Costs Estimates
The Solicitors Regulation Authority (SRA) requires all regulated firms to publish transparent pricing in the area of residential property services we deliver to members of the public. However, as in all cases, we prefer to provide our clients with a bespoke quotation for their individual needs. Should you wish to receive a quotation tailor made to your circumstances, please contact Claire Joseph on claire.joseph@ad-solicitors.co.uk or 020 7251 7639.
A guide to our fees is set out below. With every matter, there is a possibility that something could arise which could delay the process and involve more time to be spent by us that can be anticipated at the outset. In these circumstances, our costs estimate would need to be revised. However, we will always inform you immediately that such a matter has arisen and discuss the potential cost implications with you before incurring any additional fees to the estimate provided at the outset.
David Joseph, Sarah Beney and Claire Joseph specialise in residential property matters.
Sale
Our fees for the sale of a single residential property up to £500,000 start at £1,750 plus VAT (presently 20%) and disbursements. Each matter will be assessed at the time of your instruction, and the quotation finalised when we know all the factors involved in your transaction. In addition, please note that our estimates are based on the assumption that the matter is straightforward, but you will appreciate that all transactions depend on their own individual circumstances. We set out below some examples of issues that may cause a sale transaction to become protracted and may result in a fee increase as explained above:
Alterations undertaken to the property without landlord’s consent (leasehold only)
Alterations undertaken to the property without planning permission or building regulations consent
A licence to assign is required (leasehold only)
Freehold
Sale price up to £500,000: starting at £1,750 plus VAT (presently 20%)
Sale price up to £750,000: starting at £2,250 plus VAT (presently 20%)
Sale price up to £1,000,000: starting at £2,550 plus VAT (presently 20%)
Other Property Prices: Please call or email Claire Joseph to discuss a bespoke estimate.
Our handling charges for sending funds by telegraphic transfer on completion are £35 plus VAT (presently 20%), per transfer.
Leasehold
Sale price up to £500,000: starting at £2,000 plus VAT (presently 20%)
Sale price up to £750,000: starting at £2,500 plus VAT (presently 20%)
Sale price up to £1,000,000: starting at £2,750 plus VAT (presently 20%)
Other Property Prices: Please call or email Claire Joseph to discuss a bespoke estimate.
Our handling charges for sending funds by telegraphic transfer on completion are £35 plus VAT (presently 20%), per transfer.
Typical sale disbursements
Disbursements are costs and expenses payable to third parties. These are likely to include:
Land Registry fee for title documentation: Approximately £10 to £15 plus VAT (presently 20%)
Landlord/managing agents’ fee for replies to standard enquiries: Approximately £250 to £500 plus VAT (presently 20%)
Electronic verification of identity checks: Approximately £20 plus VAT (presently 20%) per name
Typical sale timescales and key stages
The time it takes to complete your sale can vary considerably. However, on average, a residential property sale takes between 8 and 12 weeks.
Key stages of the sale process are typically:
Receipt of your instructions, identification checks undertaken and other details relative to the transaction gathered
You are provided with standard forms for completion
The contract pack is sent to the buyer’s solicitor
Replies to enquiries are requested from the landlord/managing agents (leasehold only)
Redemption statement for information purposes obtained from your lender (if applicable)
Replies are given to the buyer’s solicitor’s enquiries
The contract is finalised and signed
Contracts are exchanged
A final redemption statement is requested
Completion takes place
Your mortgage is redeemed and the sale proceeds are sent to you
Purchase
Our fees for the purchase of a single residential property up to £500,000 start at £1,950 plus VAT (presently 20%) and disbursements. Each matter will be assessed at the time of your instruction, and the quotation finalised when we know all the factors involved in your transaction. In addition, please note that our estimates are based on the assumption that the matter is straightforward, but you will appreciate that all transactions depend on their own individual circumstances. We set out below some examples of issues that may cause a purchase transaction to become protracted and may result in a fee increase as explained above:
Newbuild property
Unregistered land
Auction purchase
Repossession purchase
Freehold
Purchase price up to £500,000: starting at £1,950 plus VAT (presently 20%)
Purchase price up to £750,000: starting at £2,450 plus VAT (presently 20%)
Purchase price up to £1,000,000: starting at £2,750 plus VAT (presently 20%)
Other Property Prices: Please call or email Claire Joseph to discuss a bespoke estimate.
Our handling charges for sending funds by telegraphic transfer are £35 plus VAT (presently 20%), per transfer.
