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M&K Solicitors

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Wills & Probate

Fees and Disbursemnts

Please use our online conveyancing calculator to obtain an estimated quote

What will the fees be?

Fees will of course be dependent on the nature of transaction, the complexity of the work involved and the value of the property.

Our fees are based on a sliding scale as per the table below. The figures may of course vary in cases with special circumstances and additional complications. We will always provide you with an individual cost estimate at the outset of a transaction taking into account all of the information you supply to us about the transaction generally and your own unique circumstances. We will always advise you immediately about any complications as they arise during the transaction and discuss any additional charges before these are incurred.

We charge a minimum fee of £20.00 plus VAT per person to undertake anti money laundering (AML checks) on behalf of the Firm.  This fee may increase if international AML checks are required or further work is necessary to satisfy our obligations to identify a client. Should our fee in this regard be in excess of £20 plus VAT per person, we shall notify you in advance.  Where Enhanced Due Diligence (EDD) is required for clients where there is an international element relating to their residence and/or their source of funds, we charge a minimum of £100 plus VAT.

Sliding Scale (sale/ purchase)

Up to £200,000

£750 + VAT

Up to £300,000

£850 + VAT

Up to £400,000

£950 + VAT

Up to £500,000

£1,050 + VAT

£500,001 to £750,000

£1,150 + VAT

£750,001 – £1 Million

£1,250 + VAT

£1 – 2 Million

0.15% of price + VAT

£2 Million & over

0.20% of price + VAT

Note: The costs estimates will attract VAT at the current rate of 20%. In the event that there is a change in the rate of VAT, our costs estimates will be amended accordingly.

Purchase of a freehold residential property at £500,000.00

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.

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees.

Search fees vary according to the Local Authority area the property is situated in (this figure includes VAT at 20%).

Stamp Duty or Land Tax (on purchase)

This of course depends on the purchase price of your property and factors such as whether you own other properties, are non UK resident etc. 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 and the links to the calculators are below.

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. Currently the average process takes between 16-20 weeks from receipt of contract paperwork to completion.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a build complete new build property with a mortgage in principle, it could take 6weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 6 and 8 months. In such, a situation additional charges would apply.

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 that you may wish to include:

  • 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 documentation if required
  • 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 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 lender and you
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry

As a CQS accredited firm we follow Protocol. Please see here for more information on the Protocol.

Sale of a leasehold residential property at £350,000.00

Our fees cover all the work* required to complete the sale of your home, including dealing with the redemption of any existing mortgages.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

Some disbursement costs include VAT and some do not, we will outline this within your quotation of costs.

On a leasehold sale we will need to approach your freeholder/ management company to obtain assignment and management information. They will charge anything in the region of £200 – £500 + VAT to provide this. We will usually suggest that you make payment to them direct for this information for expediency.

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.

Our fee assumes that:

  1. 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
  2. this is the assignment of an existing lease and is not the grant of a new lease or a staircasing/ shared ownership transaction.
  3. the transaction is concluded in a timely manner and no unforeseen complication arise
  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

How long will my flat sale take?

How long it will take from our accepting an offer being accepted until you can complete the sale will depend on a number of factors. Currently the average process takes between 16-20 weeks from the issue of contract paperwork to completion.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a selling to first time buyer with a mortgage in principle, it could take 8 weeks. However, as you are selling a leasehold property it really will depend on the speed of third parties such as managing agents supplying required information quickly and efficiently.

Stages of the process

The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:

  • Take your instructions and give you initial advice
  • Obtain and review title and leasehold documents
  • Advise of any discrepancies or issues arising from the title documents
  • Issue contract documents
  • Obtain costs/ timescales in relation to management information
  • Obtain redemption statements on any existing mortgages
  • Give you advice on all documents and information received
  • Send final contract to you for signature
  • Agree completion date (date on which you must vacate the property)
  • Exchange contracts and notify you that this has happened
  • Complete purchase
  • Redeem any existing mortgages
  • Account to you for the sale proceeds

Fast Track Completion Service

The gap between exchange of contracts and completion is usually 14 days and can be longer. If there is a mortgage involved, lenders normally require at least 5 working days’ notice after exchange of contracts to produce funds.
If you wish to speed up your completion our Fast Track Service offers: –

Simultaneous Exchange and Completion OR within a week of each other

  • Priority Service
  • Legal Work fast tracked
  • Early funds release.

The cost of this service is from £75.00 plus VAT per sale and purchase to include negotiating arrangements with the sellers’ solicitors and any mortgage lender.

Exchange of Contracts and Completion can only take place once:

  • All legal queries have been answered
  • All parties agree the arrangement and the completion date.
  • All legal paperwork has been signed by all parties.
  • Funds release is confirmed by any lender involved.

Note: If you exchange and complete simultaneously there is no legal commitment on each party until the contract is exchanged. This means that each party may withdraw. If you choose to exchange and complete simultaneously using our Fast Track service and have a mortgage, we will apply for mortgage funds for the anticipated completion date in advance. If completion doesn’t take place for any reason you will be responsible for fund transfer costs and interest on the loan. Fees are payable once you authorise the service whether or not the arrangements proceed.

If you have instructed us to start work on your matter and it does not proceed to Completion, we will levy an abortive bill to reflect the time spent working on your matter up until the point you instructed us not to proceed any further. The bill will also include any disbursements incurred on your behalf in connection with the transaction. We may apply any monies already held on account towards payment of the abortive bill with any shortfall being payable by you. If we are holding surplus funds on account following settlement of the abortive bill, these will be returned to you.

The following is a list of indicative additional charges where additional work may be required in connection with the transaction:

Additional Service

Minimum Additional Charge

Notes

Arranging or approving indemnity policies

£65 + VAT

Per policy

Additional Land / Second Title

£100 + VAT

Per parcel

Dealing with title defects / restrictions

£100 + VAT

 

Updating Title

£100 + VAT

Change of name/address/property description

Dealing with additional loans/debts

£150 + VAT

Per loan/debt

Gift / Third party involvement

£100 + VAT

Per additional person

Redeeming / removing second charge / restrictions

£100 + VAT

Per charge

Deeds of covenant

£75 + VAT

 

Licence to Assign

£75 + VAT

 

Deed of variation

£500 + VAT

 

Transfer of freehold (with lease)

£250 + VAT

Not including Land Registration fees

Service charge retention

£100 + VAT

Per retention / annum

Licences to occupy

£250 + VAT

 

Access undertaking

£150 + VAT

 

Anti-fraud restriction

£100 + VAT

 

Second management/freehold pack

£250 + VAT

 

Statutory declaration

£100 + VAT

 

Lifetime ISA

£150 + VAT

Per account

HTB ISA

£150 + VAT

Per account

Simultaneous completion

£75 + VAT

*Completion within 5 days of exchange

Sales or Purchases of Part

£250 + VAT

 

Unregistered Titles

£125 + VAT

 

Freeholds with Management Charge

£200 + VAT

 

Help to buy redemption

£250 + VAT

 

Failed / delayed completion

£150 + VAT

 

Occupiers consent to mortgage

£50 + VAT

Per occupier

AML domestic fee

£20 + VAT

Minimum per person

If you have instructed us to start work on your matter and it does not proceed to Completion, we will levy an abortive bill to reflect the time spent working on your matter up until the point you instructed us not to proceed any further. The bill will also include any disbursements incurred on your behalf in connection with the transaction. We may apply any monies already held on account towards payment of the abortive bill with any shortfall being payable by you. If we are holding surplus funds on account following settlement of the abortive bill, these will be returned to you.

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