Residential Property Pricing

At Heringtons we pride ourselves on offering a clear pricing structure for the high level of service we provide.  We ensure there are no hidden charges.  Not all firms offer the same level of service and this is reflected in the fees charged. Where possible, in straightforward sales and purchases we will offer you a fixed fee based on the information provided.  For more bespoke, high value or complex matters an estimate will be given but the amount paid will depend on the time spent on the transaction.  In this way we attempt to ensure that the amount you pay is fair and the quality of service high.

The fee we charge depends on the value of the property involved.  This is because in our experience this is a good guide to the level of work involved.  We aim to help you move on the day you choose and don’t usually charge more just because we need to act quickly.

RESIDENTIAL PROPERTY PRICING

Our charges for the sale of a single residential freehold property are estimated to be:

Property price

Fee

VAT

Total

Up to £200,000£850£170£1,020  

£200,001 to £250,000

£900£180£1,080
£250,001 to £300,000£950£190 £1,140
£300,001 to £350,000£1,000£200£1,200
£350,001 to £400,000£1,050£210£1,260
£400,001 to £450,000£1,100£220£1,320
£450,001 to £500,000£1,200£240£1,440
£500,001 to £550,000£1,250£250£1,500
£550,001 to £600,000£1,350£270£1,620
£600,001 to £650,000£1,450£290£1,740
£650,001 to £700,000£1,550£310£1,860

£700,001 to £800,000 

£1,650 £330£1,980
£800,001 to £900,000£1,800£360£2,160
£900,001 to £1,000,000      £1,900£380£2,280
£1,000,001 to £1,200,000     £2,000£400£2,400

£1,120,001 to £1,400,000

£2,200£440£2,640
Above £1.4 m price on application   

In addition to the figures shown above there will be further time spent in appropriate transactions at the estimated cost shown:

  1. To repay each mortgage                    £100 + VAT (£120)
  2. Dealing with a Leasehold property    £250 + VAT (£300)
  3. Dealing with a share of freehold        £150 + VAT (£180)
  4. Dealing with shared ownership         £250 + VAT (£300)

We will also charge the following for each bank transfer made during your transaction: 

Transfer by BACs (takes 4 days)          £25 + VAT each (£30)

Transfer by CHAPs (same day)            £40 + VAT each (£48)

Where you have received an estimated fee you will be charged only for the time spent on your transaction, at the relevant hourly rate.  The amount you pay is calculated using the following hourly rates which are shown exclusive of VAT:

We will also charge the following for each bank transfer made during your transaction:                                                                         

  • Transfer by BACs (takes 4 days)                    £25 + VAT each        (£30)
  • Transfer by CHAPs (same day)                      £40 + VAT each        (£48)

Where you have received an estimated fee you will be charged only for the first time spent on your transaction, at the relevant hourly rate.  The amount you pay is calculated using the following hourly rates which are shown exclusive of VAT:

PositionHourly Rate
Partner/Senior Solicitor£240-£295 
Senior Licensed Conveyancer£225
Chartered Legal Executive£215
Junior Solicitor£210
Conveyancing Executive£200 
Paralegal£165-£175 

The work on your sale will be handled by a named specialist property lawyer helped by trained admin staff.  Your lawyer can call on a wide range of expertise across Heringtons to support you in any unusual situations that may arise.

Disbursements are costs paid to others, such as the Land Registry. We ask for a payment in advance so that we can easily handle these disbursements to ensure your move proceeds as smoothly as possible.  Usual payments include:                                          

  • Land Registry Official Copies             £3 plus VAT (£3.60) per entry/plan/document obtained
  • Bankruptcy Searches                         £2 plus VAT £2.40) per name searched

In a freehold sale transaction, our estimates allow for the following steps:

