Our charges and service information – Conveyancing for Individuals
Winckworth Sherwood’s specialist residential conveyancing team has a wealth of experience in every sector of the residential property industry. We provide a fast, efficient and client-focused service to individuals and entrepreneurial developers. For example we are used to helping family offices and high net worth individuals. This is enhanced by our experience advising on and dealing with lease issues such as extending flat leases, and applications to acquire the freehold of, or control of the management of, a block of flats.
Conveyancing for Individuals – Services and Costs:
This costs information relates to the following residential conveyancing services provided to individuals namely sales, purchases, mortgages or remortgages of freehold or leasehold residential property.
Costs
Indicative cost estimates for providing these services, assuming that the relevant matter is of moderate value*, relatively straight forward and doesn’t become protracted are set out below:
- Freehold Sale – £3,250 plus VAT and disbursements
- Leasehold sale – £3,450 plus VAT and disbursements
- Freehold purchase – £3,650 plus VAT and disbursements
- Leasehold purchase – £3,950 plus VAT and disbursements
- Freehold remortgage – £2,500 plus VAT and disbursements
- Leasehold remortgage – £2,950 plus VAT and disbursements
*under £500k purchase price
These cost estimates are exclusive of VAT and disbursements (see below) and are based on the time cost we anticipate will be incurred dealing with those matters. The hourly rates that apply are:
*Fee earners: associate, senior associate and legal director.
Disbursements
Disbursements are expenses payable to third parties which we incur on your behalf in the course of your matter. Examples of disbursements likely to be incurred in conveyancing matters (these are indicative – there may be others) are as follows:-
Freehold sale:
- Land Registry charges for supplying title information, typically £10-20
Leasehold sale:
- Land Registry charges for supplying title information, say £10-20
- Managing Agent’s fees (for providing information about the management of the building) – these vary from case to case.
Freehold purchase:
- Searches – depends on area and property but typically around £400- £500.
Leasehold purchase:
- As for a freehold purchase, plus Managing Agent’s fees for registering the change of ownership – these vary from case to case.
Mortgages and Remortgages
- As for a freehold or leasehold purchase, as applicable.
These figures do not include any other professional fees you may incur, such as estate agents’ fees (in the case of a sale) or surveyors’ fees (in the case of a purchase).
- In the case of a freehold or leasehold purchase you will also need to budget for Stamp Duty (SDLT) and Land Registry fees
- In addition, there may be additional expenses such as bank transfer charges, photocopying charges and a file set up fee of £30 plus VAT.
- Land Registry scale fee – see http://landregistry.data.gov.uk/fees-calculator.html
- SDLT – see https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/
- In the case of a mortgage or a remortgage, there will be no SDLT but Land Registry fees are payable.
VAT
Our fees attract VAT which is charged at the standard rate (currently 20%) in addition to the fees set out above.
Disbursements that are subject to VAT will be charged at the standard rate (currently 20%) in addition to the disbursement, this will include some Land Registry fees.
Services included within the above costs
The above figures reflect the legal advice and other work, generally known as “conveyancing”, typically required to carry out the types of transaction set out above.
Our services will not include providing advice as to other aspects such as tax (apart from calculating any SDLT payable), or on the value or condition of a property. You should engage suitably qualified professionals (such as an accountant or surveyor respectively) to provide you with advice on these aspects..
We also may need to make an extra charge if additional documentation turns out to be required. An example of this would be an agreement between joint purchasers, usually called a “declaration of trust” where that is applicable. In these instances, we will discuss the extra cost with you but it will reflect the additional work involved.
Key stages and timescales
For a sale or purchase there are usually two key stages, being exchange of contracts and then completion. On exchange the parties become legally committed to the sale/purchase and the completion date is fixed.
All the usual pre-contract searches and enquiries need to be undertaken and any necessary mortgage finance obtained before exchange of contracts takes place. A deposit, usually 5-10% of the purchase price, will be payable by the buyer on exchange of contracts.
On completion the balance of the price is paid to the seller and the buyer takes possession of the property.
It is normally possible to have all the pre-contract work completed and be in a position to arrange exchange of contracts within about 4 weeks from when we have received all the contract papers we need from the seller’s solicitor. The completion date is a matter for negotiation between the parties, depending on their individual circumstances, but 2-4 weeks after exchange of contracts would be typical..
For more information see our article on Conveyancing FAQs.
As we are required to do under our professional rules we will provide with you with best information we can about the likely overall cost when you first instruct us at the outset of your matter and update you at appropriate stages as the matter progresses. When an unforeseen complexity arises or where the way in which you ask us to proceed means additional work, we will discuss the likely impact on the overall cost and timescale with you.
Experience and qualifications
A partner will be supervising the work if not conducting the matter in person.
Full details of the team and their qualifications can be found here.