FEES

Residential Property Transactions

OUR FEES FOR RESIDENTIAL PROPERTY TRANSACTIONS

Burlingtons assists clients with residential conveyancing transactions including:

  • Freehold sale or purchase
  • Leasehold sale or purchase
  • Mortgages or re-mortgages

Fee Earners:

We have five members of the team who may work on your matter. For more information on the team members, please click on the links next to their names below to be taken to their personal profiles.

Fees:

Our fees may be structured in two ways: hourly rate or fixed rate. Our hourly rates range between £200 – £450 depending on the seniority of the fee earner undertaking the work. Where possible we will use more junior fee earners (supervised by a partner) to keep costs at a minimum.

Fixed rates will depend on the value and complexity of a transaction:

Up to £500,000

0.1% – 0.3%

£500,001 – £700,000

0.2% – 0.5%

£700,001 –  £1,000,000

0.3% – 0.7%

From £1,000,001

0.4% – 0.9%

However, as every client is unique, we will consider all the circumstances to find the best arrangement to suit each specific transaction.

Conveyancer’s fees and disbursements include:

  • Legal fee
  • Search fees
  • HM Land Registry fee
  • Electronic money transfer fee
  • VAT payable
  • 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.

Anticipated Disbursements:

  • Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50-£100.
  • 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 £100.
  • Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £75 and £140.
  • Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50 – £100.

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 this we receive this information.

Stamp Duty or Land Tax

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website.

The Work We Will Undertake:

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender/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
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from lender and you
  • Complete transaction
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry

Time frames involved:

The precise time frames in a transaction vary according to the circumstances. However, there are two main steps involved:

  • Exchange contracts (within 4-6 weeks)
  • Completion (2-4 weeks from exchange date)

All prices exclude VAT.

If you wish to discuss our fee structure, or any matter, please do not hesitate to contact Fionan Foo: Fionan.foo@burlingtonslegal.com.

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