Crystal clear pricing – residential conveyancing
How much will it cost to buy or sell my home?
Not all houses are the same and neither are the circumstances surrounding the sale or purchase of a home. There is generally more work to do on a purchase. Conveyancing fees will often increase as the value of the property increases – a more valuable property often has more issues to consider. Transactions involving new build properties or leasehold properties also involve more work. Perhaps unsurprisingly the length of time taken for a transaction will vary depending upon the work involved. In our experience the average transaction takes between six and eight weeks. The stages of work involved in any transaction can vary, please let us know if there is a timescale you have in mind so we can discuss this with you.
As a result it is not possible to give a ‘one size fits all’ quotation, but we can give you a good idea of likely costs. Please contact us online or call 0800 652 8025 to speak to a solicitor or legal executive who will take detailed instructions from you to understand your personal situation, the nature of the transaction and your objectives before providing you with a quotation in accordance with our crystal clear price promise.
Below you can see two examples for a straightforward residential property transaction and a much more complex situation. In both examples we describe the total legal costs that would be incurred when using Clarke Willmott.
In each case, the work involved requires communication with our client, the other party’s solicitors and estate agents, drafting or reviewing the contract documents, raising searches and enquiries, reporting to you on our investigations, dealing with formalities of exchange and completion and dealing with the mortgage lender. On a purchase, we also have to file the Stamp Duty Land Tax (SDLT) return and register the transaction at the Land Registry.
|A simple residential property transaction||A complex property transaction|
|Sale and Purchase of freehold, detached residential properties that are already registered at the Land Registry. No issues relating to second homes arising. Selling and buying for £250,000 in each case. The purchase is being funded with the assistance of a mortgage from a high street bank or building society.
Sale fees: £1,100 + VAT & Land registry fees of £6.
Purchase fees – £1,400 + VAT and the following payments to third parties:
|Purchase of Grade II listed country house that was part of a larger parcel of unregistered land, requires rights over the seller’s retained land at price of £3,000,000 with the assistance of a mortgage from a high street bank or building society.
Our fees £5,300 + VAT and the following payments to third parties:
These examples apply to transactions by private individuals based in the UK. Where, for example, a party is based overseas, there is a complex funding structure or the property is to be purchased through a limited company or trust, bespoke fees will apply. These will be assessed on the complexity and extra work involved.
Fees for our services will either be fixed or charged on the basis of an hourly rate, depending on the circumstances. Where hourly rates apply, these will be:
|Partners||£285 per hour|
|Senior Associates||£200 per hour|
|Associates||£200 per hour|
|Solicitors/Legal Executives||£170 per hour|
|Trainees||£150 per hour|
|Paralegals||£130 per hour|
Hourly rates are reviewed from time to time, usually on 1 May each year. Other teams may charge different hourly rates but we would advise you in advance of any changes to rates set out above.
How long will my property transaction take?
Perhaps unsurprisingly the length of time taken for a transaction will vary depending upon exactly what is involved and the work involved. In our experience the average transaction takes between six and eight weeks. The stages of work involved in any transaction can vary.
Who will manage my property transaction?
Clarke Willmott is regulated by the Solicitors Regulation Authority. We have eight legally qualified staff in our residential conveyancing team and all work is overseen by one of our residential conveyancing partners all of whom have many years experience. Our team has particular expertise in high value estates, rural and agricultural properties and working with major housing developers.
VAT & disbursements
Our fees and some disbursements are subject to VAT at 20%. Disbursements are charges payable in addition to our fees, normally to a third party. They can include fees payable to the Land Registry, barristers or search providers. The amount charged for the disbursements depends upon a number of variables so we will be able to advise you of the correct charges when we have further information from you.
Contact a residential conveyancing solicitor
If you would like to find out more about how our conveyancing team can support you, you can contact Rod Lloyd Jones or Mark Buckerfield directly using the details given on their profile pages, or by calling 0800 652 8025.