Alderson Law
Residential Property PricingResidential Property Pricing
Costs for Residential Property – Purchase (Freehold)
How much will it cost?
In all cases where reference is made to VAT it is at a rate of 20%
Our costs range from £650 + VAT (£780 including VAT) for a freehold property priced at £100,000 up to £2,000 + VAT (£2400 including VAT) for a property priced at £1,500,000
Our bank transfer fee for a same day transfer is £30 + VAT per transfer
An example quote for a property being purchased at £100,000 is set out below:-
Legal fee | £650.00 |
VAT thereon | £130.00 |
Stamp Duty | £0 |
TT fee (including VAT) | £36.00 |
Searches estimate (including VAT) | £235.20 |
Land Registry final searches (including VAT) | £8.40 |
Land Registry fee | £40.00 |
Estimated Total | £1117.60 |
Occasionally it may be necessary to agree an hourly rate with you rather than providing a fixed fee. This will only happen if we cannot provide you with an accurate estimate of our costs. Our current hourly rates are set out below:-
Partner £272.00 (£326.40 including VAT)
Solicitor £233 (£279.60 including VAT)
Paralegal £189.00 (£226.80 including VAT)
Our basic fee as set out above includes the following work in dealing with a routine freehold purchase where we act on behalf of you and your mortgage lender:-
- Obtaining your instructions and complying with our client due diligence requirements
- Raising enquiries with the Seller’s Solicitor and investigating title to the property
- Obtaining searches in order to comply with mortgage lender requirements and your instructions
- Reviewing the Seller’s Contract for sale and approving the same and drafting the Transfer
- Reporting to you on the property title, Contract, searches and mortgage terms and reporting to your mortgage lender
- Exchanging contracts and completing your purchase
- Submitting your SDLT Return and application to the Land Registry and responding to any requisitions which they may raise
- Following completion of registration at the Land Registry, providing you with a copy of the updated title information and sending necessary documents to your mortgage lender
When might the costs change?
We have set out below some potential additional charges which may come to light once paperwork has been received from the Seller’s Solicitor:-
- If the title is unregistered
- If a certificate of compliance for a restriction on the title is required
- If the title to the property is defective
- If you are purchasing using the Help to Buy Scheme or your funding arrangements are complex
- If the property is being purchased at auction
- If the property is a new build or is being transferred out of part of an existing title
- If your mortgage lender instructs a separate Solicitor to act on their behalf
- If you are purchasing from a Mortgagee in Possession where there are tight deadlines to meet
Typical disbursements on your purchase
Stamp Duty
Please refer to HMRC for appropriate rates.
Land Registry fees
HMLR sets out their fees on their website. They do not include VAT.
Searches
The cost of searches can vary depending on the size and location of the property. Each search provider will charge a fee for providing their service. The cost of these searches is likely to be between £196.00 and £324.60.
You should note that some searches are subject to VAT.
How long will it take?
On average most conveyancing transactions take around 12 weeks however this can vary depending on various factors such as the length of the chain involved, how long it takes for your search results and mortgage offer to be received.
Costs for Residential Property – Purchase (Leasehold)
How much will it cost?
In all cases where reference is made to VAT it is at a rate of 20%
Our costs range from £800 + VAT (£960.00 including VAT) for the purchase of a leasehold property priced at £100,000 up to £2,200 + VAT (£2640) for a leasehold property priced at £1,500,000.
Our bank transfer fee for a same day transfer is £30 + VAT per transfer
An example quote for the purchase of a Tyneside flat for £100,000 is set out below:-
Legal fee | £800.00 |
VAT thereon | £160.00 |
Stamp Duty | £0 |
TT fee (including VAT) | £36.00 |
Searches estimate (including VAT) | £235.20 |
Land Registry final searches (including VAT) | £8.40 |
Land Registry fee | £40.00 |
Estimated Total | £1279.60 |
Occasionally it may be necessary to agree an hourly rate with you rather than providing a fixed fee. This will only happen if we cannot provide you with an accurate estimate of our costs. Our current hourly rates are set out below:-
Partner £272.00 (£326.40 including VAT)
Solicitor £233.00 (£279.60 including VAT)
Paralegal £189.00 (£226.80 including VAT)
Our basic fee as set out above includes the following work in dealing with a routine freehold purchase where we act on behalf of you and your mortgage lender:-
- Obtaining your instructions and complying with our client due diligence requirements
- Raising enquiries with the Seller’s Solicitor and investigating title to the property
- Obtaining searches in order to comply with mortgage lender requirements and your instructions
- Reviewing the Seller’s Contract for sale and approving the same and drafting the Transfer
- Reporting to you on the property title, Contract, searches and mortgage terms and reporting to your mortgage lender
- Exchanging contracts and completing your purchase
- Submitting your SDLT Return and application to the Land Registry and responding to any requisitions which they may raise
- Following completion of registration at the Land Registry, providing you with a copy of the updated title information and sending necessary documents to your mortgage lender
When might the costs change?
We have set out below some potential additional charges which may come to light once paperwork has been received from the Seller’s Solicitor:-
- If the title is unregistered
- If a certificate of compliance for a restriction on the title is required
- If the title to the property is defective
- If you are purchasing using the Help to Buy Scheme or your funding arrangements are complex
- If the property is being purchased at auction
- If the property is a new build or is being transferred out of part of an existing title
- If your mortgage lender instructs a separate Solicitor to act on their behalf
- If you are purchasing from a Mortgagee in Possession where there are tight deadlines to meet
- If the Lease needs to be extended or a Deed of Variation is required or the freehold is purchased
- If there is an intermediary leasehold title
Typical disbursements on your purchase
Stamp Duty
Please refer to HMRC for appropriate rates.
Land Registry fees
HMLR sets out their fees on their website. They do not include VAT.
Searches
The cost of searches can vary depending on the size and location of the property. Each search provider will charge a fee for providing their service. The cost of these searches is likely to be between £196.00 and £324.60.
You should note that some searches are subject to VAT.
Other disbursements
When you are purchasing a leasehold property there are usually additional charges which need to be paid to third parties. We cannot advise you of the cost of these as they depend on each transaction however they are likely to include the following:-
- Notice of Transfer/charge
- Share Certificate costs
- Deed of Covenant
- Certificate of Compliance
These charges may or may not be subject to VAT and could be in the region of £250.00.
How long will it take?
On average most conveyancing transactions take around 12 weeks however this can vary depending on various factors such as the length of the chain involved, how long it takes for your search results and mortgage offer to be received.
Costs for Residential Property – Remortgage
How much will it cost?
In all cases where reference is made to Vat it is at a rate of 20%
Our costs are £550 + VAT (£660.00 including VAT) for a freehold property mortgage and £750 + VAT (£900 including VAT) for a leasehold property mortgage.
Our bank transfer fee for a same day transfer is £30 + VAT per transfer
An example quote for a freehold property being remortgaged at £100,000 is set out below:-
Legal fee | £550.00 |
VAT thereon | £110.00 |
Official Copies (including VAT) | £10.80 |
TT fee (including VAT) | £36.00 |
Searches estimate (including VAT) | £235.20 |
Land Registry final searches (including VAT) | £8.40 |
Land Registry fee | £40.00 |
Estimated Total | £970.40 |
*Your lender may or may not require full searches to be carried out. They may be happy to proceed on the basis of a search indemnity policy which is likely to be obtained for a lower amount.
Occasionally it may be necessary to agree an hourly rate with you rather than providing a fixed fee. This will only happen if we cannot provide you with an accurate estimate of our costs. Our current hourly rates are set out below:-
Partner £272.00 plus VAT (£326.40 including VAT)
Solicitor £233.00 plus VAT (£279.60 including VAT)
Paralegal £189.00 plus VAT (£226.80 including VAT)
Our basic fee as set out above includes the following work in dealing with a routine freehold purchase where we act on behalf of you and your mortgage lender:-
- Obtaining your instructions and complying with our client due diligence requirements
- Obtaining searches in order to comply with mortgage lender requirements and your instructions
- Obtaining a redemption statement from your current lender
- Reporting to your mortgage lender
- Dealing with the removal of any charge against the property
- Submitting an application to the Land Registry and responding to any requisitions they may raise
- Following completion of registration at the Land Registry, providing you with a copy of the updated title information and sending necessary documents to your mortgage lender
When might the costs change?
We have set out below some potential additional charges which may come to light once paperwork has been received from the Seller’s Solicitor:-
- If the title is unregistered
- If the title to the property is defective
- If we need to redeem a Help to Buy loan
- If we need to correspond with a Management Company
- If you have not obtained the required consents for alteration works to the property
- If you are mortgaging only part of your property
- If we need to obtain a compliance certificate in relation to a restriction registered against your property
- If it is a complex loan and your mortgage lender requires us to do more than submit our Certificate of Title to them
- If your mortgage lender instructs a separate Solicitor to act on their behalf
Typical disbursements on your remortgage
Land Registry fees
HMLR sets out their fees on their website. They do not include VAT.
Searches
The cost of searches can vary depending on the size and location of the property. Each search provider will charge a fee for providing their service. The cost of these searches is likely to be between £193.80 and £324.60.
You should note that some searches are subject to VAT.
How long will it take?
On average most conveyancing re-mortgage transactions take around 8 weeks however this can vary depending on various factors such how long it takes for your search results and mortgage offer to be received.
Costs for Residential Property – Sale (Freehold)
How much will it cost?
