Conveyancing fees

I know that with the team at Penningtons Manches the level of communication will be first class.

Leading Home Counties estate agent
Residential Property

Led by Duncan Taylor, our experienced team will provide you with a conveyancing service based on your specific needs. We have offices in London, Guildford and Oxford and pride ourselves on being personable and approachable and make every effort to make your move as stress-free as possible.

No two transactions are the same and our fees will reflect the particular details of your sale and your purchase. For example, dealing with the purchase of a flat with a short lease or buying a property in a brand new development, will often involve much more work than buying a freehold terraced house. Because of this, we are not able to give you a reliable estimate of the cost of our services until we have the full details of what your personal transaction will involve, including the type of property that you are purchasing. What we can say is that our fees start from £1,300 plus VAT and ‘disbursements’ (which we explain below). It follows that if a transaction has unexpected complications we would always inform you of that and discuss with you the potential consequences, and advise you of the additional work to be carried out, before any extra charges are made. 

Our range of fees for sale and purchases of up to £2 million are set out below and are exclusive of VAT and disbursements. We will be happy to provide you with a personalised fee estimate for sales and purchases with prices in excess of this figure, which we deal with on a regular basis.

Our price range reflects the location and experience of the solicitor(s) dealing with your transaction.  

Property value

Sale

Purchase

Leasehold

<£500k

 £1,300 - £1,500

 £1,500 - £1,700

Up to £500 in addition

£500k - £1m

£1,600 - £1,800

£1,700 - £2,200

£1m - £1.5m

£1,800 - £2,000

£2,200 - £2,400

£1.5m - £2m

£2,100 - £2,300

£2,500 - £3,000

Purchase of a freehold residential property

Our fees cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of stamp duty land tax (SDLT) if the property is in England, or land transaction tax (Land Tax) if the property you wish to buy is in Wales. 

We would welcome a request for a personalised fee estimate. However, by way of an example of a fee estimate, if you are buying a house in England for £650,000 then your charges (as at 1 December 2018) would be on the lines of the following example:

Conveyancer's fees and disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry and search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. 

Legal fee

£1,800 plus VAT of £360

Fee for acting on behalf of the mortgage lender (where you are obtaining a mortgage)

£500 - £750 plus VAT

Search fees

£350

HM Land Registry fee

£270

Electronic money transfer fee

£30 plus VAT

We also charge £150 plus VAT to deal with the post completion work such as the compiling and filing of the SDLT return and the registration of your title at the Land Registry. 

Estimated total: £2,996.00 (where no mortgage is involved) 

SDLT/Land Tax (on purchase)

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using the tools on HMRC's website or if the property is located in Wales by using the Welsh Revenue Authority's website. 

Estimated total of SDLT: £22,500.00 (assuming this will be your main residence and other factors apply). The grand total of the fee estimate and the SDLT in our example is £25,496.00 (as at 1 December 2018).

How long will my house purchase take?

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 6-10 weeks. 

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take anything from 6-18 weeks. It is generally going to be a quicker process if you are not involved in a chain. 

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances and typically include:

  • take your instructions and give you initial advice;
  • check finances are in place to fund purchase and contact lender's solicitors where required;
  • receive and advise on contract documents;
  • carry out searches;
  • obtain further planning documentation if required;
  • make any necessary enquiries of seller's solicitor;
  • report to you and provide advice on all documents and information received;
  • go through conditions of mortgage offer with you;
  • send final contract to you for signature;
  • agree completion date (date from which you own the property);
  • exchange contracts and notify you that this has happened;
  • draft transfer;
  • advise you on joint ownership;
  • obtain pre-completion searches;
  • arrange for all monies needed to be received from lender and you;
  • complete purchase;
  • deal with payment of SDLT/Land Tax; and
  • deal with application for registration at Land Registry and any other post completion formalities that may arise.

Purchase of a leasehold residential property

Our fees cover all the work required to complete the purchase of your new flat, including dealing with registration at the Land Registry and dealing with the payment of SDLT if the property is in England, or land transaction tax (Land Tax) if the property is in Wales.

