Conveyancing Fees and Disbursements
How long will my house purchase take?
This will depend on a number of factors. The average process takes between 4 weeks to 3 months.
It can be quicker or slower, depending on the parties in the chain. The quickest we have done is 1 day and the slowest, 2 years (at the client’s request). For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 8 -12 weeks. In such, a situation additional charges might apply but this would be explained to you beforehand.
‘Excellent service. Friendly and helpful. Despite conveyancing being much more complicated than anticipated they stuck to their original price. Would definitely recommend’ (PB)
Conveyancer’s fees and disbursements
Our fees cover all of the work required to complete the purchase of your new home. We do not operate a set fee for conveyancing transactions. When we discuss the matter with you we will be able to estimate the fees and disbursements for you including disbursements which are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
‘Excellent service, Michael went above and beyond dealing with our house move. Can’t recommend them enough’ (AG)
including dealing with registration at the Land Registry and 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.
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
- the transaction is concluded in a timely manner and no unforeseen complication arise
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
The examples below are average fees which assume a straightforward purchase. These fees vary from property to property. We can give you a more accurate figure once we have spoken with you. Please Call Us on 0191 284 5030, or complete a FREE ONLINE ENQUIRY FORM to discover more.
‘Have used four or five different solicitors in the past and whilst I’ve only ever had a problem with one, once I found Birch and co I’ve never gone anywhere else. Michael is very thorough and the staff are lovely and I recommend them to anyone’.(TD)
Legal fees on average are from around £450 – £950 plus Vat.
Example of Disbursements on sale
- Obtaining a copy of HM Land Registry ‘s Official copy of your title £9.
- Electronic money transfer fee £30 per transaction or less depending on the transaction.
- VAT payable 20% of the legal fees.
Estimated total of an average property of around £120,000 is around £579 including vat and disbursements.
Examples of Disbursements if you’re buying are –
- Regulated searches are £183.00 or official searches are £299.30
- HM Land Registry fee £80-270 depending on the value of the property
- Electronic money transfer fee £30 per transaction or less depending on the transaction and what the bank charge us. We do not add any additional charge.
- VAT payable 20% of the legal fees
The estimated total cost of a property of around £120,000 is £833 including vat and disbursements.
If you’re buying a leasehold property there might be additional disbursements to pay. For example
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50 and £200.
- 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 £50 and £200.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50 – £200.
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 this we receive this information.
Stamp Duty or Land Tax (on purchase) depends on the purchase price of your property. We can help you with the calculation or you can use HMRC’s website or if the property is located in Wales, by using the Welsh Revenue Authority’s website.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
- 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
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry