Any member of our private client property team may advise on the day-to-day conduct of your matter, under the supervision of partner, Clare Breeze
Please see the biographies of our team.
Our fees for acting on a sale, purchase and/or mortgage of a property vary. We state the range below (excluding VAT) likely to be charged in various types of straightforward transaction and some of the factors that may result in a fee at the higher or lower end of the range or in the stated range not being applicable.
|Purchase - no mortgage||
£10,000 to £100,000
|Purchase with mortgage||
£12,000 to £120,000
£8,000 to £75,000
£5,000 to £20,000
These ranges relate to the conveyancing process for a single residential property. In the case of mortgages they assume the borrower is the same person/entity as the property owner. They are also based on no complex structuring being involved. Many of our transactions are more complex than this and so will incur higher costs.
The factors that make a case more complex and therefore more costly include:
- there being defects in legal title, planning breaches or other legal problems that need to be resolved;
- the property being newly or recently built or refurbished with negotiations over contractual recourse for defects to the original contractor, developer or seller;
- the property being unregistered and/or leasehold, whether the matter involves a sale or a purchase;
- on sales, the extent and nature of the questions asked by the purchaser’s lawyers;
- the length of time required to complete the transaction;
- the level of client involvement required and the seniority of our personnel required to be involved by the client;
whether we visit the property;
- whether the property is purchased subject to a tenancy agreement or with vacant possession;
- whether consents from any third party (typically but not always a landlord) are required and whether that third party attaches conditions to that consent;
- specific non-standard terms agreed by the parties that need to be catered for in the documents; and
- on a mortgage, our being able to act for both the borrower and the lender.
Disbursements are costs we incur on your behalf, such as land registry fees and search fees. We estimate these at the outset and they will appear on our invoice to you. Usually on a purchase these will include:
- search fees in the order of £500 plus VAT; and
- Land Registry registration fees which could range between £455 and £910.
The fee ranges set out above cover all work in relation to the following key stages of a straightforward purchase, sale and mortgage:
- taking your instructions and providing an overview of the transaction and process;
- drafting or reviewing the contract/mortgage deed and (where appropriate) negotiating its terms;
- undertaking due diligence (to include but not limited to a title review, commissioning and reviewing appropriate property searches, raising appropriate enquiries and reviewing replies) or responding to the purchaser’s or lender’s enquires about the property;
- taking appropriate legal steps to correct or mitigate defects in title;
- advising you on the terms of the transactional documents, reporting to you on our due diligence exercise and advising as to stamp duty land tax payable;
- obtaining third party consents where necessary;
- exchanging contracts;
- undertaking pre-completion searches and completing of the transaction; and
- submission of stamp duty land tax returns and registration of the transaction at the land registry.
We can and occasionally do exchange contracts within 48 hours of contractual papers being issued. More typically we are able to exchange contracts on a straightforward sale or purchase transaction with a well prepared counterparty where there are no complications within 10 or 15 working days of contractual papers being issued. Typically mortgage drawdown may take place within 25 working days of our receiving relevant paperwork from the lender.
For legal advice provided in relation to UK sited real estate, VAT is always chargeable at the prevailing rate (currently 20%) on that advice.