Hodkin & Company – Residential Conveyancing Charges
Our fees cover all usual work (as set out below) required to complete the sale or 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 is in Wales.
Conveyancer's fees and disbursements
- Legal fee
For purchases or sales up to £200,000 - £750.00 plus VAT
For purchases or sales between £200,000 and £500,000 - £850 plus VAT
For purchases or sales between £500,000 - £1,000,000 - £950 plus VAT
For purchases or sales over £1,000,000 - 0.1% of the price plus VAT
- Search fees £300 approximately. These vary depending on which local authority area the property is in. We will confirm these in our client care letter at the start of the transaction.
- HM Land Registry fee from £95-£455. This varies depending on the purchase price for the property. Again we will confirm these in our client care letter at the start of the transaction.
- Electronic money transfer fee £24.00 inclusive of VAT.
Disbursements are costs related to your matter that are payable to third parties, such as search fees, as set out above. We handle the payment of the disbursements on your behalf to ensure a smoother process.
If you are buying a leasehold property, there will be additional expenses which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller's solicitors.
- Notice of Transfer fee - This fee if chargeable is set out in the lease. Often the fee is between £50 and £150 (plus VAT)
- Deed of Covenant fee - This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £100 and £250 (plus VAT if applicable).
- Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £50 and £250 (plus VAT if applicable)
These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you a more accurate figure once we have sight of your specific documents.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge in our report to you on the property.
Stamp Duty & Land 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.
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, we set out below some key stages:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender's solicitors if needed
- 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
- Advise you 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 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 12-18 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a cash buyer, purchasing an existing property, it could take 12 weeks. However, if you are buying a leasehold property, this can take longer, and if a lease extension is required as part of the conveyancing process, significantly longer, as much as 6 months. In such a situation (lease extension) additional charges would apply.
Our fee assumes 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 properties - 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 will apply if indemnity policies are required.
You may terminate your instructions to us in writing at any time. We are entitled to keep all your papers and documents while money is owing to us.
We will decide to stop acting for you only with good reason and on giving you reasonable notice.
If you or we decide that we will no longer act for you, you will pay our charges up to that point, calculated on an hourly basis and any expenses already incurred, as set out earlier.