Conveyancing quote information
How much will it cost to move home?
The costs involved in buying or selling your property depend on many factors, such as the value of the property and the complexity of the transaction. At Thackray Williams we are able to provide a clear and comprehensive quote for our services, various standard costs and Stamp Duty Land Tax from the outset (based on the information provided). With our fees there will be no nasty surprises. If a property is leasehold, there will also often be additional fees charged by the freeholder/management company.
Other potential costs could include; estate agency and survey fees, Energy Performance Certificate (EPC) costs and removals costs. It is often wise to have a small contingency fund available too.
This estimate is subject to revision in the event that the transaction is more involved. Should this be the case we will advise you of the anticipated increase before incurring any additional expenses.
Where a transaction is more involved and requires additional work which is unforeseen at the beginning of the transaction we may have t0 increase our estimate of costs. Whilst we endeavor not to depart from the estimate given, there are occasionally circumstances that arise that are not predictable at the time of estimating the fees which may lead to an adjustment. It is not possible to provide a definitive list but the following are, in our experience, the more frequent occurrences:-
- You will have noticed that some of the costs in a conveyancing transaction are in fact quite outside the solicitors' control. These payments made on your behalf are set by outside agencies, usually a government body or the local authority. These outside agencies do change their fee scales from time-to-time.
- Most title to land is now registered at H M Land Registry and the estimate of fees has been prepared on this basis. In a small percentage of cases, the title remains unregistered. This demands both more time and skill from us to deal with and consequently an extra charge will arise. We shall inform you as soon as reasonably possible should this occur.
- Defects in title are unusual particularly as most title to land is now registered but occasionally a defective title can arise particularly in the case of leasehold property. Whilst a serious defect may lead you not to proceed with the transaction, many defects can be corrected but only by incurring additional time and expenses.
- Occasionally, time pressure can be placed upon you and consequently upon us where the time between exchange of contracts and the completion date becomes very tight. In that gap, further searches are undertaken, transfers drafted, reports submitted to the lenders, life policies and buildings insurance policies put on risk, completion statements prepared. 28 days has become the established norm to allow comfortable time for all this to take place. Where there is time pressure to complete we are happy to reduce the time between exchange and completion to 5 days without any increase to our costs. However, where this period is less than 5 days there will be an additional charge to expedite the completion of £75+ VAT.
- Fees are occasionally charge by managing agents or residents associations in providing service charge and/or buildings insurance information. This is more common in the case of leasehold property and rarely arises when dealing with freehold property.
If the matter proves to be abortive then a charge will be made for the work carried out up to that point, but the charge will not exceed two thirds of the estimated fees plus expenses incurred.
If you are obtaining a mortgage to buy the property we need to undertake additional work on behalf of yourself and the mortgage company to obtain funds and register the mortgage against the property. We make a charge for this work but limit the amount to the sum recommended by the mortgage company which will be referred to in the mortgage offer subject to a minimum of £140+ VAT.
How long will it take?
The conveyancing process generally takes between four to twelve weeks. Leasehold properties involve more work as the lease and related leasehold aspects have to be checked thoroughly. However, the timings are often dependent on yours and the other side’s positions and requirements.
What does my conveyancer actually do?
Your conveyancer has a lot of work to do and they work extremely hard to ensure that your home move goes as seamlessly as possible. Just some of their tasks include:
- Preparing the property documents for transfer of ownership
- Asking (or answering) questions regarding legal title to the property being bought or sold
- Checking the Contract to ensure it protects your position
- Arranging official searches with the appropriate authorities to obtain information about the property
- Liaising with the mortgage lender to secure the purchase funds or paying off your mortgage on the sale
- Effecting an exchange of contracts which binds all parties into the transaction
- Completing the transaction and registering the change in legal ownership (and any mortgage)