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.
|Property||Min Sale fee||Max Sale fee||Min Purchase Fee||Max Purchase fee|
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. You can click here to see a list of some of the more common additional items that can arise with some indicative costs. (Please note that we reserve the right to alter these at any time and on a case by case basis depending on circumstances and at our discretion).
|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|
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:
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.