Pricing for Residential Conveyancing

At IBB Law we like to, in very clear and simple terms, respond to the principal questions that clients have about working with a solicitor, namely

• What are you going to do for me?
• What aren’t you doing for me?
• Who is going to do it?
• When will it be done by?
• How much is it going to cost?

In relation to our costs, we have a philosophy of ‘no surprises’. That puts the onus on us to address the questions above as transparently and as simply as possible.

As far as practicable, we also endeavour to provide clients with pricing choice. This recognises the fact that clients have different priorities and even the same client can have different pricing and payment priorities on different transactions or matters.

When we provide you with an estimate we will also provide you with a job specification that answers in clear and straightforward terms the above questions.

Below are some examples of our firm’s pricing options in respect of various transactions.  However, please do contact a member of the Residential Conveyancing Team to discuss your matter in more detail in order that we may consider any specific requirements regarding the scope of work you require and, any potential complexities (if any) regarding the property and land involved. After all, IBB deal with bespoke property matters as well as the more standard conveyancing transactions. In addition, we can also discuss which particular fee earner you would like to act for you.

Most firms only offer an hourly rate but our research shows that our clients like a fixed fee option, which gives more certainty.  The fixed fee option will always be a higher figure because we take on the risk of the time and resulting costs running over the fixed price.  

In the examples below, the scope of conveyancing work and timing is set out in the link.

We will make certain assumptions, for example that the title is not defective; and these assumptions and exclusions are detailed in our client care letter.

All legal fees and disbursements incurred will be subject to applicable standard VAT at the prevailing rate (currently 20%).

Example legal costs – sale transactions

Sale of freehold property up to £2,000,000, registered at the Land Registry and with no mortgage to repay. Please note our hourly rate is charged at £240 plus VAT (£288 including VAT) in this example:

Sale of freehold property over £2,000,000, registered at the Land Registry and with no mortgage to repay. Please note hourly rate is charged at a higher rate being £370 plus VAT (£444 including VAT) in this example:

Example scope of work and timetable: Residential Conveyancing Sale of Freehold Property (No Mortgage to Redeem)

We charge fees for organising telegraphic transfers of £30 plus VAT (£36 including VAT) for each bank transfer required to redeem mortgage or transfer proceeds of sale to your nominated account.

Mortgage specific legal costs to consider on a sale transaction

Where applicable, please allow for further fees fixed at £240 plus VAT (£288 including VAT) to deal with the mortgage redemption legal tasks on any mortgage secured against the property or land.

If leasehold:

• There may be a fee payable to your management company and/or freeholder company for their supply of a standard Leasehold Sales Information Pack. The costs of these are difficult to estimate but are generally in the region of £300 plus VAT (£360 including VAT).

Example legal costs – purchase transactions

Purchase of a freehold property up to £2,000,000 registered at Land Registry with no mortgage required. Please note our hourly rate is charged at £240 plus VAT (£288 including VAT) in this example:

Purchase of a freehold property over £2,000,000 registered at Land Registry with no mortgage required. Please note hourly rate is charged at a higher rate being £370 plus VAT (£444 including VAT) in this example:

Purchase of a leasehold property up to £2,000,000, registered at the Land Registry with no mortgage required. Please note our hourly rate is charged at £240 plus VAT (£288 including VAT) in this example:

Purchase of a leasehold property over £2,000,000, registered at the Land Registry with no mortgage required. Please note hourly rate is charged at a higher rate being £370 plus VAT (£444 including VAT) in this example:

Example scope of work and timetable: Residential Conveyancing Purchase of Leasehold Property (No Mortgage Required)

We charge fees for organising telegraphic transfers of £30 plus VAT (£36 including VAT) for each bank transfer required to transfer purchase funds to a Seller’s solicitors on completion.

Mortgage specific legal costs to consider on a purchase transaction

Where applicable, please allow for further fees fixed at £330 plus VAT (£396 including VAT) to deal with the UK Finance Lender’s Handbook requirements or BSA Handbook requirements for your mortgage lender where a mortgage is required.

*These searches will include a final Land Registry search, an official Local Authority search, drainage/water search, environmental and plan search as well as a chancel insurance policy.

You may need to budget for Stamp Duty Land Tax. The stamp duty payable will vary. Please contact a member of the team to clarify the stamp duty applicable to your transaction, which for example, could be calculated on standard rate or higher rate. First time buyer relief may also apply. The HM Revenue & Customs stamp duty or Welsh Revenue Authority’s land transaction tax calculators on their respective websites may be helpful.

There will be fees payable to the Land Registry to register the purchase transaction. Please contact a member of the team to confirm the amount because this depends upon the amount you are paying for the property or land and as to whether or not the title is registered. The HM Land Registry fee calculator may be helpful.

If leasehold:

There may be a fee payable to your management company and/or freeholder company in respect of the below.

Example legal costs – mortgage transactions

Remortgage of a freehold property valued up to £1,000,000. Please note our hourly rate is charged at £240 plus VAT (£288 including VAT) in this example:

Remortgage of a freehold property valued over £1,000,000. Please note our hourly rate is charged at £370 plus VAT (£444 including VAT) in this example:

Remortgage of leasehold property valued up to £1,000,000. Please note our hourly rate is charged at £240 plus VAT (£288 including VAT) in this example:

Remortgage of leasehold property valued over £1,000,000. Please note our hourly rate is charged at £370 plus VAT (£444 including VAT) in this example:

Example scope of work and timetable: Residential Conveyancing Summary of work – remortgage

Where applicable, please allow for further fees fixed at £240 plus VAT (£288 including VAT) to deal with the mortgage redemption legal tasks on any existing mortgage secured against the property or land.

We charge fees for organising telegraphic transfers of £30 plus VAT (£36 including VAT) for each bank transfer to send remortgage proceeds or to redeem a mortgage.

*These searches (which we will undertake for your mortgage lender) include a final Land Registry search plus an official local search, drainage search, environmental and plan searches as well as a chancel insurance policy.

Stamp Duty for Remortgage (where applicable) – Occasionally stamp duty is payable where you are changing the ownership details of the property by way of a Transfer of Equity. We will advise you if any stamp duty is payable.

Fees payable to the Land Registry to register a Charge will apply to a remortgage transaction, but please contact a member of the team to confirm the amount because this depends upon the amount you are borrowing. The HM Land Registry fee calculator may be helpful.

If leasehold:

There may be a fee payable to your management company and/or freeholder company in respect of the below:

Please note:

• Estimates will vary for matters such as unregistered land and sale of development land.
• We do make a charge for abortive transactions based on the amount of time spent.
• We do not make any additional charges e.g. for copying, postage and pride ourselves on our level of service.

Every client is individual and has specific needs. Having taken a look at these examples, if you are happy to speak to us further, please give us a call or drop us an e-mail. We will be happy to answer any questions or provide clarification. We will almost certainly need additional information to give you the most certain estimate, and we can discuss any issues of urgency or particular circumstances.