Whilst it is now expected that a fixed price can be given for a straightforward transaction, there are many fees and costs which can arise making each case unique. In order to provide as much transparency as possible to prospective clients, we set out below some indicative bands based on past transactions. These give an idea of the fluctuations that can occur and to highlight that the only way to get a true idea of the costs is to request a quote directly.
|Property||Min Sale fee||Max Sale fee||Min Purchase Fee||Max Purchase fee|
- All the fees shown above are subject to VAT at the prevailing rate.
- Fees may be charged for transactions that do not proceed unless we have specifically stated otherwise in our initial paperwork to you.
- For any properties over £1m please note that a bespoke estimate of costs will be required.
Many factors determine the cost of a transaction, such as if the property is Leasehold, Freehold, New Build or Shared Ownership. Other determining factors can include Indemnity Policies, Lease Variations, Declarations of Trust and many others. To assist, and to give an idea of why the possible fees may vary, please see the table below as a guide.
Sale and Purchase Disbursements
|STAMP DUTY – Properties over £125,000||Please see links below.|
|SEARCHES||From £275 + VAT|
|LAND REGISTRY FEES PAYABLE||From £90 + VAT|
|New mortgage advance||Fees||Panel||Ref Fee||Net fee|
|New advance||Min fee||Max fee|
- Title insurance cost is between £20 and £30.
- Land Reg. and land charges searches £2 per name and £3 per title.
- Leasehold fees may be charged.
- An additional fee may be charged for redeeming any second or subsequent mortgages – ie any quote assumes repayment of ONE mortgage only.
- Bridging finance, Transfers of Equity, staircasing, shared ownership, Help to Buy schemes and non-standard lending require a bespoke quote.
Finally there are payments that apply to every transaction and these are consistent amongst most conveyancing firms. These are often known as Disbursements, which are payments that have to be made to third parties to fulfil the requirements for transferring land. They include payments for:
- Stamp Duty (SDLT or Welsh Land Transaction Tax depending on the location of the property). Always remember the tax you pay is self-assessment and we are not tax lawyers and cannot advise. To be sure that you pay the correct amount of tax you should consider taking specialist independent tax advice before committing to any purchase). Please click here to be taken to the basic HMRC web site calculator or here for the Welsh Land Transaction Tax Calculator.
- Searches (of the local authority, mining searches, drainage searches, land registry searches, environment searches, area development searches and many more). You should budget between £200 and 350 plus VAT for searches depending on location and number and types of searches required.
- Land registry fees payable – again these depend on the type of property, its value, and whether an electronic submission can be made. Please click here to access the land registry website for details.
Conveyancing Time Scales
Typically 10 – 16 weeks.*
* Please note – the average time is generally between 10-16 weeks but at the start of 2021, this has often been extended to 9–20 weeks due to the pressure nationally on all parties involved to handle the increased volume generated by the Stamp Duty ‘holiday’.
All our clients understandably would like to know how long their matter may take and yet that is the one thing that no conveyancer can accurately predict. The average transaction time, according to the government, has lengthened (due to more vigorous requirements for anti-fraud investigations, money laundering checks and other factors – such as changes to mortgage regulation, etc.) with 12-16 weeks now being the average. Many matters can proceed quicker than this and we will always do our best to meet a client’s requirements. Please note that this is often not within our control, and so no firm commitments should be made to timescales until you have reached exchange of contracts.
There may be some instances where referral fees are paid to third parties, such as estate agents panels and mortgage brokers for the introduction of your business. These fees typically range from £25-£300. Any such fees applicable to your transaction will be disclosed in our formal quote and initial paperwork before you are committed to the transaction.
Click here for our Residential Conveyancing Guide which is step by step guide to the conveyancing process.
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