Richard Wollacott

Director and Solicitor

Residential Property

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Residential Conveyancing Price Structure

Our residential conveyancing charges may vary depending on a number of factors. These can include the sale or purchase price of your property, it's location and whether it is a freehold or leasehold property.

We are happy to provide full quotations for conveyancing fees and include all costs and disbursements that are associated to your sale and or purchase to ensure full transparency.

Set out below are our charges that you may encounter during your conveyancing depending on the type of property.

If you have any questions regarding our pricing please contact a member of the team via T: 0115 9888 777 or E: info@fraserbrown.com

Type of Charge

Amount

Details

Mortgage Redemption of second or further mortgages (the redemption of first mortgage is included)

£50.00 (each)

If we are required to deal with repayment of a second or further mortgage or charge registered against the property on a sale, or to deal with any other matter registered against the title such as a Restriction or Notice, this fee will be payable for the additional legal work involved in liaising with the Lender and repaying the charge on Completion.

Leasehold

£195.00

A Transfer Deed of a freehold property is usually a single page document, whereas a Lease can be anything between 18 to 80 pages long and is far more complex. If you are buying a property which is leasehold, we will need to examine and advise you on the Lease and make detailed enquiries of the Landlord and Management Company. If you are selling or remortgaging a property which is leasehold, considerable extra time is spent checking and preparing the documentation.

Unregistered

£100.00

Most properties sold or remortgaged in the last 15 years are already registered at the Land Registry. However, if the property being purchased or remortgaged is unregistered, it will require compulsory first registration at the Land Registry, which involves detailed investigation of old Title Deeds and preparing the documents for first registration. Similarly, if the property to be sold is unregistered, the Title Deeds will need to be collated and summarised in order to prove good title to the Purchaser.

Shared-Ownership & Help to Buy Schemes

£250.00

If you hold or wish to purchase or remortgage a share of a property under a Shared Ownership scheme, or purchase using the Help to Buy Scheme then a significant amount of additional legal work is required.

Help to Buy Isa

£50.00

If you are purchasing using a Help to Buy ISA there is an additional fee payable to cover the cost of the paperwork necessary to obtain the funds held in the ISA

New Build

£150.00

If you are purchasing a newly built property, the contract documentation is generally lengthy and complex. Often, the property is not ready for occupation at the time of Exchange of Contracts so the Contract needs to contain additional clauses in the event the property is not ready within a reasonable period of time. In addition, the Transfer Deed is several pages long containing numerous restrictive covenants which all need to be examined and advised upon.

Sale of Part

£200.00

If you are selling part of a plot of land, the Sale Contract will be more complicated than usual and the Transfer Deed will have to be specially drafted. This is likely to be several pages long, containing numerous rights, burdens and benefits which affect both the land to be sold and the retained land.

Management Companies

£100.00

If the property you are purchasing or selling pays service charges to a management company for maintenance services, and their interest is protected by a restriction on your title, we are required to obtain all relevant information and deal with the restriction before completion of the matter can take place.

Deed of Variation, Rectification, Postponement or Substitution

£125.00
(variable)

If any if the following Deeds are required during the course of the transaction, we will be required to draft and arrange for their registration at the Land Registry. The fee is variable depending upon the length and complexity of the document required – this fee is for a standard document.

Declaration of Trust

£250.00
(variable)

If two or more of you are purchasing a property jointly, a Declaration of Trust may be required outlining the individual contributions made to the purchase price and the ‘portion’ of the property intended to be owned by each person. The fee is variable depending upon the length and complexity of the document required – this fee is for a standard document.

Statutory Declaration

£50.00
(variable)

A defect in the title of the property may require a Statutory Declaration (a sworn statement) from you or a previous owner which must be registered at the Land Registry. The fee is variable depending upon the length and complexity of the document required – this fee is for a standard document.

Identity Verification

£9.00 (each)

If we are required to conduct additional ID checks (usually on behalf of a mortgage lender)

Bank Transfer Fee

£35.00 (each)

A bank transfer and administrative fee for transferring funds electronically to the Seller’s Solicitors on a purchase, or to send funds to you or to the Lender to repay a mortgage on a sale or remortgage.

BACs and Faster Payment Fee

£8.50 (each)

A bank transfer and administrative fee for transferring funds electronically to the Seller’s Solicitors on a purchase, or to send funds to you or to the Lender to repay a mortgage on a sale or remortgage.

All charges are exclusive of VAT at the current rate and subject to variation.

