Sale and Purchase (Leasehold and Freehold) and Remortgages
No property is exactly the same, as our fees will reflect the particular requirements of a sale, purchase or remortgage. For example, dealing with a listed building may, because of the added complexities, cost more than dealing with a new property. Because of this, we cannot give you an exact estimate of the cost of us helping you until we have all of the details of your intended transaction.
The basis of our charge is a fixed fee plus VAT. VAT is chargeable on all of our legal fees and some disbursements.
Fees for a Freehold Sale or Purchase
Our fees for a freehold sale or purchase start from £625.00 plus VAT and the average price for a freehold sale or purchase that does not have unexpected complications is £800.00 plus VAT. Of course, if one of our cases does have unexpected complications, we will always inform you of that immediately, and would fully discuss the potential consequences of that before any extra charges were incurred.
Our fees for a typical freehold house purchase or sale range from around £800.00 plus VAT for a simple transaction to around £1,500.00 plus VAT for more complex transactions (for example a Grade II listed building on unregistered land).
Fees for a Leasehold Sale or Purchase
Our fees for a leasehold sale or purchase start from £750.00 plus VAT and the average price for a leasehold sale or purchase that does not have unexpected complications is £875.00 plus VAT. Of course, if one of our cases does have unexpected complications, we will always inform you of that immediately, and would fully discuss the potential consequences of that before any extra charges were incurred.
Our fees for a typical leasehold house purchase or sale range from around £875.00 plus VAT for a simple transaction to around £1,700.00 plus VAT for more complex transactions (for example extending a Lease).
Fees for a Remortgage
Home owners may wish to remortgage their property to change their mortgage lender to another firm. We can deal with the legal formalities of this to include considering all the terms of a new mortgage with a new lender, advising on mortgage documentation and dealing with any mortgage redemptions.
Our fees for a leasehold or freehold remortgage start from £250.00 plus VAT and the average price for a leasehold or freehold remortgage that does not have unexpected complications is £350.00 plus VAT. Of course, if one of our cases does have unexpected complications, we will always inform you of that immediately, and would fully discuss the potential consequences of that before any extra charges were incurred.
Disbursements are costs related to your matter that are payable to third parties such as Land Registry fees. We handle the payment of these disbursements on your behalf to ensure a smoother process. We have no obligation to make such payments unless you have provided us with the funds for that purpose and VAT is payable on certain expenses which would be itemised on your particular quotation.
Possible Disbursements on a Purchase
These costs vary between different local authorities but an example is given below on possible disbursements on a purchase in the Bath area.
All of the above are inclusive of VAT.
If the property you are buying is located in Wales, you can use the Welsh Revenue's Authorities calculator on their website at: https://beta.gov.wales/land-transaction-tax-calculator We can discuss this with you once we have the full details of your transaction and we provide you with our quotation.
These fees vary from property to property. 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
Possible Disbursements on a Sale
1. Office Copy Register Entries - £6.00 plus VAT
2. Leasehold Management Pack Fee (Leasehold) - It is usual to get a Management pack from the Landlord or Managing Agent. The fee will vary depending on the agent but is usually between £100 to £300 plus VAT.
Possible Disbursements on a Remortgage
1. Office Copy Entries - £6.00 plus VAT
2. Bankruptcy Searches - £2.00 plus VAT
The Conveyancing Department is run by David Gay who is an Equity Partner and is Senior Responsible Officer for the Conveyancing Quality Scheme (CQS). He has an extensive experience of residential and commercial conveyancing. More details about the people who will deal with your case can be found in the biographical section or our website.
Our fees cover all the work required to complete your sale, purchase or remortgage; including dealing with registration at the Land Registry.
Other services that are also frequently incurred are shown below:-
1. Telegraphic Transfers: The bank currently charges us £20.00 for this facility. Our fee for this transaction is £15.00. VAT is chargeable on both amounts.
2. Stamp Duty on a Purchase: Since December 2004, you are required to complete and sign a 7 page tax return when you purchase a property. We can complete the form on your behalf and lodge it with the Inland Revenue for a fee of £75.00 plus VAT.
Other services that may also be incurred are shown below:-
1. Building Society Mortgage Fees: From 1st October 1999, most Banks and Building Societies have adopted a new protocol. This involves increased administration for which a fee will be made. The fee is variable.
2. Defective Title: Since 1999 when the Building Societies brought in a new protocol, even minor defects in title will need to be covered by a specific insurance policy. Where such a policy will be required either on your existing or new property, a fee will be payable of £95.00 plus VAT in addition to the cost of the policy.
3. Declaration of Trust: Where you are not married, or are putting in unequal amounts for the purchase of a property, it is better to protect those interests. This is done by a Declaration of Trust. The fee for a simple Declaration of Trust is £175.00 plus VAT.
4. Statutory Declarations: Where we are required to prepare a Statutory declaration on your behalf to rectify the title to your property or record historical facts e.g. the length of time you have used a right of way, a fee of £125.00 plus VAT will be charged.
5. Electronic ID check: Administrative fee of £12.00 plus VAT.
The length of time your house sale or purchase will take will depend on many factors. It can be quicker or slower depending on the parties in the chain. Third parties can sometimes affect timescales; but you can be assured that we will work hard to meet your desired deadline.
We have found that the average process for a freehold sale or purchase can take between 6-8 weeks provided there are no complex issues to be considered throughout the process.
For the sale or purchase of a leasehold property, the process can take between 8-10 weeks; although if the property transaction is more complex (for example may require an extension of the lease), this can take significantly longer, maybe between 10-12 weeks. In such a situation, additional charges would apply.
Our fee assumes that:
a) 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
b) This is the assignment of an existing lease and is not the grant of a new lease
c) The transaction is concluded in a timely manner and no unforeseen complication arise
d) All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
e) No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
The length of time a remortgage will take depends on several factors involved with the matter. Typically, it could take between 3-4 weeks.
The stages involved in the purchase of a freehold or leasehold residential property vary according to the circumstances. The key stages are itemised below:-
The stages involved in the sale of a freehold or leasehold residential property vary according to the circumstances. The key stages are itemised below:-
The above details have been designed to give you as much information as we can regarding our prices and services without yet knowing the full details of the matter. Once we know these details, we will give you a fully itemised quotation of all costs involved.
We are confident our fees are competitive given that all of our conveyancing work is completed by fully qualified Solicitors who are authorised and regulated by the Solicitors Regulation Authority and who have many years of extensive experience in conveyancing. For details of the qualifications and experience of the Partners, please click here.
Burningham & Brown is authorised and regulated by the Solicitors Regulation Authority - SRA Number: 8000096