Fees For Residential Conveyancing
CONVEYANCING FEES
| Description | Fee | VAT (20%) |
| Property Value up to £500,000 | £1,500.00 | £300.00 |
| Property Value above £500,001 but below £1M | £2,500.00 | £500.00 |
| Property Value above £1M | 0.5% to 2 % of the value | As Applicable |
NOTE
Examples of when prices will go up
• If the title is unregistered
• If the legal title is defective or part of the property is unregistered
• If the property has any issues with building regulations or lack of planning permission
• If the property lacks any essential rights for ordinary use and enjoyment such as rights of access, development or use
• If there is information or documentation missing
• If the property is shared ownership or shared equity
• If it is necessary to deal with multiple lenders
• If an expedited sale is sought (less than 4 weeks)
• if you are purchasing with the assistance of a specialist scheme such as help to buy
• if there is a requirement for a lease extension
• if the property is a new build or substantially newly built
• if the transaction incorporates a contract race or exclusivity agreement
• if the transaction incorporates any aspect that requires attention to remedy a defect or corrective action such as a breach of restriction or restrictive covenants
• if freeholder consent is required for any reason or it is necessary for us to deal with missing or absentee landlords
• if the transaction involves shared ownership
• If the matter exceeds 6 hours of professional time, then a standard hourly rate of £250 per hour plus VAT will be applicable upon any additional time expended.
DISBURSEMENTS
in addition to our fees, a residential property transaction will typically incur disbursements. These are costs which will be related to your matter, but payable to third parties.
Typically such costs will include the following:
- Searches £250 to £500
- Land registry fees £20 to £910
- Land registry search fees £3 to £20
- Electronic bank transfer fees £50 per transaction
- electronic identification (per person) fee £10.00
- Stamp duty land tax – This is a government imposed tax which is payable in bands according to the purchase price or transaction value. As the sum payable is variable, here is a link to the HM RC stamp duty calculator, which will assist in working out the exact sum payable. https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
HOW LONG WILL IT TAKE
Every transaction is different as much will depend upon the individual circumstances of the case. When instructed our offices will discuss likely timescales once we have considered the individual aspects of your case. However, provided that all is in order then as a rough guide we aim to complete most transactions within 2 months from receipt of papers.
Address
Phone
020 8534 8008
Hours
Mon-Fri: 8am – 8pm
Sat-Sun: Closed
info@archstone.org.uk
TRANSACTION PROCESS-STEP-BY-STEP
The following is a brief overview of the typical process in a conveyancing transaction.
- Obtain instructions and provide initial advice
- Check that your finances are in place and verify the source of funds
- Receive and consider contract documentation
- Undertake searches and report to you
- Obtain planning documents and building regulations consent (if necessary)
- Raising specific enquiries based upon the contract documentation
- Reporting to you upon mortgage conditions (if applicable)
- Advising upon all documents and information received
- Obtaining signatures upon documents
- Arranging for all funds to be received
- Agreeing and arranging exchange of contracts and a completion date
- Completing the transaction
- Dealing with payment of any disbursements including stamp duty land tax
- Registration
The above is an overview only and a more accurate quotation will be provided to you in writing when you contact our offices. If you require any further information, we are here to help you and we invite you to contact our offices and speak to a member of our team on (020) 8534 8008.
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