Why use Nicholsons?
In a market increasingly dominated by internet and call-centre based bulk conveyancing organisations we know that dealing with the same dedicated professional from start to finish is invaluable.
Residential Conveyancing is an important and specialist area of practice. Identifying issues early and having the experience to deal with them can make the difference between getting a deal done and the matter falling through. Each transaction requires the attention of an expert; dealing with your property is never just a tick-box exercise.
This doesn’t necessarily mean that it costs more as our fee estimate includes what others regard as additional items and for which they will make additional charges.
Whether you are buying a 2-bed terrace in town or selling a manor house in the country our service and attention to detail is the same. You will be able to meet the person dealing with your matter in person at our offices or call them on a direct-dial telephone number at any point during your transaction.
Our normal costs on sales and purchases of residential property
Below are our normal costs for freehold residential sales and purchases based on a standard freehold residential sale or purchase with or without mortgage and assuming that there is no need for additional title rectification or work to address material defects. Occasionally some property matters do require additional work to be carried out and in such circumstances we will discuss this with you and the hourly rates of the person dealing with the work will be provided to you should this arise.
Residential sales
Sale Price Band | Fee Exclusive of VAT* | Normal Disbursements** | NORMAL TOTAL |
|---|---|---|---|
Exclusive of VAT | |||
Up to £100,000 | £760.00 | £34.20 | £946.20 |
£100,001 to £200,000 | £805.00 | £34.20 | £1000.20 |
£200,001 to £300,000 | £860.00 | £34.20 | £1066.20 |
£300,001 to £400,000 | £895.00 | £34.20 | £1108.20 |
£400,001 to £500,000 | £985.00 | £34.20 | £1216.20 |
£500,001 to £600,000 | £1075.00 | £34.20 | £1324.20 |
£600,001 to £700,000 | £1165.00 | £34.20 | £1432.20 |
£700,001 to £800,000 | £1345.00 | £34.20 | £1648.20 |
£800,001 to £900,000 | £1525.00 | £34.20 | £1864.20 |
£901,000 to £999,999 | £1705.00 | £34.20 | £2080.20 |
£1,000,000 or more | 0.2% | £34.20 |
|
Residential purchases
Purchase Price Band | Normal Legal Fees * | VAT on Fees | Normal Disbursements ** | Land Registry Fees *** | Sub total | SDLT**** | NORMAL TOTAL |
|---|---|---|---|---|---|---|---|
Exclusive of VAT | |||||||
Up to £100,000 | £845 | £169 | £252.42 | £40 | £1306.42 | £0 | £1,306.42 |
£100,001 to £200,000 | £895 | £179 | £252.42 | £95 | £1,421.42 | £500 | £1,921.42 |
£200,001 to £300,000 | £945 | £189 | £252.42 | £95 | £1,481.42 | £1,500 | £2,981.42 |
£300,001 to £400,000 | £995 | £199 | £252.42 | £135 | £1,581.42 | £2,500 | £4,081.42 |
£400,001 to £500,000 | £1095 | £219 | £252.42 | £135 | £1,701.42 | £5,000 | £6,701.42 |
£500,001 to £600,000 | £1195 | £239 | £252.42 | £135 | £1,821.42 | £6,250 | £8,071.42 |
£600,001 to £700,000 | £1295 | £259 | £252.42 | £135 | £1,941.42 | £8,750 | £10,691.42 |
£700,001 to £800,000 | £1495 | £299 | £252.42 | £135 | £2,181.42 | £13,431.42 | |
£800,001 to £900,000 | £1695 | £339 | £252.42 | £135 | £2421.42 | £15,000 | £17,421.42 |
£900,001 to £999,999 | £1895 | £379 | £252.42 | £270 | £2,796.42 | £16,250 | £19,046.42 |
£1,000,000 or more | 0.2% of price plus VAT | 20% | £252.42 | £455 | £93,750 |
|
Additional Fees
*For a New Build Property,or Shared Ownership Scheme, we charge an additional £600 plus VAT. For Auction Purchases (where instructions are received after the auction date, please contact us to discuss pre-auction date fees) and Leasehold Property Purchases, we charge an additional £450 plus VAT, and for Auction Sales and Leasehold Property Sales we charge an additional £250 plus VAT. For Help to Buy Mortgage Redemptions, we charge an additional £450 plus VAT. For the sale of a Retirement property, we charge an additional £350 plus VAT, and for the purchase of a Retirement property, an additional £450 plus VAT, sales and purchase of unregistered land, we charge an additional sum of not less than £300 plus VAT but reserve the right to increase this on receipt of the title deeds. You may also have additional costs associated with dealing with the property’s Landlord or Managing Agents or should your Lender instruct their own lawyers to represent them.
