Residential Conveyancing Standard Prices
Our standard prices for your sale or purchase are:
|Under £100,000||£560 + VAT (£112) = £672|
|£100,000 - £149,999||£585 + VAT (£117) = £702|
|£150,000 - £199,999||£610 + VAT (£122) =£732|
|£200,000 - £299,999||£660 + VAT (£132) = £792|
|£300,000 - £399,999||£710 + VAT (£142) = £852|
|£400,000 - £499,999||£760 + VAT (£152) = £912|
|£500,000 - £599,999||£810 + VAT (£162) = £972|
|£600,000 - £699,999||£860 + VAT (£172) = £1,032|
|£700,000 - £799,999||£910 + VAT (£182) = £1,092|
|£800,000 - £899,999||£960 + VAT (£192) = £1,152|
|£900,000 - £999,999||£1,010 + VAT (£202) = £1,212|
|£1,000,000 - £1,499,999 - £1,499,999||£1,210 + VAT (£242) = £1,452|
|£1,500,000 - £1,999,999||£1,510 + VAT (£302) = £1,812|
In some instances we need to make an additional charge on top of our usual fees to take into account the extra work we have to carry out. We are not always aware of the additional work at the start of your matter. Some examples of when we make an additional charge include:
- If the property is a leasehold (such as a flat/maisonette/apartment) there is an additional fee of £120 + VAT (a total of £144).
- If a property is a new build there is an additional fee of £120 + VAT (a total of £144).
- If you are buying using the Help to Buy scheme there is an additional fee of £120 + VAT (a total of £144).
- If you are using a Help to Buy ISA there is an additional fee of £50 + VAT (a total of £60) per ISA.
- If you are purchasing a share in a property there is an additional fee of £120 + VAT (a total of £144).
- If you require a Statutory Declaration our fees start from £100 + VAT (£120) depending on complexity.
- If you required a Declaration of Trust our fees start from £100 + VAT (£120) depending on complexity.
- If you are receiving gifts from family or friends to assist in the purchase along with your mortgage there is an additional fee of £250 + VAT (a total of £300) per gift.
- If we need to arrange indemnity insurance for you there is an additional fee of £50 + VAT (a total of £60) per policy.
Along with our fees you will also need to pay any disbursements related to your sale or purchase. Disbursements are third party costs which we will incur on your behalf as part of your transaction. Generally the following disbursements are incurred (please note that these costs are estimates only and we will advise you of the actual costs for your matter as soon as this information is available).
|Office copy entries - freehold||£6|
|Office copy entries – leasehold||£12|
|Management pack – leasehold||£ Price varies depending on management company|
|Searches (Coal, Local and Drainage)||£194.40 (estimate)|
|Land Registry Search||£3|
|Bankruptcy Search (per person)||£2|
|Telegraphic Transfer fee (per transfer)||£30 (£25 + VAT)|
|Land Registry fees||See table below, we shall always try and register the property for you online if possible.|
|Purchase Price||Land Registry fee||Online Land Registry fee|
|Up to £80,000||£40||£20|
|£80,001 - £100,000||£80||£40|
|£100,001 - £200,000||£190||£95|
|£200,001 - £500,000||£270||£135|
|£500,001 - £1,000,000||£540||£270|
|£1,000,000 and over||£910||£455|
Stamp duty is set by the Government and subject to changes. As at the time of writing (December 2018) the following Stamp Duty rates apply to properties in England.
|Purchase Price||Stamp Duty rate||Buy to Let/Additional Home rate|
|Up to £125,000||0%||3%|
|£125,001 - £250,000||2%||5%|
|£250,001 - £925,000||5%||8%|
|£925,001 - £1,500,000||10%||13%|
First time buyers do not pay Stamp Duty on the first £300,000 of a property worth under £500,000. Between £300,001 and £500,000 they pay Stamp Duty at 5%. First time buyers purchasing a property worth over £500,000 are not entitled to this relief.
At Richard Herne & Co Solicitors our experienced Solicitor will have the day to day running of your matter supported by our friendly secretaries. On average a standard sale and purchase should take between 12 to 16 weeks however this is affected by other factors including any issues in the chain.
