Residential Conveyancing Fees

The fees charged by PCB Solicitors in any transaction are important and are reviewed on a regular basis. We estimate our fees on the information that is provided to us by our clients about the property that is being sold or purchased, however this is not always accurate as we have seen no Contract documentation at this point and we base them on the matter being a straightforward transaction, unless advised otherwise.

Example of our costs

Our fees cover all the work required to complete a straightforward sale or purchase, and will include investigating the title to the Property, including our Initial Title Review, through to completion, including registration at the Land Registry and submitting the Stamp Duty / Land Tax Return on the clients behalf.

Stamp Duty Land Tax This will depend on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website (Stamp Duty Land Tax Calculator) or if the property is located in Wales by using the Welsh Revenue Authority’s website (Calculate Land Transaction Tax | GOV.WALES).

Land Registry fees For further information relating to Land Registry fees go to

https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees they range from £30 to £1,105 depending on the type of transfer and the value of the Property.

Search Fees Search fees are typically £300.00 to £600.00 but these are dependent on the location of the Property.

Disbursements are third party costs related to your matter, such as Land Registry fees and Searches. We handle the payment of the disbursements on your behalf to ensure a smoother process. A Bank Transfer Charge of £30.00 plus VAT (£36.00) will be payable for monies sent direct from client account.

Costs on a Sale

Freehold Property:

Value under £250,000 our fees are estimated to be £750 plus VAT currently 20% (£900)

Value over £250,000 up to £925,000 our fees are estimated to be £895 plus VAT (1,074) to £2,100 plus Vat (£2,520)

Leasehold Property:

Value under £259,000 our fees are estimated to be £950 plus VAT (£1,140)

Value over £250,000 up to £925,000 our fees are estimated to be £1,095 plus VAT (£1,314) to £2,300 plus VAT(£2,760)

Costs on a Purchase

Freehold Property:

Value under £250,000 our fees are estimated to be £830 plus VAT (£996)

Value over £250,000 up to £925,000 our fess are estimated to be from £1,195.00 plus VAT(£1,434) to £2,700.00 plus VAT(£3,240)

Leasehold Property:

Value under £259,000 our fees are estimated to be £1,030 plus VAT (£1,236)

Value over £250,000 up to £925,000 our fees are estimated to be £1,095 plus Vat (£1,314) to £2,300 plus VAT (£2,760)

For properties valued in excess of £925,000 you will require a bespoke estimate for fees. The estimate of fees is calculated on the basis of the time spent and complexity of the transaction.

Mortgages

  • If you are obtaining a Mortgage to purchase your property our fee is £150 plus VAT to act on behalf of the Lender
  • If you are re-mortgaging your property our estimated cost would be £650 plus VAT

On-boarding

In order to meet our ongoing SRA and Anti-Money Laundering regulations we use a digital ID verification provider. This system allows:

  • us to improve the efficiency of your matter;
  • you to provide us with ongoing information to ensure that your matter is completed within proposed timescales;
  • you to quicky provide information and documentation to us from your computer or phone; and
  • documents to be signed digitally.

To meet our on-boarding processing fees there is a small charge of £30.00 plus VAT per client which will be added to your first invoice.

Registered Property

If the property is not registered with the Land Registry we will charge an additional £150 plus VAT to deal with the unregistered title, but this will be confirmed on sight of the unregistered title deeds

Initial Title Review

At the beginning of each matter, sale or purchase, we conduct an Initial Title Review, so that any matters that are problematic will be discovered at the start of the matter. If anything is discovered when the title is investigated, and that wasn’t disclosed when our estimate of costs was given, it is likely that additional costs may be applicable, however we will make sure you are informed of these matters at the earliest opportunity and a clear estimate of any additional costs will be discussed before the matter can proceed.

Examples of matters that can cause additional work are as follows:

· 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 the property is a New Build or Leasehold with a Management Company

· If the property is not connected to mains services

· If Indemnity Insurance policies are required

· If you require the matter to be expedited

· If there is a Lender with special requirements

Please contact us directly by going to ‘Contact us’ on the Website and complete your details and a team member from your preferred offices will contact you to provide a bespoke estimate of costs

How long will my house purchase take?

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors, such a mortgage companies, third party Solicitors, unregistered land, lease extensions, transfers of part. We  estimate that the average process takes between 6 to 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 8 to 12 weeks due to the amount of documentation that goes with a New Build Property.
  • If the property is unregistered with the Land Registry and is on private services, this could involve additional work and extensive enquiries from the other side, and could take 6 to 12 weeks to complete
  • However, if you are buying a freehold property that is registered with no ‘hidden issues’ in the title, and no Mortgage, this could be a very straight forward transaction and could take less than 6  weeks to complete.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:

  • Take your instructions and give you initial advice on the title to the property
  • Check finances are in place to fund purchase and contact lender’s solicitors if needed
  • Receive and advise on contract documents received from sellers Solicitors
  • Carry out searches
  • 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 and Transfer 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

VAT is currently charged at 20%.