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Residential Conveyancing and Leases

Moving home can often be a stressful and difficult time. Therefore it is important that the legal advice you receive is accurate, accessible and personal to you. Our role at Towns Needham Solicitors is to provide you with a personal service that will help remove uncertainty and worry, keep you informed and endeavour to meet your timescales. 

Competitive fixed fee conveyancing is offered and it is also our policy to give you an estimate of the legal costs and disbursements (i.e. expenses paid out on your behalf for searches etc.) at the outset of each transaction.

Our residential conveyancing fees detailed below are based on our instructions coming from a private individual selling or purchasing a property and cover all of the work required to complete the sale or purchase of your property. 

Once we have details of your intended transaction, we can provide you with an estimate of our fees.We typically calculate our conveyancing fees on a Fixed Fee basis based upon the value of the property. If there are any unforeseen complexities to the transaction which were not apparent at the start of the matter, our estimate may need to be revised. We will advise you immediately should any complication arise before any additional charges are incurred. 

Sale Fees

Our fees for the sale of a Freehold or Long Leasehold (999 years) property will range from £700.00 to £1,100.00 plus VAT depending on the value of the property.

We will charge an additional £125.00 plus VAT if the property is a flat/apartment.

Additional Sale Expenses

In addition to our sale fees you are also required to pay costs that are relevant to your transaction that are payable to third parties, these are sometimes called ‘disbursements’. 

There are many different types of additional expenses that may apply such as obtaining copies of your title to the property from the Land Registry, a bank fee for transferring proceeds of sale to you on completion. We will generally handle the payment on these expenses your behalf to ensure a smoother process.  

The most common expenses for a sale are detailed below:

Sale Expenses 

Land Registry Office Copy Entries - £6.00

Identity Verification - £5.00 plus VAT per person

Bank Transfer Fee - £15.00 per bank transfer

Leasehold Sale Expenses 

In addition to the usual sale expenses above, for Leasehold properties there are usually additional fees payable to the landlord or managing agent. For example, to obtain a Management Pack or replies to Leasehold Property Enquiries, these are typically between £75.00 - £150.00 plus VAT but can be higher. There may also be Transfer Fee which may be detailed in the Lease or a Landlord Consent Fee to the sale. These expenses vary dependant on the Management Company/Landlord and we will notify you about any such expenses as soon as we become aware of them during the transaction.

The Sale Expenses will vary from property to property and the above is not an exhaustive list. We will be able to give you a specific estimate once we have had sight of the documentation relating to your transaction.

Purchase Fees

Our fees for the purchase of a Freehold or Long Leasehold (999 years) property will range from £750.00 to £1,150.00 plus VAT depending on the value of the property.

We will charge an additional £125.00 plus VAT if the property is a flat/apartment.

Additional Purchase Expenses

In addition to our purchase fees you are also required to pay costs that are relevant to your transaction that are payable to third parties, these are sometimes called ‘disbursements’. 

There are many different types of additional purchase expenses such as Search Fees, Land Registry Fees and Stamp Duty.  We will generally handle the payment of these expenses your behalf to ensure a smoother process.  

The most common expenses for a purchase are detailed below:

Purchase Expenses 

Stamp Duty Land Tax (paid to the Inland Revenue) - The amount depends on the purchase price of your property.  This can be calculated using HMRC's website  or if your property is in Wales by using the Welsh Revenue Authority's website here.

Land Registry Fee - This fee varies depending on the property and further details can be confirmed on request

Search fees - In the region of £320.00 to £380.00 plus VAT 

ID verification - £5.00 plus VAT per person

Leasehold Purchase Expenses 

In addition to the usual purchase expenses above, for Leasehold properties there are usually additional fees payable to the landlord or managing agent. For example, a Notice to the Landlord to notify the change in ownership of the property. These fees vary and can typically range between £75.00 - £125.00 plus VAT but can be higher. We will notify you about any such expenses as soon as we become aware of them during the transaction.

How long will the transaction take?

The time from an offer being accepted until the time that keys are exchanged will depend on many factors.

It can be quicker or slower, depending on the number of parties in the chain and many other factors. For example, a first time buyer purchasing a new build property with a mortgage agreed in principle is likely to be quicker than a transaction involving a leasehold property that requires an extension of the lease. The average conveyance takes between 6-8 weeks.

Stages of the process

The precise stages involved in the home buying process and the timescales for each stage also varies. There are many factors that impact the timescales for each stage including other members of the chain or mortgage applications 

We aim to reply to or action any correspondence and telephone calls on the day received or, if that is not practical or the information requested is not immediately available, then as soon as reasonably possible to limit any avoidable delays in the process.

As a general guide the following steps are part of our service for a typical conveyance transaction: 

  • Taking instructions and giving initial advice
  • Drafting or receiving and advising on contract documents
  • Carrying out searches and obtaining planning documentation if required
  • Raising or answering enquiries on title documents and searches
  • Reporting on title and obtain mortgage offer (if appropriate)
  • Obtaining authority to exchange and agree completion date
  • Agreeing pre-completion documents and obtaining pre-completion searches
  • Providing a Completion Statement 
  •  Completing the sale/purchase
  • Dealing with the payment of Stamp Duty/Land Tax and application for registration at Land Registry

Please get in touch with us and we will be happy to discuss your individual needs.

Towns Needham

Contact us regarding Residential Conveyancing and Leases

Here to help you, for a FREE assessment of your legal needs call now on  0161 832 3721 or click here