Conveyancing Costs Information

Conveyancing Costs Information

Our fees cover all the work required to complete a standard sale or purchase, including dealing with third parties, dealing with standard mortgage lenders’ enquiries*, registration at the Land Registry and 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.

VAT, currently 20%, will be payable on all our fees and some disbursements, and we will clearly confirm which disbursements carry VAT in formal quotation or as we advise you to incur them.

An overview of our fees can be found below, or for more detailed information, please click on the relevant links:

https://www.bmtclaw.co.uk/property-purchase-cost-information/

https://www.bmtclaw.co.uk/property-sale-cost-information/

https://www.bmtclaw.co.uk/remortgage/

 

Fees

Property Value

Legal Fee

VAT

Total

£0 – £100,000.00

£700.00 plus VAT

£140.00

£840.00

£100,000.01 – £200,000.00

£750.00 plus VAT

£150.00

£900.00

£200,000.01 – £300,000.00

£800.00 plus VAT

£160.00

£960.00

£300,000.01 – £350,000.00

£850.00 plus VAT

£170.00

£1,020.00

£350,000.01 – £450,000.00

£900.00 Plus VAT

£180.00

£1,080.00

£450,000.01 – £600,000.00

£950.00 plus VAT

£190.00

£1,140.00

£600,000.01 – £750,000.00

£995.00 plus VAT

£199.00

£1,194.00

£750,000.01 – £1,000,000.00

£1050.00 plus VAT

£210.00

£1,260.00

£1,000,000.01 – £1,500,000.00

£1,600.00 plus VAT

£320.00

£1,920.00

£1,500,000.01 – £2,000,000.00

£2,000.00 plus VAT

£400.00

£2,400.00

£2,000,000.01 – £2,500.000.00

£2,500.00 plus VAT

£500.00

£3,000.00

£2,500.000.01 – £3,000,000.00

£3,000.00 plus VAT

£600.00

£3,600.00

£3,000,000.01 – £3,500,000.00

£3,500.00 plus VAT

£700.00

£4,200.00

£3,500,000.01 – £4,000,000.00

£4,000.00 plus VAT

£800.00

£4,800.00

£4,000,000.01 – £4,500,000.00

£4,500.00 plus VAT

£900.00

£5,400.00

£4,500,000.01 – £5,000,000.00

£5,000.00 plus VAT

£1,000.00

£6,000.00

These prices are subject to additional costs where the land included in title exceeds 1 acre.

£5,000,000.00 +

For properties over £5 million, we typically charge on a percentage basis which is 0.25% of the purchase price plus VAT, depending upon the complexity of the transaction. Our fees are dependent on the agreed purchase price of the property, the location and when other complex factors are involved (such as transactions that involve the sale of multiple dwellings or land) to reflect the proportionate risk of carrying out higher-value transactions for our clients and for more complex transactions, the seniority of the legal adviser appointed.

 

 

Standard additional legal fees

The price that you will pay for our services will be affected by a number of factors.  Obviously, all cases are different and we will try our best to inform you as soon as we become aware of any issue that might have an impact on the estimated fee.  Below are fees that can commonly be incurred depending upon your transaction:

 

Fee

VAT

Total

Telegraphic Transfer Fee (incurred in most transactions)

£30.00 plus VAT per transfer

£6.00

£36.00

Due Diligence Fee (includes an electronic Money Laundering Identification check)

£25.00  plus VAT per name

£5.00

£30.00

Completing a Stamp Duty Land Transaction return Form (incurred in all property transactions over £40,000.00)

£100.00 plus VAT

£20.00

£120.00

If the property is unregistered

£300.00 plus VAT

£60.00

£360.00

If the property is Leasehold

If the Leasehold Property is in a building which is at least 11 meters in height or at least five storeys, it may be affected by the Building Safety Act 2022.  Our fee for dealing with a property affected by the Building Safety Act will be as follows:-

For a building up to 11 metres 

For a building up to 18 metres 

£200.00 plus VAT

 

 

 

from £500.00 plus VAT

from £750.00 plus VAT

£40.00

£100.00

£150.00

£240.00

£600.00

£800.00

If the property is a New Build

£200.00 plus VAT

£40.00

£240.00

If the property is a Shared Ownership Property

£200.00 plus VAT

£40.00

£180.00

Help to Buy Equity Loan

£150.00 plus VAT

£30.00

£180.00

Buying in a Company Name

Selling in a Company Name

£300.00 plus VAT

£150.00 plus VAT

£60.00

£30.00

£360.00

£180.00

Help to Buy ISA or Lifetime ISA

£50.00 plus VAT per ISA

£10.00

£60.00

Arranging an Indemnity Policy

£40.00 plus VAT

£8.00

£48.00

Dealing with a gifted deposit

£50.00 per gift

£10.00

£60.00

Dealing with a Management Company

£150.00

£30.00

£180.00

Declaration of Trust

From £300 plus VAT

£60.00

£360.00

Solar Panel Lease

From £150.00 plus VAT

£30.00

£180.00

Lender Panel Fee

£25.00

  

