PRICING GUIDE FOR CONVEYANCING AND RELATED WORK
At Boulter & Company we are committed to providing the best information we can on our charges for all of our services. We set out below pricing and service information for the conveyancing services which we offer.
Residential Conveyancing and Leasehold Work
Boulter & Company offer legal assistance and professional support for all our clients in buying, selling and re-mortgaging and we advise you throughout the process providing a quick, reliable and straightforward service. We have extensive experience of dealing with re-mortgages and transfers of property following relationship breakdown, gifts of property, trusts, lease extensions, freehold acquisitions and management agreements.
We work closely with our clients to reassure them throughout, offering home visits, out of office hours’ appointments and face to face meetings.
Our property department when required will work together with your estate agent, broker and your lender to ensure that your transaction progresses smoothly.
Your transaction will be handled by a named individual lawyer throughout the entire transaction. Information on our lawyers can be found below.
We hold The Law Society Conveyancing Quality Scheme (CQS) accreditation. This ensures that the service we provide is to an exceptionally high standard as this is awarded only to solicitors who meet the highest management and client care standards. We are on the panels of most main mortgage lenders.
We will give you an individual cost estimate at the start of your transaction, taking into account the specific features of your transaction and we will advise you of any complications once we become aware of these and discuss the impact on price before additional charges are incurred.
We provide expert advice to our clients regarding residential and business leases and lease extensions as well as Deeds of Variation and Rectification of leases. We act for both Landlords and Leaseholders in the disposal and acquisition of freehold interests (enfranchisement). We also act for leaseholders seeking the right to manage their property in place of their landlord.
In accordance with the SRA Transparency Rules we have set out below details of our range of fees applicable to each type of transaction.
Residential Conveyancing – Freehold or Leasehold Purchases
Our fees for a typical freehold purchase range from £1,000 plus Vat (= £1,200) to £3,000 plus Vat (= £3,600) for a high value complex transaction.
These fees may vary if there are additional factors to take into account – see below. That is why we will always give you an individual quotation before we start work for you although frequently items will arise during the course of a transaction which will affect what we charge.
In addition to our charges there will be additional payments that we will need to make to third parties and these are known as “disbursements”. We can give you a better indication of what they are likely to be when we have details of the property.
There will usually be one or more searches to be carried out and this depends on the location of the property. The usual budget for searches would be in the region of £400 plus Vat (=£480) to £500 plus VAT (=£600). Typically the following searches are usually required on a purchase:
- Environmental search – £94 plus Vat (= £112.80) (approx.)
- Chancel insurance – £20 plus Vat (= £24) (approx.)
- Local Authority search (direct with the relevant Council) – These vary but typically around £250 plus Vat (= £300)
- Drainage search – £61 plus Vat (= £73.20) (approx.)
- Plan Search – £30 plus Vat (=£36)
- Lawyer Checker at a cost of £20 plus Vat (= £24)
Further examples of expenses would be Landlord and/or Management Company charges for leaseholds which would typically be between £100 plus Vat (= £120) and £300 plus Vat (= £360). Full details of these and other disbursements and expenses can be found in our terms and conditions of business.
Additionally there may be Stamp Duty Land Tax (SDLT) for properties in England, Land Transaction Tax for properties in Wales and also Land Registry fees to pay. These depend on the value of the property so we cannot inform you what these will be without talking to you first. Further details will be found below.
Should your transaction not proceed to exchange and completion then we will charge a proportionate fee depending on the work already carried out on your behalf
Please be aware that there are factors that may lead to an increase in our fees and charges for the transactions we undertake and you should contact us for an exact quotation. Typical factors that could lead to a cost increase are set out below:
- A sale or purchase with a share of freehold
- Any unusual circumstances such as length of the lease, planning or building regulations issues, listed building, estate management schemes or defective title
- expediting the transaction
- New builds
- Lease extension, deed of variation or other legal deed
- The price is above £1m
- Unregistered land
- Help to Buy Scheme or Help to Buy Isa
- Auction sale or purchase
Please note that this list is not exhaustive.
If you are obtaining a mortgage in conjunction with your purchase it is likely that your lender will ask us to act in its behalf as well as acting for you. Mortgage lenders pass on the cost for acting on their behalf to the borrower. The fees for acting for your mortgage lender are payable by you. You shall be charged the amount recommended by your mortgage lender in your mortgage offer subject to a minimum of £150 plus Vat (= £180). If your mortgage lender instructs another solicitor or conveyancer an additional fee will be charged subject to a minimum of £150 plus Vat (= £180) as we shall be required to deal with their enquiries and provide them with a copy of your file.
If the property is a new build an additional fee of £200 plus VAT (= £240) will be added to our fee.
There are instances where there are management companies on a freehold and this may also attract further fees.
