Conveyancing – Our fees and experience

Sale of a leasehold residential property

Our fees cover all the work* required to complete the sale of home, including dealing with redemption of any charges (mortgages) registered at the Land Registry and accounting to you with the sale proceeds.

*Conveyancer’s fees and disbursements

Additional costs for a leasehold sale (including VAT)

Referral fee

Wellers do not normally pay a referral fee for conveyancing work. If this does apply, then it will be disclosed prior to acting on your behalf and will not affect the price you pay shown above.

Other costs

As all transactions will vary, the fees shown in the table above should be treated as a general guide. There may be other costs that may apply to the sale. For example, if a transaction has to be completed rapidly, is particularly complex or if there is less than 10 working days between exchange of contracts and completion of the sale/purchase. Fees in London may vary from those listed above and will be provided in a full quotation.

The following list covers other work which you may choose to instruct us on in relation to a property matter:

Disbursements

Disbursements are costs related to your matter that are payable to third parties. We usually handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease.

Anticipated Disbursements:

• Management Information pack from Freeholder, and/or
• Management Information pack from Managing Agents

These fees, if payable, are fixed by individual freeholders and managing agents, there is no set charge. The fees are often between £75 and £250 each, but can sometimes be significantly more or less. We will need to contact the freeholder or managing agents to ask them to let us know their fees at the outset of your transaction.

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property.
These are usually apportioned on the day of completion, so that you pay the ground rent and service charges to the date of completion, and your buyer pays any monies due from that date onwards. The precise stages involved in the sale of a residential leasehold property vary according to the circumstances. However, the list of key stages below typically covers the work we undertake for you:

• Take your instructions and give you initial advice
• Send you property information forms and fittings and contents schedule for you to fill in and return
• Receive forms from you, make land registry searches and send contract documents to buyer’s conveyancers, reporting to you as necessary
• Contact mortgagees (if any) to obtain provisional figure to redeem charge
• Receive and consider enquiries from buyer’s conveyancer
• Report to you with contract and transfer for your signature
• Agree completion date (date from which you no longer own the property)
• Exchange contracts and notify you that this has happened
• Obtain mortgage redemption statement,
• Prepare completion statement
• Complete sale,
• Redeem mortgage (if applicable) settle estate agent’s fees, account to you with net proceeds
• Send transfer and any other documents of title to the buyer’s conveyancers

We would normally also pay your estate agent’s fees out of the net proceeds of sale on the day of completion.

How long will my leasehold sale take?

The average process takes between 8 – 12 weeks, but this is only a very rough guide. It can be quicker or slower, depending on the parties in the chain. If you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 – 6 months or more. In such a situation additional charges would apply. Our fee assumes that:

• this is a standard transaction and that no 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
• this is the assignment of an existing lease and is not the grant of a new lease
• the transaction is concluded in a timely manner and no unforeseen complications arise
• all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
• no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Please note that these fees or an appropriate proportion of them are payable if the sale is aborted. We will however ensure that work conducted on the aborted sale will be reused where possible which is likely to significantly reduce costs if we are instructed on a subsequent sale of that property.

Sale of a freehold residential property

Our fees cover all the work* required to complete the sale of home, including dealing with redemption of any charges (mortgages) registered at the Land Registry and accounting to you with the sale proceeds.

*Conveyancer’s fees and disbursements

Additional costs for a freehold sale (including VAT)

Referral fee

Wellers do not normally pay a referral fee for conveyancing work. If this does apply, then it will be disclosed prior to acting on your behalf and will not affect the price you pay shown above

Other costs

As all transactions will vary, the fees shown in the table above should be treated as a general guide. There may be other costs that may apply to the sale. For example, if a transaction has to be completed rapidly, is particularly complex or if there is less than 10 working days between exchange of contracts and completion of the sale/purchase. Fees in London may vary from those listed above and will be provided in a full quotation.
The following list covers other work which you may choose to instruct us on in relation to a property matter:

