Fees and Charges

RESIDENTIAL CONVEYANCING

Residential Conveyancing is a speciality of Engleharts and we act on a very large number of transactions each year.  We have an established team of Residential Conveyancers with over 75 years’ collective experience.

A member of the team will work individually on your matter and with you to see your transaction through to completion.

We act on behalf of clients selling, buying, re-mortgaging and transferring their properties and are also on the panel of major mortgage lenders.

There will be overall supervision by the Head of Department, Redmond Nari.

Timescale:

The conveyancing process depends upon a number of variables, many of which are outside the solicitor’s control.  Every transaction will differ according to the set of circumstances of that particular transaction. By way of example, matters affecting a transaction could include the extent of the chain, the speed with which a mortgage offer is issued and the speed with which surveys and searches can be undertaken.

On freehold transactions, we would anticipate exchange of contracts taking place within 8 to 10 weeks of the date of instructions.  However, individual transactions may take more or less than this time, with completion, as a general guide, taking place within 5 and 21 days after exchange of contracts depending on the parties’ requirements.

The timescales for leasehold transactions differ because of the nature of the transaction due to the involvement of Landlords and Managing Agents and the need to obtain management information. We should be able to provide more information once we discuss the transaction with you.

Costs Estimate:

We are always happy to provide you with a detailed estimate of costs and expenses for sale and purchase transactions.  In addition to our basic estimate, there are other factors to be considered such as whether the property is freehold or leasehold, the obtaining or redeeming of mortgages, joint ownership and other variables.  Once we become aware of the nature of the proposed transaction we will be able to provide you with a specific estimate of costs and expenses.

Any reference to Value Added Tax (VAT) means VAT at the prevailing rate, which is currently 20%.

Sale Transactions:

The estimate will allow for all attendances and correspondence with you from the opening of your matter until completion. We will deal with Estate Agents on your behalf and the issuing of Contracts, attending to a reasonable number of enquiries raised by the buyers and their solicitors, attending to the obtaining of redemption statements and redeeming the mortgage on completion, attending to the preparation of Transfer documents, replying to requisitions on title and effecting exchange and completion.

Our costs for acting for you on a sale are subject to a variety of factors and individual circumstances, some of which may be beyond our control.

As a guide, our costs for sale of freehold properties up to a sale price of £1,000,000.00 are likely to range between £725.00 and £1,800.00 plus VAT and disbursements*.

Our costs for sale of leasehold properties up to a sale price of £1,000,000.00 are likely to range between £850.00 and £1,800.00 plus VAT and disbursements*.

Please note, the above costs are not definitive and the Residential Conveyancer dealing with the matter will need to discuss your transaction with you before providing a detailed estimate.

In addition to our costs, there will invariably also be disbursements* and/or third party payments, for example:-

• Repayment of the mortgage (the amount will be the amount you owe to your lender).
• Paying the Estate Agents their commission account (the amount will be as agreed between you and the agent).
• In leasehold properties, arrears of any service charge.
• In leasehold properties, costs of obtaining a Management Pack, which, in our experience can range between £200.00 – £500.00 plus VAT but could be different depending on the Managing Agent.
• Office Copy Entries (ranging between £3.00 and £20.00 depending on the transaction).
• Any other third party and/or disbursements* as may be necessary to your transaction, as advised by the Residential Conveyancer dealing with your transaction.
• Veriphy (AML) fee of £3.50 plus VAT per person.

Purchase Transactions:

The estimate will allow for all attendances and correspondence with you from the commencement of your matter until completion. We will deal with telephone calls on your behalf and attendances during the transaction, corresponding with the seller’s solicitors, raising and considering responses to enquiries, raising searches and checking the results and reporting to you on the Contract package, the searches and replies to enquiries and the Mortgage Offer. We will obtain your signature to the Contract, Transfer and Mortgage Deeds and progress the transaction towards an exchange of contracts and completion as promptly as possible depending on the circumstances. On conclusion we will attend to registration of title on your behalf.

Our costs for acting for you on a purchase are subject to a variety of factors and individual circumstances, some of which may be beyond our control.

As a guide, our costs for purchase of freehold properties up to a purchase price of £1,000,000.00 are likely to range between £725.00 and £1,800.00 plus VAT and disbursements*.

Our costs for purchase of leasehold properties up to a purchase price of £1,000,000.00 are likely to range between £850.00 and £1,800.00 plus VAT and disbursements*.

Please note, the above costs are not definitive and the Residential Conveyancer dealing with the matter will need to discuss your transaction with you before providing a detailed estimate.

In addition to our costs, there will invariably also be disbursements* and/or third party payments, for example:-

• Standard Searches (Official Local Authority Search, Water and Drainage search, Environmental Search and Chancel Check). The cost of these searches can range between £300.00 and £500.00 depending on the location of property.
• Additional searches if required. It may be necessary to carry out specific searches, such as a Mining Search. Please contact us for an estimate if you require searches not covered in the Standard Searches.
• Bankruptcy Search. Currently £2.00 per person.
• Land Registry Priority Search –Currently £3.00 per application.
• Stamp Duty Land Tax (SDLT). You can calculate the amount of SDLT online at https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro.
• HM Land Registry Fee. You can calculate this fee online at https://www.gov.uk/guidance/hm-land-registry-registration-services-fees.
• For leasehold properties, Notice of Transfer and Mortgage. Such costs are based on the lease and/or Managing Agent’s information.
• LMS charge of £10.00 plus VAT (if appropriate).
• Veriphy (AML) fee of £3.50 plus VAT per person.

