Conveyancing Fees – Transparency

BASE conveyancing legal fees (i.e. fees that our solicitor firm gets paid):

Common additional legal fees (all plus VAT) charged (if applicable on a case by case basis):

• Acting for Mortgage Lender – £75.00 – £250.00 (dependant on the specific lender)
• SDLT (Stamp Duty) return – £90.00  
• CHAPS banking transfer admin fee – £30.00 – £40.00 per transfer
• Leasehold uplift fee – £150.00
• Mortgage Redemption – £75.00 per mortgage or charge
• Help to Buy ISA – £50
• Gifted Deposits – £100
• ID Verification Admin fee – £15-£20 per person
• Unregistered Title additional fee – £150

Additional costs commonly payable:

Disbursements:

We make no money from disbursements.  They are costs payable by our clients but administered and paid by ourselves and reimbursed by our clients from monies held on account from them.

These costs are payable to third parties but we handle the payment of disbursements on your behalf to ensure a smoother process.  Details of anticipated disbursements are payments such as preliminary search fees payable to Local Authorities.  These vary but on average amount to approximately £250.00, Land Registry search fees and bankruptcy search fees which commonly amount to about £8.00.  Please be aware that this is simply a guide and that in the case of leasehold properties, additional fees will be payable such as management information charges for information that is provided by the Landlords and/or agents who manage the property.  On completion of the transaction your purchase will need to be registered at HM Land Registry.  The fee payable to the Land Registry is applied on a sliding scale depending upon the purchase price, but we will advise you of the amount of stamp duty payable on the transaction once we have precise details of your matter.  Stamp Duty Land Tax is the major disbursement payable on completion of a purchase and we shall pay on completion to HMRC as applicable the tax according to our calculations, however please note that it is your responsibility to ensure that the correct amount of tax is being paid.  If you wish for clarity or have any queries on the level of tax you should consult a tax expert/adviser in advance of exchange of contracts.  There is a Stamp Duty Land Tax calculator on the HMRC website which can be used to obtain an indication of the level of Stamp Duty payable on your transaction.

Searches:

By example:

• local authority search;  environmental/ flood search; & Water and drainage search- average cost for all of these payable to the search provider company is between £175- £251.00.
• standard coal search £41.20; (only required in previous coal mining areas)

Land Registry Fees:

Certain transactions may have special requirements such as the need for a Highways search from the Local Authority and these costs vary from council to council.  In essence, we are being as transparent as we can, but the above list of common costs is not exhaustive.  We re-iterate that we do not make money i.e. margins or commission from disbursements, you will always pay the cost price.  We regularly review our suppliers (e.g. search suppliers) to ensure they are good value as it is in both of our interests to do so.

Stamp Duty Land Tax:

Please click the following link for stamp duty land tax information and from there you can use the HMRC on-line calculator to calculate your Stamp Duty Land Tax.   Stamp Duty Land Tax

Certain transactions may have special requirements such as the need for a Highways search from the local authority and these costs vary from council to council.  In essence, we are being as transparent as we can, but the above list of common costs is not exhaustive.  We re-iterate that we do not make money i.e. margins or commission from disbursements, you will always pay the cost price.   We regularly review our suppliers (e.g. search suppliers) to ensure they are good value as it is in both of our interests to do so.

Timeframes:

The biggest concern and the most frequently asked question by sellers or buyers is “how long will my property purchase take?”.  The length of time that it will take from your offer being accepted until you collect the keys to the property and move into your new house will depend on a number of factors, but the average process takes 10-12 weeks.  It can be shorter or longer dependent on a variety of factors such as the number of parties in the chain and the respective circumstances of each of those parties.  The longer the chain, inevitably the longer the transaction will take.  If the property is leasehold or if a lease requires to be extended, this will also impact upon the length of time that the transaction will take.  Similarly, if there are title defects or issues that are not apparent at the time of initial quotation this will extend the length of time that the process takes.  If such circumstances arise we will keep you advised and will at all times attempt to give you as clear an indication as possible of the length of time that the transaction will take, but please be aware that in most instances we are dependent upon the requirements of other parties involved in the chain.

To provide you with a detailed quotation we will need the following information from you:

1. Is it a sale or purchase or both and the agreed price(s)?
2. The address of the property being sold and/or purchased.
3. That type of property is it? e.g. house or flat/apartment.
4. Your contact telephone number.
5. Your email address.
6. Leasehold or freehold property?
7. Is a mortgage required on the purchase, and if so do you know which mortgage lender?
8. We need at the start ID and proof of home address for our clients (passport and utility/bank by example)

For a quote from the Birmingham Office please e-mail:

adrian.curtis@kennethcurtis.co.uk

For a quote from the Redditch Office please e-mail:

david.wellington@kennethcurtis.co.uk