Residential Conveyancing Prices

Our commitment to transparent pricing

At Wheelers Solicitors in Newport, Isle of Wight, we ensure that the the costs of your conveyancing transaction are fully transparent right from the start, with no ‘hidden extras’. We provide a bespoke quote for every matter which encompasses all of your particular circumstances. There are several factors that affect residential conveyancing prices as outlined below:

Legal fees – sale or purchase – Freehold properties

  • Property Value: £0 – £100,000: From £630 + VAT
  • Property Value: £100,001 – £260,000: From £680 + VAT
  • Property Value: £260,001 – £350,000: From £820 + VAT
  • Property Value: £350,001  £500,000: From £920 + VAT
  • Property Value: £500,001 – £750,000: From £1,100 + VAT
  • Property Value: £750,001 – £1,000,000: From £1,600 + VAT
  • Property Value: Over 1 million pounds – Contact Us

Legal fees – sale or purchase – Leasehold properties

  • A Leasehold surcharge of £75 + VAT is payable for all leasehold transactions. This is due to the additional conveyancing work required in dealing with the Lease and correspondence with the Landlord and Management company (if applicable).

Additional Items

  • Electronic Funds Transfer fee (per transfer, including to mortgage company): £30 + VAT
  • Electronic Identification Verification fee: £5.95 inc. VAT
  • New Build Property or Shared Ownership Scheme surcharge: £75 + VAT (n.b. only one surcharge will ever be applicable so if you are buying a new build, leasehold property through a shared ownership scheme only one surcharge will apply).
  • Help to Buy or Lifetime ISA surcharge: £50 + VAT

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as the Land Registry. We manage the payment of these fees to make the conveyancing process run more smoothly.  We will provide you with a bespoke quote outlining our full residential conveyancing prices and the particular disbursements relevant to your matter.

Disbursements – Sale transactions

  • Energy Performance Certificate (if required): £50 + VAT
  • Land Registry Official Copy Register Entries: £6 – £24
  • Allowance for Management Company charges: £200 apx. (n.b. the precise amount varies from property to property and we will be able to advise you of the exact amount  once we have had sight of your documentation).

Disbursements – Purchase transactions

  • Recommended Property Searches £141.79 (inc. VAT) * if you are taking out a mortgage the lender will require you to have a Local Search which is part of this pack.
  • Land Registry Search (Bankruptcy): £2 per person
  • Land Registry Search (to protect the title): £3
  • Land Registry fee: £40 – £540 (depending on the value of the property), please see the Land Registry website for further information
  • Allowance for Lease Registration fee: £60 (this varies from property to property and we will be able to advise you of the exact amount once we have had sight of your documentation).
  • Stamp Duty Land Transaction Tax – Please see HMRC website for further information or the Welsh Revenue Authority if the property you are purchasing is located in Wales.

You should also be aware that Ground Rent and Service Charge are likely to be payable throughout your ownership of the property.  Once we have had sight of the Lease for your proposed purchase we will be able to advise you of these.

Factors that could affect our residential conveyancing prices

  • If the legal title is defective or part of the property is unregistered
  • If building regulations or planning permission have not been obtained
  • If the property is shared equity
  • If we are required to deal with multiple lenders
  • If it is a purchase on behalf of a company – please see our commercial conveyancing information
  • If there is a requirement for a lease extension

How long will a 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 6-8 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 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 5 months. In such, a situation additional charges would apply.

Stages of the purchase process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have set out some of the key milestones:

  • 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

How long will a sale take?

A sale is affected by many of the same factors as a purchase as your buyer may have to secure a mortgage and you may be linking your sale with an onwards purchase.  Likewise, your buyer may have a related sale.

Stages of a sale process

The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have set out some of the key milestones:

  • Take your instructions and give you initial advice
  • Obtain a redemption statement for your mortgage (if you have one)
  • Obtain Official Copies Register Entries from the Land Registry for your property or the Deeds to your property (if  unregistered)
  • Prepare the draft sale contract and send to the buyer’s solicitors
  • Answer queries from the buyer’s solicitors including obtaining copies of any missing building regulation approvals and guarantees (i.e. FENSA window guarantees)
  • Send final contract to you for signature
  • Agree completion date with you and the buyers (and any other related transactions)
  • Exchange contracts and notify you that this has happened
  • On completion – redeem any mortgage on the property and arrange for the release of the keys to the buyers
  • Send the balance of funds to you

Our residential conveyancing team

Photo of Paul Wheeler Jacob Sandbach and Laura Barton Conveyancing Team at Wheelers SolicitorsYour transaction will be handled by a member of our experienced Residential Conveyancing team supported by their dedicated legal assistant.  To read more about our staff and their experience please click here.