Watsons Law LLP Fee Scales
Please feel free to contact us at any time for a no obligation chat.
Please note that VAT and usual disbursements are to be added to the below-mentioned fees. Disbursements are 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 figures quoted are a guide only and the final fees will depend upon the complexity of the transaction and the amount of work required.
How long will my house 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 and 12 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 4 - 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer. In such a situation additional charges would apply.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are some key stages for your purchase for your information:
- 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
- Our estimated fees are to be found in the following table.
These fees are for our acting for you in relation to the conveyancing of a single residential sale or purchase. This will include the discharge of a mortgage with a lender who signs up to the Council of Mortgage Lenders handbook (CML) on a sale or the taking out of a mortgage with a CML lender to complete a purchase (unless that lender is separately represented by another lawyer). Our fee assumes that 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; this is the assignment of an existing lease and is not the grant of a new lease; the transaction is concluded in a timely manner and no unforeseen complication arise; all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation; no indemnity policies are required. Additional disbursements may apply if indemnity policies are required. More details will be provided at the required time.
- £500K or less £945 & VAT
- £500,001 - £1m £1245 & VAT
- £1,000,001 - £2m £1545 & VAT
- £2,000,001 and above POA
- £500K or less £995 & VAT
- £500,001 - £1m £1320 & VAT
- £1,000,001 - £2m £1620 & VAT
- £2,000,001 and above POA
Additional fees for unusual sale/purchase situations
(plus vat and disbursements)
|Help to buy mortgage/ISA||£350/£50|
|Mortgage with a separately represented lender||£400|
|Paying off additional mortgages/charges (per charge)||£100|
|Basic declarations of trust.||£150|
|Transfer of share of freehold when the freehold is not owned by a company||£200|
Estimated disbursements for a purchase
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will 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 the specific fees upon receipt and review of the title from the seller's solicitors.
- SDLT (stamp duty) – This depends on the purchase price of your property. 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. Please follow this link for more information: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
- Land Registry fees – these will vary and please follow this link for more information: http://landregistry.data.gov.uk/fees-calculator.html
- Searches will usually cost £190 per property.
- Electronic money transfer fee - £35 plus VAT if UK.
- AML/ID checks and checks on other solicitors – £10 plus vat per check.
- If you are buying a leasehold or share of freehold property, the following may apply: Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50 and £150. Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50 and £150. Deed of Covenant fee – This fee is provided by the management company for the property on a case by case basis and can be difficult to estimate. Often it is between £100 and £200. Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £100 and £200. These fees vary from property to property and can on occasion 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 charge 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.
Estimated disbursements for a sale
- Electronic money transfer fee - £35 plus vat if UK.
- AML/ID checks – £10 plus VAT per check.
- Fees of between £10 and £50 for a copy of your legal title and any leases.
- Fees of between £100 and £450 for a pack from your management company if you are selling a leasehold or share of freehold. We will not know this amount until we have contacted your management company.
|New Mortgage from||New Mortgage to||Fee (inclusive of VAT and Disbs)|
Please note that these fees do not include any charges that may be charged by any third party if your property is leasehold. For example, your lease will state that you have to notify the lessor of any new mortgage. The lessor will likely charge an admin fee for this which is typically £100 & VAT but is always on a case by case basis.