If you are buying or selling a house or a flat or mortgaging or remortgaging a property which you own and occupy or which you own and is occupied by a member of your family, we will charge for our services on the basis set out below. We refer to these charges as “fees”. Our fees will always be subject to VAT.  As part of the work carried out for you we may have to pay on your behalf the charges rendered by external service providers or government institutions some of which will be subject to VAT.  We refer to these payments as disbursements on our bills (invoices).

Our fees are charged on an hourly basis according to the time spent working on your matter. Our fees will be subject to a minimum charge of £1,000 plus VAT.

Our fees in respect of a sale, purchase, mortgage or re-mortgage of a property are likely to be as set out in 1, 2 or 3 below with disbursements as indicated in the table at 4 below:

1. Sale

We estimate fees of between £1,500 to £3,000 plus VAT for dealing with the sale of a property with an agreed sale price not exceeding £1,000,000. This range of fees is calculated on the basis of an hourly rate of £325 for a partner, £235 to £285 for a solicitor who is not a partner and £155 for a trainee solicitor. For a typical transaction with no complications our services will include reviewing the title deeds to the property, obtaining from you and other sources the information which we need to provide to the buyer’s legal adviser, preparing the contract between you and the buyer, exchanging contracts (at which point there is a binding contract between you and the buyer), agreeing the terms of the deed of transfer between you and the buyer and completing the sale.  Following completion we will arrange for the proceeds of sale, less our fees and disbursements, to be sent to your nominated bank account. In respect of a property with an agreed sale price exceeding £1,000,000, please contact us at info@thomascooperlaw.com for a bespoke estimate.

2. Purchase

We estimate fees of between £2,000 to £4,000 plus VAT for dealing with the purchase of a property with an agreed purchase price not exceeding £1,000,000. This range of fees is calculated on the basis of an hourly rate of £325 for a partner, £235 to £285 for a solicitor who is not a partner and £155 for a trainee solicitor. For a typical transaction with no complications our services will include obtaining your instructions as to whether or not a mortgage is required and dealing with the lender’s requirements, reviewing the title deeds and other information provided by the seller’s legal adviser, asking the seller’s legal adviser further questions as necessary and requesting further information or documents also as necessary, carrying out searches with external service providers such as the local authority, utilities or environmental consultants, advising on the stamp duty land tax which you may be required to pay, exchanging contracts (at which point there is a binding contract between you and the seller) agreeing the terms of the deed of transfer, obtaining the funds from you or your lender to meet the purchase price and completing the purchase. Following completion we will file the completed stamp duty land tax return with HMRC, if this is required, and apply to register you (and your mortgage, if applicable) as the new owner of the property at the Land Registry. In respect of a property with an agreed sale price exceeding £1,000,000, please contact us at info@thomascooperlaw.com for a bespoke estimate.

Our services will not include advising you on the taxation consequences of your sale or purchase other than the advice given on stamp duty land tax as previously mentioned.

For a typical sale and purchase transaction it would usually take between six to eight weeks from instructions to exchange of contracts with a further two to four weeks to completion and up to four weeks to register you (and your mortgage, if applicable) as the new owner at the Land Registry. Timescales may vary where complications arise (see the next paragraph) or where, for example, there is a chain of transactions involving a number of sellers and buyers as opposed to a single transaction involving only you and your buyer/seller.

Complications may arise in both a sale and purchase transaction which may increase costs above the range given. As an example the title deeds to a property may not show conclusively that you own all the property which you are trying to sell or building works may have been carried out to the property which needed planning or building regulations consent and these were not obtained.

Leasehold properties will usually entail far more work than freehold properties as there will be additional documents to review and advise on in relation to the title and the management of a building. In some circumstances the consent of the landlord may be required to the transfer of ownership. If a lease needs to be extended in order for a sale or purchase to proceed this would be beyond the usual work anticipated in a sale and purchase and we would provide you with an estimate as to the anticipated fees for assisting you with the extension process.  We will always inform you if as a result of any unforeseen complications as indicated herein our fees will rise and we will revise our estimate to reflect the additional fees and disbursements to be paid.

3. Mortgages and Re-mortgages

We will either be instructed by both you and your lender or you alone, with your lender instructing its own legal adviser. For a typical mortgage or re-mortgage we would anticipate costs between £1,500 to £2,500 plus VAT for a loan facility up to £1,000,000 to include reviewing the title, carrying out searches and reporting to the lender before completing the mortgage.  In respect of a property with an agreed sale price exceeding £1,000,000, please contact us at info@thomascooperlaw.com for a bespoke estimate.

We expect a typical transaction to take between four to eight weeks to complete but, as with sales and purchases, this may be substantially longer if complications arise.

For all types of residential conveyancing, the work will be carried out by a partner with over 30 years post qualification experience in the field of conveyancing together with assistance from a solicitor who is not a partner or trainee solicitor as necessary. All work will be supervised by a partner.

4. Disbursements

Please see the table below for details of the typical disbursements that you should expect to pay when selling or buying property or mortgaging or re-mortgaging a property. These are all estimated and the actual cost may be more.

TYPICAL DISBURSEMENTS AMOUNT PAYABLE BY
SELLER BUYER
Title deed copies £6.00 (VAT exempt)(estimated) X
Pre-exchange searches through an external search services provider (e.g. local authority search, drainage search, environmental search, utilities search, highways search) £500.00 plus VAT (estimated) X
Managing Agent’s information pack for leasehold sales £300 to £500 and may or may not be subject to VAT

(estimated)

X
Landlord’s consent fees £250 to £500 plus VAT(estimated) X
Pre-completion searches (e.g. Land Registry search fee, bankruptcy search fee) £3.00 (VAT exempt) – Land Registry per search

£2.00 (VAT exempt) –Bankruptcy per search

X
Notice of transfer or charge to landlord £50 plus VAT to £350 plus VAT per notice (estimated) X
Stamp duty land tax The payment varies according to the amount involved. Please refer to: https://www.gov.uk/stamp-duty-land-tax/residential-property-rates X
Land Registry registration fee following completion The payment varies according to the amount involved. Please refer to: http://landregistry.data.gov.uk/fees-calculator.html X