SRA PRICE COMPARISON
Our regulator, the Solicitors Regulation Authority, following a market study has concluded that firms must now publish, on their website, price information for specified legal services which include Residential Conveyancing and Probate Services.
Residential Conveyancing
We set out below an estimate of our fees which relate to freehold residential properties, registered at HM Land Registry, located in England and Wales. These fees assume a straightforward transaction without unforeseen issues or complexities. Conveyancing is a minefield and we shall always do our best to advise you of issues and additional legal fees as soon as these are known.
Sale or Purchase
Our fees for dealing with the sale or purchase of a freehold property start at £650 plus VAT (£780 including VAT). Our fees do depend on a number of factors, such as lender requirements, complexity of the transaction, etc.
The fees quoted below are an indication of our fees on a straightforward transaction involving a registered freehold title with no unusual difficulties.
Price Range – Estimated Conveyancing Fees
| Property Price | Legal Fee (exclusive of VAT) |
|---|---|
| Up to and including £200,000 | £650.00 – £750.00 |
| £200,001 – £400,000 | £750.00 – £950.00 |
| £400,001 – £500,000 | £950.00 – £1,250.00 |
| £500,001 plus | Please contact our office for a quotation |
Additional Fees
These are fees charged for additional services which may be associated with your conveyancing transaction.
| Legal Fee (exclusive of VAT) | |
|---|---|
| Mortgage Funding – If purchasing with the assistance of a mortgage lender, your lender will generally instruct our firm to act on its behalf | £220.00 plus VAT |
| Leasehold – our fees for dealing with a leasehold property and dealing with a landlord and/or management company | £220.00 plus VAT |
| Help to Buy Equity Scheme – Our professional fees for acting on behalf of Homes & Communities Agency | £220 plus VAT |
| Help to Buy ISA Bonus – Processing and requesting the bonus through the Government online conveyancing portal | £50.00 plus VAT |
| Newbuild Purchase – Our professional fees in processing additional newbuild documentation and meeting nearly always impossible deadlines set by the developer | £220.00 plus VAT |
| Unregistered Title – Additional work involved in preparing and reviewing Epitome of Titles and subsequent registration at HM Land Registry | £220.00 plus VAT |
| Lender appoints third party solicitors | Please contact our office for estimate |
| Transfer of Funds-CHAPS telegraphic transfer fee – Administration fee and banking transfer fee in relation to transfer of funds | £35.00 plus VAT |
Standard Disbursements
These are costs paid to third parties such as HM Land Registry and the Stamp Duty Land Tax office. We handle these payments on your behalf.
| Disbursement | Fee (exc. VAT) |
| Land Registry Priority Search | £3.00 |
| Identity Verification | £6.00 per name |
| Bankruptcy Search | £2.00per borrower name |
| Vendor Lawyer Bank Check | £18.00 |
| Water / Drainage Search / Environmental Search |
Between £200 and £400 depending upon the location of the Property |
| Land Registry registration fees | These vary depending on the value of the Property-full details available on the Land Registry website-the Land Registry is increasing its fees from 31st January 2022 |
| Stamp Duty Land Tax (SDLT) | See below |
Stamp duty
Stamp duty land tax is calculated on the purchase price of your property and on a number of other factors specific to your circumstances. We will calculate your stamp duty payment and deal with payment of this to HMRC on your behalf. For an idea of the costs involved see HMRC stamp duty calculator.
Re-mortgages
Re-mortgage of a property – £500.00 – £1000.00 plus VAT dependent upon the loan amount and the complexity of the transaction (including your lender’s instructions).
Is VAT payable?
VAT is charged at the prevailing rate (currently 20%) on all our fees
Timeframes
It is always difficult to provide a precise timeframe at the outset of a conveyancing transaction. No two conveyancing transactions are identical and there are many governing factors which determine when you can exchange Contracts and complete (these are generally beyond our control).