Searches and Disbursements
**Stated as at 09.08.19
Sales
Land registry official copies - £3.00 (No VAT) per document
Bank transfer/ CHAPS fee- £21.00 plus £4.20 VAT
Purchases
Local Authority Search – East Suffolk Council- £102.00 plus £20.40 VAT
Environmental Search- £27.67 plus £5.53 VAT
Water & Drainage Search- £58.50 plus £11.70 VAT
Chancel Check- £20.00 plus £4.00 VAT
CHAPS Fee (1 x Bank transfer)- £21.00 plus £4.20 VAT
Panel Management fee- £15.00 plus £3.00 VAT
Bankruptcy Search £2.00- per person (No VAT)
Land Registry Search- £3.00 (No VAT)
Forms Fee- £4.00 plus £ 0.80 VAT per form
Plan Fee- £3.25 plus £0.65 VAT
Any second or further CHAPS Payment will incur a fee of £25.20 inc VAT
Disbursements are additional costs such as search costs and banking charges which we will pay as part of carrying out the transaction for you. Some Disbursements attract an element of VAT and the figures above include this VAT.
Land Registry Fees
***As at 09.08.19 - Assuming Registered Land and electronic submission. Further information is available at https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
Stamp Duty Land Tax
**** As at 09.08.19- Assuming non-corporate purchase of primary residence at exact sum stated (not band) by a non-first time buyer and not owning or retaining any other property in the world. Further information is available at https://www.gov.uk/stamp-duty-land-tax
An Example of a Freehold Purchase
Our fees cover all of 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.
Conveyancer's fees and disbursements (based on a purchase of £250,000)
- Legal fees £675.00
- Search fees £232.42
- HM Land Registry fee £135.00
- Electronic money transfer fee £21.00
- VAT payable £180.68
Estimated total fees and disbursements: £1,242.70
Stamp Duty or Land Tax (on purchase)
This depends on the purchase price of your property and your particular circumstances such as whether you are a first-time buyer or whether you have an interest in another 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.
For instance using the above example of a £250,000 purchase, and assuming the buyer owned no other property and was not a first-time buyer SDLT would be £2,500
Example Final Total
The final total cost to you in the above example would therefore be £3,742.70
An Example of a Leasehold Purchase
Conveyancer's fees and disbursements (based on a purchase of £250,000)
- Legal fees £825.00
- Search fees £231.42
- HM Land Registry fee £135.00
- Electronic money transfer fee £21.00
- VAT payable £210.28
Potential Additional Disbursements
These fees vary from property to property and can on occasion 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 charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between. £120.00 to £200.00 (inc VAT)
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £120.00 to £200.00 (inc VAT).
- Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £200.00 to £360.00 (inc VAT).
- Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £90.00 to £180.00 (inc VAT).
Estimated total fees and disbursements (including £400 Additional Disbursements) : £1,822.70
Stamp Duty Land Tax
This depends 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.
For instance using the above example of a £250,000 purchase, and assuming the buyer owned no other property and was not a first-time buyer SDLT would be £2,500
Example Final Total
The final total cost to you in the above example would therefore be £4,322.70
Please note that our example fees quoted assume that:
- this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
- the transaction is concluded in a timely manner and no unforeseen complication arise
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
How long will my house purchase take?
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 6 to 8 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build freehold or leasehold property with a mortgage in principle, it could take 4 to 6 weeks assuming the house is structurally completed or will be so within that period. However, if you are buying a leasehold property that, for instance, requires an extension of the lease, this can take significantly longer, between 2 and 3 months.
Likely Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender's solicitors if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning or title documentation if required
- Make any necessary enquiries of seller's solicitor
- Receive and consider the results of the various searches we have carried out
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Send final contract to you for signature
- Draft Transfer
- Agree completion date (date from which you own the property)
- Advise you on joint ownership
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from lender and you
- Undertake final searches
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry