As of the 6th December 2018 the CLC have made it compulsory that all firms regulated by the CLC adhere to transparency obligations regarding the costs of conveyancing.
Here at Richardson Property Lawyers we have always offered our clients a clear and precise estimate of our costs before any transaction begins. Unlike some firms that offer a fixed fee and then you discover that they add on extras, we do not believe in this practice.
As soon as a client contacts us to engage us to assist them in their move we offer a fully written estimate that breaks down all of the costs and explains what those costs represent. Upon acceptance of the estimate by the client a further copy will be sent to be signed by the client and then held on our file.
Fees include our professional fees along with what is known as disbursements and we explain these as follows.
Professional Fees
These are fees paid for us carrying out the conveyancing process on your behalf. This will include all correspondence whether by phone, email or letter. There is no limit set on the correspondence throughout the matter.
We offer a bespoke service as no property is the same. Estimates are provided on details received from you which we provide via email or phone. Our firms fee’s range from £650 plus VAT for a remortgage to £3500 plus VAT for the sale of a large estate property with land and outbuildings.
Disbursements
These are costs you must pay to various third parties involved in the conveyancing process. Here are some examples below.
Land Registry Fees
The Land Registry have certain fees associated with a conveyancing transaction. If you are selling a property and it is a registered title the Land Registry will hold a copy of the title which we will require. More information can be found at www.gov.uk/guidance/hm-land-registry-information-services-fees
Should you be purchasing a property the Land Registry have a scale of registration fees. Following completion an application will be made to the Land Registry to change the Title. More information can be found on the Land Registry site www.gov.uk/guidance/hm-land-registry-registration-services-fees
Search Fees
These relate to when you are purchasing a property. They help us to discover more about the property that you are purchasing. The three main searches are; local search this is carried out through the local council and will reveal information such as is the road adopted and any work to the property has obtained the correct permissions. Water search; this confirms that the property is connected to mains water and where the run of the drains are. Environmental and Flood search; this is self explanatory and confirms any environmental issues concerning the property.
The cost of the searches is very much dependent on the area that you are buying in as the local council’s will charge differently for their information. We will of course advise you in matters.
Stamp Duty
You will be aware that if your purchasing a property a payment of Stamp Duty must be made. This will require us completing the required form to submit to HMRC following the completion of the purchase. As part of our estimate we will of course advise you of the fee in this regard. More information can be found at www.gov.uk/stamp-duty-land-tax
It is hoped that by giving such clear and precise information on exactly what is covered by the estimate you receive from us will lead to transparency in all regards.
Below are some examples of conveyancing disbursements.
Sale of Freehold Property
Copy Title from Land Registry and Plan £6
Purchase of Freehold Property in the Wealden Area £150,000
Searches £375 - £400
Stamp duty £0
Land Registry fee £95 * This price will differ if you are purchasing a new build
From the information that you provide to us we will be able to give a precise estimate on matters such as searches, stamp duty and Land Registry fees. Buying or selling a property normally takes 6-8 weeks. The process will be longer if you are part of a chain of buyers and sellers.
PLEASE NOTE: The above are merely examples and should you wish to engage in our services to assist you with your move please contact us for a full and precise estimate of our costs.