Our costs and service information – Residential Conveyancing
Ashley Wilson’s residential conveyancing team combines years of experience and specialist lease extension and enfranchisement expertise to be able to provide you with all the legal support you need, e.g. buying, selling, mortgaging and extending a lease.
You will deal with the same experienced solicitor from start to finish.
We pride ourselves on being fast, efficient and commercial.
We support high net worth individuals, corporates entities and developers.
The costs information provided below refers to residential conveyancing services provided to individuals and is expressed in 000’s. It assumes that the relevant matter is of moderate value*, relatively straight forward and doesn’t become protracted.
- Freehold sale – £2
- Leasehold sale – £2.2
- Freehold purchase – £2.5
- Leasehold purchase – £3
- Freehold mortgage – £1.8
- Leasehold mortgage – £2
- Remortgage – £.3 in addition to the relevant mortgage fee above.
*up to £850k purchase price or value.
These figures exclude VAT and disbursements (see below) and are based on time spent. Our hourly rates are:
Rate (excl. VAT)
£325 - £400
Disbursements are expenses payable to third parties which you incur in the course of your matter which we organise payment of for you. For example these include:-
- Land Registry charge to supply title information, typically £10-20
- Estate agents’ fee.
- As with a freehold sale above.
- Managing Agent’s fee to providing management information, say £350.
- Searches – Variable on area, say £400- £500.
- 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/
- Surveyors’ fee.
- Bank transfer charges, photocopying charges and a file set up fee of £30 plus VAT.
- In addition to the items listed for a freehold purchase there will usually be a Managing Agent’s fee to note your purchase of say £100.
Mortgages and Remortgages
- As for a freehold or leasehold purchase, as applicable.
VAT is charged at the standard rate (currently 20%) in addition to the fees set out above. Land Registry fees and some search fees and other disbursements attract VAT.
Our above costs estimates are to provide the core legal advice and usual related work required to deal with the type of transaction mentioned (known as “conveyancing”). They exclude:
- The provision of other advice such as tax (apart from calculating SDLT payable for a straight forward matter) and the value or condition of a property. You will need to engage suitably qualified professionals such as an accountant or surveyor respectively to provide you with this advice.
- Providing additional advice and documentation, i.e. around lease extension, correcting title defects or for joint purchasers putting a Declaration of Trust in place. We can provide fee estimates for this.
A Typical sale or purchase involves two key stages, exchange of contracts and completion. Exchange is when the parties become irrevocably committed to the transaction at the agreed price and the completion date is fixed.
As a result prior to that all due diligence must be undertaken, i.e. searches undertaken and enquiries raised. You will need to obtain any necessary mortgage finance in advance. A deposit of 10% is payable.
Completion is when possession of the property changes, i.e. a buyer moves in, and the balance of the price is paid.
A common period for exchange of contracts from receipt of the contract papers is 4 – 6 weeks. Completion is commonly 2-4 weeks after exchange of contracts.
We will update you as the amount of time cost and as to the effect on timing as your matter progresses and let you know if something unusual or complex presents.
Experience and qualifications
Tony Wilson and Mark Vinall each have over 20 years’ experience providing specialist conveyancing and other advice to flat owners and landlords. [Nathan, Daniel, Elizabeth]
We also have specialist expertise around lease extension, freehold enfranchisement for flats, the right to manage and tenants’ rights of first refusal.
A partner supervises the work where not conducting the matter themselves.