Stamford Bridge

  (01759) 371634

Conveyancing Costs




Introduction

As part of our professional rules, Hague & Dixon LLP aims to ensure that anyone wishing to use our services has the information they need to make an informed choice of legal services provider, including understanding what the costs may be.

Basis of our Charges

 We will endeavour to charge a fee, which fairly reflects your transaction. This fee will normally be based upon our hourly rate and will reflect the individual circumstances of each particular case. Our fees are normally based on a percentage of the price/value of the property as shown in the worked examples below. These are indicative estimates only. Every matter is different and our aim will be to tailor the costs estimate to the individual demands of your transaction, placing you at the heart of all information supplied.

Our Charging Rates

Our current hourly rates are:  


Directors and Consultants £300.00 + VAT
Assistant Solicitors and Legal Executives £275.00 + VAT
Other executive staff

£250.00 + VAT

VAT is currently 20%

 

Indicative Costs of Hague & Dixon LLP

We appreciate that before you make contact with Hague & Dixon LLP you may like an indicative estimate as to our costs for conveyancing transactions.

On the basis of a transaction, which does not present any unusual features or difficulties and involving properties with a value of up to £500,000.00 our indicative charges would be:


Fee Min. Fee Excluding VAT Min. Fee Including VAT
Sale of a freehold property 0.5% of the sale price £1,275.00 £1,530.00
Sale of a Leasehold property 0.75% of the sale price £1,475.00 £1,770.00
Purchase of a freehold property 0.75% of the purchase price £1,475.00 £1,770.00
Purchase of a Leasehold property 0.75% of the purchase price £1,725.00 £2,070.00
Purchase of a Newbuild freehold 1% of the purchase price £1,725.00 £2,070.00
Purchase of a Newbuild leasehold 1% of the purchase price £1,975.00 £2,370.00.00
Remortgage of a freehold 0.5% of the property value £1,025.00 £1,230.00
Remortgage of a leasehold 0.5% of the property value £1,025.00 £1,230.00

VAT is currently 20%

 

The above indicative costs are illustrative only and provide a general indication as to costs only. Please contact Hague & Dixon LLP to obtain a specific cost estimate for your individual instruction.

In the event that the property involved in your transaction has a value of £500,000.00 or more, please contact Hague & Dixon LLP to discuss your needs.

If Hague & Dixon LLP have to send money by bank transfer to a third party or you during a transaction, this will incur a £30.00  (+ £6.00 VAT) administration charge, plus the fee raised by the bank for the transfer of £5.00  (+£1.00)  VAT, total per transfer £42.00.

 

Other Costs (Called Disbursements)
As well as fees payable to Hague & Dixon LLP for the legal advice involved in a conveyancing matter, you will also need to budget for Disbursements.
Disbursements are expenses which we have to pay to others as part of your transaction. The actual disbursements payable will depend upon your individual transaction, but typical estimated disbursements may include:

ON PURCHASE

Search Fees

Description Cost Excluding VAT Cost Including VAT
Local Authority Search (depending on location) £50.00-£350.00 £60.00-£420.00
Enviromental Search £50.00 £60.00
Drainage Search £45.00 £60.00

VAT is currently at 20%

 

Fees payable to HM Land Registry

Description Cost Excluding VAT Cost Including VAT
Land Registry Search Fee £3.00 £3.60
Land Charges Search per person £2.00 £2.40
Land Registry Fee £45.00 – £1,105.00 No VAT

VAT is currently 20%

Fees payable to HM Revenue and Customs

Stamp Duty Land Tax – the amount payable will depend on the purchase price of your property and your particular circumstances but HMRC have a useful calculator available online, which you can access using this link https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax

 

Fees Payable to Other third parties

Description Cost Excluding VAT Cost Including VAT
Notice Fees payable to freeholder or management company £50.00 – £500.00 £60.00 – £600.00
Anti-Money aundering Search per person £5.00 £6.00
Lawyerchecker fee £21.05 £25.26
LMS Stars fee depending on mortgage lender £25.00 £30.00

VAT is currently 20%

ON SALE

Fees payable to HM Land Registry

Description Cost Excluding VAT Cost Including VAT
Land Registry fee (title documents) £6.00 £7.20
Land Registry Fee (per additional document) £3.00 £3.60
Land Charges Searcheses per person £2.00 £2.40
Index Map Search £4.00 £4.80

VAT is currently 20%

 

Fees payable to other third parties

Description Cost Excluding VAT Cost Including VAT
Management Information Pack on a leasehold sale £50.00 – £500.00 £60.00 – £600.00

VAT is currently 20%

 

Not forgetting, you may also have your estate agents to pay if you are selling a property as well as your removal costs.

