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Residential Property

Price and Stage Information

Our property team has an excellent reputation and strives to deliver high-level and pragmatic client service and advice. The majority of our work is received from client recommendations as well as third party referrers.

Unlike many other firms, we have never paid, nor will we ever pay, referral fees to third party property referrers. By retaining our independence, we remain able to give you the level of service you require.
We do not adopt a one-size-fits-all approach to pricing our Residential Property Services. We realise that each client and transaction are different, and our specialist lawyers will take the time to understand your specific needs and requirements before providing a cost estimate for our services.

The areas of work that our team will most frequently undertake are:

  1. freehold residential sales and purchases;
  2. residential sales and purchases;
  3. residential remortgages.

Below are illustrative estimates of our fees and payments we make to third parties on your behalf (sometimes called ‘disbursements’) in each of the areas of work highlighted above.

Freehold sale at £300,000

Tozers’ legal fees – £1100
VAT @ 20% on the legal fees – £220
Tozers’ bank transfer administration fee for repaying a mortgage on completion – £36
VAT @ 20% on the administration fee – £7
Electronic ID check fee - £25
VAT @ 20% on the Electronic ID check fee - £5

 

Leasehold sale at £300,000

Tozers’ legal fees – £1,200
VAT @ 20% on the legal fees – £240
Tozers’ bank transfer administration fee for repaying a mortgage on completion – £36
VAT @ 20% on the administration fee – £7
Electronic ID check fee - £25
VAT @ 20% on the Electronic ID check fee - £5

Payments to third parties
Land Registry documents cost – £6 – £12
VAT @ 20% on Land Registry documents cost – £1.20 – £2.40

 

Freehold purchase at £300,000

Tozers’ legal fees – £1,150
VAT @ 20% on the legal fees – £230
Tozers’ bank transfer administration fee for sending monies to the seller’s solicitors on completion – £36
VAT @ 20% on the administration fee – £7
Electronic ID check fee - £25
VAT @ 20% on the Electronic ID check fee - £5

 

Leasehold purchase at £300,000

Tozers’ legal fees – £1,400
VAT @ 20% on the legal fees – £280
Tozers’ bank transfer administration fee for sending monies to the seller’s solicitors on completion – £36
VAT @ 20% on the administration fee – £7
Electronic ID check fee - £25
VAT @ 20% on the Electronic ID check fee - £5

Payments to third parties
Searches (typically, a local authority search, water and drainage search, and an environmental search) – £300
Land Registry registration fee – £150
Land Registry search fee – £3
VAT @ 20% on the Land Registry search fee – £0.60
Bankruptcy search fee – £2 per buyer (only applicable if a mortgage is being obtained to finance the purchase)
VAT @ 20% on the bankruptcy search fee – £.40 per buyer

 

Freehold remortgage with a property value of £300,000

Tozers’ legal fees – £750
VAT @ 20% on the legal fees – £150
Tozers’ bank transfer administration fee for repaying the existing mortgage on completion – £36
VAT @ 20% on the administration fee – £7
Electronic ID check fee - £25
VAT @ 20% on the Electronic ID check fee - £5

 

Leasehold remortgage with a property value of £300,000

Tozers’ legal fees – £950
VAT @ 20% on the legal fees – £190
Tozers’ bank transfer administration fee for repaying the existing mortgage on completion – £36
VAT @ 20% on the administration fee – £7
Electronic ID check fee - £25
VAT @ 20% on the Electronic ID check fee - £5

Payments to third parties
Searches (typically, a local authority search and an environmental search) – £200
Land Registry registration fee – £45
Land Registry search fee – £3
VAT @ 20% on the Land Registry search fee – £0.60
Bankruptcy search fee – £2 per owner
VAT @ 20% on the bankruptcy search fee – £.40 per owner
Land Registry documents cost – £6
VAT @ 20% on Land Registry documents cost – £1.20

(Our fees are based on not just the value of the property but also the work likely to be involved and will be subject to VAT at the current rate (plus third-party payments). Our normal fees for a straight-forward freehold sale or purchase with no unforeseen problems will range from between £1,100 plus VAT for a property valued at up to £300,000 to £2,000 plus VAT for a property valued at up to £1,000,000. Please note the actual charge will depend on the nature of the property and the specific circumstances of the transaction.)

