RESIDENTIAL CONVEYANCING
No property is exactly the same and our fees will reflect the particular requirements of your sale or purchase. For example, dealing with a leasehold listed building may, because of the added complexities, cost more than dealing with a recently constructed freehold property.
The below fees are fixed fees dependant on the property value.
Sale or Purchase – Freehold Properties
Property value £0-£500,000: From £1,750 to £3,500 plus VAT
Property value £500,001 – £1m: From £3,500 to £5,000 plus VAT
£1m plus: From £5,000 to £12,000 plus VAT
Sale or Purchase – Leasehold Properties
Property value £0-£500,000: From £2,500 to £5,000 plus VAT
Property value £500,001 – £1m: From £5,000 to £7,500 plus VAT
Property Value £1m plus: From £7,500 to £15,000 plus VAT
Remortgage – Freehold
Property value £0-£500,000: From £1,250 to £1,750 plus VAT
Property value £500,001 and over: From £1,750 to £1,950 plus VAT
Remortgage – Leasehold
Property value £0-£500,000: From £1,750 to £2,250 plus VAT
Property value £500,001 and over: From £2,250 to £2,450 plus VAT
The above fees are exclusive of VAT and disbursements.
Key stages on a purchase:
- onboarding the client
- receiving legal paperwork
- reviewing legal paperwork and raising any requisite additional enquiries
- undertaking all necessary searches
- agreeing the purchase contract
- sending a written report to the client with the contract for signature
- asking the client to send us the deposit
- exchanging contracts
- raising requisitions on title and preparing the transfer deed for signature by the seller
- preparing a completion statement for the client and requesting the requisite funds
- dealing with completion
- dealing with post-completion matters such as stamping at the Inland Revenue, registration at the Land Registry and registration with the Landlord in the case of a leasehold property
Key stages of a sale:
- onboarding the client
- sending Property Information Forms to the client for completion and signature
- in the case of a leasehold sale obtaining ta Landlord’s Management Pack
- preparing the contract, obtaining the title and lease ( in the case of a leasehold sale) and sending the legal paperwork to the buyer’s solicitors
- dealing with any additional enquiries raised by the buyer’s solicitors
- agreeing the contract and sending it to the client for signature
- dealing with exchange of contracts
- replying to Requisitions on Title
- agreeing the Transfer Deed and sending this to the client for signature
- dealing with completion and accounting to the client for the proceeds of sale
The timescale for a transaction is three months subject to both parties wanting to expedite the transaction more quickly.
Note that as residential conveyancing is not a core part of our business, we are not appointed to many of the residential banking panels which means we would be unable to represent them jointly with you on a purchase. The disbursements incurred should be minimal on a sale but on a purchase will include search costs of between £250 and £500 (plus VAT) together with SDLT/LTT (depending on whether the property is situated in England or Wales) and Land Registration fees in addition.
Both SDLT/LTT are based on the value of the property and also take account of existing property ownership and the purchasing entity. Land Registry fees are similarly linked to the value of the Property currently capped at £910 for purchases over one million pounds. We typically undertake 25 residential transactions a year excluding bulk sales and purchases undertaken on behalf of our commercial clients.
We have a range of highly experienced lawyers with an excess of ten years post qualification experience used to dealing with high-value commercial residential schemes who offer all necessary and appropriate to the junior lawyers who will typically manage the residential conveyancing file. Whilst a small percentage of Acuity’s legal services we are committed to providing the same high standards to which our commercial clients have become accustomed over many years.
All fees set out above are exclusive of VAT and disbursements. VAT is payable on all our fees at the prevailing standard rate, which is currently 20%.
