Conveyancing for residential properties: pricing and service information - Gateley Plc

Conveyancing for residential properties: pricing and service information

We provide a range of services for individuals buying, selling or remortgaging a residential property. On this page, we have set out our typical range of prices for our services and details of what is included. We have separated the page depending on whether you are buying, selling or re-mortgaging a residential property.

Selling a residential property

We have a minimum price for our conveyancing service depending on the price of the property:

Value of property Our fees
Below – 500,000 £975+VAT
500,000 – 750,000 £1,450+VAT
750,000  – 1,000,000 £1,700+VAT
1,000,000 – 1,500,000 £2,000+VAT
1,500,000 – 2,000,000 £2,500+VAT

Services included in our prices

  • Helping the seller prepare replies to the usual legal enquiries about the property and providing this information to the buyer’s solicitors
  • Drafting the sale contract and dealing with approval of the transfer
  • Advising and representing the seller in negotiating the sale contract and transfer document and reporting on their terms
  • Exchanging contracts and dealing with pre-completion title enquiries
  • Preparing a completion statement for the buyer’s solicitors
  • Completing the sale of the property, sending funds to any lender (if relevant), settling any agent’s account and sending the net proceeds of sale to the seller

Services not included in our prices

  • Advice on any tax implications of selling the property
  • Advice on any life planning arrangements (such as wills, trusts or inheritance tax) which may be affected by selling the property
  • Work in respect of any environmental and health and safety matters arising
  • Matters associated with the valuation of the property

Typical key stages in selling a residential property

  • Collecting all relevant information and drafting documents
  • Issuing the sale contract, title and supporting paperwork
  • Dealing with enquires raisedAgreeing the sale documents
  • Issuing documents for signing
  • Exchanging contracts
  • Completing the sale

Buying a residential property

We have a minimum price for our conveyancing service depending on the price of the property:

Value of property Our fees
Below –   500,000 £1,250+VAT
500,000 – 750,000 £1,500+VAT
750,000 – 1,000,000 £1,950+VAT
1,000,000 –1,500,000 £2,350+VAT
1,500,000 – 2,000,000 £2,750+VAT
2,000.000 – 2,500,000 £3,000+VAT
2,500,000 – 3,000,000 £3,500+VAT

 

Services included in our prices

  • Carrying out searches and legal enquiries in respect of the property and reporting on the information disclosed by those searches and enquiries
  • Reviewing the documents supplied by the seller’s solicitors about the seller’s title to the property and any associated liabilities, and reporting on material legal issues
  • Advising and representing the buyer in negotiating the sale contract and transfer and reporting on their terms
  • Carrying out pre-completion searches between exchange and completion
  • Where there is a mortgage, dealing with the lender’s requirements and reporting to them on our findings
  • On completion, receiving the purchase monies and sending funds to the seller’s solicitors
  • Where the transaction is straightforward, helping prepare a tax return to HMRC relating to Stamp Duty Land Tax or Land Transaction Tax (there may be additional charges if this return is complex and additional research is required)
  • Applying to HM Land Registry to register the buyer as owner of the property and to register any relevant rights, easements, covenants or restrictions

Services not included in our prices

  • Any tax implications of buying the property
  • Advice on any life planning arrangements (such as wills, trusts or inheritance tax) which may be affected by buying the property
  • The physical condition of the property
  • Work in respect of any environmental and health and safety matters arising
  • Matters associated with the valuation of the property.