Third Lawyer Party Requests

£100.00

£20.00

£120.00

Complex Source of Funds

From £75.00

£15.00

£90.00

Statutory Declaration

£100.00

£20.00

£120.00

Subject to Tenancy

£50.00

£10.00

£60.00

International Anti Money Laundering Check

£20.00

£4.00

£24.00

*Some lenders have significant conditions to comply with such as, but not limited to, Paragon Mortgages and Aldermore.  In these circumstances we reserve the right to make an additional charge (any additional fees will be discussed with you before being incurred).

We do not charge you for acting on behalf of your mortgage
lender (if any, like many other firms).  If your lender instructs us via
an online portal / platform which we are required to update and upload
documentation, we will pass onto you the fee of £35 plus VAT which they charge
us to use the platform. For every additional mortgage offer issued, the
platform will charge £1.00 plus VAT.

** If your property is in Wales you pay Land Transaction Tax instead of Stamp Duty Land Tax.

If your matter requires additional work, that is not included in this estimate, we shall inform you of any additional costs as soon as possible.  Additional work that is not anticipated may include, but are not limited to, dealing with entries on the Land Registry title such as adding or removing a restriction, dealing with registered notices, redeeming more than one legal charge, drafting statutory declarations etc.

Disbursements

In addition to the legal fees above, disbursements are also payable.  Disbursements are costs related to your matter that are payable to third parties, such as Stamp Duty Land Tax **, searches and Land Registry Fees.  We handle the payment of disbursements on your behalf to ensure a smoother process.  Below is a list of disbursements which we anticipate you will incur in a standard transaction.  This list is not exhaustive and additional disbursements may apply depending upon the transaction.  We will update you on any additional disbursements that may be incurred, if we are advised that any additional disbursements need to be incurred, that we have not quoted you for.

Disbursements incurred in most sale transactions:

Land Registry Title Documents £3.00 per document (average £9.00 per title usually official copy entries, filed plan and filed Transfer)                                                                        

Disbursements incurred in most purchase transactions:

Stamp Duty Land Tax:  This is dependent on the purchase price and whether it is a second property.  You can calculate your Stamp Duty for a property in England using the Government website: Stamp Duty Land Tax Calculator

Land Registration Fee: This is dependent on the type of transaction and the value of the property.  Please see: Fees Calculator (landregistry.gov.uk)
 

Search Fees:

Regulated local, drainage and environmental: Search Pack £264.05 inc VAT .  Chancel Indemnity Insurance £11.00 (not liable for VAT).  Total for Searches £264.05 subject to you and your lender’s requirements.

Land Registry Search £3.00

Land Charges Search (Bankruptcy Search) £2.00 per name

Leasehold Disbursements:

If you are selling or buying a Leasehold property, there are generally additional charges raised by the Landlord and / or Management Company.  We shall not know what charges will be raised, or the cost of these, until we receive the Lease and further Leasehold information from the Landlord or Management Company.  However typical additional Leasehold disbursements are as follows:

Landlord / Management Company information (when selling): On average between £50.00 – £400.00

Notice of Transfer and / or Charge

Deed of Covenant Fee

Certificate of Compliance Fee

The above fees vary significantly and we shall be able to provide you with more accurate information once we have the documentation.  You should also be aware that when purchasing a Leasehold property, the Landlord usually charges Ground Rent and Service Charge, and this will be charged to you during your period of ownership.

Example: Sale of a Freehold Residential Property

If you are selling a freehold detached property in Northamptonshire for £400,000.00 which is owned in your sole name with one legal charge to redeem the fees, VAT and disbursements will be as follows:

  • Legal Fee £1,080.00 (inc VAT)
  • Due Diligence Fee £30.00 (inc VAT)
  • Copy Land Registry Documents £9.00
  • Bank Transfer Fee £36.00 (inc VAT)

Total:                                                                                                                                    £1,155.00

Example: Sale of a Leasehold Property

If you are selling a Leasehold property in Northamptonshire for £150,000.00 which is owned in joint names with one legal charge to redeem the fees, VAT and disbursements will be as follows:

  • Legal Fees £1140.00 (inc VAT)
  • Due Diligence Fee £60.00 (inc VAT)
  • Copy Land Registry Documents £21.00
  • Bank Transfer Fee £36.00 (inc VAT)

