Disbursements

These are sums we will pay to third parties on your behalf in connection with your sale and are in addition to our standard rates. They are part of the purchase process. Disbursements vary according to the location of the property and the documentation required to carry out our investigations. At the outset of the transaction we will estimate likely disbursements. It is usual for us to carry out a Local Authority Search, Drainage and Water Search, Chancel Search and an Environmental Search. Costs will vary according to location and other searches may also be required according to location.  The disbursements are likely to be between £350 - £550 including VAT at 20%.

SDLT or colloquially speaking “Stamp Duty” and Land Registry fees will be payable on the purchase price calculated by reference to the purchase price and other factors. This rate is changeable by government at any time. This rate will be stated in your initial letter after instructions have been given. We recommend prospective buyers check their SDLT liability and Land Registry fees by visiting:

https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

https://www.gov.uk/government/collections/fees-hm-land-registry-guides 

An example of this would be if a first time buyer was buying a property to be their sole residence for £350,000, their Stamp Duty would be set at £2,500 in January 2022.

Our standard rates assumes that a matter is not complex and will not become protracted or require to be expedited. Our standard rates do not include legal work required for acting for your lender on the redemption of a mortgage or where your lender instructs its own legal representative. Our standard rates do not include bank transfer fees which are subject to VAT at the standard 20%. As our estimated costs are calculated by reference to time spent on a standard rate transaction if a matter is complex or becomes protracted or requires to be expedited additional fees will be payable.

These changes are based on our hourly rates as follows:

Partner £250 - £450 per hour plus VAT at 20%

Senior Assistant Solicitor £200 - £350 per hour plus VAT at 20%

Assistant Solicitor £150 - £200 per hour plus VAT at 20%

Trainee Solicitor/Paralegal £125 - £165 per hour plus VAT at 20%

Some examples where additional fees may be payable:

1)     Title defects or if title is unregistered or if there is more than one title.

2)     Breach of restrictive covenants.

3)     Lockout, exclusivity or contract race.

4)     Defective lease.

5)     Lease extensions and or assignment of lease extension rights.

6)     The purchase of any leasehold property connected with the purchase of any interest in the freehold.

7)     The purchase of any shared ownership property or property using Government Help to Buy or leasehold retirement property.

8)     Change of use and any matters requiring landlord consent under a lease.

An expedited matter is a matter where an exchange of contracts takes place within 3 weeks of our being instructed, and or a completion is within 7 days of exchange of contracts.

A matter will become protracted where completion is later than 12 weeks after we are instructed. The average time for completion is circa 8 weeks from the date of instruction.

Below are some common examples but not an exhaustive list of circumstances where in addition to the standard rates additional fees will be payable:

A)     Mortgage and mortgage where the lender instructs separate legal representation.

B)     Deeds of covenant

C)     Declarations of trust

D)     Share transfers

E)     Obtaining any required indemnity insurance

Should there be any circumstances where we will need to charge any additional fees, we will of course let you know when we send you a quote regarding your purchase.