Any additional work not listed above will usually be charged at an hourly rate unless a fixed fee can be agreed. Hourly rates are determined by the experience and qualification of your solicitor or conveyancer. Full details and hourly rates can be found in our terms and conditions

 

PAYMENTS TO THIRD PARTIES

In addition to the payment of legal fees, you will also be required to reimburse us for any payments we make to third parties on your behalf throughout a transaction, such as to the Land Registry or the Local Authority. We call these payments 'disbursements', and the most common of these are listed below.

Type of Disbursement

Amount

Details

Title Documents

£6.00 (variable)

These include Official Copies of the Registered Title from the Land Registry (often referred to as ‘Office Copies’), or Official Copies of individual documents or deeds relating to the property which were retained by the Land Registry when the property was first registered.

Local Authority Search

£81.00
(variable)

Local Authority searches are mandatory if you are purchasing a property with the aid of a mortgage, and include essential information such as details of nearby road schemes, Compulsory Purchase Orders, breaches of Planning Permission and whether the property is in a conservation area. Prices for Local Authority searches vary widely and depend on the location of the property and the individual Council concerned.

Drainage Search<

£54.00
(estimated)

A Drainage and Water search is also mandatory and confirms whether the property is connected to the mains water supply and public sewers. The information is provided by the local water company.

Flood Search

£24.00
(estimated)

A flood search is a relatively inexpensive way to obtain a high level assessment of the risk to a particular property from all four main types of flooding (river, coastal, groundwater and surface water).

Environmental Search

£58.00
(estimated)

An Environmental search provides information relating to environmental hazards, such as nearby landfill sites or contamination.

Mining Search

£43.80
(estimated)

A Mining search is only necessary if the property is located within a mining area and will confirm if the property is at risk of subsidence.

Land Registry Search

£3.00

This search will reveal whether any new or pending registrations have been made against the property since the contract documents were first received.

Land Charges Search

£2.00 (each)

If a mortgage is required to assist the purchase, the Lender requires us to carry out a bankruptcy search to confirm whether or not you (and any co-purchaser) have been the subject of bankruptcy proceedings.

Land Registration Fee

(variable)

All purchases, leases and transfers of property must be compulsorily registered at the Land Registry following completion. This is their fee for registering ownership on the central Land Register and for issuing fresh Title documents. The price varies according to the value of the property or payment made.

Stamp Duty Land Tax

2 – 12%

 

Stamp Duty is a government tax payable as a percentage on all purchases and transfers which exceed £125,000. Rates are calculated and paid on the part of the property price within each tax band. 2% is paid on the part between £125,001 and £250,000. 5% on the part between £250,001 and £925,000. 10% on the part between £925,001 and £1,500,000 and 12% on the part at £1,500,000 and above. These figures are based on this property being the purchased as a main residence and that it is not the purchase of a second or subsequent property

Figures quoted are inclusive of VAT at the applicable rate. All disbursements are estimates only and subject to variation.

METHODS OF PAYMENT

The options below give you information on how to pay and the timings of such payments.

Method

Details

Deduction

If there will be sufficient money paid into the firm as a result of a transaction, you can elect to pay our bill and any amounts due to third parties by deduction, before the remaining balance is sent to you.

Telegraphic Transfer
(CHAPS)

This method is the only guaranteed method by which you can provide us with immediately cleared funds on the same day. However, please note, your bank is likely to charge you a fee for this service. Please also be aware that although banks undertake same day delivery within a certain timeframe, they do not guarantee the time that the funds will actually arrive. If the timing of receipt of funds is vital, for instance, in a property transaction where purchase monies are required to arrive by a specific time, we recommend that you send funds to us the day before funds are needed to prevent delays and the imposition of financial penalties due under the contract for late completion.

Bankers Draft

Bankers Drafts are cheques drawn by your bank or building society on your account. We are happy to accept these in payment of our accounts but not for completion funds or for the payment of Stamp Duty Land Tax. Payments for these must be by direct bank transfer.

Bank Transfer (BACS)

A BACS transfer is the electronic transfer of funds between banks, (not to be confused with telegraphic transfers), which takes 4 clear working days from the date your bank sends it. This is the method used if doing an online bank transfer.

Cheque

We are happy to accept personal cheques in payment of our accounts but not for completion funds or for the payment of Stamp Duty Land Tax. Payments for these must be by direct bank transfer.

Cash

Due to Money Laundering Regulations, we are unable to accept cash payments in excess of £500 per transaction.

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