info@gkmsolicitors.co.uk
01768 864651
Almost all of the residential conveyancing work which we undertake is done on a fixed fee basis. This means that our fees are fixed at the outset and will not change unless unforeseen or additional work is required during the course of the transaction. It is uncommon that this occurs but we have provided some examples later on which outline certain circumstances which may lead to costs increasing. Our fixed fee is usually based on the value of the property but there are some other factors which may affect it, such as if the property is leasehold or is being purchased under the Help to Buy Scheme.
In addition to our fees there are also payments that we will commonly make on your behalf to third parties known as disbursements. In most cases we will be able to give a clear indication of the disbursements payable in connection with a transaction at the outset, however, in some cases there may be additional disbursements necessary that were not envisaged at the beginning of the transaction. A typical example of this would be an indemnity insurance policy required in relation to some defect or obtaining replacement compliance certificates as the originals are missing.
We have detailed below our pricing table for residential conveyancing matters and have also provided some examples of typical transactions. Our fees are the same for both sale and purchase matters and assume that:
Our fees:
Our fees for residential conveyancing transactions are set out in the table below:
| Purchase Price: | Our Fees - freehold property (including VAT) |
| Up to £200,000 | £900 (£1,080) |
| £200,001 to £250,000 | £950 (£1,140) |
| £250,001 to £300,000 | £1,000 (£1,200) |
| £300,001 to £350,000 | £1,100 (£1,320) |
| £350,001 to £400,000 | £1,200 (£1,440) |
| £400,001 to £450,000 | £1,325 (£1,590) |
| £450,001 to £500,000 | £1,450 (£1,740) |
| £500,001 to £550,000 | £1,575 (£1,890) |
| £550,001 to £600,000 | £1,700 (£2,040) |
| £600,001 to £650,000 | £1,850 (£2,220) |
| £650,001 to £700,000 | £2,000 (£2,400) |
| £700,001 to £750,000 | £2,250 (£2,700) |
| £750,001 to £800,000 | £2,400 (£2,880) |
| £800,001 to £900,000 | £2,600 (£3,120) |
| £900,001 to £1,000,000 | £2,750 (£3,300) |
| £1,000,001 and over | Please contact for bespoke quotation |
Additional fees may apply to your transaction. The below list is not exhaustive, but it represents a number of circumstances which may typically arise. Should other issues become apparent which warrent additional time and cost, we will advise you.
| Additional Fees: | Our Fees - (including VAT) |
| Additional titles | £50 per title (£60) |
| Duplicate correspondence | £100 (£120) |
| Freehold management co/rentcharge | £150 (£180) |
| Gifted deposit | £75 per giftor, unless joint account (£90) |
| Listed building | £100 (£120) |
| HTB/Lifetime ISA | £50 (£60) |
| Leasehold property | £300 (£360) |
| Purchase with mortgage | £150 (£180) |
| Private drainage | £100 (£120) |
| Private water supply | £150 (£180) |
| Share of freehold | £150 (£180) |
| Purchase with sitting tenants | £250 (£300) |
| New build | £400 (£480) |
| Solar panels lease | £200 (£240) |
| Statutory Declaration/Statement of Truth | £125 (£150) |
| Unregistered property | £300 (£360) |
| Detailed transfer of part | £250 (£300) |
| Key undertaking | £75 (£90) |
The only addition to our fixed fee is the amount that we charge for making same-day electronic payments. For each payment we charge a sum of £36.00 including VAT. Same-day payments will always be required in the following cases:
SHARED OWNERSHIP PROPERTIES
For all shared ownership properties we charge a fixed fee of £900.00 plus VAT (£1,080 inclusive) and disbursements irrespective of value.
MORTGAGES AND RE-MORTGAGES
For all simple mortgages and re-mortgages (with no transfer of equity involved) we charge the following fees and disbursements irrespective of value.
Common disbursements in relation to purchase transactions:
Searches:
| Regulated Local Authority Search including highways plan | £93.90 |
| CON29 DW - Drainage and Water search | £98.27 |
| Environmental Search | £76.40 |
| Chancel Repair Search | £24.00 |
| Land Registry priority fee | £4.20 per title |
| Bankruptcy searches (where there is a mortgage) | £3.20 per individual |
Land Registry registration fee – this is a scale fee based on the value of the property and we have provided a useful link to the Land Registry’s fee calculator here: http://landregistry.data.gov.uk/fees-calculator.html
Stamp Duty Land Tax (SDLT) – the SDLT payable in connection with the purchase of a property will depend on the both the value of the property and the circumstances of the buyer, for example, whether or not they are a first time buyer or if they already own other properties. To find out the amount of Stamp Duty Land Tax payable in connection with your transaction we have provided a link to HMRC’s Stamp Duty Land Tax calculator tool here:
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
Please note: The types and number of searches carried out in respect of a property will depend on several factors. Some searches are mandatory and must be carried if they are a requirement of your mortgage lender. Others will depend on either personal preference, or, may be advised depending on the situation or location of the property.
If searches are done in bundles or packages. For example a local authority, water and drainage and environmental search, then the prices may be lower. There are also a range of other searches available such as, mining, planning, flood searches etc. which we can quote for where required.
Additional disbursements relating to leasehold purchases:
Common disbursements in relation to sale transactions:
Additional disbursements relating to leasehold sales:
What is included in our fixed fee and what work will we carry out:
Our fees cover all of the work required to complete the sale or purchase of your property, including dealing with registration of the property with 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.
For a purchase we will:
For a sale we will:
Examples of things not included in our fixed fee and which may lead to additional costs:
We will always revise our fee estimate upon becoming aware of any additional work and will not incur any extra costs without seeking your prior authority.
EXAMPLE 1 – Purchase of a (registered) freehold property valued at £260,000.00 by an individual with a mortgage and who is not a first time buyer:
| Our fees (£1,000.00 plus VAT) | £1,200.00 |
| Our bank fee (£30.00 plus VAT) | £36.00 |
| Disbursements | |
| Local, drainage and environmental searches | £268.57 |
| Land Registry priority search | £4.20 |
| Bankruptcy search | £3.20 |
| Land registry registration fee | £150.00 |
| Total | £1,661.97 |
In addition, on the basis of this being the purchaser’s only property, there would be Stamp Duty Land Tax of £500.00 payable in connection with the purchase.
EXAMPLE 2 – Sale of a leasehold property valued at £160,000.00 by a couple with a mortgage to redeem (pay-off):
| Our fees (£1,200.00 plus VAT) | £1,440.00 |
| Our bank fee (£30.00 plus VAT) | £36.00 |
| Disbursements: | |
| Land Registry official copies of title register and plans | £16.80 |
| (required for leasehold and freehold titles) | |
| Official copy of Lease | £4.20 |
| *Replies to LPE1 enquiries provided by Landlord | £180.00 |
| Total | £1,677.00 |
*Please note that this fee can vary widely and in this case the figure has been used for illustrative purposes
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 including the length of any chain that you are in and the circumstances of other parties.
We would say that most purchases complete within about 8-12 weeks but can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take only 6 - 8 weeks (assuming the property is ready to occupy). However, on the other extreme if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 3 months!
For the most accurate quote we always advise contacting a member of our conveyancing team, who will be happy to discuss your particular requirements with you and provide you with a tailored quote.