 

WHAT MAY EFFECT THE COSTS ESTIMATE GIVEN?
It is difficult to provide an exhaustive list, but some factors include;

  • Whether you are buying as an individual or as a couple
  • Whether you will be using a HTB ISA scheme for part of the deposit
  • Whether you are buying with or without mortgage finance
  • Whether the property is registered or unregistered
  • Any peculiar issues with the property
  • The value of the property you are selling or buying

Sometimes, information comes to light during the conveyancing process which impacts upon the cost estimate given at the outset. If the individual dealing with your matter considers that the cost estimate will need to be varied downwards or upwards you shall be made aware and any changes to cost agreed with you.

If you would like to discuss costs further please contact Hague & Dixon LLP.

 

KEY STAGES IN THE CONVEYANCING PROCESS
Every conveyancing transaction is different and the exact stages in the process will depend upon your individual circumstances. However, to assist we summarises below the key stages for you.

SALE

  • Taking your initial instructions and giving you advice, including an estimate of costs
  • Obtaining from HM Land Registry your property documents or if an unregistered property, investigating the title to your property. This shall include obtaining a redemption figure for your mortgage (if you have a mortgage)
  • Drafting the sales contract and associated documents and providing these to your buyers’ solicitor
  • Liaising with you in relation to enquiries raised by your buyers’ solicitor and responding to those.
  • Approving the transfer document drafted by your buyers’ solicitor
  • Sending the sales contract and transfer document to you for signature
  • Agreeing with you and your buyer’s solicitor the completion date (the day on which you will sell/move out of the property)
  • Exchanging contracts, which commits you to the sale and fixes the completion date
  • Completing the sale
  • Discharging your mortgage
  • Paying the estate agent
  • Accounting to you for balance of sale proceeds

 

PURCHASE AND RE-MORTGAGE

  • Taking your initial instructions and giving you initial advice to include a cost estimate
  • Obtaining your mortgage offer once issued by your lender and contacting your lender or lenders’ solicitor if necessary.
  • Receiving from your vendor’s solicitors the contract and title documents (if a purchase) otherwise obtaining the title documents from HM Land Registry and advising you on contract documents (purchases only)
  • Carrying out searches (see disbursements above) to investigate the title to the property.
  • Obtaining such other documentation as may be required and making enquiries of the vendor’s solicitor and drafting the transfer deed (if a purchase only)
  • Advising you on all documents and information received, preferably by way of a face to face meeting in our offices.
  • Discussing your mortgage offer with you
  • Obtaining your signature to the documentation relevant in your transaction.
  • Agreeing with you and your vendors’ solicitors a completion date (when you will move if a purchase of when the re-mortgage takes place)
  • Exchanging contracts, which commits you to the purchase and fixes the completion date (if a purchase)
  • Obtaining the monies needed from you and from your lender to complete the transaction.
  • Completing your purchase or re-mortgage
  • Dealing with payment of Stamp Duty Land Tax (SDLT) and notifying HMRC as may be relevant
  • Applying to HM Land Registry to change the ownership of the property
  • Providing you and your lender with the HM Land Registry title documents

 

IS THERE ANYTHING WHICH HAGUE & DIXON LLP WILL NOT INCLUDE AS PART OF THE CONVEYANCING PROCESS?
Hague & Dixon LLP exclude from their retainer with you all tax advice save for basic SDLT advice. In the event that there is a matter which the individual dealing with your transaction is unable to assist with, we shall endeavour to refer you to someone who may be able to help.

 

HOW LONG DOES THE CONVEYANCING PROCESS TAKE?
This is often the first question asked, as once you have decided to move understandably you would like to know when this will happen.

Typically, conveyancing transactions take 8 to 10 weeks, but it can be more or less depending upon your individual circumstances and the others involved if you are in a chain.

If you are a first time buyer, with no chain below or a cash buyer (without mortgage finance) the process could be quicker.

If you are in a lengthy chain, it is likely to take longer.

At Hague & Dixon LLP we pride ourselves on guiding you through the process and shall keep you fully informed throughout.

 

Our Team

To enable you to make an informed decision about who you would want to assist with your transaction, please visit our `meet the team` page for details as to the experience and qualifications of our team and those dealing in conveyancing matters.