||£1,895||£2,295|
Transfer of equity & remortgage
£2,500 - £5,000
Voluntary First Registration
The estimates above are based on the information available at present, the fee earner’s hourly charging rate, and on the assumption that there will be no complications. If however the transaction becomes more complex we will contact you to discuss the implications including any expected additional costs.
This can include cases where there is no single identifiable “extra” which leads to an increase in costs. This can happen where there are a number of complications each of which is minor but together make the process much more time consuming than usual.
We will notify you to warn you of the possibility that our estimate will have to be increased, and where possible provide a revised estimate. If the matter is straightforward and takes less chargeable hours to deal with, then the final costs will come in at the lower end of the estimate.
Factors that may lead to Additional Charges:
The table below sets out the “extras” that can lead to an increase in costs. Please note that these fees will be subject to VAT:
1.Verifying a non-client’s ID to Land Registry
2. Dealing with Unregistered Titles
£250 - £350 in addition to estimate given
3. Freehold Titles with Lease element e.g. Leasehold garages
£150 - £350 in addition to estimate given
4. Arranging specialist insurance policy for Title, Planning and other defects
£85 - £150 per policy (plus premium)
5. Drawing up or approving simple Statutory Declarations or Statements of Truth
£150 (or more depending on complexity)
6. Access Undertakings
£50 - £100
7. Transaction where correspondence is required to be sent to various parties
e.g. Matrimonial / contentious matters / sale by Executors or Attorneys
8. Repaying a second or subsequent mortgage secured on the property
£100 per mortgage repaid (we do not repay unsecured loans)
9. Additional electronic fund transfers (CHAPS or BACS payment)
£30 per payment
10. Dealing with unforeseen complicating factors such as:
At the appropriate Fee Earner’s hourly rate
The table seeks to capture the most common factors that can occur during the course of a transaction, however it is not an exhaustive list.
Other cost factors to note:
- Purchase only - In order for us to proceed we ask that you make an initial payment on account of £350. This will enable us to get the searches underway and any surplus funds will also be held as money on account of our legal fees.
- Sale only - In order for us to proceed we ask that you make an initial payment on account of £300. This will enable us to get the searches underway and any surplus funds will also be held as money on account of our legal fees.
- Sale and Purchase – We will ask for £600 on account to enable us to proceed with the above.
- Transfer of Equity, no mortgage element – In order for us to proceed we will ask for £200.00 on account to enable us to obtain the Land registry title entries and any surplus funds will be held as money on account of our legal fees.
- Re-mortgage - In order for us to proceed we ask that you make an initial payment on account of £350. This will enable us to get the searches underway and any surplus funds will also be held as money on account of our legal fees.
- Purchase and Re-mortgage Search costs – The average sum of £224.00 is payable for a Personal (Agency) Local Search, an Official Wessex Water and Drainage Search and an Environmental Search (including flood data).
These are the minimum searches recommended for all property purchases. Lenders’ requirements will be that we undertake all usual and necessary searches, which are those included in the package quoted. Depending on the exact location of your property, other searches may be required (such as mining, planning etc) but we will know more as matters progress.
Our Purchase and Re-mortgage fee includes:
- Taking your instructions
- Reviewing contract pack documentation/paperwork relating to the property
- Undertaking appropriate searches and reporting on the results
- Carrying out title checks
- Raising enquiries and reporting on the replies (purchase)
- Reviewing mortgage offers and reporting on the mortgage
- Reporting on the Legal title
- Obtaining mortgage funds from the lender
- Payment of completion monies to seller’s Solicitor
- Preparing and submitting the Stamp duty return
- Preparing and submitting the Land registry application
Our Sale fee includes:
- Taking your instructions
- Obtaining necessary title documentation from Land Registry
- Dealing with enquiries raised
- Dealing with payment of completion monies from the buyer’s Solicitor
- Accounting to you with the sale proceeds
- Obtaining redemption statements from lenders and redeeming the mortgage
As a guideline, a straightforward transaction can take between 6-8 weeks to complete from the point at which the legal work commences i.e. when contract packs are received if you are purchasing, once contract packs have been issued if you are selling, once your mortgage offer has been received if you are re-mortgaging.
If you are transferring equity in a property which is not mortgaged, this should take between 4-6 weeks, once the legal work has commenced.
However there are some instances where the timescale may be reduced, for example if there is no chain or if the matter is a cash transaction not requiring a mortgage.
There are also instances where this may be increased, usually where there is a long chain or the matter is more complex than the usual transaction. For example, if an unforeseen complicating factor such as those listed in the table above has to be dealt with. Whilst we will always keep you updated as to progress throughout.