Residential Conveyancing Prices

Our commitment to transparent pricing

At Nova Solicitors, we ensure that the costs of your conveyancing transaction are fully transparent right from the start, with no ‘hidden extras’. We provide a bespoke quote for every matter which encompasses all of your particular circumstances. There are several factors that affect residential conveyancing prices as outlined below:

Legal fees – sale or purchase – Freehold properties

  • Property Value: £0 – £100,000: From £680 + VAT
  • Property Value: £100,001 – £260,000: From £880 + VAT
  • Property Value: £260,001 – £350,000: From £980 + VAT
  • Property Value: £350,001  £500,000: From £1100 + VAT
  • Property Value: £500,001 – £750,000: From £1200 + VAT
  • Property Value: £750,001 – £1,000,000: From £1,800 + VAT
  • Property Value: Over 1 million pounds – Contact Us

Legal fees – sale or purchase – Leasehold properties

  • A Leasehold surcharge of £380+ VAT is payable for all leasehold transactions. This is due to the additional conveyancing work required in dealing with the Lease and correspondence with the Landlord and Management company (if applicable).
  • Stamp Duty Land Tax submission fee: £150 + VAT
  • Professional indemnity insurance contributions fee: £50+VAT
  • File/Archive fee: £50+VAT

Additional Items

  • Electronic Funds Transfer fee (per transfer, including to mortgage company): £36 + VAT
  • Electronic Identification Verification fee: £5.95 inc. VAT
  • New Build Property or Shared Ownership Scheme surcharge: £75 + VAT (n.b. only one surcharge will ever be applicable so if you are buying a new build, leasehold property through a shared ownership scheme only one surcharge will apply).
  • Help to Buy or Lifetime ISA surcharge: £50 + VAT

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as the Land Registry. We manage the payment of these fees to make the conveyancing process run more smoothly.  We will provide you with a bespoke quote outlining our full residential conveyancing prices and the particular disbursements relevant to your matter.

Disbursements – Sale transactions

  • Energy Performance Certificate (if required): £80 + VAT
  • Land Registry Official Copy Register Entries: £6 – £24
  • Allowance for Management Company charges: £200 apx. (n.b. the precise amount varies from property to property and we will be able to advise you of the exact amount  once we have had sight of your documentation).

Disbursements – Purchase transactions

Disbursements are costs (i.e. expenses), 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.

The following comprise the usual disbursements:

  • Search fees – between £200.00 and £280.00 depending on the type and volume of searches required
  • Stamp Duty Land Tax – this depends upon a variety of factors . A calculation is available through the HMRC website
  • Land Registry Search (Bankruptcy): £2 per person
  • Land Registry Search (to protect the title): £3
  • Land Registry fee: £40 – £540 (depending on the value of the property), please see the Land Registry website for further information
  • Stamp Duty Land Transaction Tax – Please see HMRC website for further information or the Welsh Revenue Authority if the property you are purchasing is located in Wales.
  • Managing Agents pack on sale of leasehold – this can only be ascertained on receipt of documents but the average charge is approximately £360.00 inc. VAT, but can vary depending on the Managing Agent or Freeholder
  • Notice and compliance fees on leasehold purchases – these can only be ascertained during the transaction but typically can range between £240.00 to £480.00 inc. VAT

You should also be aware that Ground Rent and Service Charge are likely to be payable throughout your ownership of the property.  Once we have had sight of the Lease for your proposed purchase we will be able to advise you of these.

Factors that could affect our residential conveyancing prices

  • If the legal title is defective or part of the property is unregistered
  • If building regulations or planning permission have not been obtained
  • If the property is shared equity
  • If we are required to deal with multiple lenders
  • If there is a requirement for a lease extension

How long will a purchase take?

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 6-8 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 5 months. In such, a situation additional charges would apply.

Stages of the purchase process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have set out some of the key milestones:

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender’s solicitors if needed
  • Receive and advise on contract documents
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of seller’s solicitor
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer with you
  • Send final contract to you for signature
  • Agree completion date (date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from lender and you
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry

How long will a sale take?

A sale is affected by many of the same factors as a purchase as your buyer may have to secure a mortgage and you may be linking your sale with an onwards purchase.  Likewise, your buyer may have a related sale.

Stages of a sale process

  • The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have set out some of the key milestones:
  • Take your instructions and give you initial advice
  • Obtain a redemption statement for your mortgage (if you have one)
  • Obtain Official Copies Register Entries from the Land Registry for your property or the Deeds to your property (if  unregistered)
  • Prepare the draft sale contract and send to the buyer’s solicitors
  • Answer queries from the buyer’s solicitors including obtaining copies of any missing building regulation approvals and guarantees (i.e. FENSA window guarantees)
  • Send final contract to you for signature
  • Agree completion date with you and the buyers (and any other related transactions)
  • Exchange contracts and notify you that this has happened
  • On completion – redeem any mortgage on the property and arrange for the release of the keys to the buyers
  • Send the balance of funds to you

Our residential conveyancing team

Your transaction will be handled by a member of our experienced Residential Conveyancing team supported by their dedicated legal assistant. 


Debt recovery

Debt recovery: range of fixed fees

We are required to give some indication of what these costs might be, but with contested debts this is extremely difficult since there are so many possible variations.