Disbursements

Disbursements are costs related to your matter that are payable to third parties. We usually handle the payment of the disbursements on your behalf to ensure a smoother process. We will update you on the specific fees as and when the situation arises. We would normally also pay your Estate Agent’s fees out of the net proceeds of sale on the day of completion.The precise stages involved in the sale of a residential freehold property vary according to the circumstances. However, the list of key stages below typically covers the work we undertake for you:

• Take your instructions and give you initial advice
• Send you property information forms and fittings and contents schedule for you to fill in and return
• Receive forms from you, make land registry searches and send contract documents to buyer’s conveyancers, reporting to you as necessary
• Contact mortgagees (if any) to obtain provisional figure to redeem charge
• Receive and consider enquiries from buyer’s conveyancer
• Report to you with contract and transfer for your signature
• Agree completion date (date from which you no longer own the property)
• Exchange contracts and notify you that this has happened
• Obtain mortgage redemption statement,
• Prepare completion statement
• Complete sale,
• Redeem mortgage (if applicable) settle estate agent’s fees, account to you with net proceeds
• Send transfer and any other documents of title to the buyer’s conveyancers

How long will my freehold sale take?

The average process takes between 8 – 12 weeks, but this is only a very rough guide. It can be quicker or slower, depending on the parties in the chain. Our fee assumes that:

• this is a standard transaction and that no 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
• the transaction is concluded in a timely manner and no unforeseen complication arise
• all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
• no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Please note that these fees or an appropriate proportion of them are payable if the sale is aborted. We will however ensure that work conducted on the aborted sale will be reused where possible which is likely to significantly reduce costs if we are instructed on a subsequent sale of that property.

Purchase of a leasehold residential property

Our fees cover all the work* required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.

*Conveyancer’s fees and disbursements

Additional costs for a leasehold purchase (including VAT)

Search fees

In addition to the above fees you will incur a number of local authority, water/drainage and other search fees. These searches provide crucial information relating to the property, for example, whether or not the road serving it is a publicly adopted highway, whether there are any mineshafts in the immediate vicinity, whether it is subject to any planning enforcement notices etc. Depending on the location of the property and the potential risks that are identified search fees will be in the range of £95 in a straightforward situation and £450 where extra searches are required.

Referral fee

Wellers do not normally pay a referral fee for conveyancing work. If this does apply, then it will be disclosed prior to acting on your behalf. And will not affect the price you pay shown above.

Other costs

As all transactions will vary, the fees shown in the table above should be treated as a general guide. There may be other costs that may apply to the sale. For example if a transaction has to be completed rapidly, is particularly complex or if there is less than 10 working days between exchange of contracts and completion of the sale. Fees in London may vary from those listed above and will be provided in a full quotation.

The following list covers other work which you may choose to instruct us on in relation to a property matter:

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.Anticipated Disbursements

• Notice of Transfer fee
• Notice of Charge (mortgage) fee
• Deed of Covenant fee
• Certificate of Compliance (with lease) fee

These fees, if payable, are fixed by individual freeholders and managing agents, there is no set charge, the fees are often between £75 and £250 each, but can sometimes be significantly more or less. The seller’s conveyancers will ask the Freeholder and or their managing agents to provide details of the fees to be paid, and we can give you an accurate figure when we have had sight of the specific documentation provided by the freeholder and or the managing agents.

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. These are usually apportioned on the day of completion, so that the seller pays the ground rent and service charges to the date of completion, and you pay any monies due from that date onwards.Stamp Duty Land TaxThis depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, the list of key stages below typically covers the work we undertake for you:

• 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
• Send Report on Title final contract to you for signature
• Draft Transfer
• Advise you on joint ownership
• Obtain pre-completion searches
• 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
• Send notice of transfer and charge to the freeholder and managing agents

How long will my leasehold purchase take?How long it will take from your offer being accepted until you can move in to your new home will depend on a number of factors, especially if you are in a chain. The average process takes between 8 – 12 weeks, but this is only a very rough guide.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 as little as 4 – 6 weeks if the property is finished, but several months if construction work on site is delayed. If you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 – 6 months or more. In such a situation additional charges would apply. * Our fee assumes that:

• • this is a standard transaction and that no 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
  • this is the assignment of an existing lease and is not the grant of a new lease
  • the transaction is concluded in a timely manner and no unforeseen complication arise
  • all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  • no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Purchase of a freehold residential property.

