SCALE OF LEGAL FEES ON RESIDENTIAL CONVEYANCING
PURCHASE AND REMORTGAGE
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 purchase price or gross mortgage advance (as the case may be) 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 £350 plus VAT where we are also acting for your lender depending on your lender’s specific requirements.
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.
Our fees cover all the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.
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.
These fees may be subject to change if further information relating to your property becomes available, for example, if you require additional searches such as a Coal Mining Search.
Additional Anticipated Payments to Third Parties on a Leasehold Property
These fees vary from property to property and can on occasions be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
You should also be aware that ground rent and service charges are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.
Stamp Duty Land Tax
This will depend on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC's website or if the property is located in Wales by using the Welsh Revenue Authority's website here.
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 the property is a new buildbuild or you are relying on Help to Buy or any other similar scheme
If the property is less than 10 years old
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)