An explanation of our fees
Residential Conveyancing
At Britton and Co, every transaction is unique.
Every client’s circumstances are different and we want our fees to accurately reflect this. We therefore recommend that you call or email us to discuss your specific requirements. A more precise estimate can then be provided.
Factors that often affect the complexity of a residential conveyancing transaction include:
Property Value
Property location
Source of funds (for example, is there a mortgage involved?)
Gifted Deposits from family members
Property tenure (Is it Freehold or Leasehold?)
Guidance
Residential House Purchase
For those of you who are looking for an idea as to how much our conveyancing fees might be, please find below an example of how much it might cost for us to represent you in the purchase of a standard freehold house, with a mortgage, for £250,000.00.
|
Legal Fees |
VAT at 20% |
SUB-TOTAL |
|
£950.00 |
£190.00 |
£1248.00 |
|
Preparation of Stamp Duty Form |
VAT at 20% |
SUB-TOTAL |
|
£60.00 |
£10.00 |
£60.00 |
|
Telegraphic Transfer Fee |
VAT at 20% |
SUB-TOTAL |
|
£40.00 |
£8.00 |
£48.00 |
|
TOTAL FEES |
£978.00 |
For those purchasing a higher value property, for example, £500,000.00, our costs would be as follows:
|
Legal Fees |
VAT at 20% |
SUB-TOTAL |
|
£1,450.00 |
£290.00 |
£1740.00 |
|
Preparation of Stamp Duty Form |
VAT at 20% |
SUB-TOTAL |
|
£60.00 |
£10.00 |
£60.00 |
|
Telegraphic Transfer Fee |
VAT at 20% |
SUB-TOTAL |
|
£40.00 |
£8.00 |
£48.00 |
|
TOTAL FEES |
£1848.00 |
It is important to note that as well as our legal fees, you will also need to budget for some disbursements. Disbursements are costs which will need to be paid to third parties. For example, the Registration Fee which is payable to H M Land Registry to transfer the property into your name on completion. We arrange to pay these costs on your behalf to make the process as simple and stress free as possible.
A list of disbursements you would expect to see for a standard purchase is as follows:
|
Environmental, Chancel, Local Authority and Drainage Search |
£228.80 |
|
Land Registry Fee |
£150.00 |
|
OS1 and Bankruptcy Search |
£5.00 |
|
Bank Transfer Fee |
£48.00 |
|
TOTAL COST OF DISBURSEMENTS |
£431.80 |
Please bear in mind that if this were a leasehold property you might have additional costs to consider. For example, most Management Companies charge a fee to accept Notice of the new buyer. These fees vary depending upon which Management Company you are dealing with.
Please also be aware of Stamp Duty
The Stamp Duty due on completion depends not only on the property value but your individual circumstances as a buyer. Some individuals are completely exempt. Please refer to https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or https://gov.wales/land-transaction-tax-calculator for the latest government guidance in England and Wales.
Land Registry Fee
Please bear in mind that there are a number of different factors that will affect the cost of your Land Registry Fee. The fee shown above is based on the fact that the property is already registered at H M Land Registry- the application can therefore be registered electronically via their online portal. Unregistered properties have to be processed manually; the cost is therefore more expensive.
Guidance
Residential House Sale
Residential House Sale for £250,000.00
|
Legal Fees |
VAT at 20% |
TOTAL |
|
£900.00 |
£180.00 |
£1128.00 |
|
Bank Transfer Fee |
VAT at 20% |
TOTAL |
|
£40.00 |
£8.00 |
£48.00 |
|
TOTAL FEES |
£918.00 |
For those selling a property for the sum of £500,000.00 an idea of our costs would be as follows:
|
Legal Fees |
VAT at 20% |
TOTAL |
|
£1,400.00 |
£280.00 |
£1680.00 |
|
Bank Transfer Fee |
VAT at 20% |
TOTAL |
|
£40.00 |
£8.00 |
£48.00 |
|
TOTAL FEES |
£1728.00 |
It is important to note that as well as our legal fees, you will also need to budget for some disbursements. As previously mentioned, disbursements are fees which will need to be paid to third parties during the transaction. For example, in this scenario the Land Registry will charge us a small fee to download up to date, official copies of your Deeds. These usually cost £6.00.
Please bear in mind that if this were a leasehold property you might have additional costs to consider. For example, most Management Companies charge a fee to provide an information pack to the buyer’s solicitors. The cost varies depending on the Management Company responsible.
Our Invoice
Our invoice will be submitted to you with a completion statement once all queries have been answered and a completion date has been agreed. Search fees (in relation to a purchase) and Management Company Pack fees (in relation to a sale) are the only costs we would ask you to provide from the initial outset of the transaction.
Please note that we always try our best to honour our estimate. It is always difficult, however, to predict how well a transaction will go. Sometimes, transactions become protracted or difficult. If the transaction proves to be substantially more complex or time-consuming than original anticipated, we reserve the right to increase our charges to reflect the extra work. We will always try to provide you with a revised estimate before exchange of contracts but this is not always possible.
Abortive costs
If, for whatever reason, your transaction is unable to proceed to exchange of contracts our legal fees will become payable at a pro-rata rate up to the stage at which the transaction becomes abortive, together with any disbursements which have been paid out.