On average, it will take between 8-12 weeks to complete your conveyancing transaction. If you are selling or purchasing a property involved in a lengthy chain, it can and does take significantly longer.
Probate Services / Will Writing
Will Writing
Our fees for this type of work are set on a fixed fee basis:
- Standard Single Will – £185 plus VAT
- Standard Mirror Wills for married couples – £250 plus VAT
You will be advised at your first appointment whether or not your Will can be prepared for this price and if not what the cost will be.
Lasting Power of Attorney
Lasting Power of Attorney (LPA) (property and financial and/or health and welfare):
- £400 plus VAT for a single LPA
- £600 plus VAT for two LPA’s
- £800 plus VAT for four LPA’s (ie both types of LPA for a couple)
Disbursements that could apply
• The registration of the LPA at the Office of the Public Guardian – £82.00 per LPA
Administration of Estates
We can assist with all the legal aspects after someone dies including obtaining a Grant of Probate (where there is a valid Will) or Letters of Administration (where the deceased did not leave a Will).
For dealing with the administration of an estate we charge on average between £1,000 to £5,000 plus VAT.
This estimate is an average price based on recent instructions; the actual cost to you will depend on a number of factors that we will discuss with you if you decide to instruct us. If there are multiple beneficiaries, numerous properties and bank accounts, our costs will be at the higher end. For Estates liable for Inheritance Tax, our fees shall be at the higher range.
The fees quoted below are an indication of our fees in dealing with an Estate:-
| Estate | Our average fees for obtaining a Grant of Probate / Letters of Administration (exc VAT) | Our average fees to complete the administration of the Estate (after obtaining the Grant) (exc VAT) |
|---|---|---|
| An excepted estate where no inheritance tax is due – shortform IHT205 4 | £800 – £1,500 | £1,000 – £2,000 |
| An excepted estate where no inheritance tax is due – longform IHT400 | £1,200 – £2,000 | £1,000 – £2,000 |
| Inheritance Taxable Estate where inheritance tax is due -longform IHT400 | £2,500 – £5,000 | £1,000 – £2,000 |
We shall endeavour to provide you with a cost estimate at the start of the transaction taking into account the information you have provided.
There may be other costs on top of our fees called ‘disbursements’. These are fees and charges we will need to pay on your behalf as part of the process, such as Probate Registry fees. Examples of such fees are:
• Probate Registry fee for obtaining a grant of probate – this fee is £155.00 (additional official copy fees are £0.50)
• In addition, you may require further professionals, such as a chartered surveyor to value a property asset, who shall charge their own fees.
Timescales
Grant of Probate applications can be completed within a 2-6 month timeframe. Thereafter, the administration of the estate can take a further 2-6 month timeframe. Complicated and complex estates can take longer.
Complicated and complex estates can take longer.
Is VAT payable?
VAT is charged at the prevailing rate (currently 20%) on all our fees
Example of an administration of an estate
Here, a deceased left a valid Will, appointing two executors (both acting), with two legacies payable and one residuary beneficiary. The estate comprised of (a) a freehold property (unmortgaged), (b) premium bonds and (c) and four bank/building society accounts (no inheritance tax payable).
We would undertake the following work on behalf of the executors:-
- Establishing the assets of the estate as at the date of death
- Preparing HM Revenue & Customs shortform IHT205 and the associated papers leading to the Grant of Probate
- Obtaining the Grant of Probate and subsequently gathering in the assets and paying any debts of the Estate.
- Identifying the beneficiaries in accordance with the deceased’s Will and distributing the assets
- Finalising estate accounts for the executor’s approval.
In this particular scenario, we would anticipate that our fees would be in the region of £2,000 plus VAT and disbursements of £157.00.
Fee Earners
All matters will be conducted by qualified solicitors at £220 per hour plus VAT per fee earner who will be aided by assistants. You will be informed at the commencement of all matters by the individual solicitor who will have the conduct of your matter.