Conveyancing Fees Remortgage

Notes:

• This estimate assumes that the transaction will not be substantially more complex or time-consuming than usual. If the transaction does not complete, work done and payments incurred will remain chargeable.
• VAT is calculated at the current rate but will of course change if the rate is altered.
• You may have to provide for payments to other parties, e.g. your Lender, Surveyor. You should check with them as to the amounts required (if applicable).

Conveyancing Overview

Our fees cover all of the work required to complete the purchase, sale or remortgage of your property, including dealing with registration at the Land Registry and, if the transaction involves a purchase over a certain value, dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales. The threshold for Stamp Duty, and the amount payable, is subject to change by the Government from time to time.

We have set out our typical pricing structure in some practical examples for types (and value) of transactions. Our fees will vary depending upon the value and complexity of the transaction, as well as other factors including the type and speed of service you require. In addition to our fees, you will usually incur some disbursements (payments by us to third parties on your behalf, such as the Land Registry or HMRC). We handle the payment of the disbursements on your behalf to ensure a smoother process. We will update you on the specific disbursements you will incur once we know more about your particular transaction; disbursements tend to be higher with leasehold transactions.

Stamp Duty or Land Tax (on purchase)

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.

How long will my property purchase or sale take?

How long it will take from your offer being accepted until you can move in or out of your property will depend on a number of factors. The average process takes between 8 and 19 weeks.

It can be quicker or slower, depending on the number of parties in the chain. For example, if you are a first-time buyer, purchasing a new build property with a mortgage in principle, it could take 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 6 and 12 months. In such a situation, additional charges would apply.

Stages of the process

The precise stages involved in the purchase or sale of a residential property vary according to the
circumstances. However, below are some key stages:

• 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
• 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 or sale
• Deal with payment of Stamp Duty/Land Tax (if applicable)
• Deal with application for registration at Land Registry

Our fee assumes 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.
• if the transaction involves a lease, or if a new lease or an extension to the lease is required, then the charges will typically be more than if it involves the simple assignment of an existing lease.
• the transaction is concluded in a timely manner and no unforeseen complication arises.
• all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation, and that communication with a client is based on reasonable expectations.
• no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Below is a list of things which may affect the amount of transaction charges:

• value of the property
• first-time buyer
• remortgage
• freehold or leasehold
• new build
• first registration of title
• whether there is a mortgage or not, or Islamic mortgage
• in purchase cases, whether primary residence, buy to let or second/holiday home
• multiple owners
• shared ownership scheme
• using a help to buy scheme, and whether it is an equity loan or ISA
• purchase under right to buy
• purchase at auction
• property has been repossessed
• if the estate agent requires a fee for referring you to us