Our Pricing – Residential Property

There is no such thing as a “typical” conveyancing transaction. Each transaction is as individual as our clients and we treat them both as such. Behind every unique transaction is a person driving the matter and we never forget that; our clients are people to us, not mere numbers, and helping those people through a stressful process is at the centre of how we work and what we do.

At Colemans we take a proactive rather than reactive approach to conveyancing ensuring that all of our clients have an exit strategy when purchasing a property, whether it be a first time buyer, clients upscaling or downscaling, or investing.

We aim to provide a service that instils in our clients the confidence in us to be their legal representation for them for life, as well as their family, friends and future generations.

Buying a property is the biggest investment most people will ever make. It is also one that can be stressful and fraught with anxiety and uncertainty. Whilst the price of conveyancing is a factor in determining who to instruct, in our experience, the cheapest option is not always the best option. The most commonly cited complaint about conveyancers is lack of communication – the worst part of buying, selling or refinancing a home or investment is not knowing what is going on. Wouldn’t it be nice therefore to be able to put your property transaction in the hands of a team of professionals who you can trust to have your best interests at the forefront of their minds at all times, to protect your investment and to keep you updated throughout? We admit we do not offer the cheapest conveyancing services around but we do pride ourselves on being the best value for money. We will never compromise on quality of legal advice and client care in any transaction, regardless of how busy we are.

Don’t take our word for it. Here is what some of our residential property clients have said about us:

“Great experience with Colemans. Sid was really professional and personal creating the perfect balance for a smooth conveyancing process. Sid and Natalie are a credit to Colemans. I would have no hesitation in recommending Sid or Colemans to friends and family.”

“Colemans competitively priced, very professional. I would recommend Sid Garg , he took over our long awaited and painful house sale and made it happen! Would definitely use again.”

With effect from 6th December 2018 we are obliged by the Solicitors’ Regulation Authority to publish our fees for some of the residential property services that we offer at Colemans, Below you will find useful information about the costs of using us to buy or sell freehold or leasehold property and to mortgage or re-mortgage property.

How long will my sale or purchase take?

Timing in conveyancing is not an exact science.  A transaction will move as fast or as slow as every person in the transaction or “chain”.  In order to manage expectations, we always suggest a timescale of 8-12 weeks to completion from receipt of draft documentation to every party in the chain.  We will, as a matter of course, keep you updated in respect of any potential delays that we may envisage or of which we become aware.

What are the stages of conveyancing?

The below shows the work involved in a “typical” conveyancing transaction:

Purchase:

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, some key stages include:

  • Taking your instructions and giving you initial advice
  • Checking finances are in place to fund purchase and contacting lender’s solicitors if needed
  • Receiving and advising on contract documents
  • Carrying out searches
  • Obtaining further planning documentation if required
  • Making any necessary enquiries of seller’s solicitor
  • Giving you advice on all documents and information received
  • Going through conditions of mortgage offer with you
  • Sending final contract and mortgage Deed to you for signature
  • Agreeing completion date (date from which you own the property)
  • Exchanging contracts and notifying you that this has happened
  • Arranging for all monies needed to be received from lender and you
  • Completing purchase
  • Dealing with payment of Stamp Duty Land Tax
  • Dealing with application for registration at Land Registry and any requisitions that may arise from this application
  • Confirming to you once registration at Land Registry is completed

Purchase (Leasehold) over and above the list above:

  • Making any necessary enquiries of management company and/or freeholder
  • Giving you advice on all documents and information received
  • Going through lease with you
  • Serving the necessary Notices on the management company and/or freeholder

Sale:

The precise stages involved in the sale of a residential property vary according to the circumstances. However, some key stages include:

  • Taking your instructions and giving you initial advice
  • Obtaining a redemption figure for your mortgage (if any) and contacting lender’s solicitors if needed
  • Obtaining official copy of title and any other documents
  • Issuing draft contract documents
  • Replying to enquiries of buyer’s solicitor
  • Drafting the Transfer
  • Sending final approved form of contract and Transfer to you for signature
  • Agreeing completion date (date on which you are no longer the owner of the property)
  • Finalising the redemption figure for mortgage (if any) to the proposed completion date
  • Exchanging contracts and notifying you that this has happened
  • Completing sale
  • Redeeming your mortgage (if any)

Sale (Leasehold) over and above the list above:

  • Raising enquiries of freeholder
  • Giving you advice on all documents and information received
  • Apportioning any Service Charges and Rent

Mortgage/Remortgage:

  • Taking your instructions and giving you initial advice (please note that we are unable to give any financial advice)
  • Obtaining a redemption figure for your mortgage (if any) and contacting lender’s solicitors if needed
  • Obtaining official copy of title and any other documents
  • Carrying out searches
  • Obtaining further planning documentation if required
  • Going through conditions of mortgage offer with you
  • Sending to you for signature
  • Agreeing completion date
  • Finalising redemption figure for existing mortgage (if any)
  • Arranging for all monies needed to be received from lender and you (if any)
  • Redeeming your existing mortgage (if any)
  • Completing new mortgage
  • Dealing with application for registration at Land Registry and any requisitions that may arise from this application
  • Confirming to you once registration of Mortgage at Land Registry is completed

Mortgage/Remortgage (Leasehold) over and above the list above:

  • Making any necessary enquiries of management company and/or freeholder
  • Serving the necessary Notices on the management company and/or freeholder

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What are typical fees?

Our fixed fees are calculated in accordance with the table below to cover the stages of work as mentioned above:

 

Purchases

Property PriceFreehold (£)Leasehold (£)

Up to £249,999.00 £800.00 £940.00
£250,000 – £299,999 £860.00 £990.00
£300,000 – £349,999 £895.00 £1,040.00
£350,000 – £399,999 £910.00 £1,090.00
£400,000 – £449,999 £920.00 £1,100.00
£450,000 – £499,999 £1,010.00 £1,190.00
£500,000 – £549,999 £1,040.00 £1,240.00
£550,000 – £599,999 £1,110.00 £1,290.00
£600,000 – £699,999 £1,160.00 £1,340.00
£700,000 – £749,999 £1,210.00 £1,390.00
£750,000 – £799,999 £1,260.00 £1,440.00
£800,000 – £849,999 £1,340.00 £1,490.00
£850,000 – £899,999 £1,390.00 £1,540.00
£900,000 – £949,999 £1,440.00 £1,590.00
£950,000 – £999,999 £1,540.00 £1,640.00
£1m – £1.25m £1,840.00 £1,890.00
£1.25m – £1.5m £2,440.00 £2,590.00
£1.5m – £1.75m £2,940 £3,190.00
£1.75m – £2m £3,290.00 £3,540.00
£2m – £3m £4,540.00 £4,790.00
£3m and over 0.15% of purchase price 0.15% of purchase price

Sales

Property PriceFreehold (£)Leasehold (£)<tbody

Up to £249,999.00 £750.00 £935.00
£250,000 – £299,999 £775.00 £985.00
£300,000 – £349,999 £785.00 £1,035.00
£350,000 – £399,999 £835.00 £1,085.00
£400,000 – £449,999 £850.00 £1,100.00
£450,000 – £499,999 £935.00 £1,185.00
£500,000 – £549,999 £985.00 £1,2350.00
£550,000 – £599,999 £1,035.00 £1,285.00
£600,000 – £699,999 £1,085.00 £1,335.00
£700,000 – £749,999 £1,135.00 £1,385.00
£750,000 – £799,999 £1,185.00 £1,435.00
£800,000 – £849,999 £1,235.00 £1,480.00
£850,000 – £899,999 £1,285.00 £1,535.00
£900,000 – £949,999 £1,335.00 £1,585.00
£950,000 – £999,999 £1,435.00 £1,635.00
£1m – £1.25m £1,785.00 £1,835.00
£1.25m – £1.5m £2,285.00 £2,535.00
£1.5m – £1.75m £2,780.00 £3,185.00
£1.75m – £2m £3,035.00 £3,535.00
£2m – £3m £4,035.00 £4,785.00
£3m and over 0.15% of sale price 0.15% of sale price

Mortgages

Mortgage AmountFreehold (£)Leasehold (£)

Up to £249,999.00 £750.00 £850.00
£250,000 – £299,999 £750.00 £850.00
£300,000 – £349,999 £750.00 £850.00
£350,000 – £399,999 £750.00 £850.00
£400,000 – £449,999 £750.00 £850.00
£450,000 – £499,999 £750.00 £850.00
£500,000 – £549,999 £750.00 £850.00
£550,000 – £599,999 £850.00 £950.00
£600,000 – £699,999 £850.00 £950.00
£700,000 – £749,999 £850.00 £950.00
£750,000 – £799,999 £850.00 £950.00
£800,000 – £849,999 £850.00 £950.00
£850,000 – £899,999 £850.00 £950.00
£900,000 – £949,999 £850.00 £950.00
£950,000 – £999,999 £850.00 £950.00
£1m – £1.25m £950.00 £1,050.00
£1.25m – £1.5m £1,050.00 £1,150.00
£1.5m – £1.75m £1,150.00 £1,250.00
£1.75m – £2m £1,250.00 £1,350.00
£2m – £3m £1,350.00 £1,450.00
£3m and over 0.15% of mortgage amount 0.15% of mortgage amount

All of the above prices are subject to VAT at the applicable rate at the time of completion of your transaction (currently 20%).

