Conveyancing

Last updated on October 8th, 2021 at 03:18 pm

The Jonathan Lea Network Conveyancing Prices, Process and Our Service Conveyancing Prices

The following information is an illustrative guide only and is not a quote or an estimate. Individual costs will depend on individual cases.

Our fees for a typical house purchase, sale or re-mortgage range from:

  • £550 to £750 plus VAT for a property valued up to £350,000;
  • £650 to £1,000 plus VAT for a property valued between £350,000 and £750,000; and
  • £900 to £1,250 plus VAT for a property valued between £750,000 and £1,500,000.

(Over £1,500,000 our fees will be around 0.1% of the property value as a guideline for discussion with you).

If the property is leasehold, more work is required with regard to the lease provisions and arrangements in relation to ground rent, service charges, insurance and management of the building, and so prices above may be subject to variation (although would be agreed with you in advance).

In addition, there may be properties with special complications and we will give you an individual cost estimate at the start of the transaction, taking account of the actual features of your proposed transaction.

We will always advise you immediately about any complication, and discuss the potential impact on price before any additional charges are incurred.

These are not fixed fees and charges are therefore based on but not limited to the particular aspects of a property transaction. For example, whether the transaction is a standard one and no unforeseen matters arise including for example (but not limited to):

a) A defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction

b) Where the property is leasehold and there is to be an assignment of an existing lease and not the grant of a new lease

c) Where the transaction is concluded in a timely manner and no unforeseen complication arise

d) Where all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation

e) Where no indemnity policies are required. Additional disbursements may apply if indemnity policies become necessary.

There will therefore be circumstances where our fees will exceed the ranges mentioned above. Those ranges of fees are based on the time we anticipate it is likely to take to handle your transaction to a successful conclusion, the value of the property and the value to you of the work we will do to achieve your aims in as timely and efficient a way as possible.

Disbursements

Disbursements are costs in addition to our fees related to your matter that are payable to third parties such as Land Registry fees, Bank electronic transfer of funds fees and VAT.

We handle the payment of disbursements on your behalf to ensure a smoother process.

The usual disbursements on a sale are:

Land Registry copy entries fee on average £20 for a freehold sale and £30 for a leasehold sale.

Bank transfer £30.

The usual disbursements on a purchase are:

Search fees depending on location of the property between £250- and £300 (excluding VAT)

HM Land Registry fee depending on the value of the property and whether it is already registered at the Land Registry between £95- and £540.

Bank transfer: £30.

Stamp Duty or Land Tax. This depends on the purchase price of your property. You can calculate the amount you will need to pay by using www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

If the purchase is of a Leasehold Property there are further disbursements. The usual are:

a) Deed of Covenant fee (if required by the Lease). This fee can be between £100 and £360 (including VAT) but can be different and we will advise you as to your particular circumstances.

b) Notice of Transfer fee. This fee can be between £60 and £120 (including VAT). We will of course advise you as to your particular circumstances.

c) Notice of Charge fee (if the property is to be mortgaged). This fee is usually between £60 and £120 (including VAT). Again we will advise you depending on the circumstances of your property purchase.

d) Certificate of Compliance fee (if required due to a restriction on the title to the property). This is likely to be between £120 and £300 (including VAT). We will advise on your specific circumstance.

e) Fee for new Share Certificate (if applicable). Usually the fee is between £60 and £120 (including VAT) but we will advise on your specific circumstances.

The Process and our Services

There are many factors that influence how long a sale and purchase will take. For Sales and Purchases, once offers have been accepted it is likely to depend on the size of the chain and the parties in the chain. We tend to find that there is generally a 6 to 8 week period to exchange of contracts in a normal transaction although this can increase by weeks if there are leasehold properties involved in a chain and more than 2 to 3 properties involved.

In respect of a purchase, there are a number of stages that the process will go through starting with your instructions to us to proceed and our agreement with you about our fees. We will write to you confirming this and setting out how long we think your particular matter will take. Regarding a purchase we will advise you initially about the process which will include checking that finances are in place, receiving contracts from the other party and advising you about them, carrying out searches to establish if the property you are buying has any issues that you need to be advised about which could affect your decision to proceed. We will make enquiries of the seller’s solicitor, advising you about all documents received. If you are obtaining a mortgage, we will need to deal with Solicitors acting for your lender . We will then send you our Report on Title together with the final contract for signature, agree a completion date for you, exchange contracts, notifying you when that has happened. We will arrange for the receipt of monies from your lender (if applicable) and you, complete the purchase, paying the monies to the seller’s solicitors and deal with Stamp Duty/Land Tax and registration at the Land Registry.

If there is a leasehold property involved there will be other matters including advising you on the nature of the lease and any specific issues that may affect you. Further if you are buying a property jointly you will receive advice from us about the types of Joint Ownership available.

When selling, we will obtain copies of the title to the property you are selling, ask you to complete the Property Information Forms and Fittings and Contents Form, review and discuss any concerns with you, prepare and submit to the buyers’ solicitors the draft papers, deal with any additional enquiries received, forward to you the final contract for your signature. Agree a completion date for you to end ownership of the property you are selling, exchange contracts, notifying you when that has happened, and if there is a mortgage we will obtain a settlement figure from the lender, complete the sale, deal with the repayment of your mortgage, pay the estate agent and account to you for the net proceeds of sale.

We will of course provide on request, an individual written quote for your particular circumstances whether it is sale and or purchase. If required, give our Real estate Law team email us at wewillhelp@jonathanlea.net and we’ll be pleased to get back to you.