Our fees are based on the amount of time it takes us to complete your purchase efficiently and the seniority and experience of the lawyers and other fee earners working on your transaction. Our fees will be specifically agreed with you at the outset of your transaction, once we know the details and circumstances involved, and will cover the work required to complete your purchase, including dealing with registration at the Land Registry and 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. Where the transaction does not proceed to completion a reduction of up to 25% is usually applied to the agreed fees depending on how far advanced the transaction is.
Our current hourly charge rates range from £305 for a recently qualified solicitor to £515 for a senior partner/consultant.
Occasionally a transaction becomes unexpectedly more complex e.g. there might be problems with the lease that need to be rectified with the co-operation of the landlord. We would notify you of this as soon as reasonably practicable, so that you can decide whether you wish to continue with the transaction with the additional expense of us dealing with the unexpected extra work.
|Purchase price of property
|Fee range for existing lease
|Fee range for new build/new lease
|Less than £1,000,000
|£5,500 – £7,500
| £6,500 – £8,500
|£1,000,000 – £2,000,000
|£7,500 – £9,500
| £8,500 – £10,500
|£2,000,000 – £3,000,000
|£9,500 – £11,500
| £10,500 – £12,500
|£3,000,000 – £4,000,000
|£11,500 – £13,500
| £12,500 – £14,500
|£4,000,000 – £5,000,000
| £13,500 – £15,500
|£14,500 – £16,500
When a new lease is granted of a newly built or refurbished property there is considerably more work involved. There are the terms of a new lease to be negotiated with numerous additional documents and information to be checked and for you to be advised on. This is why the fee ranges for such transactions are higher.
Our fee ranges assume that:
The fee range for acting on behalf of your mortgage lender should this be required or for satisfying the requirements of your lender’s lawyers is £1,000 – £3,000 plus VAT (depending on the size and complexity of the borrowing).
Disbursements are costs related to your transaction 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. Disbursements are not included in our fee ranges, however, these typically include:
Any photocopying that is required will be charged at a commercial rate. This would usually be no more than £100 plus VAT where relevant.
There are certain additional disbursements which may be payable under the lease of the property. These are set out separately below. This list is not exhaustive and other disbursements may apply depending on the terms of the lease. We will update you on such specific fees payable upon receipt and review of the lease.
These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you a more accurate figure once we have sight of your specific documents.
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 we receive this information from your seller’s solicitors.
VAT is payable at 20% on all legal fees and taxable disbursements.
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s Stamp Duty Land Tax calculator or if the property is located in Wales by using the Welsh Revenue Authority’s Land Tax calculator. There may be additional tax to be paid e.g. if you already own another property or have an interest in another property anywhere in the world, or less tax if you are a first time buyer.
How long it will take from your offer being accepted until you can move into your property will depend on a number of factors. The average process takes between 4-8 weeks to exchange contracts and then between 2-4 weeks from exchange to completion. 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 that is ready for occupation with a mortgage in principle, it could take overall 6-8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, on average between 3 and 9 months. In such a situation additional charges would apply and you might decide not to proceed.
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we set out some key stages that are relevant to most transactions:
You may review the experience and qualifications of our Private Client Property Team here
Please note that Collyer Bristow provides this service during office hours for general information and enquiries only and that no legal or other professional advice will be provided over the WhatsApp platform. Please also note that if you choose to use this platform your personal data is likely to be processed outside the UK and EEA, including in the US. Appropriate legal or other professional opinion should be taken before taking or omitting to take any action in respect of any specific problem. Collyer Bristow LLP accepts no liability for any loss or damage which may arise from reliance on information provided. All information will be deleted immediately upon completion of a conversation.Close