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Residential Conveyancing

Residential Conveyancing

At IBB Solicitors we like to, in very clear and simple terms, respond to the principal questions that clients have about working with a solicitor, namely

  • What are you going to do for me?
  • What aren't you doing for me?
  • Who is going to do it?
  • When will it be done by?
  • How much is it going to cost?

In relation to our costs, we have a philosophy of ‘no surprises’. That puts the onus on us to address the questions above as transparently and as simply as possible.

As far as practicable, we also endeavour to provide clients with pricing choice. This recognises the fact that clients have different priorities and even the same client can have different pricing and payment priorities on different transactions or matters.

When we provide you with an estimate we will also provide you with a job specification that answers in clear and straightforward terms the above questions.

Below are some examples of our firm’s pricing options in respect of various transactions.  However, please do contact a member of the Residential Conveyancing Team to discuss your matter in more detail in order that we may consider any specific requirements regarding the scope of work you require and, any potential complexities (if any) regarding the property and land involved. After all, IBB deal with bespoke property matters as well as the more standard conveyancing transactions. In addition, we can also discuss which particular fee earner you would like to act for you.

In the examples of the pricing options below, we offer an hourly rate option (Pricing Option 1) which is set at £165 per hour, and a fixed fee option (Pricing Option 2).  All our prices exclude VAT

Most firms only offer an hourly rate but our research shows that our clients like a fixed fee option, which gives more certainty.  The fixed fee option will always be a higher figure because we take on the risk of the time and resulting costs running over the fixed price.  

In the examples below, the scope of conveyancing work and timing is set out in the link.

We will make certain assumptions, for example that the title is not defective; and these assumptions and exclusions are detailed in our client care letter.

Example transactions:

Sale of freehold property for £700,000, registered at the Land Registry and with no mortgage to repay:

Pricing Option 1 – Typically we would spend 5 to 6 hours for the general conveyancing work. This equates to an estimate of between £825* and £990*.

Pricing Option 2 – Typically the fixed price would be £1,320*.

Example scope of work and timetable: Residential Conveyancing Sale of Freehold Property (No Mortgage to Redeem)

Purchase of a freehold property for £700,000 registered at Land Registry with no mortgage required:

Pricing Option 1 – Typically we would spend 6 to 7 hours for the general conveyancing work. This equates to an estimate of between £990* and £1,155*.

Pricing Option 2 – Typically the fixed price would be £1,485*.

Example scope of work and timetable: Residential Conveyancing Purchase of Freehold Property (No Mortgage Required)

Purchase of a leasehold property for £700,000, registered at the Land Registry with no mortgage required:

Pricing Option 1 – Typically we would spend 7 to 8 hours for the general conveyancing work. This equates to an estimate of between £1,155* and £1,320*.

Pricing Option 2 – Typically the fixed price would be £1,650*

Example scope of work and timetable: Residential Conveyancing Purchase of Leasehold Property (No Mortgage Required).DOCX

Remortgage of a freehold property valued at £700,000:

Pricing Option 1 – Typically we would spend 3 to 4 hours for the general conveyancing work. This equates to an estimate of between £495* and £660*.

Pricing Option 2 – Typically the fixed price would be £990*.

Example scope of work and timetable: Residential Conveyancing Summary of work - remortgage

Remortgage of leasehold property valued at £700,000:

Pricing Option 1 – Typically we would spend 4 to 5 hours for the general conveyancing work. This equates to an estimate of between £660*and £825*.

Pricing Option 2 – Typically the fixed price would £1,155*.

Example scope of work and timetable: Residential Conveyancing Summary of work - remortgage

Other 3rd party costs and charges to budget for:

  • Anticipated Disbursements for Leasehold Properties:
  • Notice of Transfer fee – This fee will be chargeable will be set out in the lease. Often the fee is between £50* and £250*
  • Notice of Charge fee (if the property is to be mortgaged) – This fee, if chargeable, will be set out in the lease. Often the fee is between £50* and £250*
  • Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £100* and £350*
  • Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £100* and £350*

Sale and Remortgage transactions:

Where applicable, please allow for further fees fixed at £165* to deal with the mortgage redemption legal tasks on any mortgage secured against the property or land.

There are 3rd party costs you need to budget for being Land Registry fees of £6.00 to obtain official copy entries of each title.  

Also, there is a £30* fee for sending out the net proceeds of sale or remortgage by bank transfer.

Fees payable to the Land Registry will apply to a remortgage transaction. Land Registry fees based on £700,000 registered title matters are £60 but please contact a member of the team to confirm the amount because this depends upon the amount you are borrowing. The HM Land Registry fee calculator may be helpful.

For remortgage transactions you should allow £500 approximately for searches which we will undertake for your mortgage lender. These searches include a final Land Registry search plus an official local search, drainage search, environmental and plan searches as well as a chancel check search.

Stamp Duty for Remortgage (where applicable) - Occasionally stamp duty is payable where you are changing the ownership details of the property by way of a Transfer of Equity. We will advise you if any stamp duty is payable.

Purchase transactions:

Where applicable, please allow for further fees fixed at £330* to deal with the UK Finance Lender’s Handbook requirements or BSA Handbook requirements for your mortgage lender where a mortgage is required.

There will be 3rd party costs you must budget for such as stamp duty.  However, the stamp duty amount payable will vary. Please contact a member of the team to clarify the stamp duty applicable to you which, for example, could be calculated upon on a standard rate, higher rate and first-time buyer relief may apply. The HM Revenue and Customs stamp duty calculator or the Welsh Revenue Authority's website may be helpful.

Fees payable to the Land Registry will apply to a purchase transaction, but please contact a member of the team to confirm the amount because this depends upon the amount you are paying for the property or land and as to whether or not the title is registered. The HM Land Registry fee calculator may be helpful.

You should allow £500 approximately for searches that will be required and which we will undertake. These searches will include a final Land Registry search plus an official local search, drainage search, environmental and plan searches as well as a chancel check search.

We will also be charging a fee for organising a telegraphic transfer on the purchase of £30*.

We do make a charge for abortive transactions based on the amount of time spent. We do not make any additional charges e.g. for copying, postage and pride ourselves on our level of service.

Every client is individual and has specific needs. Having taken a look at these examples, if you are happy to speak to us further, please give us a call or drop us an e-mail. We will be happy to answer any questions or provide clarification. We will almost certainly need additional information to give you the most certain estimate, and we can discuss any issues of urgency or particular circumstances that you think we ought to know.  Once the details are settled, we will send out normal client care and engagement documentation and you can decide whether you are happy to proceed.

*Plus VAT