Selling property in Hertfordshire

If your buyer or seller withdraws before exchange of contracts normally you will have to pay the legal costs incurred in respect of the lost transaction and will have no redress against the person who withdrew. We are very aware that this can leave you with legal costs to pay through no fault of your own and as one of the many services that we provide for our clients we have an Abortive Cost Fee Scheme to protect you against this eventuality.

The Abortive Cost Fee Scheme per transaction is as follows:-

Legal fees of up to £1,200.00 plus VAT 

If you are selling and buying there would be one indemnity amount for the sale and one for the purchase.

The scheme only covers legal fees for abortive costs on a transaction that falls through and does not cover any payments we have to make to outside agencies for items such as Local Search fees.

How much are conveyancing fees on average?

Average conveyancing fees when buying a freehold property range from around £950-£2000 plus VAT, depending on the complexity of the transaction.

You can expect to pay an average of £1045-£2,000  plus VAT for conveyancing fees depending on whether is leasehold or freehold and the property value.

• Average conveyancing fees for selling a house: £1045-£1800 plus VAT
• Average conveyancing fees for buying a house: £1045-£2,000 plus VAT

Conveyancers usually charge additional fees of up to £300 for buying a leasehold property as they are more complex and time consuming.

When buying a flat, it is very important to be aware of how the building is managed. In addition to the usual property information form and the fittings and contents form, the seller's solicitors will provide replies to leasehold property enquiries which will include the provision of a management/sales pack that they will obtain from their client's landlord or managing agents. Also, the terms of the lease will need to be reviewed to see if there are any restrictive covenants that may limit the way you can use the place, and/or limit your enjoyment of it. They will also need to check the freehold title and any intermediate leasehold title. 

The leasehold management pack should be comprehensive and include such documents as accounts, fire and asbestos assessments, service charge budgets and insurance documentation.

You are being charged more because reading through a management pack, and leasehold and freehold title documents, plus raising enquiries and reporting to you can be very time consuming. Be aware that you may also be charged fees by the landlord/managing agents when your solicitors serve notice of transfer on your behalf too. The Notice of Assignment is sent to the landlord informing them that you are the new owner. However, while some management firms don’t charge for this, others charge up to £300.

Sellers of leasehold properties will have to pay for the Leasehold Management Pack; this contains information about the service charges etc. The cost for this can vary significantly from £300 to as much as £800.

The majority of the quote goes towards the conveyancer’s time/effort, but there are also extra costs known as ‘disbursements’.

Disbursements are the payments or taxes that need to be made to a third party by your solicitor as part of the home buying process.

What are our Fees?

• ID Check: These legal checks are for both buyers and sellers and will verify your identity, we use a third-party online company. The cost of anti-money laundering checks is £15 plus VAT.
• Source of Fund Check: This is for buyers only. The purpose of a Source of Funds check is to verify where the funds for the property purchase has originated from and are legitimate. £15 plus VAT.
• Unregistered Property Supplement Fee: While most properties are registered with HM Land Registry some are not. And if the property is unregistered it involves extra work for the conveyancer. This typically adds on £120-£240.
• Acting for Mortgage Lender: These are the costs involved in dealing with your new mortgage lenders requirements and/or discharging an existing mortgage and  £125 plus VAT
• Property fraud: You will want to check that the lawyer you’re sending money to is a real company. Property fraud checks are £10.
• Telegraphic transfer or bank transfer fee: You’ll need to use a telegraphic transfer to guarantee funds reach an account on a certain day, as requested by your mortgage provider. There is a £40 fee plus VAT for performing the transfer.
• Gifted deposits: If you’re getting help with your deposit, you will need to pay more to cover the paperwork to prove that the money comes from a legitimate source. If you are receiving gifted money for a deposit, you will be charged an additional ID check and source of funds check fee, totaling £60 plus VAT

What Are The Disbursements Cost?

• Title deeds: If you’re selling a property, you’ll need to get a copy of the Title Deeds, which are most likely held by the Land Registry. Be warned that the cost for leasehold properties is higher than freehold. The cost of getting title deeds is £6.
• Searches: If you’re buying a property, you will need to purchase the following searches:

1.     Local Authority Search

2.     Water and Drainage Search

3.     Environmental Search

 These are purchased as a pack typically costing £285.

• Land Registry fees: Land registry fees are charged by the government for registering the change of ownership of a property. The cost of land registry fees is based on the value of the property, and they can range from £40 to £910.
• Stamp Duty Land Tax: If you’re buying a property worth more than £250,000 you’ll need to pay stamp duty. Stamp duty costs vary because it is charged on the value of the property. Check how much you will have to pay by clicking Stamp Duty Land Tax

Table of Who Pays The Conveyancing Fees and Disbursements

The following table includes typical disbursements and legal costs

  FEE

 AMOUNT

 BUYING

 SELLING

   ID Check

 £15 plus VAT

 X

 X

   Source of Funds Check

 £20 plus VAT

 X

   Gifted Deposit

 £60 plus VAT

 X

   Title Deeds Copy

 £6

 X

   Bankruptcy search

 £4

 X

   Local Authority Searches

 £285

 X

   Land Registry Fees

 £40 - £910

 X

   Bank transfer fees

 £40

 X

   Stamp Duty Fees

 Stamp Duty Land Tax

 X

   Unregistered Property Supplement

 £120 - £240

 X

   Leasehold Property Supplement

 £200 - £300

 X

   Managing Agent Packs

 £300 - £800

 X

   Average Legal Fees

 £1045-£2,000 plus VAT

 X

 X

  Are there any other conveyancing fees?

The most common associated costs have been listed above, however there are occasions when you may need to pay for other fees. One example is that if a seller doesn’t have a FENSA or Building Regulation Certificate for their double-glazed windows, an insurance policy may be needed. This is known as Indemnity Insurance, and you can normally negotiate who pays.

IF YOU WANT A FIXED PRICE BESOKE QUOTE PLEASE PHONE THE OFFICE