Total:                                                                                                                                            £1257.00

As mentioned above, when selling a property there will be information which we will need to obtain from the Landlord and / or the Management Company.  Many Landlords / Management Companies have standard packs containing this information that usually range between £50.00 – £400.00

Example: Purchase of a Freehold Residential Property

If you are a previous homeowner buying a freehold semi-detached property in Northamptonshire for £225,000.00 in your sole name with a standard high street mortgage the range of fees, VAT and disbursements will be as follows: –

  • Legal fee £960.00 (inc VAT)
  • Due Diligence Fee £30.00 (inc VAT)
  • Search fees £264.05 (inc VAT)
  • Chancel Indemnity Insurance £11.00
  • SDLT fee £120.00 (inc VAT)
  • HM Land Registry fee £150.00
  • Bank Transfer Fee   £36.00 (inc VAT)
  • Land Registry Search Fee  £3.00
  • Bankruptcy Fee £2.00
  • Stamp Duty Land Tax £0.00

Total:                                                                     £1,575.60

Referral arrangements

In some cases, we may pay a referral fee to a mortgage broker or estate agent.  The fee is generally between £100 – £150.  We will tell you if we are paying a referral fee on your case.

 

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 – 12 weeks.

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 could take 4 weeks.

However, if you are buying a Leasehold property that requires an extension of the Lease, this can take significantly longer, between 2 and 6 months. In such a situation, additional charges would apply for the work involved in extending the Lease.

   

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances.  However, the work that we will undertake for you will typically include:

  • Taking your instructions and giving you initial advice
  • Checking finances are in place to fund the purchase and contacting lender’s solicitors if needed
  • Receiving and advising on contract documents
  • Carrying out searches
  • Obtaining further planning documentation if required
  • Making any necessary enquiries of seller’s solicitor
  • Giving you advice on all documents and information received
  • Going through conditions of mortgage offer with you
  • Sending final contract to you for signature
  • Agreeing completion date (date from which you own the property)
  • Exchanging contracts and notify you that this has happened
  • Arranging for all monies needed to be received from lender and you
  • Completing purchase
  • Dealing with payment of Stamp Duty/Land Tax
  • Dealing with application for registration at Land Registry
 
 

Example: Purchase of a Leasehold residential property

If you are a previous homeowner buying a Leasehold property in Northamptonshire for £120,000.00 in your sole name with the assistance of a standard high street mortgage the range of fees, VAT and disbursements will be as follows:

Conveyancer’s fees and disbursements :

  • Legal fee *** £1140.00 (inc VAT)
  • Due Diligence Fee £30.00 (inc VAT)
  • Search fees £264.05 (inc VAT)
  • Chancel Indemnity Insurance  £11.00
  • SDLT fee £120.00 (inc VAT)
  • HM Land Registry fee £150.00
  • Bank Transfer Fee     £36.00 (inc VAT)
  • Land Registry Search Fee  3.00
  • Bankruptcy Fee £2.00
  • Stamp Duty Land Tax £0.00

Total                                                                      £1,756.05 (including referral fee, if any)

In some cases, we may pay a referral fee to a mortgage broker or estate agent.  The fee is generally between £100 – £150.  We will tell you if we are paying a referral fee on your case.

Additional Leasehold Disbursements*

  • Notice of Transfer fee: This fee, if chargeable, is set out in the Lease. Usually the fee is between £30.00 – £120.00.
  • Notice of Charge fee (if the property is to be mortgaged): This fee is set out in the Lease. Usually the fee is between £30.00 – £120.00.
  • Deed of Covenant fee: This fee is charged by the Management Company for the property and can be difficult to estimate. Usually it is between £50.00 – £150.00.
  • Certificate of Compliance fee: To be confirmed upon receipt of the Lease and can range between £50.00 – £150.00

*These fees vary from property to property and can, on occasion, be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property.  We will confirm the ground rent and the anticipated service charge as soon as we receive this information.

The stages of a Leasehold purchase transaction are the same as that of a freehold purchase.  The difference is mainly that there are more documents to check and read through when dealing with a Leasehold transaction.  Further when dealing with the application for registration, following completion, there are usually other notices such as the notice of transfer etc. to also deal with.