Our fees include:
- Taking your initial instructions;
- Checking finances are in place;
- Checking title documents;
- Submitting or receiving contract documents;
- Carrying out searches and sending enquiries to the other side;
- Answering enquiries raised;
- Preparing title and search reports to you;
- Go through mortgage documents with you;
- Send Contract to you for signature;
- Obtaining mortgage redemption figures from your lender;
- Agree completion dates with you and the other side;
- Exchange contracts and advise you once this has happened;
- Arrange the transfer of moneys to complete on your sale/purchase;
- Completing your sale/purchase;
- Discharge any mortgage or legal charge;
- Remit any outstanding balances to you;
- On your purchase submit an application to the Land Registry;
- On your purchase deal with the payment of Stamp Duty on your behalf.
Fixed Fee – Grant Only Service
Richard Herne & Co Solicitors are pleased to offer a fixed fee Grant of Probate extraction service for smaller estates. Our legal fees for this service are £500 + VAT (a total of £600) and includes:
- Identifying the Executor or Administrator of the estate;
- Confirming that this is a matter suitable for this service;
- Competing the Inheritance Tax return on your behalf (IHT 205 and 217 only);
- Drafting the Oath;
- Sending the application to the Probate Registry on your behalf;
- Advising you once the Probate is received;
Your work will be carried out by our Private Client Solicitor Kathryn Smith. Typically this service can be completed within eight weeks from the date you provide us with all of the information we have requested from you
In addition to our fees you will also have to pay some disbursements, these are third party costs. Typical disbursements for this type of matter would be:
- Probate Court fee – £155 (plus £0.50 for each additional copy of the Grant required, we can advise you on this)
- Swear fees (for the Oath) – £7 (per executor)
This service is only suitable for smaller estates where there is no inheritance tax payable and a full inheritance tax return does not need to be completed.
Probate and Estate Administration Service
Our Private Client Solicitor Kathryn Smith carries out all of our Probate and Estate Administration work. We carry out this work on an hourly rate basis and our charges are £200 + VAT per hour. Incoming and outgoing letters and telephone calls are charged at £20 + VAT each.
In addition to our fees the following disbursements might be incurred, these are third party costs payable from the estate. Possible disbursements include:
Probate fee – £155 (plus an additional £0.50 for each copy, we shall advise how many you might need)
Swear fee – £7 (per executor)
Bankruptcy Search – £2 per UK beneficiary (charges vary in other jurisdictions)
£200 (estimate) – placement of notices in the London Gazette and a local newspaper to protect the executors against claims from unknown creditors of the estate
Valuation fees for chattels and the property (if required)
We estimate that a simple estate would usually take us between 15 to 20 chargeable hours to complete so our total charges would be in the region of £3,000 – £4,000 + VAT. These fees do not include the costs of the sale of transfer of any property owned by the deceased.
This estimate would suit an estate with these circumstances:
- The deceased has left a valid Will;
- There are fewer than 5 bank accounts;
- There is only one property in the estate;
- There are no shares, investment accounts, business interests, farming interests or foreign assets in the estate;
- There are fewer than 5 beneficiaries;
- There are no disputes between the beneficiaries of the estate;
- That there are no claims against the estate;
- There is no inheritance tax payable on the estate and a full Inheritance Tax Account does not need to be submitted to HMRC.
Due to the unique circumstances of each matter the exact cost will vary, costs might be higher for example if there are multiple beneficiaries or a number of investment accounts. We will provide you with an initial estimate and advise you as matters progress if we need to revise this estimate.
Additional costs might be incurred if:
- There is no Will;
- There are a number of assets held with numerous institutions;
- The deceased owned shares, stocks or bonds;
- Inheritance Tax is payable;
- A full HMRC Inheritance Account needs to be submitted to HMRC (regardless of whether any Inheritance Tax is payable);
- There is a Department of Work and Pensions enquiry;
- The deceased held assets abroad, had business interests, was a farmer or held farming assets;
- There are extensive assets or liabilities of the estate.
The administration of an estate can take between six to 12 months to complete. This varies depending on the complexity of the estate. Generally it will take between six to eight weeks from our formal instructions to obtain the Grant of Probate. It can take a further four to six weeks to collect in the assets of the estate however this can vary depending on the nature of the assets. It can sometimes take several months for a property sale to complete which could delay matters. We sometimes recommend that the estate is not distributed for six months following the issuing of the Grant of Probate if there is a chance a disappointed beneficiary might make a claim against the estate.
Other ways the administration of an estate can be delayed can include:
- A Department of Work and Pensions investigation;
- Queries being raised by HMRC on tax matters;
- A claim being issued against the estate;
- Disputes between beneficiaries