Charges - Conveyancing

CONVEYANCING:

 

There is a minimum fee of £550.00 + Vat + disbursements.

As there are so many variables it is difficult to set out fees without having further information. We will always provide detailed estimates on request and at the outset of every transaction.

 

Service Information and Prices

Residential Conveyancing Transactions

 

 

Introduction

 

As part of our professional rules, we aim to ensure that anyone wishing to use our services has the information they need to make an informed choice of legal services provider, including understanding what the costs may be.

 

 

Purchase of a property

 

Our Fees

 

Our standard fixed fee will include the work required to complete your purchase from start to finish along with dealing with the mortgage lender and then subsequent registration of the title at HM Land Registry

 

Our fixed fees for the above transactions start from £550.00 plus VAT (£660.00 incl. VAT) for properties under £100,000.00 and usually would not exceed £3,000.00 plus VAT (£3600.00 incl. VAT) for properties up to £1,000,000.00. As an example, our fees for a typical £250,000 property purchase would be £725.00 plus VAT (£870.00 incl. VAT).

 

We do charge a fixed fee for conveyancing transactions however these fees will take into consideration the complexity of the case, the location of the property, the property price and the estimated time it will take for the matter to complete. All of these factors will influence the level of fixed fee we apply within the above ranges.

 

There may be supplemental charges applicable and a copy of these can be found here.

 

Anticipated Disbursements

 

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. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

 

On a purchase matter, we expect the following fees to be payable:

 

Disbursement	Typical costs
Searches	£250.00
Bankruptcy Search	£2.00
OS1 Search	£3.00
Electronic ID Check	£7.20
Land Registry fee	* see note below

* Please refer to the link below to calculate the expected fee

https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees

 

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 this we receive this information.

 

Stamp Duty or Land Tax (on Purchase)

 

We will provide an estimate of the SDLT payable when you request a quote from us based on the information you provide us and the purchase price. We use the HMRC Calculator to confirm the amount and will also report to you prior to completion to confirm the amount due.

 

Our fee for submitting the return to HMRC is £50.00 plus VAT (£60.00 incl. VAT) and this will be included on your formal quote

 

What is not included?

 

We do not report on structural surveys which are outside our area of expertise

 

How long will my house purchase take?

 

For any transaction, the timescales are subject to change depending on when your offer is accepted and factors involved such as:

 

• Number of parties in the chain
• Whether you have a mortgage in place

• Whether you are buying a new build property

 

A typical transaction will take between 10-14 weeks. However, if any of the above apply, or there are other factors we need to take into consideration, it may increase the time by a further 4-6 weeks and additional charges may occur. We will discuss this with you at the earliest opportunity so you always have a clear picture of how long things are likely to take.

 

Key stages involved

 

The precise stages involved in the purchase of a residential property vary according to the circumstances:

 

• Take your instructions and give you initial advice
• 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 (if Leasehold purchase)
• Advise you on joint ownership (if Leasehold purchase)
• Obtain pre-completion searches (if Leasehold purchase)
• Agree 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

 

Our fees assume that:

 

• 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
• This is the assignment of an existing lease and is not the grant of a new lease
• The transaction is concluded in a timely manner and no unforeseen complications arise
• All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation

• No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

 

Factors that would typically increase the cost of the service

 

• Legal title is defective, or part of the property is unregistered
• If you discover building regulations or planning permission has not been obtained
• If crucial documents we have previously requested from the client have not been provided

 

 

Sale of a Property

 

Our Fees

 

Our standard fixed fee will include the work required to complete your sale from start to finish along with dealing with the mortgage lender and then subsequent registration of the title at HM Lad Registry

 

Our fixed fees for the above transactions start from £550.00 plus VAT (£660.00 incl. VAT) for properties under £100,000.00 and usually would not exceed £3,000.00 plus VAT (£3600.00 incl. VAT) for properties up to £1,000,000.00. As an example, our fees for a typical £250,000 property sale would be £725.00 plus VAT (£870.00 incl. VAT).

 

We do charge a fixed fee for conveyancing transactions however these fees will take into consideration the complexity of the case, the location of the property, the property price and the estimated time it will take for the matter to complete. All of these factors will influence the level of fixed fee we apply within the above ranges.

 

There may be supplemental charges applicable and a copy of these can be found here.

 

Anticipated Disbursements

 

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. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

 

On a sale matter, we expect the following fees to be payable:

 

Disbursement	Typical costs
Office Copies	£15.00
Electronic ID Check	£7.20

 

What is included?

 

• Obtaining mortgage redemption statement and redeeming the mortgage on completion.
• Settling the Estate Agents Invoice on completion

 

How long will my house sale take?

 

How long it will take from the offer being accepted until the transaction is completed depends on a number of factors – some of which are outside of our control. The average process takes between 10-14 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you have a first time buyer, it would normally reduce the time taken. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would also apply.

