Conveyancing Costs for a Purchase, Sale or Re-mortgage

We understand how confusing obtaining quotes for the Sale, Purchase or Re-mortgage of a house can be. We have tried to make things as clear and transparent as possible for clients by using the tables below.

So, if you want to sell a house for £120,000, you can see from Table 1 that our legal fees will be £480.00 (inc VAT). But what if you are selling a leasehold property? In Table 2, the additional costs associated with a leasehold sale amount to £180.00 (inc VAT) making the legal fees £660.00 (inc VAT).

There will then be disbursements to add from Table 3. Most clients like to have their sale proceeds sent to them by telegraphic transfer and the cost of that is £25.00. We need to conduct ID searches (per person selling the property) which costs £12.00 per person. We would also need to obtain office copies & Title plan information at a cost of £6.00.

Therefore, the total would be legal costs of £660.00 (inc VAT), telegraphic transfer fee of £25.00, 1 x ID search at £12.00 and office copies at £6.00 making a total of £703.00.

We are more than happy to discuss our fees with you if you would prefer to do so over the telephone. If so, please contact Bernie Sullivan, Rachel Cook or Beverley Jones on 01642 440444.

TABLE 1 – TRANSACTION VALUE (all prices inclusive of VAT)

Transaction Value

Sale

Purchase

Re-mortgage

£0 – £50,000

360.00

360.00

360.00

£50,001 - £100,000

420.00

480.00

420.00

£100,001 - £200,000

480.00

540.00

420.00

£201,000 - £300,000

540.00

600.00

480.00

£301,000 - £400,000

660.00

720.00

480.00

£401,000 - £500,000

900.00

1020.00

600.00

501,000 - £750.000

1080.00

1200.00

600.00

£750,001 and above

1440.00

1800.00

780.00

TABLE 2 – ADDITIONAL CHARGES (all prices inclusive of VAT)

Additional Charges

Sale

Purchase

Re-mortgage

Telegraphic transfer fee

25.00

25.00

25.00

Leasehold property fee

180.00

180.00

0.00

New build fee

60.00

180.00

0.00

Shared ownership fee

120.00

180.00

120.00

Help to Buy Scheme fee

60.00

180.00

120.00

Help to Buy ISA fee

0.00

60.00

0.00

Gifted Deposit fee

0.00

0.00

0.00

Equity Release Mortgage

60.00

180.00

120.00

TABLE 3 - DISBURSEMENTS

Disbursements

Sale

Purchase

Re-mortgage

Bankruptcy Searches (per person)

0.00

2.00

2.00

ID check (per person)

12.00

12.00

12.00

Office copies & Title Plan

6.00

0.00

6.00

Land Registry pre-completion search

0.00

3.00

3.00

Search pack

0.00

150.00

150.00

Stamp duty return admin fee

 

3.60

0.00

Once you have the cost information, it is important that you know what we will be doing in relation to your sale, purchase or re-mortgage. Detailed below is an average timescale, together with the stages of each process:

Purchase Freehold or Leasehold

When you purchase a property, you may have to pay Stamp Duty or Land Tax and this depends upon the purchase price. You can calculate the amount you will need to pay by using HMRC’s website: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/introor if the property is located in Wales by using the Welsh Revenue Authority’s website: https://beta.gov.wales/land-transaction-tax-calculator

How long will my house purchase take?

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 6 - 8 weeks from us receiving the papers from the seller’s solicitor. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a new build property with a mortgage in principle, it would take approximately 10 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months. In such a situation, additional charges would apply. There may be times when fees increase, for example if we find that the legal title of the property you wish to buy is defective or the property is unregistered. Or it may be that we find that building regulations or planning permission has not been obtained. We will keep you advised you about anything that may increase our costs.

Stages of the purchase process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have detailed some key stages for your information:

  • Take your instructions and give you initial advice
  • Check finances are in place to fund the purchase and contact the lender’s solicitors if necessary
  • Receive and advise on contract documents
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of the 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 a 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 the lender and you
  • Complete the purchase
  • Deal with the payment of Stamp Duty/Land Tax
  • Deal with application for registration at the Land Registry

How long will my re-mortgage take?

A re-mortgage tends to be slightly quicker as we will only need to deal with your existing and new mortgage company. The average tends to be between 4 and 6 weeks.

Stages of the re-mortgage process

  • Take your instructions and give you initial advice
  • Obtain a redemption statement from your current lender
  • Receive and review your new mortgage offer
  • Send mortgage documents to you for signature and return
  • Arrange a completion date (date from which the new mortgage comes into existence)
  • Finalise completion by redeeming your current mortgage
  • Register your new mortgage with the Land Registry


How long will my house sale take?

The average process takes between 6 and 8 weeks, however this is for a straightforward sale. Matters can sometimes be complicated by, for example the complexity of the title. If this is the case, it can increase the costs, but we will of course keep you advised about this.

Stages of the sale process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have detailed some key stages for your information:

  • Take your instructions and give you initial advice
  • Ask you to complete a Fixture and Fittings and Property Questionnaire form.
  • Prepare and send draft Contract to the buyer’s solicitors
  • Following approval of the contract, we will send this to you for signature and return
  • Agree a completion date (date from which you no longer own the property)
  • Exchange contracts and notify you that this has happened
  • Obtain your approval to the draft Transfer drafted by the Buyer’s solicitor
  • Complete the sale
  • Pay any Estate Agent fees connected with the sale
  • Account to you for any monies due under the sale


We appreciate that this is a lot of information to take in, especially at a time when you will be busy organising a mortgage or trying to arrange for estate agents to sell your house. We are more than happy to discuss or explain our charges in greater detail either by appointment at our Normanby or Stockton office or over the telephone.

One final matter …

Just to let you know that our conveyancing team is made up of three solicitors (two of whom have at least 4 years’ experience and one who qualified in August 2017), one Licenced Conveyancer and one Conveyancing Executive. The team is supervised by Bernie Sullivan, a Solicitor and Head of the Conveyancing Department. Bernie has over 15 years’ experience working in conveyancing having qualified as a Solicitor in 2002.