SRA Price Transparency
RESIDENTIAL PROPERTY FEES
Our fees cover all of the work required to complete the sale and/or purchase of your new home, including dealing with the payment of Stamp Duty Land Tax and dealing with registration at the Land Registry.
Should any additional documentation be required such as a Deed of Covenant or a Declaration of Trust a separate charge of £75 plus VAT may be made for each additional document.
Conveyancer’s Fees and Disbursements (ie payments made by us on your behalf to third parties)
- Legal fees: currently £650 to £995 plus VAT up to a purchase price of £950,000. A tailored quotation can be supplied for a property where the agreed price exceeds £950,000.
- Search fees: normally a maximum of £350 for all necessary searches.
- HM Land Registry fee: £95-£910 depending on the value of the property and whether the property is already electronically registered at the Land Registry or not.
- Electronic money transfer fee: £30 plus VAT (same day) £10 plus VAT (three day transfer).
- VAT payable at 20% where applicable.
- Government Stamp Duty – please see section below.
Stamp Duty Land Tax
This will depend on the purchase price of your property and whether you are a first time buyer or you are buying a second or subsequent property. We can advise you of the Stamp Duty applicable to your purchase upon request.
Additional Fees and Disbursements for Leasehold Purchase
Please note that additional fees and disbursements are normally incurred on leasehold purchases and these can include the following:-
- Additional legal fees of up to £150 plus VAT depending upon the complexity of the Lease.
- Notice of Transfer fee – this fee, if chargeable, is set out in the lease. Often the fee is between £40 and £150 plus VAT.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the Lease. Often the fee is between £40 and £150 plus VAT.
- Deed of Covenant fee – This fee is provided by the management company for the property and can be between £50 and £300.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50 and £200.
We can advise you whether these fees will be incurred in your particular transaction. We can always give you an accurate figure once we have sight of your specific documents.
Generally, after exchange of contracts, the service charges are apportioned to cover the period of ownership.
Conveyancer’s Fees and Disbursements
- Legal fees £650 to £995 plus VAT up to £950,000. A tailored quotation can be supplied for a property where the agreed price exceeds £950,000
- Copy title from HM Land Registry £6 – £15.
- Electronic money transfer fee: £30 plus VAT (same day) £10 plus VAT (three day transfer)
- Leasehold sale pack from the management company or managing agents (£150 to £450 (Leasehold transactions only).
- VAT payable at 20% where applicable.
Timescales for a property transaction are dependant on a number of factors, including many outside our control. On a Sale or Purchase, the average process should complete within 12 to 14 weeks. If the transaction relates only to the Re-Mortgage of an existing property the average length of the process is 4 to 6 weeks.
PROBATE AND WILLS FEES
Our charges are calculated in accordance with the Solicitors’ (Non-Contentious Business) Remuneration Order 1994. This provides that a solicitor’s remuneration for non-contentious (i.e. non-litigious) matters should be such sum as may be fair and reasonable, having regard to all the circumstances of the case. The most important factor to be taken into account is the time spent dealing with the matter. There are also other factors such as the complexity and importance of the matter, the skill involved, and the need for urgency.
Where we are appointed as an executor of a Will unless we agree otherwise our costs are normally based on time spent by us in dealing with the matter.
We have a computerised time-recording system which records the time spent by fee earners on any particulate matter, each fee earner has an “hourly expense rate” which has been calculated in accordance with the Law Society’s published guidelines and are reviewed periodically. Current hourly rates are:-
|Partner||£225.00 – £255.00|
|Solicitor||£195.00 – £225.00|
|Chartered Legal Executive/Probate Executive||£195.00 – £225.00|
The Value Element (only applicable if we are also Executors of a Will)
In this case our charges may also contain an element based on the value of the estate. This is because the value is a reflection of the responsibility imposed on the firm as an executor. The value element is 1% of the gross estate. This applies where the gross estate does not exceed £400,000.00. The value element is halved for any balance of the estate over £400,000.00 There are some further modifications:-
In calculating the gross estate, the value of the deceased’s interest in his or her residence is halved.
In calculating the gross estate, the value of any property which does not vest in the personal representatives is excluded. Thus, no value element would be charged on a half-share of a house which was owned by the deceased as a beneficial joint tenant, and so passed to the other owner outside the terms of the Will or the intestacy rules.
VAT at the appropriate rate will be added to the total of our fees.
There will also be certain additional expenses (known as disbursements) examples of which are:-
|Commissioner for Oath fees:||Normally £7.00 – £11.00 for each executor|
|Court fees:||£155.00 Application Fee (and 50p for each office copy)|
|Statutory advertisements for creditors:||From £150.00|
|Probate Valuation Fees for properties and household effects:||Approximately £500.00|
|Estate Agents’ sale commission if property is to be sold|
We shall obtain your approval before incurring any other disbursements in excess of £150.00 or more.
We would normally prepare a bill of our charges and expenses on application for the Grant of Probate and on the finalisation of the state. For large or complex estates we may also raise a bill every three months during the administration of the estate in order to keep you fully informed of the costs.
If we hold sufficient funds on your behalf and we have sent you a bill, we will usually deduct our charges from these funds. If you have any query about your bill, you should please contact me straight away.
Activities undertaken as part of a standard probate process:
- Identifying the legally appointed executors or administrators and beneficiaries;
- Identifying the type of Probate application required;
- Acquiring the information needed for an application for Probate;
- Advising and arranging advertisements for any unknown creditors;
- Preparing an appropriate Inheritance Tax Account for delivery to HM Revenue & Customs.
- Dealing with the payment of inheritance tax (if applicable).
- Preparing a Statement of Truth for signature by the Executors.
- Submission of the application to the Probate Registry.
- Contacting the beneficiaries and verifying their identity;
- Collecting in the assets;
- Paying any liabilities and expenses.
- Preparing an Estate and Trust tax return for the administration period (if applicable).
- Preparing Estate Accounts;
- Distributing the assets;
Timescales For Probate Matters
On average, straightforward estates (i.e those without complex assets, tax issues or where the estate may be subject to litigation) are dealt with within 3-9 months. Typically, obtaining the grant of probate takes 8 to 12 weeks. Collecting assets then follows, which can take between 4-8 weeks. Once this has been done, the estate can then be distributed to the beneficiaries and any final formalities concluded, this would normally take 2-4 weeks.
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