Conveyancing Costs
Whilst it is now expected that a fixed price can be given for a straightforward transaction, there are many fees and costs which can arise making each case unique. In order to provide as much transparency as possible to prospective clients, we set out below some indicative bands based on our current charging structure. All prices are subject to VAT at the prevailing rate (currently 20%). However, we should stress that the best way to get a detailed estimate is to click the link HERE to obtain a detailed breakdown.
All the fees shown above are subject to VAT at the prevailing rate (currently 20%).
Fees will be charged for transactions that do not proceed on the basis of a fair estimate of the amount of work carried out
Many factors determine the cost of a transaction, such as if the property is Leasehold, Freehold, New Build or Shared Ownership. Other determining factors can include Indemnity Policies, Lease Variations, Declarations of Trust and many others. It is impossible to list all of these variables and whether they will apply to your transaction however to assist we have included the more common ones above.
(Please note that we reserve the right to alter all our fees at any time and on a case by case basis depending on circumstances and at our discretion).
Likely Sale and Purchase Disbursements
Remortgage Disbursements
Title/Search insurance cost approx. £30 if accepted by your lender
Land Registry and land charges searches £2 per name and £3 per title plus VAT
An additional fee may be charged for redeeming any second or subsequent mortgages – ie any estimate assumes repayment of ONE mortgage only.
Bridging finance, Transfers of Equity, staircasing, shared ownership, Help to Buy schemes and non-standard lending require a bespoke quote.
Land Registry Fees – please see links below
Finally, there are payments that apply to every transaction and these are consistent amongst most conveyancing firms. These are often known as Disbursements, which are payments that have to be made to third parties to fulfil the requirements for transferring land. They include payments for:
Stamp Duty (SDLT or Welsh Land Transaction Tax depending on the location of the property). Always remember the tax you pay is self-assessment and we are not tax lawyers and cannot advise. To be sure that you pay the correct amount of tax you should consider taking specialist independent tax advice before committing to any purchase. Please click here to be taken to the basic HMRC web site calculator or here for the Welsh Land Transaction Tax Calculator.
Searches (of the local authority, mining searches, drainage searches, land registry searches, environment searches, area development searches and many more). You should budget approx. £400 plus VAT for searches depending on location and number and types of searches required.
Land registry fees payable – again these depend on the type of property, its value, and whether an electronic submission can be made. Please click here to access the land registry website for details.
Conveyancing Time Scales
Typically 18 – 20 weeks.
All our clients understandably would like to know how long their matter may take and yet that is the one thing that no conveyancer can accurately predict. The average transaction time, according to recent figures, has lengthened with 18-20 weeks now being the average. Many matters can proceed quicker than this and we will always do our best to meet a client’s requirements. Please note also that Leasehold transactions can take significantly longer.
Delays are unpredictable and caused by many factors such as lenders, local authorities, busy conveyancers in the chain, changes in client circumstances at short notice, delays at Land and Probate registries, delays in divorce courts – the list is endless. And these are all in addition to the usual unpredictability of the English conveyancing system.
They amount to a current national average transaction time of 18-20 weeks (or nearly 5 months) making this an issue to be considered right at the outset of your transaction.
We are pleased to confirm that here at Kiteleys we are comfortably beating this average on many of our transactions but it is beholden on us, given that our purpose is to work with our clients and advise them in their best interests at all times – which is something we take very seriously – to note that we can in no way guarantee the time a transaction will take.
We will, of course, do all we can to help any client achieve the goals that they have set but in return we do need our clients to be informed and realistic as to the dangers and complications they may face. Experience suggests that there is no such thing as a “simple transaction” and it is inevitable that stress will increase and frustration will become greater for those that are not prepared in advance.
So, we advise all our clients and potential clients no matter who they instruct, to be aware of this issue right from the outset and to be realistic. “Plan for the worst” may well be one.
Finally, we would also advise our clients to maintain a healthy realism as to promises made by other parties offering to guarantee a transaction time or to charge greater fees to “get it through in time”. As you can see from the above (and from a quick look at the internet) such promises may well lead to disappointment and problems when it is too late to deal with them. It is, for this reason, we have chosen (as we always do) to be open and upfront with our clients and fulfil that basic important role that is at the heart of what we do as proud solicitors – to advise our clients so that they can make informed decisions at their own pace.