We would welcome a request for a personalised fee estimate. However, by way of an example of a fee estimate, if you are buying a flat in England for say £750,000 then your charges (as at 1 December 2018) would be on the lines of the following example:

Conveyancer's fees and disbursements

Legal fee

£1,975 plus VAT of £395

Fee for acting on behalf of the mortgage lender (where you are obtaining a mortgage)

£500 - £750 plus VAT

 

Search fees

£350

HM Land Registry fee

£270

Electronic money transfer fee

£30 plus VAT of £6

We also charge £150 plus VAT to deal with the post completion work such as the compiling and filing of the SDLT return and the registration of your title at HM Land Registry. This also includes serving notice on your landlord, which is a requirement under the terms of most leases, of the change in ownership of the property. It may also include the transfer of a share in the freehold or management company.

Estimated total: £3,206.00 (where no mortgage is involved)

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements 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. 

  • HM Land Registry fee: this is calculated according to the amount of the purchase price;
  • Search fees: £250-£450
  • VAT on search fees
  • Electronic money transfer fee: £30 plus VAT

We also charge £150 plus VAT to deal with the post completion work such as the compiling and filing of the SDLT return and the registration of your title at HM Land Registry, together with all other post completion formalities. 

Anticipated disbursements*

  • notice of transfer fee – this fee if chargeable is set out in the lease. Often the fee is anything between £30 - £100;
  • notice of charge fee (if the property is to be mortgaged) – this fee is set out in the lease. Often the fee is between £30 and £100;
  • 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 £150 and £400; and
  • certificate of compliance fee - to be confirmed upon receipt of the lease, as it can range between £200 – £400.

*These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents. Most of these fees will also attract VAT.

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 as soon as this we receive this information.

SDLT/Land Tax

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using the tools on HMRC's website or if the property is located in Wales by using the Welsh Revenue Authority's website. 

Estimated total of SDLT: £27,500.00 (assuming this will be your main residence and other factors apply). The grand total of the fee estimate and the SDLT in our example is £30,706.00 (as at 1 December 2018).

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances and typically include:

  • 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;
  • report to you and provide 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 SDLT/Land Tax; and
  • deal with application for registration at Land Registry and all other post completion formalities.

How long will my flat purchase take?

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 6-10 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take between 6-18 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 8 and 12 months. In such, a situation 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;
  • 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 complication arise;
  • all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation; and
  • no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Mortgages and re-mortgages

Our fees cover all of the work required to complete the mortgage or re-mortgage of your new or existing home, including dealing with the redemption of any existing mortgage secured over your property, the registration at the Land Registry of the new mortgage and, if a leasehold property, service of notice of mortgage on the landlord and/or management company. These fees are indicative of acting on behalf of private individuals and do not apply to companies who are looking to raise finance on a property.

The precise stages vary according to the circumstances of each transaction and typically include: 

  • take your instructions and give you initial advice;
  • carry out searches;
  • obtain further planning documentation if required;
  • go through conditions of mortgage offer with you;
  • send mortgage deed to you for signature;
  • set a completion date for the drawdown of funds as well as obtain a redemption figure if appropriate;
  • arrange for all monies needed to be received from lender and you;
  • complete mortgage/re-mortgage; and
  • deal with application for registration at Land Registry and if leasehold serve notice of mortgage on the landlord/management company.

Our fees are based upon the amount of the new loan.

If the loan is up to £500,000 our charges are between £1,250 and £1,500 plus VAT and disbursements; if the loan is between £500,001 and £1 million then our charges are between £1,500 and £2,000 plus VAT and disbursements. The Land Registry fee which is chargeable in order to register the charge is calculated on the value of the mortgage advance and we will confirm this to you when we take your initial instructions with regard to the level of the charge.

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Penningtons Manches LLP

Penningtons Manches LLP is a limited liability partnership registered in England and Wales with registered number OC311575 and is authorised and regulated by the Solicitors Regulation Authority. San Francisco is an associated office.

Penningtons Manches LLP