In all cases where reference is made to VAT it is at a rate of 20%
Our costs range from £650 + VAT for a freehold property priced at £100,000 up to £2,000 + VAT for a property priced at £1,500,000
Our bank transfer fee for a same day transfer is £30 + VAT per transfer
An example quote for a property being purchased at £100,000 is set out below:-
Legal fee | £650.00 |
VAT thereon | £130.00 |
Official Copies (including VAT) | £10.80 |
TT fee (including VAT) | £36.00 |
Estimated Total | £826.80 |
Occasionally it may be necessary to agree an hourly rate with you rather than providing a fixed fee. This will only happen if we cannot provide you with an accurate estimate of our costs. Our current hourly rates are set out below:-
Partner £272.00 excluding VAT (£326.40 including VAT)
Solicitor £233.00 excluding VAT (£279.60 including VAT)
Paralegal £189.00 excluding VAT (£226.80 including VAT)
Our basic fee as set out above includes the following work in dealing with a routine freehold purchase where we act on behalf of you and your mortgage lender:-
- Obtaining your instructions and complying with our client due diligence requirements
- Obtaining title to the property to send to the Buyer’s Solicitor
- Drafting a Contract for sale and approving the Buyer’s draft Transfer
- Reporting to you on the Contract and Transfer and enquiries raised by the Buyer’s Solicitor and send responses to them
- Obtaining a redemption statement from your current mortgage lender
- Exchanging contracts and completing your sale
- Dealing with the removal of any charge against the property
When might the costs change?
We have set out below some potential additional charges which may come to light once paperwork has been received:-
- If the title is unregistered
- If a certificate of compliance for a restriction on the title is required
- If the title to the property is defective
- If the property is being sold at auction
- If your mortgage lender instructs a separate Solicitor to act on their behalf
- Additional costs may also be incurred if we have to obtain consent for alterations which have been carried out without the appropriate approvals.
Typical disbursements on your sale
Title
Obtaining official copies of the title to the property and any other supporting documents. These typically cost £3 per document exclusive of VAT.
How long will it take?
On average most conveyancing transactions take around 12 weeks however this can vary depending on various factors such as the length of the chain involved, how long it takes for your buyers search results and mortgage offer to be received.
Costs for Residential Property – Sale (Leasehold)
How much will it cost?
In all cases where reference is made to VAT it is at a rate of 20%
Our costs range from £850 + VAT for a leasehold property priced at £100,000 up to £2,000 + VAT for a property priced at £2,200,000
Our bank transfer fee for a same day transfer is £30 + VAT per transfer
An example quote for a Tyneside flat being sold at £100,000 is set out below:-
Legal fee | £850.00 |
VAT thereon | £170.00 |
Official Copies (including VAT) | £10.80 |
TT fee (including VAT) | £36.00 |
Estimated Total | £1066.80 |
Occasionally it may be necessary to agree an hourly rate with you rather than providing a fixed fee. This will only happen if we cannot provide you with an accurate estimate of our costs. Our current hourly rates are set out below:-
Partner £272.00 excluding VAT (£326.40 including VAT)
Solicitor £233.00 excluding VAT (£279.60 including VAT)
Paralegal £189.00 excluding VAT (£226.80 including VAT)
Our basic fee as set out above includes the following work in dealing with a routine leasehold sale where we act on behalf of you and your mortgage lender:-
- Obtaining your instructions and complying with our client due diligence requirements
- Obtaining title to the property to send to the Buyer’s Solicitor
- Drafting a Contract for sale and approving the Buyer’s draft Transfer
- Reporting to you on the Contract and Transfer and enquiries raised by the Buyer’s Solicitor and send responses to them
- Obtaining a redemption statement from your current mortgage lender
- Exchanging contracts and completing your sale
- Dealing with the removal of any charge against the property
When might the costs change?
We have set out below some potential additional charges which may come to light once paperwork has been received:-
- If the title is unregistered
- If a certificate of compliance for a restriction on the title is required
- If the title to the property is defective
- If the property is being sold at auction
- If your mortgage lender instructs a separate Solicitor to act on their behalf
- Additional costs may also be incurred if we have to obtain consent for alterations which have been carried out without the appropriate approvals.
Typical disbursements on your sale
Bank Transfer Fee
This is a change levied by this firm for transferring redemption monies to your lender and any sale proceeds to you. The charge is currently £30 plus VAT per transfer.
Title
Obtaining official copies of the title to the property and any other supporting documents. These typically cost £3 per document excluding VAT.
Additional disbursements
The sale of a leasehold property usually involves additional charges which are payable to third parties such as a freeholder or a management company. These include the management pack and consents. Costs can vary depending on the freeholder and management company but they typically range from £100-£400 and may or may not be liable to VAT.
How long will it take?
On average most conveyancing transactions take around 12 weeks however this can vary depending on various factors such as the length of the chain involved, how long it takes for your buyers search results and mortgage offer to be received.
Who will carry out the work for me?
Gillian Fawcett
Gillian Fawcett is a Conveyancing Executive and has over 35 years of experience in dealing with residential conveyancing.
Tracey Murray
Tracey Murray is a Solicitor and Partner in the Firm. Tracey is a Graduate of the University of Newcastle upon Tyne and has been qualified as a Solicitor since 1997.
Julie Farrell-Knowles
Julie Farrell-Knowles is a graduate of Northumbria University LLB Exempting (Hons) Degree and has been a qualified Solicitor for over 20 years specialising in property matters.
Regardless of who is acting on your behalf, they will be supervised by Julie Farrell-Knowles and Tracey Murray.
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Alderson Law LLP is a Limited Liability Partnership registered in England and Wales under company number OC307338.
Registered office: Pethgate House, Castle Square, Morpeth, Northumberland, NE61 1YL
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