Leasehold
Purchase price up to £500,000: starting at £2,200 plus VAT (presently 20%)
Purchase price up to £750,000: starting at £2,700 plus VAT (presently 20%)
Purchase price up to £1,000,000: starting at £2,950 plus VAT (presently 20%)
Other Property Prices: Please call or email Claire Joseph to discuss a bespoke estimate.
Our handling charges for sending funds by telegraphic transfer are £35 plus VAT (presently 20%), per transfer.
Typical purchase disbursements
These are likely to include:
Stamp duty land tax or land transaction tax (in Wales): This is calculated on a number of factors. Please use the Stamp Duty Land Tax Calculator to calculate the amount due.
Land Registry registration fee: This ranges from £20 to £500 exempt of VAT, depending on the purchase price
Local authority, drainage and water and environmental searches: Approximately £500 plus VAT (presently 20%)
Land Registry pre-completion searches: Approximately £10 plus VAT (presently 20%)
Landlord’s registration fee (leasehold only): Approximately £100 plus VAT (presently 20%)
Electronic verification of identity checks: Approximately £20 plus VAT (presently 20%) per name
Typical purchase timescales and key stages
The time it takes to complete your purchase can vary considerably. However, on average, a residential property purchase takes between 8 and 12 weeks.
Key stages of the purchase process are typically:
Receipt of your instructions, identification checks undertaken and other details relative to the transaction gathered
Receipt of contract pack from the seller’s solicitor
Searches instructed
Contract pack reviewed
Enquiries raised of seller’s solicitor
Review and advice on mortgage offer (if applicable)
Documents sent to you for signature with a report on title
Exchange of contracts
Arrange to be placed in funds for completion
Complete purchase
Prepare and submit Stamp Duty Land Tax or Land Transaction Tax return
Prepare and submit registration application at the Land Registry
Deal with all post-completion registration formalities
Remortgage
Our fees for the remortgage of a single residential property up to £500,000 start at £950 plus VAT and disbursements and increase depending on the loan amount and value of the property. Each matter will be assessed at the time of your instruction, and the quotation finalised when we know all of the factors involved. In addition, please note that our estimates are based on the assumption that the matter is straightforward, but you will appreciate that all transactions depend on their own individual circumstances. We set out below some examples of issues that may cause a sale transaction to become protracted and may result in a fee increase as explained above:
Alterations undertaken to the property without landlord’s consent (leasehold only)
Alterations undertaken to the property without planning permission or building regulations consent
Unregistered land
Freehold
Loan amount up to £500,000: starting at £950 plus VAT (presently 20%)
Loan amount up to £750,000: starting at £1,100 plus VAT (presently 20%)
Other Property Prices: Please call or email Claire Joseph to discuss a bespoke estimate.
Our handling charges for sending funds by telegraphic transfer on completion are £35 plus VAT (presently 20%), per transfer.
Leasehold
Loan amount up to £500,000: starting at £1,100 plus VAT (presently 20%)
Loan amount up to £750,000: starting at £1,300 plus VAT (presently 20%)
Other Property Prices: Please call or email Claire Joseph to discuss a bespoke estimate.
Our handling charges for sending funds by telegraphic transfer on completion are £35 plus VAT (presently 20%), per transfer.
Typical remortgage disbursements
These are likely to include:
Land Registry fee for title documentation: Approximately £10 to £15 plus VAT (presently 20%)
Electronic verification of identity checks: Approximately £20 plus VAT (presently 20%) per name
Land Registry registration fee: Between £20 and £140 exempt of VAT, depending on the loan amount
Local authority, drainage and water and environmental searches: Approximately £500 plus VAT (presently 20%)
However, please note many lenders will rely on indemnity insurance which is a cheaper option. We will check this upon receipt of your instructions.
Landlord/managing agents’ fee for replies to standard enquiries: Approximately £250 to £500 plus VAT (presently 20%) (leasehold only)
Land Registry pre-completion searches: Approximately £10 plus VAT (presently 20%)
Landlord’s registration fee (leasehold only): Approximately £100 plus VAT (presently 20%)
Typical sale timescales and key stages
The time it takes to complete your remortgage can vary considerably. However, on average, a residential property remortgage takes approximately 4 weeks.
Key stages of the remortgage process are typically:
Receipt of your instructions, identification checks undertaken and other details relative to the transaction gathered
Title documents obtained and checked
Redemption statement obtained
Replies to enquiries requested from the landlord/managing agents (leasehold only)
Mortgage offer received and checked
Pre-completion searches instructed
Obtain mortgage advance and complete documentation
Register the new mortgage at the Land Registry and with the landlord (if leasehold)
For further information on any of the above please contact Abrahams Dresden on 020 7251 3663.