Typical key stages of buying a residential property

  • Obtaining and reviewing the contract pack and raising enquires
  • Carrying out searches
  • Reviewing searches and raising enquires
  • Agreeing the sale documents
  • Obtaining satisfactory responses to all enquires
  • Receipt of mortgage offer (if needed)
  • Reporting to client
  • Exchanging contracts
  • Completing the purchase
  • Submitting Stamp Duty Land Tax or Land Transaction Tax return and registering the purchase of the property at HM Land Registry

Remortgaging a residential property

We have a minimum price for our conveyancing service which is dependent on the price of the property as set out below:

Value of property Our fees
Below – 500,000 £750+VAT
Over 500,000 £1,250+VAT

 

Services included in our prices

  • Reviewing title and carrying out searches or arranging indemnity insurance as required by the lender
  • Reviewing and reporting on the form of mortgage offered and dealing with all the lender’s requirements
  • Preparing a report on title for the lender
  • Getting signatures to the relevant paperwork
  • Carrying out all relevant pre-completion searches
  • Arranging drawdown of mortgage monies and dealing with discharge of the current loan (if relevant)
  • Registering the new mortgage and dealing with completion matters

Services not included in our prices

  • Any tax implications of remortgaging the property
  • Advice on any life planning arrangements (such as wills, trusts or inheritance tax) which may be affected by remortgaging the property
  • Work in respect of any environmental and health and safety matters arising
  • Matters associated with the valuation of the property

Typical key stages of remortgaging a residential property

  • Receiving the mortgage offer
  • Dealing with lender requirements, including carrying out searches or arranging insurance
  • Advising on the mortgage terms and getting signatures to the mortgage deed
  • Reporting to the lender and arranging drawdown of funds
  • Dealing with discharge of the current loan (if relevant)
  • Completing and dealing with the registration formalities

How much will residential conveyancing advice cost?

How we charge for this work

Our minimum prices for buying, selling or remortgaging a residential property are set out above.

Our prices are subject to increase based on factors such as where the property is located and the complexity of the matter. Increases are generally based on the additional time required and our hourly charge out rates. Clients are provided with an estimate of the expected cost once full details of their requirements are known.

Factors that could make a matter more complex

  • Whether the property is freehold or leasehold
  • If the legal title is defective
  • If part of the property is unregistered
  • If building regulations or planning permission had not been obtained
  • If there is a delay in receiving search results or other key documents
  • If additional legal documents are necessary, other than those usually required for the transaction (on a sale or purchase, this would be a contract, a transfer and, possibly, a mortgage deed; on a remortgage, this would be a mortgage deed)
  • There are no financial or regulatory issues or third party consents which need to be dealt with

Other fee arrangements

We do not offer conditional fee agreements, damages based agreements or so-called “no win no fee” agreements for this work.

Disbursements: costs related to your matter that are payable to third parties

  • Selling a residential property: typically, disbursements are limited to the cost of office copies at £3+VAT per entry. The average costs are around £10.80+VAT for a freehold transaction and £18+VAT for leasehold.
  • Buying a residential property: typically, disbursements are related to any searches. The costs of these vary depending on the location of the property but are usually between £400 and £600, including VAT where relevant. Land Registry fees on registration depend on the type of application and the price of the property. Stamp Duty Land Tax costs also depend on various factors such as the price of the property and whether the buyer is a first-time buyer or second homeowner, an individual or a company. Calculation tools are available on the Land Registry and HMRC websites or we can provide figures when we have received the relevant details. Land Registry fees and Stamp Duty Land Tax are not subject to VAT.
  • Remortgaging a residential property: a property search may be required or the lender may accept search insurance which would be a lower cost. As the price of cover depends on various factors it can only be given once details are known. Land Registry fees would also be payable although these are lower for a remortgage than for a purchase. Again details can be obtained from the Land Registry website.

How long will it take?

The timetable can be affected by many factors. As an average, the majority of transactions complete within four to 15 weeks. Cash transactions with no chain will be quicker than transactions which are part of a lengthy chain involving buyers with mortgage requirements or funds dependent on resolution of matrimonial proceedings, equity release arrangements or gifted deposits.

Our team

We have a team of qualified lawyers, of varying levels of seniority and experience, who provide advice for clients when buying, selling or re-mortgaging a property. You can find their profiles here.

Other useful links

We advise on a full range of property law issues. See our Real Estate and Planning pages for further details.

Further information

If you would like to discuss your case in more detail, please contact our team or your usual Gateley plc contact.