Conveyancing Fees Information Purchases

Kings Solicitors Residential Conveyancing Standard Fee Information (Purchase)

This information sheet accompanies the fee information given to you for undertaking the conveyancing services you require in relation to your proposed purchase of a residential property. We feel it is important to be clear from the outset about costs so that our clients can budget and plan accordingly. The information given in our letter is for a straightforward transaction and it is important to us that as many transactions as possible fall within the standard fee. However, on occasion, a small minority of matters will incur extra charges due to unforeseen complications or unusual requirements at which point we owe a further duty of care to our clients to inform and advise them as to the implications, including costs, of these developments.

What is included in our standard fee

All the usual letters, telephone calls, attendances upon you and third parties, faxes and emails we would expect during the course of a straightforward transaction and which includes the following:

1. Sending out the Client Care Pack for you to complete and return.
2. Considering the Title documents received from the Sellers’ solicitor. In the case of a Leasehold property, this includes checking the terms of the Lease and the Managing Agent/Freeholder replies to enquiries and Management Pack.
3. Considering and approving the Contract.
4. After advising you on the paperwork received from the Sellers, raising the usual pre-contract searches, checking the results and raising any additional enquiries with the Sellers.
5. Checking replies to additional enquiries.
6. Reporting to you on the Title and Pre-Contract Search results.
7. Obtaining your instructions on a completion date, your signature to the Contract and your instructions to exchange Contracts.
8. Formally exchanging Contracts with the Sellers’ solicitor.
9. Drafting the Transfer Deed and Requisitions on Title.
10. Agreeing the Transfer Deed with the Sellers’ solicitor and in the case of Leasehold properties, agreeing the apportionments completion statement.
11. Obtaining your signature to the Transfer Deed.
12. Preparing a completion statement which sets out the movement of monies in and out of the transaction together with the balance of any monies due from you in order to complete, or any sums due to you following completion.
13. Obtaining your approval of and signature to the Stamp Duty Land Tax Form (SDLT1).
14. Completing the purchase.
15. Sending written confirmation to all parties that the purchase has completed.
16. Sending the SDLT1 Form to HMRC and paying any tax due.
17. Raising the application to register you as the new owner(s) of the property at the Land Registry.
18. Once registration has occurred, sending you a copy of the Title Information Document and any other Deeds and documents relating to the property.

What is not included in our standard fee

As no two transactions are alike, the following list is designed to give an indication of instances where a transaction may go over its original costs estimate. Please be advised however that this list is not exhaustive. If additional work is required, the extra costs will be charged at the same reduced hourly rate as the standard transaction. We will endeavour to keep these additional costs proportionate and fair and we will give you a warning as soon as the costs look likely to be exceeded.

1. Any work required in dealing with a Mortgage Lender.
2. Where the Title to the property is defective and where additional correspondence and enquiries with you, your Sellers’ solicitor, Lender (if applicable) and any other third party is necessary and where we have to agree the terms of any Defective Title Indemnity Insurance from the Sellers’ solicitor in order for the transaction to proceed.
3. Where there is an existing Solar Panel Contract and Feed Tariff Agreement and we are required to deal with the transfer of these from the Seller, or where we need to be involved in any other dealings the with Solar Panel company or its agent.
4. Where there is a conservatory at the property that does not fall within the scope of “Permitted Development” and we are required to deal with issues arising from lack of Planning Permission/Building Regulations.
5. Where you wish us to expedite the matter.
6. Following an adverse survey or homebuyers report, where you wish us to negotiate with the Sellers’ solicitor over the price of the property. Also, negotiations over items to be included or excluded from the sale.
7. In Leasehold matters where we are required to obtain up-to-date information relating to rents/service charges/repairs direct from the Freeholder and/or their Managing Agent where the Sellers have failed to provide this.
8. Where you ask us to carry out any task that would ordinarily be undertaken by a third party.
9. If you want to access the property between exchange of Contracts and completion and the Seller agrees; negotiating terms on your behalf and agreeing the key undertaking paperwork.
10. Where there are two or more clients who wish to hold the property as Tenants in Common; advising on and drafting a Deed of Trust. The Deed of Trust is usually charged at an additional £95.00 plus VAT.
11. Where we are required to deal with delays on the day of completion, either where we are waiting for completion monies from you or with issues further up or down the chain or where there are problems with your Seller giving vacant possession (where this is not your fault, you may be entitled to recompense).
12. Additional work arising from a failed completion. This is very rare and where it is not your fault you will be entitled to recompense.
13. Additional work arising from post-completion issues, for example the Sellers have removed items from the property that they shouldn’t have, or they have failed to clear the property of rubbish, or are otherwise in breach of Contract.