Re-Mortgage Transactions:

The estimate will allow for all attendances and correspondence with you from the commencement of your matter until the transaction is completed. This will involve checking the title, establishing contact with existing lenders for redemption statements, obtaining your signature(s) for mortgage deeds, applying for searches or arranging indemnity insurance, securing the release of mortgage monies and completing the transaction.

Our costs for acting for you on a re-mortgage are subject to a variety of factors and individual circumstances, some of which may be beyond our control.

As a guide, our costs for acting for you on a re-mortgage transaction with a property valuation of up to £1,000,000.00 are likely to range between £475.00 and £800.00 plus VAT and disbursements*.

Please note, these costs are not definitive and the Residential Conveyancer dealing with the matter will need to discuss your transaction with you before providing a detailed estimate.

In addition to our costs, there will invariably also be disbursements* and/or third party payments, for example:-

• Office Copy Entries (ranging between £3.00 and £20.00 depending on the transaction).
• Searches, the costs of which are set out above, or indemnity insurance if the lender accepts instead of the searches. Such costs depend on the insurer.
• Bankruptcy Search. Currently £2.00 per person.
• Land Registry Priority Search – Currently £3.00 per application.
• For leasehold properties, Notice of Transfer and Mortgage. Such costs are based on the lease and/or Managing Agent’s information.
• LMS charge of £10.00 plus VAT (if appropriate).
• Veriphy (AML) fee of £3.50 plus VAT per person.

All Transactions:

Other costs and factors that could increase the overall costs estimate may include:-

1. If a title defect becomes evident during the course of the transaction and needs to be remedied. Examples include, if a right of access is omitted from the title or if works have been undertaken to the property without the appropriate consents. In such situations, the costs will depend on the nature of the remedy and documentation required and the likely cost could be between £150.00 and £400.00 plus VAT depending on the issue.
2. In the case of a sale of a property and you have more than one mortgage/loan to redeem upon completion (an estimated £95.00 plus VAT).
3. In the case of a purchase transaction involving a mortgage, where the lender instructs the firm to act on their behalf. The charges will be as recommended in the mortgage offer plus VAT or estimated at £150.00 plus VAT.
4. In the case of a purchase transaction involving borrowing in addition to the main mortgage an estimated £175.00 per loan plus VAT.
5. In the case of a purchase transaction involving borrowing in addition to the main mortgage an estimated £175.00 per loan plus VAT.
6. If you are obtaining a Help To Buy Mortgage or a Help to Buy ISA then an additional fee will be payable by you as the buyer. This will be generally £125.00 or in the case of a Help To Buy ISA £50.00 plus VAT.
7. When purchasing property and your lender instructs separate solicitors the additional cost is estimated to be a minimum of £150.00 plus VAT.
8. In the case of a purchase, our charges for completion of the SDLT Form are estimated at £95.00 plus VAT.
9. If leasehold property/title is defective and has to be rectified by way of a Deed of Variation or if a Lease Extension is required, additional costs are estimated to be between £500.00 and £900.00 plus VAT.
10. On leasehold property transactions if a Deed of Covenant or Licence to Assign or both are required, under the terms of the Lease there will be additional estimated costs of £100.00 plus VAT per document.
11. Any matter that requires protection by way of indemnity policies. In such situations there will be a premium payable to the insurer, together with our costs for the time taken, which are likely to be in the region of £95.00 plus VAT.
12. Postage, telephone calls, photocopying charges, use of fax and emails. Estimated at £35.00 plus VAT.
13. Charges in connection with arranging a telegraphic transfer inclusive of any bank charges. Estimated at £40.00 plus VAT (and £50.00 plus VAT for international transfers).
14. There may be other matters specific to your transaction that incur additional costs. The Residential Conveyancer with conduct of your matter will be able to advise you in such situations.

Solicitors Regulation Authority (SRA) and Conveyancing Quality Scheme (CQS):

Engleharts is authorised and regulated by the SRA under number 60555.

We are also members of the Law Society’s Conveyancing Quality Scheme.

Our Terms and Conditions of Business:

All the information in this guide is designed to provide a fair and reasonable assessment of the likely costs that may be incurred on a property transaction. It is important to note that an individual estimate will be given to you at the outset on your particular sale or purchase transaction.  The information above is only a guide to estimated costs. If you have any matters you may wish to discuss or query about our costs or services in connection with your particular transaction, please do not hesitate to contact the Residential Conveyancer with whom you have had contact from the outset of the transaction.

*Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. This list is not exhaustive and other disbursements may arise. We will of course update you on any fees or expenditure that may need to be incurred on your behalf. Disbursements listed above are accurate as at 19^th March 2020 and may be subject to change.

It is important to note the above costs and charges are for guidance only. It is often not possible to provide an accurate overall price for legal services. Therefore, such costs and charges for our services may be subject to change depending on a variety of matters, including individual circumstances and following discussions with you, both at the outset and as the matter proceeds. We can give you a more accurate estimate and agree a budget with you once we have sight of your specific documents.