Residential Conveyancing Pricing
Most people believe that buying or selling your home is one of the most stressful events in your life.
At Ashtons Legal we do not agree, and by entrusting your move to one of our experienced, qualified staff means that every effort will be made to ensure that this is the case. We know how important it is that you are kept informed at every stage, and that assistance is provided in resolving any problems that may occur.
We will provide a “fixed fee quote” at the outset of each transaction calculated by reference to the likely time spent on a matter and based on the work that needs to be undertaken during a “standard transaction” which we have drawn up through our years of experience in dealing with these matters. This enables us to be as accurate as possible from the outset, but as every transaction is different and we cannot fully predict what may come up in every case, should there be any reason to vary the quote provided, we will notify you of the reasons for this as soon as we are able.
Here are some examples of costs for five different scenarios:
- Example price 1: Purchase of a freehold new build residential property for joint owners (first-time buyers) costing £299,000.
- Example price 2: Sale of a freehold residential property for joint owners costing £299,000.
- Example price 3: Purchase of a leasehold residential property for joint owners costing £350,000.
- Example price 4: Sale of a leasehold residential property for joint owners costing £350,000.
- Example price 5: Re-mortgage of a freehold residential property for joint owners costing £350,000.
A typical example of the work undertaken for a residential purchase or sale includes:
- Obtaining your initial instructions and undertaking the arrangements to engage you as a client of Ashtons Legal
- Dealing with the associated checks in relation to the funding arrangements in line with current Anti-Money Laundering Regulations
- Liaising with the third parties in relation to the transaction, e.g. estate agents and any mortgage lender involved
- Preparing and/or reviewing contract papers and searches
- Investigating the property title and dealing with associated legal enquiries
- Preparing and/or reviewing and approving the Transfer (purchase/sale) Deed
- Preparing and/or reviewing any mortgage offer involved and arranging for the Mortgage Deed to be signed
- Obtaining a redemption figure from the lenders with mortgages secured on the property and obtaining your agreement to the sum payable before exchange
- Corresponding and reporting to you throughout the transaction
- Dealing with the exchange of contracts to commit you to the sale/purchase and dealing with post-exchange formalities, including the collection of the monies required and the arrangements to complete the transaction
- Dealing with post-completion matters such as payment of Stamp Duty Land Tax and registration formalities and requirements under the terms of any Lease where the property is leasehold.
Our fee quote is also based on the following “Presumptions”:
- The matter is a standard residential transaction, and any third-party conveyancers are accredited under the Conveyancing Quality Scheme (CQS)
- All parties are legally represented
- No conflict of interest will arise
- Any lender will instruct us to represent them as well as you and does not require separate representation
- You and/or any third party are residents in the UK
- You are not represented by an attorney
- Any searches conducted do not reveal unexpected matters, for example, contaminated land issues, boundary disputes/issues or the property is made up of more than one title
- Where the property is leasehold, the transactions involves the assignment of an existing lease and is not the grant of a new lease
- No indemnity policies are required. Additional disbursements and Legal Fees may apply if indemnity policies are required
- There are no significant planning and/or structural issues, including Listed Building matters
- The period between exchange and completion is usual limits and not less than seven working days
- Completion takes place on the date fixed or on usual terms when a new build property is involved
- There are no insolvency issues
- There is no more than one mortgage required to fund the purchase of the property, and that the lender is a “high street lender”
- The transaction involves private individuals. Company sales/purchases are likely to involve additional work and third parties – see below
- You are not using the Help to Buy Scheme, a Help to Buy ISA or LISA
- The transaction is a private treaty sale. Auction transactions are dealt with on a slightly different basis due to the timescales involved
- The property is not one that has been repossessed
- The transaction does not involve a new build property and/or a shared ownership lease
- Any funds required for the transaction are not being gifted
- The title to the property is already registered.
We do, however, reserve the right to make an additional charge for the following which we consider are outside the scope of a “usual transaction”:
- Company transactions: although our Residential Conveyancing Team can deal with these matters, experience shows that these are often more complicated and involve third parties for specific advice, such as Personal and/or Corporate Guarantee advice. This work will be charged for separately
- Tax advice: we will calculate and confirm with you the amount of any Stamp Duty Land Tax payable in relation to standard residential transactions, but more complicated Stamp Duty Land Tax, Capital Gains Tax, Income and Inheritance Tax queries you may have will either be referred to specialists in other teams here at Ashtons Legal or where we do not have the expertise in-house to an independent third party who will be able to assist
- Any related transaction: if you are buying and selling at the same time, we would be more than happy to assist and can provide a separate quote/estimate for this, should you require
- Addressing any title defects: often, these are not known until the matter is underway, for example, missing title deeds or part of the property not included in the extent shown as owned by you, or rights required for the use and enjoyment of the property not being stated on the title. Where indemnity policies are required, this may result in additional disbursements and Legal Fees being payable
- Dealing with any matter relating to an existing tenancy agreement affecting the property, for example, when the property is being sold with the tenants in situ
- The title to the property is unregistered
- Obtaining and/or advising on any indemnity insurance policies that may be required
- The preparation of any Deed of Trust required where the purchase involves joint buyers, and they wish to record formally their respective beneficial interests in the same
- Reviewing the legal recommendations of any survey report undertaken
- Unexpected third-party involvement, such as a private loan or third-party gifting you money
- Work that is required as a result of the use of any government assistance schemes such as Help to Buy or Shared Ownership
- Work that is required as a result of the use of any new build developer assistance schemes such as First Homes Scheme or similar
- Undertaking, reviewing and reporting on any non-standard searches
- Enhanced or non-standard checks when the funding for your transaction is, for example, from funds coming from foreign territories, a company loan or where we might need to liaise with a wealth manager or accountant
- Extending the term of any lease of the variation of any terms that be required
- Dealing with the requirements when either a licence to assign or alter is required in respect of any lease
- Dealing with a Solicitor who is instructed on behalf of your Lender.
Disbursements are payments relating to your matter that we have to make and handle on your behalf to third parties, such as the payment for searches, management packs and HM Land Registry fees. Details of anticipated disbursements in relation to a typical transaction are detailed in the examples provided. These are not exhaustive, and often additional disbursements are notified to us as transactions progress. We will keep you informed on the specific disbursements in respect of your matter as soon as we know. Please note that we have no control over these costs as they are set by third parties.
Stamp Duty or Land Tax
This is payable in relation to purchase transactions and depends on the nature of the transaction, your personal circumstances and the purchase price of the property. Different rates apply to first-time buyers, foreign purchasers, a company or if you already own or have owned a property either in the UK or anywhere else in the world.
How long will my transaction take?
The speed of transactions can differ greatly and depend on a number of factors. The average process takes between 10-16 weeks for a freehold transaction and 12-18 weeks for a leasehold transaction, but it can be quicker or slower, depending on the number of parties and whether any mortgages are involved.
If you are a first-time buyer purchasing a new build property with a mortgage in principle, the timescale is dependent on whether or not the property is structurally complete or not at the point of exchange.
A standard remortgage will take approximately six to eight weeks.
Stages of the process
These are some key stages in the life of the transaction. Click here to find out more from our ‘Expertise in moving home’ brochure.
Referral fee (if any)
This is not an additional cost payable by you. In some circumstances, it is a commercial cost payable by us to the firm that referred you to us. Full information will be contained in the initial letter we send you, which confirms our instructions and full details of our fees etc, including the amount of any referral fee we may have paid.
Our experienced team of conveyancing lawyers are an accredited member of the Law Society Conveyancing Quality Scheme – the mark of excellence for the home buying process.
- Simon Parker – Partner
- Andrew Skuse – Partner
- Carolyn Starling – Chartered Legal Executive
- Abby Dalziel – Chartered Legal Executive
- Kathryn Smith – Chartered Legal Executive
- Amy Hutchinson – Associate
- Naomi Everett – Solicitor
- Louise Burgess – Residential Conveyancer
- Melissa Norman – Conveyancing Executive
- Claire Beckett – Conveyancing Executive
- Carrie Clements – Conveyancing Executive