Any work required outside of what is described above as the “typical” work anticipated in the stages of conveyancing will incur an extra fee and these may include, but are not limited to, the following:

 

 

Power of Attorney £150.00
Assignment of Life Policies (per policy) £50.00
Redemption of more than one Mortgage (per additional mortgage) £100.00
Personal Local Search £50.00
Dealing with Mortgagee’s Solicitors (where separately instructed) £200.00 upwards
Declaration of Trust (Depending on Complexity) £150.00 upwards
Drafting Statutory Declaration £100.00 – £200.00
Approving Statutory Declaration £50.00 – £200.00
Arranging or approving Defective Title, Restrictive Covenant or Maisonette Indemnity Policy £150.00 per policy
Express exchange (less than 14 working days from instructions) up to a maximum of £150.00
Express completion (less than 10 working days from exchange of Contracts) up to a maximum of £150.00
Arranging Survey £50.00
Client home visit (plus fuel expenses depending on distance) £50.00 – £100.00
Unregistered title TBA (depending on Title Documents)
Unforeseen leasehold complications (normally chasing for full details required from freeholder and/or Management Company/Managing Agents) £100.00 upwards

All of the above prices are subject to VAT at the applicable rate at the time of completion of your transaction (currently 20%).

You will also be required to pay a telegraphic transfer fee of £30 plus VAT if part of our instructions from you includes transferring money to another party or to you by same day CHAPS or BACS transfer.

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Disbursements

Disbursements are costs related to a client’s matter that are payable to third parties, such as the fees for the searches that we will order on your behalf and the fee payable to the Land Registry to register your ownership of a property, etc.  We handle the payment of these disbursements on your behalf to ensure a smoother process.  There are certain disbursements which will be set out in individual leases relating to properties.  The disbursements which we anticipate will apply in most transactions are set out separately below.  This list is not exhaustive and other disbursements may apply depending on whether the transaction involves a freehold or leasehold property and the particular circumstances or requirements of a transaction.  We will update you on specific disbursements as soon as we are able to do so.

Disbursements are payable in addition to our fees and must be taken into account when calculating the overall cost of your particular transaction.

Likely disbursements on purchase:

  • Official copy Lease
  • HM Land Registry registration Fee(s) – click here to calculate the Land Registry fee payable on your transaction.
  • Stamp Duty Land Tax – click here to calculate the SDLT payable on your transaction.
  • Searches – typically between £350.00 and £500.00 plus VAT depending on where the property is located

Likely disbursements on purchase (Leasehold) over and above the list above:

  • Notice of Transfer Fee
  • Notice of Charge Fee
  • Deed of Covenant Fee
  • Certificate of Compliance Fee

Likely disbursements on sale:

  • Official Copy of Register Entries and Filed Plan – £3 each – typically £6 (and not subject to VAT)

Likely disbursements on sale (Leasehold) over and above the list above:

  • Landlord’s/Managing Agent’s Fee for answering standard enquiries
  • Notice of Transfer Fee
  • Notice of Charge Fee
  • Deed of Covenant Fee
  • Certificate of Compliance Fee

Assumptions/exclusions:

Our standard fees as set out above assume that:

  • This is a standard transaction and that no unforeseen matters will arise, including for example (but not limited to) a defect in the Title which requires remedying prior to Completion or the preparation of additional documentation ancillary to the main transaction;
  • In the case of a leasehold transaction, this is the assignment of an existing lease and not the grant of a new lease;
  • The transaction is concluded in a timely manner and no unforeseen complications or delays arise;
  • You follow our advice;
  • All parties to the transaction are cooperative and there is no unreasonable delay from third parties providing documentation;
  • No indemnity policies are required. An additional disbursement and fee may apply if indemnity policies are required (see Unforeseen Extras List).
  • There are not multiple owners of property;
  • You are not buying or selling with a shared ownership scheme;
  • You are not buying or selling using a help to buy scheme, whether it is an equity loan or ISA;
  • You are not purchasing under the right to buy;
  • You are not purchasing or selling at auction;
  • You are not buying or selling property that has tenants in situ; and
  • You are not buying or selling property that has been repossessed.

This list is not intended to be exhaustive.

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To arrange a meeting with one of our specialists, call us on 01628 631051 or send us a message here.

For more information about our Conveyancing services visit our Residential Property page.

We’re here to help.

Sid Garg

Residential Conveyancer

© Colemans Solicitors LLP, 2018
Authorised and regulated by the Solicitors Regulation Authority no. 459897. Legal Disclaimer

The information given on this website is not a comprehensive review of the law and practices in this area and does not constitute legal advice on a specific issue. Colemans Solicitors LLP does not therefore accept liability if you rely on or apply this information to your specific situation without taking bespoke advice. To seek detailed legal advice in relation to your specific circumstances or transaction please contact us.