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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.

Sale, purchase or re-mortgage of a residential property with a value of less than £500,000

Sale of freehold: £2,500 – £3,250 plus VAT
Sale of leasehold: £2,750 – £3,500 plus VAT
Purchase or re-mortgage of freehold: £3,250 – £3,750 plus VAT
Purchase or re-mortgage of leasehold: £3,750 – £4,250 plus VAT
Purchase of new build freehold: £3,500 – £4,250 plus VAT
Purchase of new build of leasehold: £4,250 – £4,750 plus VAT

Sale, purchase or re-mortgage of a residential property with a value between £500,000 and £1m

Sale of freehold: £2,750 – £3,250 plus VAT
Sale of leasehold: £3,000 – £4,000 plus VAT
Purchase or re-mortgage of freehold: £3,950 – £4,750 plus VAT
Purchase or re-mortgage of leasehold: £4,500 – £5,250 plus VAT
Purchase of new build freehold: £5,500 – £6,250 plus VAT
Purchase of new build of leasehold: £7,000 – £7,750 plus VAT

Sale, purchase or re-mortgage of a residential property with a value of between £1m and £3m

Sale of freehold: £3,500 – £4,000 plus VAT
Sale of leasehold: £3,950 – £4,500 plus VAT
Purchase or re-mortgage of freehold: £6,000 – £6,750 plus VAT
Purchase or re-mortgage of leasehold: £7,500 – £8,250 plus VAT
Purchase of new build freehold: £8,000 – £10,500 plus VAT
Purchase of new build of leasehold: £9,500 – £11,500 plus VAT

Transactions over £3m-by arrangement.

 

Likely disbursements (freehold and leasehold purchase)

1. Search fees – in the band £400- £750 plus VAT.
2. HM Land Registry Fee – (again depending on the value of the property) in the band £40 – £455.
3. Electronic Money Transfer Fees – £11.00 plus VAT – (this is the fee per transfer and of course if there is more than one transfer the fee will increase accordingly).

Likely disbursements (leasehold purchase only)

1. Notice of Transfer fee – this fee, if chargeable, is set out in the lease. Often the fee is between £50- £100.
2. Notice of Charge fee (if the property is to be mortgaged) – this fee is usually set out in the lease. Often the fee is between £50- £100.
3. Deed of Covenant fee – this figure is often provided by the management company for the property and can be difficult to estimate. Often it is between £200- £400.
4. Certificate of Compliance fee – to be confirmed upon receipt of the lease. Often it is between £150- £200.
These figures will usually attract VAT at the standard rate.

Stamp Duty Land Tax, or, in Wales, Land Transaction Tax

The amount payable will depend on the purchase price and your personal circumstances, e.g. whether you have an interest in other property or are non-resident. We will calculate, and notify you of, the amount due at the appropriate time based on information which you provide to us. We will file the appropriate returns on your behalf and, provided that you put us in funds, we will pay the tax online by the due date. Which is usually 14 days after completion. 

Purchase of a Residential Property

Our fees cover all the work required to complete a purchase 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 of a Residential Property

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 of a residential property

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

Assumptions which affect price

When you instruct us to act for you in a purchase we will, as required by our Regulator, give you a retainer letter and our Terms of Business. The retainer letter will set out our best estimate at that time of the fee, as calculated above, together with the assumptions on which the estimate is based. The assumptions will vary depending on the circumstances but are likely to include:
(a) This is a standard transaction and no unforeseen matters arise including, for example, (but not limited to) a defect in the title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction.
(b) This is the assignment of an existing lease and not the grant of a new lease.
(c) The transaction is concluded in a timely manner and no unforeseen complications arise.
(d) All parties to the transaction are co-operative and there is no unreasonable delay from third parties in the provision of documents.
(e) No indemnity policies are required. (Additional disbursements may apply if  indemnity policies are required).
As you can see fees will vary from property to property and can, on occasion, be significantly more than the ranges given above. We can give you an accurate figure once we have the specific documents before us

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 take16 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.

Fee earners and charging rates

The fee earners who work on our residential conveyancing matters include:

Karen Chapman, a Partner at Druces LLP. Karen is a solicitor qualified in England & Wales, with 30 years post qualification experience in residential and commercial property conveyancing. Karen’s charging rate is £385 per hour;

Suzanne Middleton Lindsley, a Partner at Druces LLP. Suzanne is a solicitor qualified in England & Wales, with over 30 years post qualification experience in residential and commercial property conveyancing. Suzanne’s charging rate is £385 per hour;

Adrian Footer, a Partner at Druces LLP. Adrian is a solicitor qualified in England & Wales, with over 15 years post qualification experience in residential and commercial property conveyancing. Adrian’s charging rate is £385 per hour;

Paul White, a Partner at Druces LLP. Paul is a solicitor qualified in England & Wales with over 25 years post qualification experience in Tax law, especially Stamp Duty Land Tax. Paul’s charging rate is £395 per hour;

 

Michelle Goodrum, a Senior Associate at Druces LLP.  Michelle is a solicitor qualified in England & Wales, with over 5 years post qualification experience in residential and commercial property conveyancing, with a particular specialism in Leasehold Enfranchisement. Michelle’s charging rate is £295 per hour;

Katie Mear, a Senior Associate at Druces LLP.  Katie is a solicitor qualified in England & Wales, with over 10 years post qualification experience in residential and commercial property conveyancing, with a particular specialism in Leasehold Enfranchisement. Katie’s charging rate is £295 per hour.

Karen Jenkins, an Associate at Druces LLP. Karen is a Legal Executive qualified in England & Wales, with over 15 years of residential conveyancing experience. Karen’s charging rate is £275 per hour;

Nicholas Brent, a Consultant at Druces LLP. Nicholas is a solicitor qualified in England & Wales, with 40 years post qualification experience in residential and commercial property conveyancing. Nicholas’ charging rate is £410 per hour;

If you have any questions regarding this cost information, please click on the contact us button below or speak to: 

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