Costs for Residential Conveyancing

How long will it take? What are the stages?

The average process takes between 6-9 weeks, but it can be quicker or slower depending on other parties involved. For example, if you are buying a leasehold property that requires a lease extension, that can add a significant amount of time to the process.

Our support includes:

•     Taking your instructions and giving initial advice on your purchase or sale
•     Checking the finances are in place, and if relevant contacting the lender’s solicitors
•     Receiving and advising on the contract documents
•     Carrying out Searches (the Search fees are a third party fee not included in our costs)
•     Advising if further planning documentation is required and obtaining this
•     Advising you on all the documentation and information received
•     Going through conditions of the mortgage offer with you
•     Sending the final contract or other documents to you for signature, or meeting with you in person to do this
•     Agreeing a completion date and exchanging contracts
•     Completing the purchase
•     Dealing with Stamp Duty, Land Tax, and registration at the Land Registration (their fees are not included in our costs)

When you contact us initially, we will be able to advise on if we can help and how long it could take – this initial enquiry over the phone is free. Call us at 01432 278 179 or email info@kidwellssolicitors.co.uk with as much detail as possible.

What are the costs?

Our legal team works on an hourly rate basis of £110 to £350 excluding VAT per hour, depending on the person instructed. Legal fees attract a VAT rate of 20%. Residential conveyancing matters are typically done at £220 per hour excluding VAT. It’s difficult to give an exact rate without knowing the details, but we’re able to advise on typical costs below depending on the complexity of the property and circumstances.

Property value under £700,000

• £660 to £1,320 excluding VAT
• Plus disbursements, more details are below

Property value over £700,000

• £1,320 to £2,640+ excluding VAT
• Plus disbursements, more details are below

Factors that Affect Cost

We will advise you as much as possible throughout our support what the costs will be, both of our fees and of third party disbursements. Complications that would increase the time spent on your matter, and therefore your overall costs, could include:

•     Shared ownership
•     Private access issues
•     Residential tenancies
•     Issues surrounding planning and building regulations
•     If it’s being newly constructed
•     If you are using a government help-to-buy scheme or have on the home you are selling
•     A defect in title, such as lack of easement or right of way

What are the possible third-party costs involved?

Please note that payments due to other third parties, known as disbursements, are not included in our fees. You will need to pay disbursements whether you are buying, selling, or remortgaging a property. For example, Land Registry fees. Common disbursements are listed below.

The below figures are for your guidance only. Please contact us so that we can provide a tailored estimate.

Common Disbursements & Other Costs When Buying

Bankruptcy search – £2 per name (no VAT)

Stamp Duty Land Tax (SDLT) – 0% to 12% of property price above threshold

SDLT is paid to the government when you purchase land or property valued at over a certain amount in England. There are different rates of SDLT on residential properties if you’re a first-time buyer, if you’re buying an additional property, or if you’re not a UK resident. It is due within 14 days of completion.

The current SDLT threshold for residential properties is £250,000. This changes on 1 October 2021. The threshold for non-residential land and properties is £150,000. As of 1 July 2021, first-time buyers pay no SDLT if the purchase price is £500,000 or less.

Property Searches – £175 – £250 (no VAT)

Property searches include relevant necessary searches, such as a local authority search, water and drainage search, and environmental search.

1. Local Authority Search
   This will highlight vital information, such as whether a property is a listed building or in a tree preservation area.
2. Water and Drainage Search
   This will confirm whether a property is connected to the public water and sewer system, as well as how the house is charged for its water supply.
3. Environmental Search
   This assesses the risks of certain environmental factors that could affect the property.

Land Registry Search (no VAT)
This checks that the property register has not changed since the contract was issued by the property seller’s conveyancer.

Transfer Fee – £30 to £50 (no VAT)
A fee that the bank charges for the money that needs to be transferred, in this case the cost to transfer money to buy the property.

Common Disbursements & Other Costs When Selling

Land Registry Documents – £4 to £8 (no VAT)
These documents confirm that you are the legal owner of the property you wish to sell.

Transfer Fee – £30 to £50 (no VAT)
A fee that the bank charges for the money that needs to be transferred, in this case the cost to transfer money to pay off your existing mortgage.

Capital Gains Tax (CGT)
If you own more than one property, the sale of any property other than your main residence will most likely be subject to Capital Gains Tax. The tax will be based on the amount the property value has increased by while its been in your ownership.

What does the hourly rate include?

Our hourly rate encompasses the time spent on your behalf, excluding additional expenses which are detailed below. Hourly rate prices are excluding VAT. Legal fees attract a VAT rate of 20%. This hourly rate includes meetings with you and perhaps other authorised persons on your behalf; reading, preparing and working on papers; making and receiving telephone calls, emails, and text messages; preparation of any detailed costs estimates, schedules and bills; and time necessarily spent travelling away from the office on your behalf.

Expenses on top of our hourly rate can include, but are not limited to:

• rail and air travel charged out at cost and travel by car is charged at a flat rate of 45p per mile;
• car parking; and
• the full cost of overnight accommodation if required. (This is very unlikely in the event of a residential conveyancing matter.)

Any applicable expenses would be discussed with you before they are incurred.

Speak to us to get bespoke advice and a personalised quote. Please call 01432 278 179 and we can discuss your matter.