*** Our fee assumes that:

  1. this is a standard transaction and that no unforeseen matters will 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;
  2. this is the assignment of an existing Lease and is not the grant of a new Lease;
  3. the transaction is concluded in a timely manner and no unforeseen complications arise;
  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation;
  5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

If you wish to use an online quote calculator for residential conveyancing

If you are obtaining an alternative fee estimate from another firm, using an online quote calculator you may wish to consider which of the following information you should include so that you are able to get an accurate comparison:

  • value of the property
  • first-time buyer
  • re-mortgage
  • freehold or Leasehold
  • new build
  • first registration of title
  • whether 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

NB: This list is not intended to be exhaustive. The important point is that the information you request should generate the total cost.  Please note that any disbursements (save for SDLT/LTT) should be included in the total cost quoted to consumers.

  

Remortgage

Our fees cover all aspects of the legal work required to complete a standard remortgage and include, dealing with a standard mortgage lender’s enquiries and registration at the Land Registry.  The below fees do not include work involved in the adding or removal of a person from the title to the property known as a ‘transfer of equity’.

VAT, currently 20%, will be payable on all our fees and some disbursements, and we will clearly confirm which disbursements carry VAT in formal quotation or as we advise you to incur them.

Fees

Remortgage up to

Legal Fee

VAT

Total

£300,000.00

£600.00 plus VAT

£120.00

£720.00

£300,0001 – £600,000.00

£700.00 plus VAT

£140.00

£840.00

£600,0001.00 – £1,000,000.00

£800.00 plus VAT

£160.00

£960.00

£1,000,000.00 +

Fee on enquiry and will be dependent on the value and complexity of the transaction, fees starting at £900.00 plus VAT

*Some Lenders have significant conditions to comply with such as, but not limited to, Paragon Mortgages and Aldermore.  In these circumstances we reserve the right to make an additional charge (any additional fees will be discussed with you before being incurred).  Further Equity Release/ Lifetime mortgages will also be charged at a different rate due to the additional obligations imposed in these types of mortgages. 

We do not charge you for acting on behalf of your mortgage lender (if any, like many other firms).  If your lender instructs us via an online portal / platform which we are required to update and upload documentation, we will pass onto you the fee of £35 plus VAT which they charge us to use the platform. For every additional mortgage offer issued, the platform will charge £1.00 plus VAT.

Standard additional legal fees

The price that you will pay for our services will be affected by a number of factors.  Obviously all cases are different and we will try our best to inform you as soon as we become aware of any issue that might have an impact on the estimated fee.  Below are fees that can commonly be incurred depending upon your transaction:

 

Fee

VAT

Total

Telegraphic Transfer Fee (incurred in most transactions)

£30.00 plus VAT per transfer

£6.00

£36.00

Due Diligence Fee (includes an electronic Money Laundering Identification check)

£25.00 plus VAT per name

£5.00

£30.00

If the property is unregistered

£300.00 plus VAT

£60.00

£360.00

If the property is Leasehold

Property is in a building which is at least 11 meters in height or at least five storeys, it may be affected by the Building Safety Act 2022.  Our fee for dealing with a property affected by the Building Safety Act will be as follows:-

For a building up to 11 metres 

For a building up to 18 metres 

£200.00 plus VAT

from £500.00 plus VAT

from £750.00 plus VAT

£40.00

£100.00

£150.00

£240.00

£600.00

£800.00

If the property is a Shared Ownership Property

£200.00 plus VAT

£40.00

£180.00

Help to Buy Equity Loan

£150.00 plus VAT

£30.00

£180.00

Remortgaging in a Company Name

£300.00 plus VAT

£60.00

£360.00

Dealing with a Management Company

£150.00 plus VAT

£30.00

£180.00

Arranging an Indemnity Policy

£40.00 plus VAT

£8.00

£48.00

Declaration of Trust

From £300 plus VAT

£60.00

£360.00

Solar Panel Lease

From £150.00 plus VAT

£30.00

£180.00

Lender Panel Fee

From £30.00

£6.00

£36.00

Third Lawyer Party Requests

£100.00

£20.00

£120.00

Complex Source of Funds

From £75.00

£15.00

£90.00

Statutory Declaration

£100.00

£20.00

£120.00

Subject to Tenancy

£50.00

£10.00

£60.00

Disbursements in most remortgage transactions:

  • Land Registry Title Documents £6.00 (official copy entries and filed plan £3 each)
  • Local Search Indemnity Insurance or searches if the lender requires £18.00- £200.90
  • Bankruptcy Search £2.00 per name
  • Land Registry Search £3.00
  • Land Registration Fee (dependent on value – see link above)118.8
 
 
 

Fee Earners

We have several experienced property lawyers who may work on your property transaction. Regardless of who works on your case, they will be supervised by Kathryn Frisby, Partner at Borneo Martell Turner Coulston, a qualified Solicitor, and Head of Residential Conveyancing. For more information on our team members, please visit our meet the team page.

Questions

If you have any questions relating to our services and our fees, please contact us on 01604 622101.