  • Taking your instructions and giving initial advice;
  • Authenticating the Buyer’s lawyer’s details;
  • Preparing the initial contract pack and sending this to the Buyer’s lawyers;
  • Dealing with and advising you on any relevant enquiries raised by the Buyer’s lawyers, including obtaining planning consents or other documents from third parties where relevant;
  • Obtaining any management information and providing this to the Buyer’s lawyers, where relevant for freehold properties;
  • Sending the contract, transfer and any other documentation to you for signature;
  • Exchanging contracts and handling any deposit paid;
  • Notifying you of the anticipated net sale proceeds;
  • Redeeming any mortgage(s) and/or charge(s) held over the property, including any Green Deal, Local Authority grant payments or other such agreements;
  • Arranging the transfer of funds on completion in accordance with your instructions;
  • Taking out any agreed indemnity insurance and forwarding to the Buyer’s lawyers;
  • Arranging payment of agents commission where agreed by you;
  • Notifying all relevant parties of completion;
  • Reasonable liaison with you, any lender and third parties throughout;
  • Where relevant, dealing with any notices, restrictions, retentions and straight-forward post completion matters on your behalf; and
  • Retaining and storing deeds on request.

On rare occasions there are unexpected complexities or things take longer than expected. Examples include dealing with unregistered land; any agricultural aspects, the drafting of Statutory Declarations and/or other deeds required as part of the sale.   We will discuss with you as soon as possible any issues that are likely to mean an increase in our fees and we will provide an updated estimate.

RESIDENTIAL PROPERTY PRICING

Our charges for the purchase of a single residential freehold property are estimated to be:

Property price

Fee

VAT

Total

Up to £200,000 £850£170£1,020
£200,001 to £250,000£900£180£1,080

£250,001 to £300,000        

£950£190£1,140
£300,001 to £350,000£1,000£200 £1,200
£351,000 to £400,000£1,050£210£1,260
£400,001 to £450,000£1,100£220£1,320
£450,001 to £500,000£1,200£240£1,440
£500,001 to £550,000 £1,250£250£1,500
£550,001 to £600,000£1,350£270£1,620
£600,001 to £650,000£1,450£290£1,740
£650,001 to £700,000£1,550£310£1,860
£700,001 to £800,000£1,650£330£1,980
£800,001 to £900,000£1,800£360£2,160
£900,001 to £1,000,000£1,900£380£2,280
£1,000,001 to £1,200,000£2,000£400£2,400
£1,201,001 to £1,400,000 £2,200£440£2,640

In addition to the figures shown above there will be further time spent in appropriate transactions at the estimated cost shown:

  1. Where the property is Leasehold                   £250 + VAT                (£300.00)
  2. Where the property is a new build                 £250 + VAT                (£300.00)
  3. Where you obtain a mortgage*                      £200 + VAT                (£240.00)
  4. Help to Buy Loan                                            £400 + VAT                (£480.00)
  5. Help to Buy ISA or LISA                                 £100+ VAT                 (£120.00)
  6. Dealing with a share of freehold                     £150 + VAT                (£180.00)
  7. Dealing with shared ownership                      £250 + VAT                (£300.00)
  8. Dealing with a Complex gifted deposit           £150 + VAT                (£180.00)
  9. Registration of a company charge                 £400 + VAT                (£480.00)

*Excluding bridging finance which is charged on a separate basis, an estimate for dealing with which will be provided on request.

We will also charge the following for each bank transfer made during your transaction:         

  1. Transfer by BACs (takes 4 days)                   £25 + VAT each         (£  30.00)
  2. Transfer by CHAPs (same day)                     £40 + VAT each         (£  48.00)

If the time spent on your transaction at completion is less than that estimated at the outset, we will charge you less; we may have to charge you more but this is unusual and we’ll be sure to let you know as soon as we can.  The amount you pay is calculated using the following hourly rates:

PositionHourly Rate
Partner/Senior Solicitor£240-£295
Senior Licensed Conveyancer£225
Chartered Legal Executive£215
Junior Solicitor£210
Conveyancing Executive£200
Paralegal£165-£175

The work on your sale will be handled by a named specialist property lawyer helped by trained admin staff.Your lawyer can call on a wide range of expertise across Heringtons to support you in any unusual situations that may arise.

