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    Residential Conveyancing Fees

    We offer a personal and quality approach to residential conveyancing.

    We aim to make instructing a solicitor as trouble-free as possible, providing transparency with our Residential Conveyancing Fees in line with the SRA Transparency Rules.

    All our practitioners have legal qualifications, including Solicitor, Charter Legal Executive, Graduate Legal Executives and Law Graduates.  Every matter is allocated to one of our dedicated practitioners who will handle your matter from start to finish.  As every matter is different, your matter will be allocated to the practitioner who is most qualified to assist you throughout. Please see our Conveyancing webpage for staff bio information. Michael Fahy has overall supervision of the team.

    We offer a range of services, including buying and selling your home, drafting of additional Easements/Legal Charges, remortgages, help to buy and shared equity schemes.

    A quick guide to our pricing structure, including other services and disbursements please see our Fees for a Residential Property April 2021 PDF.

    Purchase of a freehold residential property

    Our conveyancing fees cover all of the work* required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

    Property Value Fee Excluding VAT Vat (20%) Fee Including VAT (20%)
    Up to £250,000 £1500.00 £300.00 £1800.00
    £250-£350,000 £1650.00 £330.00 £1980.00
    £350-£450,000 £1,900.00 £380.00 £2280.00
    £450-£650,000 £2,200.00 £440.00 £2640.00
    £650-£850,000 £2,450.00 £490.00 £2940.00
    £850-£1 million £2,700.00 ££540.00 £3240.00
    £1 million plus Quote available on request

     

    Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees.  We handle the payment of the disbursements on your behalf to ensure a smoother process.

    Stamp Duty or Land Tax (on purchase)

    This depends on the purchase price of your property.  You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.Stamp Duty or Land Tax (on purchase)Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees.  We handle the payment of the disbursements on your behalf to ensure a smoother process.

    How long will my house purchase take?

    Estimating how long the process will take from your offer being accepted until you can move into your new home depends on numerous factors.  Broadly speaking the average process can take between 8 – 12 weeks.

    The process, of course, can be quicker or slower depending on all parties in the chain.  For example, if you are a first-time buyer, purchasing a new build property with a mortgage in principle it could take 8 weeks, providing the property is already completed.  However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2-4 months as there are more parties involved.  In such a situation, additional charges would apply.

    Stages of the process

    The precise stages involved in the purchase of a residential property vary according to the circumstances.  However, below we have suggested some key stages that you may wish to include:

    • Take your instructions and give you initial advice
    • Anti Money laundering checks
    • Check finances are in place to fund purchase and contact lender’s solicitors if needed
    • Receive and advise on contract documents
    •  Carry out searches
    • Obtain further planning documentation if required
    • Make any necessary enquiries of seller’s solicitor
    • Give you advice on all documents and information received
    • Go through conditions of mortgage offer with you
    • Send final contract to you for signature
    • Draft Transfer
    • Advise you on joint ownership
    • Obtain pre-completion searches
    • Agree to completion date (date from which you own the property)
    • Exchange contracts and notify you that this has happened
    • Arrange for all monies needed to be received from lender and you
    • Complete purchase
    • Deal with payment of Stamp Duty/Land Tax
    • Deal with application for registration at Land Registry

    Purchase of a leasehold residential property

    The work involved for a leasehold property largely mirrors that involved for the purchase of a Freehold property.

    Purchases Fee Structure VAT (20%) Fee Including VAT (20%)
    £0 to £150,000 £1,800 £360.00 £2160.00
    £150,000 to £300,000 £2,250 £450.00 £2700.00
    £300,000 to £450,000 £2,900 £580.00 £3480.00
    £450,000 to £750,000 £4,000 £800.00 £4800.00
    Over £750,000 price on application

    When purchasing a leasehold property there are certain additional disbursements which will be set out in the individual lease relating to the Property.  The disbursements which we anticipate will apply are as noted above, however, this list is not exhaustive and other disbursements may apply depending on the term of the lease and the Freeholder and Management Companies involved.  We will not be able to advise you of these costs before we have had sight of the paperwork and will therefore only be able to confirm the specific costs payable once we have had sight of the Contract paperwork and reviewed the lease.

    Disbursements

    You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property.  We will confirm the ground rent and the anticipated service charge as soon as we receive this information.

    You should consider that these charges may need to be paid in advance to the end of the term chargeable, whether this is on a 6 month or yearly basis.  This is usually the practice before you can begin paying on a monthly direct debit basis.

    The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances.  However, below we have suggested some key stages that you may wish to include:

    • Take your instructions and give your initial advice
    • Anti Money laundering checks
    • Check finances are in place to fund purchase and contact lender’s solicitors if needed.
    • Receive and advise on contract documents
    • Receive and advise on the Management/Freeholders Information Pack
    • Review and report on the lease, service charge and ground rent payments
    • Carry out searches
    • Obtain further planning documentation if required
    • Make any necessary enquiries of seller’s solicitor
    • Give you advice on all documents and information received
    • Go through conditions of mortgage offer
    • Send final contract to you for signature
    • Draft Transfer
    • Advise you on joint ownership
    • Obtain pre-completion searches
    • Agree to completion date (date from which you own the property)
    • Exchange contracts and notify you that this has happened
    • Arrange for all monies needed to be received from lender and you
    • Complete purchase
    • Deal with payment of Stamp Duty/Land Tax
    • Deal with application for registration at Land Registry
    • Deal with Notice Fees/Deed of Covenants

    How long will the process of purchase take?

    On average, leasehold purchases take slightly longer than a freehold purchase because of the additional parties involved.  The precise timescales are often difficult to estimate, however on average the process takes 10-14 weeks.

    It can be quicker or slower, depending on the parties in the chain.  For example, if you are a first-time buyer, purchasing a new build with a new lease this may take longer than if you were purchasing an already established leased flat where the management pack is available immediately.

    *Our estimated conveyancing fees assume that:

    1. this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
    2. this is the assignment of an existing lease and is not the grant of a new lease
    3. the transaction is concluded in a timely manner and no unforeseen complications arise
    4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
    5. no indemnity policies are required.  Additional disbursements may apply if indemnity policies are required.

    ** Estimates are based on the expected time and hourly rate. We expect to stay within the estimate but if this not possible we will advise you first. The team hourly rates range from £135 to £315 plus vat at 20% (£162 to £378 inclusive of VAT).

    Sale of a freehold residential property

    Our conveyancing fees cover all of the work* required to complete the sale of your home, including drafting and submitting contractual paperwork to the sellers solicitors, answering enquiries raised on the legal title and repaying any legal charges in place.

    Property value                         Fee Structure VAT (20%) Fee Including VAT (20%)
    Up to £250,000 £1,250.00 £250.00 £1500.00
    £250-£350,000 £1,500.00 £300.00 £1800.00
    £350-£450,000 £1,750.00 £350.00 £2100.00
    £450-£650,000 £2,000.00 £400.00 £2400.00
    £650-£850,000 £2,250.00 £450.00 £2700.00
    £850-£1 million £2,500.00 £500.00 £3000.00
    £1 million plus Quote available on request

    Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees.  We handle the payment of the disbursements on your behalf to ensure a smoother process.Properties valued at £1 million-plus quotes are available on request.

    Disbursements

    How long will my house sale take?

    Estimating how long the process will take from you accepting a buyer’s offer to depends on numerous factors.  Broadly speaking the average process can take between 6 – 10 weeks.

    The process, of course, can be quicker or slower depending on all parties in the chain.  For a sale, the buyer will usually need to obtain their searches and their mortgage offer which is likely to determine how long the process will take.

    Stages of the process

    The precise stages involved in the sale of a residential property vary according to the circumstances.  However, below we have suggested some key stages that you may wish to include:

    • Take your instructions and give you initial advice
    • Anti Money laundering checks
    • Drafting and issuing contract documents to buyers solicitors
    • Obtain further planning documentation if required
    • Replying to any enquiries  raised by the buyers solicitor
    • Send final contract and transfer to you for signature
    • Obtain redemption figure for any legal charge/mortgage
    • Agree to completion date (date from which you sell the property)
    • Exchange contracts and notify you that this has happened
    • Arrange for all monies needed to be received from sellers solicitors
    • Complete sale
    • Repay mortgage, pay Estate Agents etc

    The work involved for a leasehold property largely mirrors that involved for the sale of a Freehold property, however, there are some additional parties involved and further documents need to be obtained and additional enquiries need to be answered, this is therefore reflected in the slightly increased costs.

    Disbursements – Leasehold Sale

    When selling a leasehold property there are certain additional disbursements which will be payable as there are additional documents and information which are required to be provided by the Management Company/Freeholder of the property.  The disbursements which we anticipate will apply are individual to the property being sold and therefore until we make initial enquiries of these parties we cannot indicate the costs involved.  Please note some leasehold properties have a Management Company OR a Freeholder who deal with the everyday dealings with the property whilst others have BOTH a Management Company and Freeholder who are involved with the property and therefore we are required to obtain two information packs.

    An example of Anticipated Disbursements in a leasehold sale may include*

    • Management Company Information Pack – the Management Company is required to produce a standard information pack for their involvement in the management of the property.  The fees for this range from – £100 – £350 + VAT at 20% (£120 – £420 inclusive of VAT).
    • Freehold Information Pack – The Freeholder is required to produce a standard information pack for their involvement with the property.  The fees for this range from – £100 – £350 + VAT at 20% (£120 – £420 inclusive of VAT).
    • Right to Assign – some leases require the consent of the Freeholder/Management Company to sell the property.  The fees for granting this range from – £50 – £250 + VAT at 20% (£60 – £300 inclusive of VAT).

    *These fees vary from property to property and can on occasion be significantly more than the ranges given above.

    You should also be aware that ground rent and service charge will need to be apportioned on completion and therefore if these are not fully paid up to date then the sellers liability will be deducted from the sale price on completion.

    The precise stages involved in the sale of a residential leasehold property vary according to the circumstances.  However, below we have suggested some key stages that you may wish to include:

    • Take your instructions and give you initial advice
    • Anti Money laundering checks
    • Drafting and issuing contract documents to buyers solicitors
    • Liaising with and obtaining the Information Packs from Freeholder/Management Company
    • Obtain further planning documentation if required
    • Replying to any enquiries  raised by the buyers solicitor
    • Raising enquiries with Freeholder/Management Company
    • Send final contract and transfer to you for signature
    • Obtain redemption figure for any legal charge/mortgage
    • Agree completion date (date from which you sell the property)
    • Exchange contracts and notify you that this has happened
    • Calculate Apportionments for Ground Rent and Service Charge
    • Arrange for all monies needed to be received from sellers solicitors
    • Complete sale
    • Repay mortgage, pay Estate Agents etc
    • Issuing Certificates of Compliance for Deed of Covenants if applicable

    *Our estimated conveyancing fees assume that:

    1. this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
    2. this is the assignment of an existing lease and is not drafting and granting of a new lease
    3. the property is registered with the Land Registry and not an unregistered property with original title deeds.
    4. the transaction is concluded in a timely manner and no unforeseen complications arise
    5. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
    6. no indemnity policies are required.  Additional disbursements may apply if indemnity policies are required.

    ** Estimates are based on the expected time and hourly rate. We expect to stay within the estimate but if this not possible we will advise you first. The team hourly rates range from £135 to £315 plus vat at 20% (£162 to £378 inclusive of VAT).

    Re-mortgage

    Our fee for a standard re-mortgage is £1020 inclusive of VAT plus disbursements. Please call 01603 598000 for more information.

    The Team

    Our property team has over 30 years of collective experience in delivering exceptional work in all residential property matters.

    We have 6 members of the team who may work on your matter. Regardless of who works on your matter, they will be supervised by Michael Fahy, Director and Head of Property. Michael qualified in 1987 and has over 30 years of experience in property law. All team profiles can be viewed here

    If you would like to speak to a member of the residential property team to discuss buying your home, please call 01603 598000 or email info@steeleslaw.co.uk and a member of the team will be happy to assist.