Pricing

Residential Property

This page explains how we estimate and charge our fees, our typical charges for leasehold and freehold sales, purchases and re-mortgages, and how we comply with the Solicitors Regulation Authority (SRA)’s “price transparency” requirements.

We recognise that no two property transactions are the same and that a “one size fits all” model is inappropriate when estimating our fees. We do not offer “conditional” (no sale no fee) residential conveyancing services.

We aim to give you a well-informed, realistic and transparent estimate based on detailed discussions with you about your transaction, which will include:

  • the circumstances of the matter;
  • the complexity of the property;
  • the value of the property; and
  • any risk or urgency which may require a partner to be involved to a greater extent than would otherwise be the case.

The following facts and figures are not fixed estimates and are an indicative guide only.

We will charge what is fair and reasonable in the circumstances considering various factors, but principally the time spent on a matter.

Our team’s current standard hourly rates for residential conveyancing (exclusive of VAT) is currently £320 per hour.

Our charges are subject to VAT, currently 20% in the UK.

If you are a consumer or business resident inside or outside of the EU and engage us on a residential property transaction (buying or selling either land or property, or in any way changing its ownership structure), VAT will be applied to our fees and any disbursements incurred on your behalf, as it is a ‘land-related’ service.

VAT is applied based on where the property is and not where the client is resident, or whether the client is an individual consumer or a business.

Except as set out in the scope of work for residential purchases, our estimate does not include advice on any other taxes that may apply to your matter.

Should a transaction be aborted for any reason, we will charge a fee based on the value of our work to date and depending on what stage the transaction has reached. We typically calculate this by applying a fixed percentage discount to the total value of the recorded time at the date when the transaction is aborted.

Generally, a straightforward transaction leads to an overall charge falling between:

RESIDENTIAL SALES RESIDENTIAL PURCHASES RE-MORTGAGES
0.5% to 2% of the value of the property + VAT 0.5% to 1.5% of the purchase price + VAT 0.25% to 0.5% of the mortgage advance + VAT

 

In practice, our typical initial fee estimate falls within the region of:

RESIDENTIAL SALES RESIDENTIAL PURCHASES RE-MORTGAGES
Leasehold

£1,550 – £3,500 + VAT and disbursements.

Leasehold

£1,750 – £4,000 plus VAT + disbursements.

Straightforward or low value re-mortgage

£950 – £1,500 plus VAT & disbursements.

Freehold

£1,350 – £3,000 plus VAT + disbursements

Freehold

£1,350 – £3,500 plus VAT + disbursements.

Complex or high value re-mortgage

£1,500 – £3,000 plus VAT & disbursements.

 

 

Disbursements are costs related to the matter which we pay on your behalf and are payable by you. We will usually ask you to send us funds on account before we incur any disbursements.

 

DISBURSEMENT RESIDENTIAL SALES RESIDENTIAL PURCHASES RE-MORTGAGES
CHAPS transfer fees £36 + VAT per transfer of £20,000 or more. £36 + VAT per transfer of £20,000 or more. £36 + VAT per transfer of £20,000 or more.
HMLR Official copies at £3 + VAT each. You should allow up to £30 for copies of title documents held by HMLR. Registration fees – £40 to £910 depending on the purchase price, value and nature of the property involved (i.e. a transfer of whole or part).

Priority search before completion – £3 plus VAT

Bankruptcy search (for a mortgage) – £2 plus VAT per borrower.

Registration fees – £20 to £250 depending on the amount of the mortgage advance.
Searches Not applicable. Standard searches and enquiries of the local authority and drainage and water authority, environmental and flood reports, and any other searches required depending on the type and location of the property. Allow up to £600 for searches. Normally the lender will be happy to rely on a suitable indemnity insurance policy rather than obtaining a full suite of searches.

Typically, the cost is lower than searches and much faster to process.

The cost of the premium depends on the value of the property and we would advise budgeting up to £300 for this, including Insurance Premium Tax.

Landlord’s fees Where the property is leasehold, and sometimes freehold if part of a private estate, your landlord or managing agent will provide a bundle of management information. The fee varies from one landlord or managing agency to another, but the cost is typically £250 to £500 + VAT. Where the property is leasehold, fees are likely to be payable to the landlord to “register” notice of your ownership and any mortgage with them, and these are typically £100 + VAT per notice.

Additional fees may be payable in connection with a change in the ownership of shares in any freehold or management company, which can vary widely.

Where the property is leasehold a fee is likely to be payable to the landlord to “register” notice of the mortgage with them, which is typically £100 + VAT.
Miscellaneous If your lease requires the landlord to grant a licence to assign, or for the buyer to enter into a deed of covenant with the landlord, then fees are likely to be payable to the landlord’s solicitor for producing these documents. These fees vary widely from £250 up to £1,500 + VAT. Whilst not technically disbursements, you should bear in mind that you may need to reimburse the seller for any ground rent and/or service charges that they have paid “in advance”, by way of an apportionment according to the completion date. Not applicable.

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Selig + Partners is a London firm of senior lawyers, specialists in business and property law.

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