We know that clients can be concerned about the costs involved in property transactions. We will be upfront with you and ensure that you are fully aware of our fees and any other expenses (disbursements) you may incur in the process. A full list of the possible expenses can be seen below together with an estimate of the current or likely cost. Please note, however, that these expenses are not payable in every transaction and are subject to change.
For sale or purchase transactions with a value of up to £1 million we would welcome the opportunity to provide you with a personalised quote. Please complete our Quote Request Form or alternatively, if you have any questions or would like to speak to a member of our team, please do not hesitate to contact us.
Our fees can vary depending on several factors including your own circumstances and the value of the property that you are buying or selling. We have a dedicated and experienced residential property conveyancing team who will guide you through the whole conveyancing process and do everything possible to deliver you a first-class service with a personal touch. Loosemores is an approved member of the Law Society’s Conveyancing Quality Scheme.
We offer fixed fees on all standard residential conveyancing transactions. See below for an overview of fees associated with a standard transaction.
In some cases, there will be additional charges payable if applicable
- Transactions involving leasehold property: £200 + VAT (20%)
- CHAPS fees: £40 +VAT (20%)
- Indemnity Insurance Policy: £40 +VAT (20%)
- Funding being provided by way of gift £50 + VAT (20%) (for each person assisting in the funding of the transaction)
- Lender Portal Administrative Fee £20 plus VAT @20%
- Purchasing through a Help to Buy Loan Scheme £450 plus VAT @20%
Higher Value transactions
For transactions where the sale or purchase price exceeds £1,000,000, we would recommend that you request a bespoke quote by contacting our team. Our online quote estimator will only provide quotes for transactions up to £1,000,000. We are, however, able to provide you with a guide in the form of a range of the likely level of fees where the transaction exceeds £1,000,000. This range is provided on the basis that the fee quoted will reflect the complexities of the proposed transaction and the market conditions at the time the quote is provided.
Our fees for high value transactions will range from £1,750 for a transaction with a value exceeding £1,000,000 and may rise to £5,000 depending on the value (in each case) plus VAT (currently 20%) and disbursements plus any applicable Additional Fees listed above.
Fees for Other Property Transactions
Whether you are re-mortgaging your house to raise extra cash or changing your lender for a better deal you will need to instruct a solicitor to carry out the legal work on your behalf.
Our Legal fee for a standard Remortgage will be £595 plus VAT (20%) and disbursements.
Transfer of Equity and gifts.
Whether you want to transfer a property from joint names into a sole name, gift a property or add a new party onto the ownership register at the Land Registry, our team of experts can guide you through the process.
Our Legal fee for a standard Transfer of Equity will be £550 plus VAT (20%).
How long it will take from your offer being accepted until you can move in to or out of your house will depend on several factors. We usually find it takes 8-10 weeks for most but again, this can vary. You can expect clear communication with the person handling your transaction and will be informed of key stages of the process, likely timescales for each stage, and details of any services that might be expected to be included, but which are not.
What is included in our Fee?
Our fee includes all standard work required to complete the transaction in which we are instructed. This work can be described as the key stages although there can be some variation depending on the circumstances. You can expect our fee to cover the following key stages: –
Stages of Buying a Property
- Checking and processing your instructions including carrying out the identity and anti-money laundering checks (required by law to carry out)
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Receive and advise on contract documents
- Ordering all necessary searches and checking the results
- Obtain further planning documentation if required (a further fee may be payable for this)
- Make any necessary enquiries of seller’s solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Send final contract to you for signature
- Agree on completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from the lender and you
- Complete purchase
- Deal with payment of Land Transaction Tax (Wales) or Stamp Duty (England and Northern Ireland)
- Deal with application for registration at Land Registry
Stages of Selling a Property
The precise stages involved in the selling of a residential property vary according to the circumstances. The key stages are as follows:
- Checking and processing your instructions including carrying out the identity and anti-money laundering checks (required by law)
- Obtaining details of your property from the Land Registry
- Obtaining redemption statements from your mortgage lender
- Drafting and negotiating the contract and transfer, etc.
- Deducing title to the purchaser’s solicitors
- Replying to usual enquiries raised by the purchaser’s solicitor
- Correspondence and telephone calls with yourself, your agent and the purchaser’s solicitor
- When agreed and where possible, exchanging contracts and completing the sale, etc.
- Dealing with the transfer of funds between the relevant parties
- Where you have a charge on the property, it will be necessary to deal with the discharge of the charge
Disbursements are expenses related to your matter that are payable to third parties. We handle the payment of these expenses on your behalf to ensure a smoother process. Any such expenses will be explained to you clearly beforehand. By way of example only, they include the following:
- Land Registry Document Fees (dependent on the property purchase value on purchases only)
- Local Search fees
- Bankruptcy search fees
- Leasehold Management Company Pack charges
- Land Registration fees
- Stamp Duty or Land Transaction Tax (depending on the location of the property being purchased)
- Notice fees (on leasehold property)
- Indemnity insurance premium fees (if required)
Stages and timescale of a Remortgage
- Your mortgage lender will stipulate that you find a solicitor.
- Your lender will make an offer to Remortgage the same as it would for a standard mortgage. We will check title documents and obtain office copies from the Land Registry.
- Loosemores will carry out a number of searches on the property.
- The mortgage deed is drawn up and signed by you. We will then register the mortgage with the Land Registry.
We find on average that the Remortgage process takes between 2-3 weeks. This varies per client and can be shorter or longer, depending on various factors but we aim to keep you updated throughout.
Land Transaction Tax (LTT) or Stamp Duty Land Tax (SDLT) (for properties in England)
The amount of tax that you pay on Completion depends on the purchase price of your property and how many properties/interests in properties each buyer will have at the end of the day of completion of the purchase.
HM Revenue and Customs (HMRC) collect SDLT and Welsh Revenue Authority (WRA) collect LTT.
If you wish for clarity or have any queries on the level of Tax, you should consult with a relevant adviser in advance of the exchange of contracts. Please refer to the relevant calculators for Tax:
HMRC (for properties in England) : gov.uk/stamp-duty-land-tax/residential-property-rates or
Welsh Revenue Authority (for properties in Wales): lttcalculator.wra.gov.wales
What is not included in our fee?
All fees quoted are on the assumption that this is a standard transaction relating to a property with registered title completed in a timely manner and with no unforeseen complications arising.
We do not provide specialist tax advice relating to individual property transactions. If you require tax advice relating to the transaction you are undertaking you will need to obtain this from an accountant or other specialist tax advisor.
The following are not included in our fee:
- Work relating to the preparation of additional documents ancillary to the main transaction.
- Work relating to the grant of a new Lease if you are buying a leasehold property.
- Work required in connection with indemnity policies if required – separate fees will apply.
- Construction related advice relating to the property – you must rely on your surveyor for such advice. Similarly, we will not be providing valuation advice or advice in relation to the physical condition of the property.
- Work relating to the absence of any necessary planning permissions. If this advice becomes necessary, we will quote separately in this respect.
We will, of course, keep you fully informed if any of the above occur during the transaction.
The Residential Property Conveyancing Team
James Pearn qualified as a Solicitor in October 1993 after obtaining his Law degree at the University of Glamorgan in 1990 and has considerable experience. He joined Loosemores as a Partner in October 2017. He possesses a wealth of knowledge and expertise in both residential and commercial property dealing with sales and purchases of high value residential property together with all aspects of commercial property work. James has an excellent reputation and is committed to delivering the first-class service that our clients expect. James is our Head of Conveyancing under the Law Society’s Conveyancing Quality Scheme Accreditation.