Guideline Prices and Sample Costs

This firm's professional fees are specific to each property transaction as each individual case is different. Our fees will depend on the complexity of the matter but start at £650.00 plus VAT at 20%. The average price in December 2018 for a freehold property in the South East of England was £409,923.00 and the fee for a straightforward freehold sale or purchase for a property at this price would be £795.00 plus VAT at 20%. More complicated matters such as new build properties, shared ownership or leasehold transactions will incur additional fees.

If it becomes apparent during the course of your transaction that our fees will increase due to unforeseen complications, we will advise you before these additional costs are incurred and only proceed with your agreement.

We do not have any hidden costs and operate on a fixed fee basis provided that no unexpected issues arise during the course of the transaction. We would be delighted to provide you with a definitive estimate of the cost of our professional services based on your individual circumstances and you can request this by pressing the relevant Quotation Request link here or by telephoning us on 01483 426406.

In addition to our professional fees, there will be further costs payable to third parties during the course of your transaction. On a purchase matter, you will be responsible for search fees which average around £300.00. At completion, you will need to pay for pre-completion searches, the lender's legal fee (capped at £110.00 plus VAT of 20% even if the lender suggests a higher figure) and Land Registry fees in accordance with this table. You will also need to pay any Stamp Duty Land Tax due to HM Revenue & Customs or Land Transaction Tax to the Welsh Revenue Authority. These taxes vary in accordance with both the property price and the purchaser's circumstances. On a sale transaction you will need to pay the Land Registry fee for providing an up to date copy of the title to your property which is £6.00 per title. If the property is leasehold you will be responsible for the managing agent's or landlord's fees for providing the leasehold information pack. These charges vary by property and it is not possible for us to give you an estimate of what these might be.

Sample costs for a standard freehold sale and purchase by a couple, both with a property price of £409,923.00 are shown in the tables below.

Sale
Office Copy Register Entries and Plan £6.00
Anti Money Laundering check fee including VAT at 20.00% £11.90
If you have mortgage(s) to redeem and the lender(s) require repayment by CHAPS, for each such repayment £36.00
If you require the net sale proceeds to be sent to you by CHAPS £36.00
This firm's professional fees including VAT at 20% £954.00
Total £1,043.90

Purchase: Initial Costs
Search Pack (including a Regulated Search on the basis this is acceptable to your mortgage lender) £260.50
Commons Registration Search Fee including VAT at 20.00%. £18.00
Bankruptcy Search Fee £8.00
Anti Money Laundering check fee including VAT at 20.00% £11.90
Total initial disbursements £298.40

Purchase: Completion Costs
Land Registry Search Fee £3.00
Bank CHAPS transfer fee inclusive of VAT at 20.00% £36.00
Lender's legal fee inclusive of VAT & at 20.00%* £132.00
Stamp Duty Land Tax £10,496.00
Land Registry Registration Fee £135.00
This firm's professional fees including VAT at 20% £954.00
Total completion costs £11,756.00
Purchase: Total Costs
Total purchase costs £12,054.40

Key Stages and Approximate Timescales of the sale or purchase of a property

Sale

  1. Instruct us as your conveyancer. You will need to return your original completed forms to us with initial disbursements. We will then need to verify your identity and proof of address.
  2. We obtain a copy of the title to your property and send a contract pack to your buyerís conveyancer.
  3. We then receive enquiries from your buyerís conveyancer which we will deal with or refer to you as appropriate.
  4. We will send you the contract to sign in readiness for an exchange of contracts.
  5. When the parties are satisfied on all points and the chain is ready, contracts are exchanged and a date is fixed for completion.
  6. We will send you a completion statement showing the amount due back to you at completion.
  7. On the day of completion we receive the balance to complete from your sellerís conveyancer. We repay your mortgage and pay the estate agentís commission, returning any balance to you.

Purchase

  1. Instruct us as your conveyancer. You need to return your original completed forms to us with initial disbursements. We will then need to verify your identity and proof of address.
  2. We also need to have evidence of source of funds and details of any money being gifted to you.
  3. We receive the contract pack from your sellerís solicitor, apply for the relevant searches and raise enquiries of the sellerís conveyancer. We also report to you on the contract pack.
  4. We receive a copy of your mortgage offer (if applicable) and report to you on this.
  5. Once all enquiries have been satisfactorily answered and the search results have been received we will send you a final report enclosing the contract for your signature. We also request the deposit from you.
  6. When the parties are satisfied on all points and the chain is ready, contracts are exchanged and a date is fixed for completion.
  7. We send you a completion statement showing the amount due from you in order to complete.
  8. On completion we receive funds from your mortgage lender and send the purchase money to the sellerís conveyancer. Once it is received by them you can collect the keys to the property.
  9. We pay the Stamp Duty Land Tax and arrange for the property to be registered in your name with HM Land Registry.
  10. A copy of the updated title is sent to you together with any other relevant documentation.

Transaction Times

There are many factors which affect the time a transaction takes. If the transaction is straightforward it may exchange and complete within 6 Ė 8 weeks. However if the transaction is more complex and/or a chain is involved it will inevitably take longer to complete.

Dissatisfaction with our service

In the event that you become dissatisfied with the conduct of your case, you should initially draw this to the attention of Rachael Mary Kaluza. Your complaint will be acknowledged within seven days and you will receive a full written response within twenty-eight days thereafter. If the matter cannot then be resolved to your satisfaction, you may approach the Council for Licensed Conveyancers or the Legal Ombudsman who may be contacted at

Council for Licenced Conveyancers Legal Ombudsman
WeWork PO Box 6806
131 Finsbury Pavement Wolverhampton
London WV1 9WJ
EC2A 1NT Telephone: 0300 555 0333
  E-mail: enquiries@legalombudsman.org.uk
  Web: Legal Ombudsman
   
You can refer your complaint to the Legal Ombudsman up to six months after you have received our written response. You can also refer your complaint to the Legal Ombudsman if we have not resolved your complaint within eight weeks of notification. A complaint can be referred to the Legal Ombudsman up to six years from the date of the act or omission or up to three years after discovering a problem. The Legal Ombudsman deals with service related complaints only; any conduct related complaints will be referred to the Council for Licensed Conveyancers .

If you make a valid claim against us for a loss arising out of work for which we are legally responsible and we are unable to meet out liability in full, you may be entitled to claim from the Compensation Fund administered by the Council for Licensed Conveyancers (from whom details can be obtained).

Michael J Wey & Co is not authorised by the Financial Conduct Authority. However, we are included in the register maintained by the Financial Conduct Authority so that we can carry on Insurance Distribution Activities, which is broadly advising on, selling and administration of insurance contracts. This part of our business is regulated by the Council for Licensed Conveyancers , and arrangements for complaints or redress if something goes wrong are subject to the jurisdiction of the Legal Ombudsman.