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Druces Private Wealth

Costs for Residential Conveyancing

Druces Private Wealth

Costs for Residential Conveyancing

The Solicitors Regulation Authority requires solicitors to provide detailed information as to the costs of certain services via our website. This includes residential property conveyancing.

The information we provide is either the average cost of the work or a range of costs, usually based on hourly rates, and any likely disbursements. Disbursements are costs that we incur on your behalf with third parties such as a local authority and which we re-charge to you in our bill.

In addition, we provide information about the solicitors and other fee earners who will manage your case, their qualifications and experience.

The information provided is based on our experience of the costs we charge for typical transactions or cases. Our actual charges may vary depending on the complexity of your matter and in cases where complications arise. We will give you a cost estimate at the outset of your matter, taking into account the actual circumstances of your case. We will also update our estimate if any complications arise which may have an impact on our costs.

In a straightforward transaction our fees depend on the value of the property; a guide those fees is set out below. If the transaction is unlikely to be straightforward (or turns out not to be) we will tell you as soon as possible let you know how much we think any extra charge will be. Any such extra charge will be based on the additional work we think will be needed. The hourly charging rates for those who might be involved in the transaction appear below.

We do not normally charge an extra fee for acting in connection with any mortgage but may do so if the lender is separately represented.

Key stages 

The precise stages of the purchase, sale or re-mortgage of any residential property will vary depending on the circumstances, nevertheless, we have outlined the key stages below. All of which our fees cover.

Purchase

Our fees cover all the work required to complete a purchase and sale of a residential property, including: 

  • taking your instructions; 
  • receiving a draft contract, copies of title documents and information forms from the seller’s solicitors; 
  • undertaking local authority, planning, water and drainage, desktop environmental and flood and other searches; 
  • raising enquiries of the seller’s solicitors; 
  • reviewing the title documents, including Land Registry entries and plan, negotiating and approving the terms of the contract; 
  • providing you with a summary report when the contract is ready to be signed; 
  • sending you the contract to sign; obtaining your deposit; 
  • exchanging contracts having agreed a completion date; 
  • preparing the transfer and agreeing its form with the seller’s solicitor; 
  • arranging for the transfer to be signed before completion; 
  • raising pre-completion enquiries (requisitions) of the seller’s solicitors; 
  • making a Land Registry search prior to completion; 
  • completing the transaction by sending the completion monies to the seller’s solicitors; 
  • completing and lodging the Stamp Duty Land Tax form, and remitting the tax payment (subject to receipt of the same from you) to the relevant tax office; 
  • registering the purchase at the Land Registry; 
  • on completion of the Land Registry work scheduling the deeds and sending you a copy of the Land Registry entries showing you as the registered proprietor.

Sale

  • taking your instructions;
  • preparing a draft contract;
  • obtaining copies of title documents and information forms to submit to the buyer’s solicitors; dealing with enquiries raised by the buyer’s solicitors;
  • negotiating the terms of the contract;
  • providing you with a summary report when the contract is ready to be signed;
  • sending you the contract to sign;
  • obtaining a redemption figure from any lender;
  • exchanging contracts having agreed a completion date;
  • approving the form of transfer;
  • arranging for the transfer to be signed before completion;
  • replying to pre-completion enquiries (requisitions) raised by the buyer’s solicitors;
  • preparing a completion statement for the buyer’s solicitor and a cash statement showing monies due to your agents, ourselves (in respect of our fees) and your lender and the balance due to you;
  • completing the transaction and dealing with your lender in respect of obtaining a release of your mortgage with them;
  • arranging for the completion monies to be disbursed as per the cash statement.

Re-mortgage

  • taking your instructions;
  • obtaining copies of title documents and information forms from you;
  • undertaking local authority, planning, water and drainage, desktop environmental and flood and other searches;
  • raising enquiries of you;
  • reviewing the title documents, including Land Registry entries and plan;
  • providing you with a summary report on the mortgage;
  • sending you the mortgage to sign;
  • making a Land Registry search prior to completion;
  • arranging for the drawdown of the mortgage advance and repayment of any existing mortgage;
  • registering the mortgage at the Land Registry;
  • on completion of the Land Registry work scheduling the deeds and sending you a copy of the Land Registry entries showing the new mortgagee.

How long will my house/flat purchase take?

How long it will take from your offer being accepted until you can move into your house or flat will depend on a number of factors. The average process takes about 12 weeks.

It can be quicker or slower depending on the parties in the chain. For example, if you are in a chain of several sales and purchases of houses of high value with or without mortgage finance it could take 16 weeks or more. However, again as an example, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 months and (at the outside) 1 year. In such a situation, additional charges would apply.

Further information 

For more information on conveyancing costs including a cost breakdown on property value, disbursements and staff charging rates, please click on the button below:

Who to Contact

Suzanne Middleton Lindsley

Partner

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