Disbursements are costs paid to others, such as the Land Registry. We ask for a payment in advance so that we can easily handle these disbursements to ensure your move proceeds as smoothly as possible.  Usual payments include:

  1. Searches                                                         £350 upwards (varies as to Local Authority)
  2. Land Registry Official Copies                         £3 + VAT( £3.60) per entry/plan/document obtained
  3. Land Registry Searches                                 £3 + VAT (£3.60) per title searched
  4. Bankruptcy Searches                                     £2 + VAT (£2.40) per name searched
  5. HM Land Registration Fee                             See below
Property PriceFee
Up to £80,000£20
£80,001 to £100,000£40
£100,001 to £200,000£95
£200,001 to £500,000£135
  £500,001 to £1 million£270
£1 million plus£455

Please note if the transaction involves a transfer of part (which can include a new build) the registration fee is doubled by the Land Registry

You will also be required to pay any Stamp Duty Land Tax (‘SDLT’) due which we cannot estimate at this stage.  However, you may wish to refer to the SDLT Calculator on the gov.uk  website.

In a freehold purchase transaction, our estimates allow for the following steps:

  • Taking your instructions and providing any initial advice;
  • Preliminary checks as to gifted deposits/funds from third parties, eg relatives
  • Making initial contact with third parties as necessary;
  • Reviewing title documentation and providing advice;
  • Carrying out searches, providing copies of the results and reporting on those to you;
  • Advising you as to any disclaimer for not taking out searches (should you be a cash buyer);
  • Applying for further planning or building regulation documents, if not provided by the Seller, where relevant (please note there may be additional fees charged by the Local Authority);
  • Raising appropriate enquiries with the Seller’s lawyers;
  • Reviewing and advising you as to any indemnity policy required;
  • Reporting to you as to satisfactory replies to enquiries and other matters regarding the property in general;
  • Reviewing the lease and any deed of covenant and advising you upon it in relation to leasehold properties;
  • Reporting to you upon your mortgage, if any;
  • Obtaining any Consent to Mortgage, where necessary;
  • Dealing with special conditions imposed within a mortgage offer;
  • Completing the SDLT Return for your approval;
  • Sending the contract/transfer/SDLT Return to you for signature;
  • Checking your proposed buildings insurance on behalf of any lender;
  • Exchanging contracts, forwarding any deposit due to the Seller’s lawyers;
  • Confirming title to your lender and requesting any mortgage advance;
  • Authenticating the Seller’s lawyers and their financial details to minimise fraud;
  • Confirming funds, if any required from you;
  • Arranging the transfer of funds on completion to the Seller’s lawyer;
  • Notifying all relevant parties of completion;
  • Submitting the SDLT Return to HMRC and arranging payment from funds received from you;
  • Putting any indemnity insurance policy (not provided by the Seller’s lawyers) at risk;
  • Applying for registration at the Land Registry and dealing with requisitions raised;
  • Dealing with straight-forward post completion matters such as retentions or restrictions;
  • Sending your lender copies of the registration title documents where so required;
  • Sending you confirmation of the registration and where relevant, any deeds;
  • Reasonable liaison with you, any lender and third parties throughout; and
  • Retaining and storing deeds on request.

On rare occasions there are unexpected complexities or things take longer than expected. Examples include drafting a Declaration of Trust or approval of Legal Charge, investigating a gifted deposit from abroad, drafting any Insolvency Declaration, issues involving any agricultural aspects, overage and/or unregistered land or providing advice as to letting a property post completion.  If these were not apparent at the outset we will discuss with you as soon as possible anything that arises that may mean an increase in our fees and we will provide an updated estimate.

For further information or to speak to one of our experts please call us on: