Price Transparency & How We Charge - Residential Conveyancing
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Price Transparency & How We Charge - Residential Conveyancing *
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As far as amounts that we will pay out to others for you are concerned, these are mostly incurred on a purchase and will include the cost of a full set of searches, Land Registry fees and Stamp Duty Land Tax (SDLT) payable to the Government.
The average cost of a full set of searches in Cornwall is just over £600. The costs vary per area. The searches attract VAT at 20%. Full details will be set out in our retainer papers at the outset of the transaction. If you are buying with cash, then you can choose which searches to have carried out (although we would always recommend a full set). If you are buying with the aid of a mortgage, then the lender will require a full set of searches in all circumstances. SDLT and Land Registry fees depend upon the value of the property.
You can access HMRC’s SDLT calculator by clicking here and the Land Registry’s fee scale by clicking here.
We will ask for funds (usually £620) from you at the outset of your retainer to cover search fees. SDLT and Land Registry fees will be collected from you prior to completion.
All of our staff have significant experience in acting in conveyancing transactions. Some staff have formal qualifications and some simply many years of experience. Full details of the people involved in your case will be set out in our retainer documentation at the outset of the transaction. The conveyancing team are supervised by Julie Rowan, who is the Senior Responsible Officer and a Director of the Company.
The work we will carry out for you in relation to a residential sale or purchase includes all work necessary from the beginning to the end, i.e. from the initial instructions to completing the registration of the transfer of the property into your name or completion of the sale. The average timescale for achieving exchange of contracts is 8-12 weeks and completion can be anything from simultaneous with exchange to several months later depending upon the requirements of the transaction.
We calculate our fees based on a percentage of the price subject to a minimum. Our minimum fee for a sale is £2,250 plus VAT at 20% (total £2,700) and for a purchase £2,750 plus VAT at 20% (total £3,300) for both freehold and leasehold properties. Our fees are otherwise calculated at 0.5% of the purchase price for the first £500,000 and then 0.25% of the purchase price for the balance plus VAT at 20%. For example, for a property at £650,000, our fee would be £2,875 plus VAT at 20% (total £3,400)
Our fees above include all services necessary from beginning to end and no services which might reasonably be expected to be included in the price are excluded.
In certain cases we may be quite happy to negotiate on these fees, especially in relation to higher value properties, where the percentage calculation would lead to a substantial figure. Conversely, some lower value cases are very complicated and our fees may differ from the structure set out above.
Some examples of our fees are set out below
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Property Price Fees
£150,000 Sale £2,250 plus VAT @ 20% (£2,700) Purchase £2,750 plus VAT @ 20% (£3,300)
£275,000 Sale £2,250 plus VAT at 20% (£2,700) Purchase £2,750 plus VAT at 20% (£3,300)
£650,000 £2,875 plus VAT at 20% (£3,400)
£800,000 £3,250 plus VAT at 20% (£3,900)
Higher value properties by negotiation
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Searches and their costs (including VAT) £ £
Local search (approx.) 258.19 VAT @20% 51.64 Water and Drainage search 65.14 VAT @20% 13.03 Mining search 57.14 VAT @20% 11.43 Groundsure Homebuyers Search 87.35 VAT @20% 17.47 Chancel check search 20.00 VAT @20% 4.00 Index Map search 9.92 VAT @20% 1.98 Administration fee for local search 20.00 VAT @20% 4.00 621.29
Anti Money Laundering and Identity Checks
Proof of Identity and Source of Funds Checks 50.00 VAT at 20% 10.00 Anti-Fraud Lawyer Check on Seller’s solicitors (validating bank account details) 18.00 VAT @20% 3.60 81.50
Land Registry (including Land Charges search)
Search (approx.) 15.00 Registration fee (maximum) 330.00 345.00
Stamp Duty Land Tax
Duty payable to HM Revenue & Customs (based on purchase price of £250,000) at the lower rate 2,500.00 Our fee for completing the Tax Return 125.00 VAT @20% 25.00 2,650.00
Our Fees
Conveyancing (minimum) 2,750.00 VAT @20% 550.00 Electronic transfer of money on completion 40.00 VAT @20% 8.00 3,348.00
Total 7,045.79
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Land Registry £ £
Official Copy Entries (if registered) 14.00 VAT at 20% 2.80 Land Charges Search (per person) 6.00 VAT @20% 1.20 24.00
Anti Money Laundering and Identity Checks
Proof of Identity and Source of Funds Checks 50.00 VAT at 20% 10.00 60.00
Our Fees
Conveyancing 2,250.00 VAT @20% 450.00 Electronic transfer of money on completion 40.00 VAT @20% 8.00 2,748.00
TOTAL 2,832.00
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Searches and their costs (including VAT) £ £
Local search (approx.) 258.19 VAT @20% 51.64 Water and Drainage search 65.14 VAT @20% 13.03 Mining search 57.14 VAT @20% 11.43 Groundsure Homebuyers Search 87.35 VAT @20% 17.47 Chancel check search 20.00 VAT @20% 4.00 Index Map search 9.92 VAT @20% 1.98 Administration fee for local search 18.33 VAT @20% 3.67 590.02
Anti Money Laundering and Identity Checks
Proof of Identity and Source of Funds Checks 50.00 VAT at 20% 10.00 Anti-Fraud Lawyer Check on Seller’s solicitors (validating bank account details) 18.00 VAT @20% 3.60
Land Registry (including Land Charges search)
Search (approx.) 10.00 Registration fee (maximum) 100.00 110.00
Our Fees
Conveyancing (minimum) 2,000.00 VAT @20% 400.00 Electronic transfer of money on completion 40.00 VAT @20% 8.00 2,748.00
Total 3,565.89
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Receipt of details of purchase from estate agent
Setting up of retainer documents with client including details of fees and other expenses, together with details of personnel etc.
Receipt of contract documents from seller’s solicitors
Providing to you a copy of the plan showing the extent of the property which you are purchasing and copies of the Property Information form and Fittings and Contents form
Carrying out of all searches and enquiries
Receipt of mortgage offer (if applicable)
Reporting to you with contract for signature
Exchanging contracts and agreeing completion date
Reporting on title to the lender
Drafting Transfer and mortgage
Arranging for Transfer, mortgage and any other documents to be signed
Completing – moving day
Paying SDLT on your behalf and registering the purchase in your name
If the property is leasehold, there may be additional work obtaining information from a Management Company which may also include an additional fee payable to the Management Company together with considering and reporting to you on the lease itself.
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Receiving details of sale from estate agent
Setting up of retainer documents with client including details of fees and other expenses, together with details of personnel etc.
Gathering information from you to enable us to draft the contract
Drafting contract and submitting it with supporting paperwork, including evidence of your ownership to the buyers’ solicitors
Receiving and answering questions about the property with your assistance
Reporting to you on the contract for signature
Exchanging contracts and agreeing the completion date
Receiving draft Transfer from buyers’ solicitors and agreeing pre-completion arrangements
Obtaining your signature to the Transfer and any other documents
Completing and sending the signed Transfer and other documents to the buyers’ solicitors, redeeming your mortgage and paying the agent and sending the net proceeds of sale to you (or using them in a related transaction)
If the transaction relates to a leasehold property, there may be additional work involved including gathering in information from managing agents which may attract a fee payable to them
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Receipt of mortgage offer
Carrying out all searches and enquiries
Reporting/meeting with you to sign the mortgage
Agreeing completion date
Reporting on title to the lender
Carrying out pre-completion searches
Obtaining redemption figure from existing lender (if any)
Completing
Registering the mortgage at the Land Registry
If the transaction relates to a leasehold property, there may be additional work involved including gathering in information from managing agents which may attract a fee payable to them