Explanatory Notes on Illustrative Examples

  • The above illustrative fees assume that the transaction proceeds without difficulty and that no unforeseen matters arise including, for example (but not limited to), a defect in title which requires remedying prior to completion (for example, the property does not benefit from a right of way over the access serving it) or the preparation of additional documents necessary to the main transaction (for example, the completion of a lease extension);
  • On a residential purchase, there may be stamp duty land tax payable. Whether or not this is payable, and the amount payable, will depend on your circumstances. Our lawyers will ask questions of you about your circumstances and advise you of any stamp duty land tax payable. We will act as your agent in paying the stamp duty land tax to HMRC on completion. You can calculate the stamp duty payable using HMRC’s stamp duty land tax calculator https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro.
  • Shared Ownership situations have been excluded from the above illustrative examples.
  • Buy to let purchase with tenant (assuming tenant singular, not HMO) would include an additional £350 plus VAT fee and if getting a mortgage, add £500 plus VAT.
  • Sale of let property with tenant would include an additional £350 plus VAT fee
  • Declaration trust £250 plus VAT fee
  • Indemnity insurance £150 plus VAT fee
  • Private drainage (sale) £200 plus VAT
  • Private drainage (purchase) £250 plus VAT
  • Private water (sale) £200 plus VAT
  • Private water (purchase) £250 plus VAT
  • Solar panel lease sale / purchase £650 plus VAT indicative but generally time basis
  • Freehold remortgage minimum fee of £850 plus VAT
  • Leasehold remortgage minimum fee of £1,000 plus VAT.

 

Key Stages in a Sale

  • Discussing your requirements with you, opening our file and writing to you confirming instructions and providing property forms for completion by you;
  • Sending a draft contract, your completed property forms and Land Registry documents to the buyer’s solicitors;
  • Dealing with any enquiries raised by the buyer’s solicitors and sending the contract to you to sign;
  • Exchanging contracts by telephone with the buyer’s solicitor. It is at this point a completion date is agreed;
  • Completion of the sale with monies being received from the buyer’s solicitors.

 

Key Stages in a Purchase

  • Discussing your requirements with you, opening our file and writing to you confirming instructions;
  • Receiving a contract pack from the seller’s solicitors, providing you with copies of the property forms and Land Registry title plan;
  • Submitting searches and raising initial enquiries based on the contract pack received;
  • Receiving mortgage offer, reporting to you on the terms of the offer and obtaining your signature to the mortgage deed;
  • Reviewing the results of the searches and initial enquiries, and reporting to you with a summary of these and the contract paperwork for signature by you;
  • Exchanging contracts by telephone with the seller’s solicitor. It is at this point a completion date is agreed;
  • Completion of the purchase with monies being sent to the buyer’s solicitors;
  • Payment of any stamp duty to HRMC and applying to register your ownership of the property at the Land Registry;
  • Confirming completion of registration to you.

 

Key Stages in a Remortgage

  • Discussing your requirements with you, opening our file and writing to you confirming instructions;
  • Submitting searches;
  • Obtaining an initial settlement figure from your existing mortgage lender;
  • Receiving mortgage offer, reporting to you on the terms of the offer and obtaining your signature to the mortgage deed;
  • Reviewing search results and checking any points arising with you;
  • Requesting a final settlement figure from your existing mortgage lender and requesting the release of funds from your new lender;
  • Redeeming your existing mortgage and accounting to you for any net surplus;
  • Applying to register the new charge at the Land Registry;
  • Confirming completion of registration to you.

 

Timeframe

  • The average time to complete a residential sale or purchase from the date of issuing of contract papers is 2-3 months;
  • The average time to complete a residential remortgage from the date of receiving a mortgage offer is 4-6 weeks;
  • How long each stage takes on a given transaction will depend on factors outside of our control, for example the speed of third party solicitors and mortgage lenders.

 

Our Team

If you have been provided with the name of a particular fee earner in the team and would like to speak with them to discuss your needs, they would be delighted to hear from you.
Alternatively, you can use our online contact form and one of our team will contact you. For details of those in our Team, please click on the ‘People’ tab at the top of the page and then choose the Residential Property option under ‘Find by service’.

 

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