Our fees cover all of the work* required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

*Conveyancer’s fees and disbursements

Additional Fees for a freehold purchase (including VAT)

Search fees

In addition to the above fees you will incur a number of local authority and water/drainage search fees. These searches provide crucial information relating to the property, for example whether or not the road serving it is a publicly adopted highway, whether there are any mineshafts in the immediate vicinity, whether it is subject to any planning enforcement notices etc. We carry out all appropriate searches for £200.

Referral fees

Wellers do not normally pay a referral fee for conveyancing work. If this does apply, then it will be disclosed prior to acting on your behalf and will not affect the price you pay shown above.

Other costs

As all transactions will vary, the fees shown in the table above should be treated as a general guide. There may be other costs that may apply to the sale. For example if a transaction has to be completed rapidly, is particularly complex or if there is less than 10 working days between exchange of contracts and completion of the sale/purchase. Fees in London may vary from those listed above and will be provided in a full quotation.

The following list covers other work which you may choose to instruct us on in relation to a property matter:

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.

Stamp Duty or Land Tax (on purchase)

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website here.

How long will my house 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, especially if you are in a chain. The average process takes between 8 – 12 weeks, but this is only a very rough guide.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 as little as 4 – 6 weeks, if the property is finished, but several months if construction work on site is delayed. If you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 – 6 months or more. In such a situation additional charges would apply. *

Our fee assumes that:

• • • this is a standard transaction and that no 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
    • the transaction is concluded in a timely manner and no unforeseen complication arise
    • this is the assignment of an existing lease and is not the grant of a new lease
    • all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
    • no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Stages of the process.

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, the list of key stages below typically covers the work we undertake for you:

• • • 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 Report on Title and contract to you for signature
    • Advise you on joint ownership
    • 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

Our fees assume that:

• • • this is a standard transaction and that no 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
    • the transaction is concluded in a timely manner and no unforeseen complications arise
    • all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
    • no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Our fees cover all of the work* required to complete remortgage, including dealing with registration at the Land Registry. If the remortgage is taking place at the same time as a “transfer of equity” adding or removing other names to or from the mortgage and as owners of the property, additional fees and outlays will apply.

Remortgage of a residential property

*Conveyancer’s fees and disbursements

Up to 20% reduction on remortgage legal fees.

The table below shows our standard fees for remortgage work. Please note that up until 31 March 2023 we will be applying a discount to help clients who are looking to change their lenders. The rates for remortgage work during that time can be found here.

Additional costs for a remortgage

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.

How long will it take?

How long it will take to complete the remortgage will depend upon how quickly the mortgage offer is issued, and whether searches identify any other steps to be taken to satisfy mortgagee’s requirements. The average process takes between 4 – 8 weeks, but this is only a very rough guide.

Stages of the process

The precise stages involved in remortgage vary according to the circumstances. However, the list of key stages below typically covers the work we undertake for you:

• Take your instructions and give you initial advice
• Check finances are in place, and contact the new and existing lender if necessary
• Carry out searches
• Obtain further planning documentation if required
• Give you advice on all documents and information received
• Go through conditions of mortgage offer with you
• Send mortgage deed to you for signature, or meet with you in person for the deed to be signed in our presence
• Advise you on joint ownership
• Obtain redemption figures and any other requirements to redeem any existing charges on completion of the new charge
• Agree completion date
• Arrange for all monies needed to be received from lender
• Complete remortgage
• Deal with application for registration at Land Registry

Our fee assumes that:

• this is a standard transaction and that no 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
• the transaction is concluded in a timely manner and no unforeseen complications arise
• all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
• no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.