Residential Conveyancing

All law firms are obliged to provide pricing information for residential conveyancing services, which includes a freehold sale or purchase, a leasehold sale or purchase and mortgages and re-mortgages of residential properties. The costs which are set out below are indicative only and you should contact us for a detailed quotation once we have assessed your requirements. If you choose to instruct us to act for you, our retainer letter will set out the charges and expenses in detail.

This note is for people buying and selling their own homes or raising finance on them in England and Wales. It is not designed for commercial clients whose business is trading and developing and investing in residential properties, nor for auctions sales and purchases.

Quinta Law LLP’s residential conveyancing department is headed by Martyn Emmens, a partner with has 17 years’ experience in this field. Liz Edwards, a senior conveyancer (non-qualified), who has over 30 years’ experience in this field, works closely with Martyn. The rest of the team comprises Nick Green, a partner who also has over 30 years’ experience (Liz and Nick have worked together since 1988), Jonathan Daniels, a partner, who qualified as a solicitor in 2009 and assistant solicitor, Lauren Murray. The team is assisted by Michaela Lenartova, a paralegal (non-qualified). All work by non-qualified members of staff is supervised by a partner.

Typical timescales for a residential sale or purchase from start to finish, is, in our experience between 6 to 8 weeks from the start of the process, until a binding exchange of contracts. Completion of the transaction is typically, 4 weeks later, but these timescales are by no means applicable to every transaction and the timing depends on a number of factors including:

1. 1. The parties’ wishes.
   2. Availability of mortgage finance.
   3. Is there a chain of transactions.
   4. The speed of the various professionals involved (solicitors, surveyors, mortgage brokers); and
   5. The time taken by local and other authorities to process conveyancing searches.

Our team will always keep you up to date as the transaction progresses and will always be pleased to update you on likely timings.

The key stages of a residential transaction are:

Purchase

1. 1. Offer accepted.
   2. Instruct conveyancers.
   3. Meet the chosen conveyancers and ensure that they are satisfied with your identity, source of funds and wealth.
   4. Apply for a mortgage, either directly or via a mortgage broker. Your conveyancer will not provide advice on the type of mortgage which may be suitable for you. You should always use an Independent Financial Advisor (IFA).
   5. Place the conveyancers in funds for expenses which they will lay out on your behalf and, if required, on account of their fee.
   6. The Seller’s conveyancers will provide a legal pack to the Buyer’s conveyancers and the Buyers conveyancers will apply for local and other conveyancing searches.
   7. Both conveyancers will liaise, and questions will be asked by the Buyers conveyancer’s or the Seller’s conveyancer.
   8. Instruct a surveyor to carry out a survey of the property. Your conveyancer will explain the different types of survey commonly undertake.
   9. Once a mortgage offer has been issued, the Buyer’s conveyancer will report to you on all the paperwork (including any “small print” in the mortgage offer); ask you to sign the contract and if you are satisfied, you will be asked to pay a deposit (normally 10% of the purchase price) to your conveyancer. This will be paid to the Seller’s conveyancer on exchange of contracts and held by the Seller’s conveyancers until completion.
   10. Exchange of contacts takes place once both parties are ready and have agreed on a completion date.
   11. After exchange of contracts, the Buyer’s conveyancer will request the mortgage funds from your lender and will prepare a statement for you setting out the monies needed on completion. The conveyancer will make arrangement with you to sign the mortgage documents and any property documents. Your conveyancer will check that there is no debt on the property which cannot be repaid on completion and then the parties will proceed to complete, which is the day you get the keys to your new property.
   12. There are administrative matters which your conveyancer will attend to after completion, such as paying stamp duty land tax and applying to the land registry to register the change of ownership.
   13. Once this has been finalised (usually within 4 weeks of completion (unless you are buying a new lease, when the Land Registry takes much longer)), your conveyancer will send you the relevant papers.

Sale

1. 1. Market the property.
   2. Once you have accepted an offer, instruct your chosen conveyancers.
   3. Meet the chosen conveyancers and ensure that they are satisfied with your identity and ownership of the property.
   4. Your conveyancer will check if there are any penalties on your mortgage product for selling the property and paying off your mortgage.
   5. As per paragraphs 6, 7, 8 and 10 above.
   6. Your conveyancer will provide you with a statement of monies which will be available to you on completion, having received a mortgage redemption statement from your lender.
   7. Completion takes place; you move out and receive the sales proceeds.

What Will it Cost?

Our standard costs are based on a percentage of the sale or purchase price. Please note that all references below to VAT are to VAT at the prevailing rate, currently 20%.

Purchase

Our charges are the same for freehold and leasehold properties. Our basic charge will be 0.5% of the price, plus VAT and disbursements with a minimum charge of £1,500 plus VAT and disbursements. Disbursements are costs paid to third parties such a local searches or land registry fees.

The likely disbursements will be as follows and we do make an administrative charge on some of the disbursements. Full details of these are contained in our retainer letter.

1. Bank fees. Banks charge fees for electronic transfer of funds of approximately £25 plus VAT. We make an administrative charge of £20 plus VAT for each transfer.
2. Conveyancing searches. The cost varies from one local authority to another, but the cost is usually in the region of £500 plus VAT for all the searches. We do not make an administrative charge for these, save for land registry searches which are usually less than £20 plus VAT.
3. Land registry fees. There is a scale published by the Land Registry, depending on value and type of transaction. See here for a link to the current land registry fee scale. We will always advise you of the likely land registry fees at the outset.
4. Stamp duty land tax (SDLT). SDLT  is charged at different rates on different portions of the price. If you are buying the name of a company, or if you already own a share in another property anywhere in the world (and are not selling it at the same time as buying the new one) then there will be an additional payment due. SDLT for your purchase can be calculated by using the Revenue & Customs calculator here. Transactions for properties in Wales are now liable for Land Transaction Tax rather than Stamp Duty Land Tax and the rates are likely to be different and we will calculate these for you when instructed.
5. Lawyer Checker. There is a proliferation of fraud and, if we have not previously dealt with the lawyers with another party’s lawyers, we will use this service. The charge is £12 plus VAT per search.
6. Electronic Identification.
7. Copy documents. We may need to apply for copies from the local authority, or land registry. The cost is unlikely to exceed £40 plus VAT. There is no administrative charge.
8. When a lease is purchased, the freeholder charges a fee to register the change of ownership and mortgage. That fee depends on the wording of the lease but could between £50 to £200 plus VAT (or more). A deed of covenant may be required. This could cost between £50 to £250 excluding VAT. Again, we will advise you of the actual cost early in the transaction

Sale

Our charges are the same for freehold and leasehold properties. Our basic charge will be 0.5% of the price, plus VAT and disbursements, with a minimum charge of £1,500 plus VAT and disbursements. These are the likely disbursements:

1. Bank fees. Banks charge fees for electronic transfer of funds of approximately £25 plus VAT. We make an administrative charge of £20 plus VAT for each transfer.
2. Lawyer Checker. There is a proliferation of fraud and if we have not come across the lawyers with whom we are dealing, we will use this service, it charges £10 plus VAT per search.
3. Electronic Identification fee totalling £50 plus VAT.
4. Copy documents and searches. We will need to apply for copies of documents from the land registry. The cost is unlikely to exceed £40 plus VAT. There will be a small administrative charge of £10, plus VAT, for each search.
5. When a lease is sold, the lease may stipulate that the consent of the freeholder is needed. Their costs can vary hugely, from £100 to £1,500 plus VAT. Again, we will advise you of the likely cost early in the transaction.
6. (leasehold properties only) Where you are selling a leasehold property, we will need to write to your managing agents, to obtain a management pack. This includes detail of the rent, service charge, and building insurance. It also contains replies to some standard questions that the buyer’s conveyancers will require. The cost is typically between £200 and £500 plus VAT.

Mortgages/Remortgages

Our basic charge will be 0.5% of the amount of the mortgage, plus VAT and disbursements with a minimum charge of £1,500 plus VAT and disbursements. The likely disbursements will be:

1. (leasehold properties only). Where you are mortgaging a leasehold property, we will need to write to your managing agents, to obtain a management pack. This includes detail of the rent, service charge, and building insurance. It also contains replies to some standard questions that the lenders will require. The cost is typically between £200 and £500, plus VAT.
2. When a lease is mortgaged, the lease may (unlikely) stipulate that the consent of the freeholder is needed. Their costs can vary hugely, from £100 to £1500, plus VAT. The lease may permit the freeholder to charge a fee to register the mortgage. That fee depends on the wording of the lease but could between £50 to £200, plus VAT (or more).  Again, we will advise you of the actual cost early in the transaction.
3. Bank fees. Banks charge fees for electronic transfer of funds are approximately £25. We make an administrative charge of £20 plus VAT for each transfer.
4. Electronic Identification fee totalling £50 plus VAT.
5. Copy documents and searches. We will need to apply for copies of documents from the land registry. The cost is unlikely to exceed £40 plus VAT. There will be a small administrative charge of £10 plus VAT for each search.

Extra Charges

We may need to increase our fees should there be justification for this. We will always tell you if this is likely to happen. Examples of this would be:

1. An abortive transaction, so that we would need to carry out the work a second or third time.
2. Very complicated title papers.
3. Abortive transactions (i.e. a buyer or seller withdrawing from the transaction).
4. Anything involving offshore work on the transaction.
5. Help to Buy purchases or sales, we would charge up to an additional £500 plus VAT for dealing with Help to Buy paperwork.
6. Investigation of trust-owned property.

Residential Conveyancing

All law firms are obliged to provide pricing information for residential conveyancing services, which includes a freehold sale or purchase, a leasehold sale or purchase and mortgages and re-mortgages of residential properties. The costs which are set out below are indicative only and you should contact us for a detailed quotation once we have assessed your requirements. If you choose to instruct us to act for you, our retainer letter will set out the charges and expenses in detail.

This note is for people buying and selling their own homes or raising finance on them in England and Wales. It is not designed for commercial clients whose business is trading and developing and investing in residential properties, nor for auctions sales and purchases.

Quinta Law LLP’s residential conveyancing department is headed by Martyn Emmens, a partner with has 17 years’ experience in this field. Liz Edwards, a senior conveyancer (non-qualified), who has over 30 years’ experience in this field, works closely with Martyn. The rest of the team comprises Nick Green, a partner who also has over 30 years’ experience (Liz and Nick have worked together since 1988), Jonathan Daniels, a partner, who qualified as a solicitor in 2009 and assistant solicitor, Lauren Murray. The team is assisted by Michaela Lenartova, a paralegal (non-qualified). All work by non- qualified members of staff is supervised by a partner.

Typical timescales for a residential sale or purchase from start to finish, is, in our experience between 6 to 8 weeks from the start of the process, until a binding exchange of contracts. Completion of the transaction is typically, 4 weeks later, but these timescales are by no means applicable to every transaction and the timing depends on a number of factors including:

1. 1. The parties’ wishes.
   2. Availability of mortgage finance.
   3. Is there a chain of transactions.
   4. The speed of the various professionals involved (solicitors, surveyors, mortgage brokers); and
   5. The time taken by local and other authorities to process conveyancing searches.

Our team will always keep you up to date as the transaction progresses and will always be pleased to update you on likely timings.

The key stages of a residential transaction are:

Purchase

1. 1. Offer accepted.
   2. Instruct conveyancers.
   3. Meet the chosen conveyancers and ensure that they are satisfied with your identity, source of funds and wealth.
   4. Apply for a mortgage, either directly or via a mortgage broker. Your conveyancer will not provide advice on the type of mortgage which may be suitable for you. You should always use an Independent Financial Advisor (IFA).
   5. Place the conveyancers in funds for expenses which they will lay out on your behalf and, if required, on account of their fee.
   6. The Seller’s conveyancers will provide a legal pack to the Buyer’s conveyancers and the Buyers conveyancers will apply for local and other conveyancing searches.
   7. Both conveyancers will liaise, and questions will be asked by the Buyers conveyancer’s or the Seller’s conveyancer.
   8. Instruct a surveyor to carry out a survey of the property. Your conveyancer will explain the different types of survey commonly undertake.
   9. Once a mortgage offer has been issued, the Buyer’s conveyancer will report to you on all the paperwork (including any “small print” in the mortgage offer); ask you to sign the contract and if you are satisfied, you will be asked to pay a deposit (normally 10% of the purchase price) to your conveyancer. This will be paid to the Seller’s conveyancer on exchange of contracts and held by the Seller’s conveyancers until completion.
   10. Exchange of contacts takes place once both parties are ready and have agreed on a completion date.
   11. After exchange of contracts, the Buyer’s conveyancer will request the mortgage funds from your lender and will prepare a statement for you setting out the monies needed on completion. The conveyancer will make arrangement with you to sign the mortgage documents and any property documents. Your conveyancer will check that there is no debt on the property which cannot be repaid on completion and then the parties will proceed to complete, which is the day you get the keys to your new property.
   12. There are administrative matters which your conveyancer will attend to after completion, such as paying stamp duty land tax and applying to the land registry to register the change of ownership.
   13. Once this has been finalised (usually within 4 weeks of completion (unless you are buying a new lease, when the Land Registry takes much longer), your conveyancer will send you the relevant papers.

Sale

1. 1. Market the property.
   2. Once you have accepted an offer, instruct your chosen conveyancers.
   3. Meet the chosen conveyancers and ensure that they are satisfied with your identity and ownership of the property.
   4. Your conveyancer will check if there are any penalties on your mortgage product for selling the property and paying off your mortgage.
   5. As per paragraphs 6, 7, 8 and 10 above.
   6. Your conveyancer will provide you with a statement of monies which will be available to you on completion, having received a mortgage redemption statement from your lender.
   7. Completion takes place; you move out and receive the sales proceeds.

What Will it Cost?

Our standard costs are based on a percentage of the sale or purchase price. Please note that all references below to VAT are to VAT at the prevailing rate, currently 20%.

Purchase

Our charges are the same for freehold and leasehold properties. Our basic charge will be 0.5% of the price, plus VAT and disbursements with a minimum charge of £1,500 plus VAT and disbursements. Disbursements are costs paid to third parties such a local searches or land registry fees.

The likely disbursements will be as follows and we do make an administrative charge on some of the disbursements. Full details of these are contained in our retainer letter.

1. Bank fees. Banks charge fees for electronic transfer of funds of approximately £25 plus VAT. We make an administrative charge of £20 plus VAT for each transfer.
2. Conveyancing searches. The cost varies from one local authority to another, but the cost is usually in the region of £500 plus VAT for all the searches. We do not make an administrative charge for these, save for land registry searches which are usually less than £20 plus VAT.
3. Land registry fees. There is a scale published by the Land Registry, depending on value and type of transaction. See here for a link to the current land registry fee scale. We will always advise you of the likely land registry fees at the outset.
4. Stamp duty land tax (SDLT). SDLT  is charged at different rates on different portions of the price. If you are buying the name of a company, or if you already own a share in another property anywhere in the world (and are not selling it at the same time as buying the new one) then there will be an additional payment due. SDLT for your purchase can be calculated by using the Revenue & Customs calculator here. Transactions for properties in Wales are now liable for Land Transaction Tax rather than Stamp Duty Land Tax and the rates are likely to be different and we will calculate these for you when instructed.
5. Lawyer Checker. There is a proliferation of fraud and, if we have not previously dealt with the lawyers with another party’s lawyers, we will use this service. The charge is £12 plus VAT per search.
6. Electronic Identification.
7. Copy documents. We may need to apply for copies from the local authority, or land registry. The cost is unlikely to exceed £40 plus VAT. There is no administrative charge.
8. When a lease is purchased, the freeholder charges a fee to register the change of ownership and mortgage. That fee depends on the wording of the lease but could between £50 to £200 plus VAT (or more). A deed of covenant may be required. This could cost between £50 to £250 excluding VAT. Again, we will advise you of the actual cost early in the transaction.

Sale

Our charges are the same for freehold and leasehold properties. Our basic charge will be 0.5% of the price, plus VAT and disbursements, with a minimum charge of £1,500 plus VAT and disbursements. These are the likely disbursements:

1. Bank fees. Banks charge fees for electronic transfer of funds of approximately £25 plus VAT. We make an administrative charge of £20 plus VAT for each transfer.
2. Lawyer Checker. There is a proliferation of fraud and if we have not come across the lawyers with whom we are dealing, we will use this service, it charges £10 plus VAT per search.
3. Electronic Identification fee totalling £50 plus VAT.
4. Copy documents and searches. We will need to apply for copies of documents from the land registry. The cost is unlikely to exceed £40 plus VAT. There will be a small administrative charge of £10, plus VAT, for each search.
5. When a lease is sold, the lease may stipulate that the consent of the freeholder is needed. Their costs can vary hugely, from £100 to £1,500 plus VAT. Again, we will advise you of the likely cost early in the transaction.
6. (leasehold properties only) Where you are selling a leasehold property, we will need to write to your managing agents, to obtain a management pack. This includes detail of the rent, service charge, and building insurance. It also contains replies to some standard questions that the buyer’s conveyancers will require. The cost is typically between £200 and £500 plus VAT.

Mortgages/Remortgages

Our basic charge will be 0.5% of the amount of the mortgage, plus VAT and disbursements with a minimum charge of £1500 plus VAT and disbursements. The likely disbursements will be:

1. (leasehold properties only). Where you are mortgaging a leasehold property, we will need to write to your managing agents, to obtain a management pack. This includes detail of the rent, service charge, and building insurance. It also contains replies to some standard questions that the lenders will require. The cost is typically between £200 and £500, plus VAT.
2. When a lease is mortgaged, the lease may (unlikely) stipulate that the consent of the freeholder is needed. Their costs can vary hugely, from £100 to £1500, plus VAT. The lease may permit the freeholder to charge a fee to register the mortgage. That fee depends on the wording of the lease but could between £50 to £200, plus VAT (or more).  Again, we will advise you of the actual cost early in the transaction.
3. Bank fees. Banks charge fees for electronic transfer of funds are approximately £25. We make an administrative charge of £20 plus VAT for each transfer.
4. Electronic Identification fee totalling £50 plus VAT.
5. Copy documents and searches. We will need to apply for copies of documents from the land registry. The cost is unlikely to exceed £40 plus VAT. There will be a small administrative charge of £10 plus VAT for each search.

Extra Charges

We may need to increase our fees should there be justification for this. We will always tell you if this is likely to happen. Examples of this would be:

1. An abortive transaction, so that we would need to carry out the work a second or third time.
2. Very complicated title papers.
3. Abortive transactions (i.e. a buyer or seller withdrawing from the transaction).
4. Anything involving offshore work on the transaction.
5. Help to Buy purchases or sales, we would charge up to an additional £500 plus VAT for dealing with Help to Buy paperwork.
6. Investigation of trust-owned property.