 

Key stages involved

 

• Take instructions and give initial advice
• Obtain official copies of the Land registry title
• Supply the protocol documents to be completed by the vendor
• Draft the contract and collate the documents for the contract pack
• Send the contract and protocol documents to the buyer’s solicitor
• Forward enquiries raised by the buyer to the client
• Answer legal enquiries raised by the buyer
• Obtain redemption statements
• If required obtain indemnity Insurance quotation
• Approve the transfer document
• Obtain agents invoice
• Draft completion statement and send to client
• Send the transfer document and contract to client for signature
• Agree completion date
• Exchange contracts
• Obtain agents invoice
• Complete on sale
• Redeem mortgage
• Settle estate agents’ invoice
• Forward property documents to buyer’s solicitor
• Forward completion funds to client’s nominated account

 

 

Remortgage of a Property

 

Our Fees

 

If you re-mortgaging your property our fee starts at £500.00 plus VAT (£600.00 incl. VAT) and will usually not exceed £850.00 plus VAT (£1020.00 incl. VAT). Supplemental charges may apply. As an example, our fees for a typical £250,000 property re-mortgage would be £600.00 plus VAT (£720.00 incl. VAT).

We do charge a fixed fee for conveyancing transactions however these fees will take into consideration the complexity of the case, the location of the property, the property price and the estimated time it will take for the matter to complete. All of these factors will influence the level of fixed fee we apply within the above ranges.

 

There may be supplemental charges applicable and a copy of these can be found here.

 

Anticipated Disbursements

 

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. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

 

On a re-mortgage matter, we expect the following fees to be payable:

 

Disbursement	Typical costs
Searches	£250.00
Bankruptcy Search	£2.00
OS1 Search	£3.00
Electronic ID Check	£7.20
Land Registry fee	* see note below

* Please refer to the link below to calculate the expected fee

https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees

 

How long will my remortgage take?

 

A typical re-mortgage takes between 6 and 8 weeks, however, it can be longer if there are any complications such as an application being rejected. The process may also take longer if you switch lenders compared with getting a new deal with your current mortgage company.

 

Key stages involved

 

With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:

• Taking your instructions and giving initial advice based on the information you have provided
• Requesting the Title Deeds and Redemption Statement
• Obtaining Official Copies of the Title
• Checking the Title
• Checking Official Copies
• Leasehold properties will require the lease to be checked and enquiries made if relevant
• Searches
• Checking the mortgage offer
• Preparing for completion
• Requesting final redemption statement
• Requesting the mortgage advance
• Completion
• Registration

Kenneth M Barrow & Co

Supplemental Charges (plus VAT) – Purchase

 

Leasehold Flat	£225.00 (£270.00 incl VAT)
London Leasehold	£355.00 (£426.00 incl VAT)
Tyneside Flat	£100.00 (£120.00 incl VAT)
Long Leasehold House	£125.00 (£150.00 incl VAT)
Submission of Help to Buy ISA or LISA	£50.00 ( £60.00 incl VAT)
New Build	£225.00 (£270.00 incl VAT)
Gifted Deposits	£25.00 ( £30.00 incl VAT)
Shared Equity Lease	£350.00 (£420.00 incl VAT)
Help to Buy	£225.00 (£270.00 incl VAT)
Auction Property	£150.00 ( £180.00 incl VAT)
Freehold subject to Service Charge/rent	£125.00 (£150.00 incl VAT)
Forces Help to Buy	£150.00 (£180.00 incl VAT)
Solar Panels	£125.00 ( £150.00 incl VAT)
Declaration of Trust	£175.00 (£210.00 incl VAT)
Registration of Charge at Companies House	£200.00 ( £240.00 incl VAT)
Dealing with Commercial Mortgage or Bridge	£225.00 ( £270.00 incl VAT)
Webchat Advice	£200.00 (£240.00 incl VAT)
Property subject to Building Safety Act 2022	£1,000.00 (£1,2000.00 incl VAT)
Preparation of Deed of Covenant	£100.00 (£120.00 incl VAT)
Purchasing a repossession	£125.00 (£150.00 incl VAT)
Unregistered title	£150.00 (£180.00 incl VAT)

 

 

Kenneth M Barrow & Co

Supplemental Charges ( Plus VAT) – Sale

 

 

Leasehold Flat	£200.00 ( £240.00 incl VAT)
London Leasehold	£350.00 ( £420.00 incl VAT)
Long Leasehold House	£100.00 (£120.00 incl VAT)
Unregistered Title	£100.00 (£120.00 incl VAT)
Arranging an Indemnity	£45.00 (£54.00 incl VAT)
Shared Equity	£250.00 ( £300.00 incl VAT)
Shared Ownership	£250.00 ( £250.00 incl VAT)
Freehold Subject to Service Charge	£100.00 ( £120.00 incl VAT)
Solar Panels	£100.00 ( £120.00 incl VAT)
Preparing of Statement of Truth or Statutory Declaration	£125.00 (£150.00 incl VAT)
Property subject to Building Safety Act 2022	£1,000.00 ( £1,200.00 incl VAT)
Paying off Help to Buy	£150.00 ( £180.00 incl VAT)
Discharge of Second or Subsequent Charge	£50.00 (£60.00 incl VAT)