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How much will it cost?

The costs of our conveyancing services depend on several factors including the area in which the property is located and the purchase price. You can get an instant, free, no obligation conveyancing estimate by answering a few questions on our conveyancing quote calculator. Alternatively, an example of our typical fees and disbursements is shown below.

We work on a fixed fee basis for properties up to the value of £999,999.99, this means even those at the higher end of the property market are assured  they know what their fees are for their transaction right from the outset.

If the property you are purchasing is 1 million pounds and/or over, then our legal fees will be 0.15% (plus VAT at the current rate of 20%) of the property transaction value.

For example if you are buying a property for £1,250,000 our legal fees would be £2246.40 (incl of VAT at 20%).

Our fixed fee ranges  are:
All costs detailed below include VAT (the current rate is 20%)

Property Purchase (£) Legal Fee (£) VAT  Total (£)
0 – 199,999.99 1050.00 210.00 1260.00
200,000.00 – 399,999.99 1095.00 219.00 1314.00
400,000.00 – 599,999.99 1195.00 239.00 1434.00
600,000.00 – 799,999.99 1295.00 259.00 1554.00
800,000.00 – 999,999.99 1500.00 300.00 1800.00

 

Other costs

The typical costs listed below cover the work involved in a standard property purchase, including dealing with the registration of the property at the Land Registry and, where applicable, dealing with the submission and payment of any Stamp Duty Land Tax (in England) or Land Transaction Tax (in Wales).

We have illustrated this by detailing below a typical transaction for both a freehold and a leasehold. If, during the transaction, there is a new development, we will discuss the change in fees with you and agree a way forward.

An example of a typical Freehold house purchase for £250,000.00

All costs detailed below include VAT (the current rate is 20%) except where no VAT is applied, these items are denoted with *

Item Amount VAT Total
Legal fees (click here to see some of the factors that may alter this figure) £1095.00 £219.00 £1314.00
Anti-money Laundering and ID verification report (Per Person) £16.92 £3.38 £23.30
Stamp Duty Admin £75.00 £15.00 £90.00
Bank Transfer Admin £28.50 £5.70 £34.20
Disbursements (see explanation below)
Land Registry Search £3.00 £0.60 £3.60
Bankruptcy Search £2.00 £0.40 £2.40
Search Pack (Estimated) £330.00 £66.60 £399.60
Land Registry Fee* £150.00 n/a £150.00
Bank Transfer Fee £8.50 £1.70 £10.20
Subtotal £1705.92 £311.78 £2017.07
 
Stamp Duty (This will depend on circumstances see explanation below) £5,000
Estimated Total £7017.07

 

The legal fee[s] denoted above assumes that:

  1. this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction.
  2. that the property is within our locale.
  3. for leasehold that; this is the assignment of an existing lease and is not the grant of a new lease
  4. the transaction is concluded in a timely manner and no unforeseen complication arise
  5. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  6. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Below is a list of typical disbursements that have been included in the estimate above, although these may vary depending on the circumstances:

Searches – depending where your property is, the requirement for different searches and their costs can vary. We would estimate searches to cost between £200 and £300 including a Local Authority Search, Drainage and Water Search, and Environmental Search. Some areas may require further searches such as a coal mining search (currently £39.60).

Land Registry Fee – this is the fee charged by the Land Registry to register the property into your name. The fee for this is set by the Land Registry and depends on a few circumstances (eg. price paid, the property being registered already at the Land Registry).

Information on these fees can be found here – HM Land Registry: Registration Services fees . We will always endeavour to submit applications through the Business Gateway in order to take advantage of the reduced fees, however where this is not possible (for example, registering a new build property) then the higher rate would apply.

Pre-Completion Searches – typically we are required to carry out a Land Registry Priority Search which costs £3.60 (incl VAT at 20%) and a bankruptcy search where you are obtaining a mortgage at a cost of £2.40 (incl VAT at 20% ) per person.

