Conveyancing

The Jonathan Lea Network Conveyancing Prices, Process and Our Service Conveyancing Prices

The following information is an illustrative guide only and is not a quote or an estimate. We will provide you with a bespoke fee estimate to reflect the circumstances of your transaction.

If the property price is over £1,000,000 then our fees will be approximately 0.25% of the property value as a guideline for discussions with you.

If the property is leasehold, then more work is required with regard to the lease provisions and arrangements in relation to ground rent, service charges, insurance and management of the building, and so our fees tend to be higher than for freehold properties.

In addition, there may be properties with special complications and we will give you an individual cost estimate at the start of the transaction, taking account of the particular circumstances of your matter.

These are not fixed fees and charges are therefore based on but not limited to the particular aspects of a property transaction. For example, there may be instances where 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;
• Where the property is leasehold and there are issues in the existing lease and either a variation to the lease is needed or the grant of a new lease;
• Where the transaction becomes protracted;
• Where there is significant correspondence with the parties to the transaction and there are unreasonable delays from third parties providing documentation;
• Where indemnity policies are required. Additional disbursements may apply if indemnity policies become necessary and additional fees may arise should we need to arrange these on your behalf.

Once we have the details of your transaction, we will provide you with a detailed fee estimate. This will be based on the time we anticipate it is likely to take to handle your transaction to a successful conclusion, the value of the property and the value to you of the work we will do to achieve your aims in as timely and efficient a way as possible.

Disbursements

Disbursements are costs in addition to our fees related to your matter that are payable to third parties such as Land Registry fees and Bank transfer fees.

We handle the payment of disbursements on your behalf to ensure a smoother process.

The disbursements listed below are a guide and are subject to change depending on third party providers.

The usual disbursements on a sale are:

• Land Registry Documents: £3.60 per document (including VAT)
• Bank Telegraphic Transfer Fee: £36 per transfer (including VAT)
• Electronic ID check: £13.50 per person (including VAT)

The usual disbursements on a purchase are:

• Search fees: £250 – £500.
• Land Registry Fee: £95 – £540
• Bank Telegraphic Transfer Fee: £36 per transfer (including VAT)
• Electronic ID check: £13.50 per person (including VAT)
• Electronic Source of Funds check: £4.80 per person (including VAT)
• Priority Search: £3.60 per search (including VAT)
• Bankruptcy Search: £2.40 per person (including VAT)
• Stamp Duty/Land Transaction Tax: See https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#!/intro for properties in England and https://www.gov.wales/land-transaction-tax-calculator for properties in Wales

Leasehold Properties and Managed Freehold Properties

If the purchase is of a Leasehold Property or it is a freehold property where the estate has a management company, there are may be further disbursements. The costs of these will vary depending on each landlord and each management company. We will advise you of the fees when we have the relevant documentation. As a general guide, the fees, if applicable, will usually be in the following ranges (all fees exclusive of any VAT):

• Deed of Covenant: £100 – £400
• Notice of Transfer: £50 – £150
• Notice of Charge: £50 – £150
• Certificate of Compliance: £100 – £300
• Fee for new Share Certificate: £50 – £150

The Process and our Services

There are many factors that influence how long a sale and purchase will take. For sales and purchases, once offers have been accepted it is likely to depend on the size of the chain and the parties in the chain. We tend to find that there is generally an 8 to 12 week period to exchange of contracts in a normal transaction although this can increase depending on the chain.

In respect of a purchase, the process will tend to be as follows:

1. You provide your instructions to us to proceed with our fee estimate;
2. The estate agents will issue a memorandum of sale confirming the parties involved and the purchase price;
3. The seller’s solicitor will provide us with a contract pack containing important information regarding the property;
4. We will order any searches on the property you may wish to undertake;
5. We will review the contract pack, raise any enquiries with the seller’s solicitors and draft the transfer document;
6. If you are obtaining a mortgage, we will need to deal with solicitors acting for your lender;
7. Once enquiries have been dealt with and the contract and transfer documents are approved, we can send you a report on title highlighting the key information to be aware of regarding the property. We will also arrange for the contract and transfer to be signed by you;
8. We will agree a completion date with you and the seller and request the funds for the deposit (usually 10% of the purchase price);
9. Once we are holding signed documents and the deposit, we will proceed to exchanging contracts. At this point you will become contractually bound to the purchase;
10. On completion, we will arrange for receipt of the completion funds from you and/or your lender and make payment to the seller’s solicitors;
11. After completion, we will assist in submitting the Stamp Duty Land Tax or Land Transaction Tax;
12. We will then register the transfer of the property at the Land Registry. It often takes Land Registry some time to complete the registration but we will let you know and provide up to date title documentation once registered.

If there is a leasehold property involved there will be other matters including advising you on the nature of the lease and any specific issues that may affect you. There may also be additional documentation to draft and execute.

If you are buying a property jointly you will receive information from us about the types of joint ownership available.

When selling a property, the process will tend to be as follows:

1. You provide your instructions to us to proceed with our fee estimate;
2. The estate agents will issue a memorandum of sale confirming the parties involved and the sale price;
3. We will obtain copies of the title documentation for the property you are selling and ask you to complete the Property Information Forms and Fittings and Contents Form.
4. If the property is a leasehold, then you will need to complete the Leasehold Information Form and obtain a management pack from you landlord and/or management company/agent;
5. We will also draft the contract for the sale;
6. Once you have completed the forms, we will review and answer any questions you may have and submit to the buyers’ solicitors the contract pack;
7. We will assist you with responding to any additional enquiries received and review the draft transfer prepared by the buyer’s solicitors;
8. Once the documentation is approved, we will forward this to you for your signature and we will agree a completion date with you and the buyer;
9. Once we are holding signed documents, we will proceed to exchanging contracts with a deposit being payable by the buyer of usually 10% of the sale price. At this point you will become contractually bound to the sale;
10. On the completion date, we will confirm completion on receipt of the funds from the buyer’s solicitors and arrange for the keys to be released from the estate agents;
11. If you have a mortgage, then we will obtain a redemption statement prior to completion and arrange for the mortgage to be redeemed;
12. We will then provide you with the completion funds for the sale of your property.

We will of course provide on request, an individual written fee estimate for your particular circumstances whether it is sale and or purchase. If required, please drop our Property team an email at wewillhelp@jonathanlea.net and we’ll be pleased to get back to you.

Disclaimer notice: These fees are guidelines only and reflect what we commonly charge. The Jonathan Lea Network reserves the right to change any fee. The fee is subject to change depending on the complexity of the matter. We can confirm in writing a definitive fee quote following a short complimentary introductory call.