Our Fees: buying and selling residential property

How much do we charge?

You can find full details of how we calculate our conveyancing charges below. 

It would not normally be necessary to undertake other work or incur additional costs other than those described. However, we prefer to produce quotes specifically tailored to our clients' particular circumstances. To gain an exact quote tailored to your individual case please call us on 020 3146 6300 or just drop us an email hello@lauruslaw.co.uk

Our charges are made up of:

  1.  Our fees for the legal work;
  2.  ‘Disbursements’ - disbursements are costs related to your matter that are payable to other people, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a  smoother process; and
  3. For property purchases, Stamp Duty Land Tax (see below).
  4. Where VAT is referred to below please note that this will be charged at the applicable rate, which is currently 20%.

Our fees

Our fees depend upon the value of the property you are buying or selling and are listed below:

Property Value

Our Fee (excl VAT)

Up to £500,000

From £ 1,250.00

£500,001 - £1,000,000

From £ 1,500.00

£1,000,001 and above

From £ 1,750.00

If you are buying and selling a property then a charge would be made for both the sale and the purchase. If you are simply re-mortgaging your property then we charge a fixed fee from £595 excluding VAT.

If you are buying, selling or re-mortgaging a ‘leasehold’ property (rather than a ‘freehold’) then there is an additional charge from £195.00 excluding VAT.

Please note that VAT of 20% is also charged on all of our fees or legal work.

If, at any point during the transaction, money needs to be sent by telegraphic transfer, we charge a fee of £15.00 excluding VAT.

Disbursements

The ‘disbursements’ which you pay will depend upon whether you are buying or selling property or both, whether you are buying a freehold or leasehold property and the location and type of property concerned. Properties in certain locations for example need more searches and checks than others.

Normally all clients who are buying a ‘freehold’ property will need to pay the following disbursements:

  • Search fees £350.00 excluding VAT (estimate)
  • HM Land Registry fee from £135.00
  • Land Charges Search £3.00
  • Bankruptcy Search £2.00 per client

When selling a property you will ordinarily need to pay the following disbursements:

  • Land Registry Office Copy Entries and Title Plan £3 per title number

If the property is a ‘leasehold’ property then the disbursements will be different and normally consist of:

  • Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50 - 200
  • 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 - 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 - 200
  • Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £50 - 200.
  • Leasehold Management Pack – This fee is chargeable when selling a leasehold property. Often it is between £100 - 300

Stamp Duty Land Tax.

If you are buying a property you will also need to pay stamp duty land tax. The amount which you need to pay to the government depends on the price of the property. You can calculate the amount you will need to pay by using HMRC's website (or if the property is located in Wales by using the Welsh Revenue Authority's website here.).

Other costs to consider

If you have a mortgage on the property or have incurred an estate agent’s fee, we would also typically need to pay the money owed directly to your lender and agent as needed from the sale money we receive for you.

You should also be aware that if you are purchasing a leasehold property then ground rent and service charges 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.

Examples of our charges

The table below is a typical example of what charges we would make to the client selling a freehold property without a mortgage for £300,000.00:

Base Legal Fee

£  995.00

Bank Transfer Fee

£  15.00

ID Verification Fee

£  3.00

Total Legal Fee

£ 1,013.00

VAT

£ 202.60

Total Legal Fee, inc VAT

£ 1,215.60

Disbursements

As well as the costs and fees set out above, there may be certain disbursements - a fee payable to another party - that will also be charged. The disbursements that may be incurred are

Land Registry Official Copies

£  3.00

Sale and Purchase

Whereas the table below is a typical example of what charges we would make to a client selling a property for £300,000.00 and buying a new property for £350,000.00:

Sale


Base Legal Fee

£  995.00

Bank Transfer Fee

£  15.00

ID Verification Fee

£  3.00

Total Legal Fee

£ 1,013.00

VAT

£ 202.60

Total Legal Fee, inc VAT

£ 1,215.60

Purchase

Base Legal Fee

£ 1,150.00

Bank Transfer Fee

£ 15.00

ID Verification Fee

£ 3.00

Lawyer Check Fee

£ 12.00

Total Legal Fee

£ 1,180.00

VAT

£ 236.00

Total Legal Fee, inc VAT

£ 1,416.00

Disbursements

As well as the costs and fees set out above, there may be certain disbursements - a fee payable to another party - that will also be charged. The disbursements that may be incurred are

Land Registry Official Copies

£  3.00

Bankruptcy Search

£ 2.00

Land Registry Fee

£ 135.00

Land Registry Priority Search

£ 3.00

Searches

£ 350.00

How long will my house sale / purchase take?

After we have received your instructions, your completed questionnaire, payment, and the appropriate forms of identity, we will begin work on your behalf.

The average time for a conveyancing transaction from instruction to completion is about two months, or one month for a re-mortgage. However, the time an individual case takes to complete can vary greatly from this average, depending on the circumstances; largely the result of the readiness and willingness of all parties to proceed.

We will always do our best to be proactive at all times and at no stage in the process become the reason for delay.

Here are some examples of factors which can affect a conveyancing transaction time:

  • Delays in completing the property information forms.
  • Delays in responses or actions from third parties e.g. the other side’s solicitor
  • Delays elsewhere in a chain of transactions
  • Where the resolution or conclusion of a matter is dependent on probate or divorce proceedings
  • Unforeseen factors e.g. demands of existing tenants in the property or obtaining planning and building regulation consents for works undertaken

The precise stages involved vary according to the circumstances. However typically in a property sale we need to do the following:

  • Liaise with your estate agent and request the memorandum of sale
  • Request your title deeds or obtain a duplicate of your legal title (if registered) from the Land Registry
  • Prepare and issue a draft contract to the buyer’s solicitor
  • Answer any standard enquiries raised by the buyer’s solicitor relating to the sale of the property
  • Request a redemption statement from your lender(s)
  • Keep you updated at regular intervals
  • Prepare a completion statement and bill in accordance with your Terms and Conditions
  • Complete the transaction and transfer the completion monies in accordance with the contract and completion statement.

In a property purchase we need to do the following:

  • Investigate the title to the property, including carrying out title and local government searches, and reviewing replies given by the seller to pre-contract enquiries
  • Summarise the information about the property in a report on title
  • Agree a purchase contract with the seller, advise you on its provisions and arrange for you to sign it and pay the deposit
  • Prepare and agree with the seller the document which will transfer ownership to you
  • Advise you about your mortgage (if any) and arrange for you to sign the mortgage deed
  • Complete the purchase for you and transfer funds by bank transfer to the seller’s solicitors
  • Prepare your Stamp Duty Land Tax Return and arrange payment to HM Revenue & Customs
  • Register your purchase and mortgage (if any) at the Land Registry
  • Keep you updated at regular intervals.

If we are simply helping you to re-mortgage your property then we would generally speaking only need to:

  • Take your instructions and give you initial advice
  • Carry out searches on the property you are buying where appropriate
  • Obtain further planning documentation if required
  • Go through conditions of mortgage offer with you.
  • Send final documents to you for signature
  • Apply for mortgage advance.
  • Redeem any previous mortgages
  • Deal with application for registration at the Land Registry.

Who will be dealing with my matter?

Your conveyancing transaction will be handled by a trusted member of our experienced property team. We have a number of qualified lawyers in the team as well as experienced paralegals specialised in this area of law. Once we know who will be handling your case for you we will introduce you to them and provide you with full details of their background and qualifications. Full details of the experience and qualifications of our team are available on our website including the types of work normally undertaken.