Bank transfer Fee – £10.20 (incl VAT at 20%)

An Example of a typical Leasehold purchase for £250,000.00

All costs detailed below include VAT (the current rate is 20%) except where no VAT is applied, these items are denoted with *

Item Amount VAT Total
Legal fees (click here to see some of the factors that may alter this figure) £1,095.00 £219.00 £1,314.00
Anti-money Laundering and ID verification report (Per Person) £16.92 £3.38 £20.30
Stamp Duty Admin £75.00 £15.00 £90.00
Bank Transfer Admin £28.50 £5.70 £34.20
Disbursements (see explanation below)
Land Registry Search £3.00 £0.60 £3.60
Bankruptcy Search £2.00 £0.40 £2.40
Search Pack £330.00 £66.60 £399.60
Land Registry Fee* £150.00 n/a £150.00
Bank Transfer Fee £8.50 £1.70 £10.20
Notice of Transfer and Charge £300.00 £60.00 £360.00
(Approx – this may be higher –
 see notes below)
Subtotal 1,972.00 £244.40 £2,276.40
Stamp Duty (This will depend on circumstances see explanation below)   £2,500
Estimated Total £4,776.40

*Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Below is a list of typical disbursements that have been included in the estimate above, although these may vary depending on the circumstances:

Searches – depending where your property is, the requirement for different searches and their costs can vary. We would estimate searches to cost between £200 and £300 including a Local Authority Search, Drainage and Water Search, and Environmental Search. Some areas may require further searches such as a coal mining search (currently £39.60 (no VAT is applied to this cost) ).

Land Registry Fee – this is the fee charged by the Land Registry to register the property into your name. The fee for this is set by the Land Registry and depends on a few circumstances (eg. price paid, the property being registered already at the Land Registry). Information on these fees can be found here – HM Land Registry: Registration Services fees.

We will always endeavour to submit applications through the Business Gateway in order to take advantage of the reduced fees, however where this is not possible (for example, registering a new build property) then the higher rate would apply.

Pre-Completion Searches – typically we are required to carry out a Land Registry Priority Search which costs £3.60 (incl VAT at 20% ) and a bankruptcy search where you are obtaining a mortgage at a cost of £2.40 (incl VAT at 20%) per person.

Bank transfer Fee – £10.20 (incl VAT at 20%)

Additional Leasehold Disbursements

There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate may apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on specific fees upon receipt and review of the lease from the seller’s solicitors. In the example estimate above we have included there being a Notice of Transfer and a Notice of Charge.

All costs detailed below include VAT (the current rate is 20%)

Item Estimate
Notice of Transfer fee, this fee if chargeable is set out in the lease. Often the fee is: £180
Notice of Charge fee (if the property is to be mortgaged), this fee is set out in the lease. Often the fee is: £180
Deed of Covenant fee, this fee is provided by the management company for the property and can be difficult to estimate. Often the fee is: £300
Certificate of Compliance fee – to be confirmed upon receipt of the lease, as the range can be £180

* These fees vary from property to property and can on occasions be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

You should also be aware that ground rent and service charges are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.

Additional Leasehold Disbursements

There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate may apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on specific fees upon receipt and review of the lease from the seller’s solicitors. In the example estimate above we have included there being a Notice of Transfer and a Notice of Charge.

Stamp Duty Land Tax

This will depend on the purchase price of your property and your circumstances. In the estimate above, we have used a standard Stamp Duty calculation, but this may change depending on your own circumstances. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website here.

Exclusions

We do not undertake tax advice.

There may be factors which would typically increase the cost of the fees estimated above. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.

Factors that may lead to an increase in cost include:

  • If a legal title is defective or part of the property is unregistered
  • If you discover building regulations or planning permission has not been obtained
  • If crucial documents, we have previously requested from you have not been provided to us
  • If the property is a new build
  • If you are receiving a gifted deposit
  • If you are using a Help to Buy ISA/Lifetime ISA
  • If you are getting a Help to Buy Equity Loan
  • If the property is shared ownership

LCF Residential offer great value for money. Click here to Get an Instant Quote or call us today with some simple details about the property, and we’ll give you a competitive price.

We look forward to helping you.

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