Residential conveyancing – Freehold or Leasehold Sales
Our fees for a typical freehold sale range from £1,000 plus Vat (= £1,200) for a simple low value transaction sale to £2,500 plus Vat (= £3,000) for a high value and complex transaction.
For leasehold transactions the range would normally be £1,000 plus Vat (= £1,200) to £1,500 plus Vat (= £1,800).
These charges may vary if there are additional factors to take into account.
That is why we will always give you an individual quotation before we start work for you.
In addition to our charges there may be additional payments that we will need to make to third parties (disbursements).
We can give you a better indication of what they are likely to be when we have details of the property.
Residential Conveyancing – Freehold or Leasehold Re-mortgaging
For standard residential remortgage transactions this is the basic range of charges that we would seek to charge for a freehold and for a leasehold property.
Freehold £400 plus Vat (= £480) to £2,000 plus Vat (= £2,400)
Leasehold £500 plus Vat (= £600) to £2,200 plus Vat (= £2,640)
For the refinancing of property portfolios we will provide an individual quotation for our fees.
Different Lenders have different requirements that we may have to deal with on its behalf. Our fees will cover the redemption of any existing mortgage(s) and the completion and registration of the new mortgage at the Land Registry.
In addition to our charges there will be additional payments that we will need to make to third parties. We can give you a better indication of what they are likely to be when we have details of the property concerned. A Land Registry fee will usually be payable.
Should your transaction not proceed to exchange and completion then we will charge a proportionate fee depending on the work already carried out on your behalf.
Stamp Duty Land Tax (SDLT)
Stamp Duty Land Tax (SDLT) is applicable to purchases of property in England and Land Transaction Tax (LTT) is applicable for properties in Wales
A Stamp Duty Land Tax (SDLT) or Land Transaction Tax Return must be filed with HM Revenue and Customs following completion of a property purchase where the price agreed exceeds £40,000.
Responsibility for payment of Stamp Duty Land Tax or Land Transaction Tax rests solely with the property buyer. As filing of a return is a pre-condition of applying to register your ownership at the Land Registry, it is a condition of our retainer that you must pay your SDLT or LTT prior to completion of your purchase.
There are presently various rates of tax which apply depending upon the value of the property being purchased. These include discounted rates for first time buyers in England and higher rates when an additional property (eg a second home or “buy to let”) is being purchased.
More information about SDLT and how rates of SDLT are calculated are summarised in our terms and conditions of business and full details are available on the following websites:
Land Registry: gov.uk
Timescale for a Property Purchase
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. These include how soon we receive the draft contract, information forms about the property and other papers from the seller’s solicitors; how long searches are taking; if there is a chain of parties involved; when we receive your mortgage offer and how quickly the other solicitors deal with the enquiries that are raised. The average timescale between instructing us to completion of the transaction is typically 8 to 12 weeks but this is the average and the timescale can vary depending on the circumstances and properties of the parties.
In the event that you require a period of less than 10 working days between exchange and completion there is a supplemental charge is £150 plus Vat (= £180).
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, we set out below some key stages:
- Take your instructions and give you initial advice
- Check your finances are in place to fund the 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 solicitors
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Send final version of the contract to you for signature
- Agree a completion date (the 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
- Complete SDLT return and deal with payment
- Deal with application for registration of the property in your name(s) at the Land Registry
These are sometimes arrangements between lawyers and estate agents involving the payment of a referral fee and we will advise you if there is a referral arrangement. Referral fees are not passed onto our clients.
Our fees assume 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
- This is the assignment of an existing lease and is not the grant of a new lease
- 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 above is for information only, if you require a full and accurate quotation please contact us direct on 020 8340 022.
Further information about our charges, disbursements and procedures generally can be found in our terms of conditions of business relating to purchases and sales.
The Conveyancing Team
Andrew Joannides is a solicitor and the firm’s Senior Partner and Head of the Conveyancing Department. He qualified as a solicitor in 1998 and handles all types of commercial and residential conveyancing and property related work together with disputed lease extensions and enfranchisements to the First-Tier Tribunal.
David Garfinkel is a Consultant Solicitor at Boulter & Company. He qualified as a solicitor in 1975 and handles all types of commercial and residential conveyancing work as well as wills and probate and associated legal work. David also deals with contested lease extensions and enfranchisements. He works under the supervision of Andrew Joannides.
Paul Cacciatore has worked as a conveyancer for over thirty years and deals with a wide region of conveyancing work. He works under the supervision of Andrew Joannides.
Madeline Edwards qualified as a solicitor in 1998 and handles a wide range of conveyancing and property related work. She works under the supervision of Andrew Joannides.
Sally Louca qualified as a Chartered Legal Executive in 2016 and deals with conveyancing work in our conveyancing department. She works under the supervision of Andrew Joannides.
Andri Achilleos is a Trainee Solicitor at Boulter & Company working in our conveyancing department under the supervision of Andrew Joannides. She expects to qualify as a solicitor in 2019.