We do not undertake this work on a fixed fee basis. Our time will be charged on an hourly basis with rates ranging from below £120 per hour including VAT for trainee lawyers up to £360 per hour including VAT for senior lawyers.

Any expenses we incur on your behalf – for example, court fees, bailiffs’ charges or the fees charged by barristers or accountants assisting with the claim – are charged in addition and we may ask for these to be covered ahead of the work being done.

If you wish to know more about the costs that might apply to your claim please telephone our office on 0203 489 7010 we will be happy to discuss this with you.



Probate

 Probate: Range of costs quotation (with fixed fee for additional work) and fixed fee

Applying for the grant, collecting and distributing the assets

We anticipate that this work will typically take between 8 to 12 hours at an hourly rate of £225 per hour.

The exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs will be at the lower end of the range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end. A mix of these factors and our fees will be in the middle range of the table below.

Table of our fees all shown inclusive of VAT:

Lower Range                        Middle Range                       Upper Range

£2,160.00                               £2,700.00                                 £3,240.00

We will handle the full process for you. The quotes above are for estates where:

  • There is a valid will
  • There is no more than one property
  • There are no more than 1 to 3 bank or building society accounts
  • There are no other intangible assets
  • There are 1 to 3 beneficiaries
  • There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
  • There is no inheritance tax payable and the executors do not need to submit a full account to HMRC.
  • There are no claims made against the estate

Disbursements (i.e. expenses),  included in our fees:

  • Probate application fee of £155.00 [Note: The Government are planning to significantly increase their Probate fees in 2019 – we will update this section once a date has been set.]
  • £7.00 to £10.00 Swearing of the oath (per executor)
  • Bankruptcy-only Land Charges Department searches (£2.00 per beneficiary)
  • £93.00 to £95.00 Post in The London Gazette – Protects against unexpected claims from unknown creditors.
  • £450.00 to £500.00 Post in a Local Newspaper – This also helps to protect against unexpected claims.

Disbursements (i.e. expenses), are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Potential additional costs

  • If there is no will or the estate consists of any share holdings (stocks and bonds) there are likely to be additional costs. This will depend on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information.
  • If any additional copies of the grant are required, they will cost 50 pence per copy.
  • Dealing with the sale or transfer of any property in the estate is not included.

How long will this take?

First stage                                                    Second stage                                          Final stage

Obtaining the grant of probate                    Collecting the assets                               Distributing the assets to beneficiaries

 6 to 8 weeks                                                  6 to 8 weeks                                               2 to 4 weeks

On average, estates that fall within this range are dealt with within 4 to 6 months.

Probate – Fixed Fee

We can help you through this difficult process by obtaining the Grant of Probate on your behalf. We will also undertake the collection and distribution of assets.

How much does this service cost?

TOTAL: fixed fee of £3,000.00 (including VAT).

This includes: obtaining the grant, collection and distribution of assets.

Breakdown of costs:

Legal fees £2,500.00

VAT on legal fees £500.00

Disbursements (£720.00 in total):

  • Probate court fee of £155.00 [Note: The Government are planning to significantly increase their Probate fees in 2019 – we will update this section once a date has been set.]
  • £7.00 to £10.00 Swearing of the oath (per executor).
  • Bankruptcy-only Land Charges Department searches (£2.00 per beneficiary).
  • £93.00 to £95.00 Post in The London Gazette – Protects against unexpected claims from unknown creditors.
  • £450.00 – £500.00 Post in a Local Newspaper – This also helps to protect against unexpected claims.

Disbursements (i.e. expenses), are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smooth process.

As part of our fixed fee we will:

  • Provide you with a dedicated and experienced probate solicitor to work on your matter
  • Identify the legally appointed executors or administrators and beneficiaries
  • Accurately identify the type of Probate application you will require
  • Obtain the relevant documents required to make the application
  • Complete the Probate Application and the relevant HMRC forms
  • Draft a legal oath for you to swear
  • Submit the application to the Probate Court on your behalf
  • Obtain the Probate and securely send two copies to you
  • Collect and distribute all assets in the estate

How long will this take?

First stage                                             Second stage                                  Final stage

Obtaining the grant of probate            Collecting the assets                        Distributing the assets to beneficiaries

 6 to 8 weeks                                          6 to 8 weeks                                         2 to 4 weeks

On average, estates that fall within this range are dealt with within 4 to 6 months.

Estates liable to Inheritance Tax

If the estate is liable for inheritance Tax, our fees could range between £6,000.00 to £9,000.00 including VAT, plus disbursements ( as stated above).

If an estate is has no liability for inheritance tax, but a redistribution of the assets is to be considered through a Deed of Variation, the costs could be in the range of £4,800.00 to £6,000.00 including VAT, plus disbursements (as stated above). If Counsel (i.e. a barrister), is engaged for their expert opinion to advise and draft the Deed of Variation, then Counsel’s costs (probably in the range of £1,800.00 to £2,400.00 including VAT), will need to be added.

 

Call us on 0203 480 7010

for all your legal matter.

Nova Solicitors is a trading name of Nova Solicitors Limited (Company Registration No: 10048301) registered in England and Wales, registered office at 27A Westbury Avenue, London, N22 6BS. Nova Solicitors Limited is authorised and regulated by the Solicitors Regulation Authority. SRA No: 628998.