SCALE OF LEGAL FEES ON RESIDENTIAL CONVEYANCING
SRA Transparency Rules
The SRA Transparency Rules require us to provide costs information in relation to Residential Conveyancing (the conveyance of residential property which comprise freehold or leasehold sale or purchases, mortgages or re-mortgages) to the members of the public.
We will charge you for our services a sum equivalent to 0.3% of the sale price plus VAT (subject to a minimum fee of £1,250 plus VAT). This assumes that the matter is not complicated or protracted, in such cases additional charges may be due, though these will be explained to you at the earliest opportunity (see exclusions below). We may also at our discretion charge an additional fee up to a maximum of £150 plus VAT where we are also redeeming an existing mortgage.
Please note that the above details of our firm’s basic charges is not a quote and you should contact our offices and seek a quote specific to you taking into account all your circumstances.
All the above figures are required to have VAT added to them at the standard rate for the time being.
We typically work on a fixed fee basis, ensuring that you know what the fees will be for your transaction from the outset. If, during the transaction, there is a new development or something we were unaware of when we initially quoted you, we will discuss the change in fees with you and agree a way forward.
Our fees cover all the work required to complete the sale of your property.
In addition, the following will be charged:-
Payments to Third Parties
There are certain costs related to your matter which are payable to third parties, such as Land Registry fees. We handle the payment of these fees on your behalf to ensure a smoother process.
For Leasehold properties there is a requirement for a Seller’s Pack containing replies to Leasehold Property Enquiry Form (LPE1) which is provided by your Freeholder / Landlord or their Managing Agents. There is a usually a charge for providing a Seller’s Pack which varies from property to property but can be anything from £200 to £500. Until we are instructed and we correspond with the relevant party we are unable to confirm this and you should make provision for this as this will not be included in any quote to you.
We do not undertake tax advice.
Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.
Factors that may lead to an increase in cost include:
If a legal title is defective or part of the property is unregistered
If you discover building regulations or planning permission has not been obtained
If crucial documents, we have previously requested from you have not been provided to us
If the property is a new build
If the property is less than 10 years old
If you require to exchange within 6 weeks of instructing us
If you require completion within 6 weeks of instructing us
If you require simultaneous exchange and completion
For any transaction, the timescales are subject to change depending on when your offer is accepted and factors involved such as:
Number of parties in the chain
Whether you have a mortgage in place
Whether you are buying a new build property
Whether you need a lease extension for a leasehold property
A typical transaction will take between 10-14 weeks. However, if any of the above apply, or there are other factors we need to take into consideration, it may increase the time by a further 4-6 weeks and additional charges may occur. We will discuss this with you at the earliest opportunity so you always have a clear picture of how long things are likely to take.
Who will deal with your transaction?
The following qualified solicitors will deal with your transaction:
Murray Yugin (Senior Partner)
Alessandro Marrafino (Partner)
Michele Marrafino (Partner)
Shalini Bucha (Solicitor)