Conveyancing
1. Purchase of a Freehold Residential Property
Our fees cover all of the work* required to complete the purchase of your new home, including acting for your Lender taking a First Legal Charge, dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.
Conveyancing fees and disbursements
Legal fees – for a typical Freehold house purchase at a price of £750,000.00: £1,875.00 plus VAT. Our fees will depend upon purchase price, complexity, speed of transaction and mortgagee requirements.
- Search fees £250.00 – £500.00
- HM Land Registry fee £270.00
- Electronic money transfer fee £40.00 plus VAT per transfer
- We have a minimum fee of £1,250.00 plus VAT for any transaction and for New Build Acquisitions the minimum fee is £3,250.00 plus VAT.
We do not pay referral fees
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Stamp Duty or Land Tax (on purchases)
This depends on the purchase price of your property. You can obtain details of these from HMRC’s website (www.gov.uk) or if the property is located in Wales by using the Welsh Revenue Authority’s website.
The SDLT payable on the purchase by an individual of a main residence for £750,000.00 (where a previous main residence has been sold) would be £27,500.00.
How long will my property purchase take?
How long it will take from your offer being accepted until you can move in to your property will depend on a number of factors. The average process takes between 6-10 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 8-12 weeks.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, by way of examples below, we have suggested some key stages:
- Take your instructions and give you initial advice
- Check finances are in place to fund the purchase, and contact the lender’s solicitors, if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of the seller’s solicitors
- Give you advice on all documents and information received
- Go through the conditions of the mortgage offer with you
- Send the final Contract to you for signature
- Draft the Transfer Deed
- Agree a completion date with the Seller’s Solicitors (the date when you will own the property)
- Exchange contracts, and notify you when this has happened
- Arrange for all monies needed to be received from your lender and you
- Complete the transaction
- Deal with the payment of Stamp Duty/Land Tax
- Deal with the application for registration at Land Registry
2. Purchase of a Leasehold Residential Property
Our fees cover all the work* required to complete the purchase of your new home, including acting for your Lender taking a First Legal Charge, dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.
Conveyancing fees and disbursements
- Legal fees for a typical purchase at a price of £750,000.00: £2,300.00 plus VAT. Our fees will depend upon purchase price, complexity, speed of transaction and mortgagee requirements
- Fees for acting on behalf of the mortgage lender would generally be included in our fee stated above
- Search fees £250.00-500.00
- HM Land Registry fee £270.00
- Electronic money transfer fee £40.00 plus VAT per transfer
- We have a minimum fee of £1,250.00 plus VAT for any transaction and for New Build Acquisitions the minimum fee is £3,250.00 plus VAT.
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out above. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
Anticipated Disbursements**
Notice of Transfer fee – This fee is chargeable if it is set out in the lease. Often the fee is between £75–£150 plus VAT.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £75 and £150 plus VAT.
- (In the case of a sale) the cost of a Buyer’s information pack which is obtained from the Managing Agents or the Block or Building. The average cost varies between £375 – £950 + VAT, and is payable by the Seller.
- Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £300–£750 plus VAT, and is usually paid for by the Buyer.
** These fees vary from property to property and can, on occasion, be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.
Stamp Duty Land Tax
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales, by using the Welsh Revenue Authority’s website.
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, the key stages are generally:
- Take your instructions and give you initial advice
- Check finances are in place to fund the purchase and contact the lender’s solicitors if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of the seller’s solicitors
- Give you advice on all documents and information received
- Go through the special conditions of any mortgage offer
- Send the final contract to you for signature
- Draft the Transfer Deed
- Advise you on joint ownership
- Obtain pre-completion searches
- Agree a completion date with the Seller’s Solicitors (the date when you own the property)
- Exchange contracts, and notify you that this has happened
- Arrange for all monies needed to be received from your lender and you
- Complete the transaction
- Deal with the payment of Stamp Duty/Land Tax
- Deal with the application for registration at Land Registry
* Our fee assumes that:
- This is a standard transaction and that no unforeseen matters arise including, for example (but not limited to), a defect in title which requires remedy prior to completion or the preparation of additional documents ancillary to the main transaction
- This is the purchase of an existing lease and is not the grant of a new lease, or a Lease Extension
- The transaction is concluded in a timely manner and no unforeseen complications arise
- All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- No indemnity policies are required. Additional disbursements may apply if indemnity policies are required
Probate
Applying for the Grant, collecting and distributing the assets.
We anticipate this will take between 10 and 50 hours work at £275.00 per hour. Total costs estimated between £2,750-£15,000 (+VAT).
The exact cost will depend on the individual circumstances of the matter, including the size of the Estate. For example, if there is one Beneficiary and no property, costs will be at the lower end of the range. If there are multiple Beneficiaries, a property, overseas assets and multiple bank accounts, costs will be at the higher end.
We will handle the full process for you. This quote is for estates where:
- There is a valid Will;
- There is no more than one property;
- There are no more than 10 bank or building society accounts;
- There are no other intangible assets;
- There are 1-6 Beneficiaries;
- There are no disputes between Beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs; and
- There are no claims made against the estate
Disbursements included in this fee:
- Probate Application fee currently of £155.00 but please note the intention is for this to be sharply increased in 2019;
- £7.00 Swearing of the oath (per Executor);
- Bankruptcy-only Land Charges Department searches (£2.00 per Beneficiary);
- £84.60 plus VAT post in The London Gazette – Protects against unexpected claims from unknown creditors; and
- £185.00 plus VAT post in a local newspaper – This also helps to protect against unexpected claims.
Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Potential additional costs
If there is no Will, or the estate consists of any share holdings (stocks and bonds), there is likely to be additional costs that could range significantly depending on the size of the Estate and how it is to be dealt with. We can give you a more accurate quote once we have more information.
If any additional copies of the grant are required, they will cost 50p (one copy is usually required per asset).
Dealing with the sale or transfer of any property in the estate is not included.
Any post death variations will also carry an additional charge.
How long will this take?
On average, estates that fall within this range are dealt with within 12 months. Typically, obtaining the grant of probate takes 4-16 weeks. Collecting assets then follows, which can take between 4-12 weeks. Once this has been done, we can distribute the assets, which normally takes 4-12 weeks.
We can also offer a fixed fee service for probate where there is no inheritance tax payable and the executors do not need to submit a full account to HMRC.
We can help you through this difficult process by obtaining the Grant of Probate on your behalf.
How much does this service cost?
TOTAL: fixed fee of £2,400 (incl. VAT).
This includes: obtaining the grant only.
Breakdown of costs:
- Legal fees £2,000;
- VAT on legal fees £400.00;
- Disbursements (£X in total):
- Probate Court fee currently of £155.00 but please note the intention is for this to be sharply increased this year (2019) and 50p for any additional sealed copies;
- £7.00 swearing of the oath (per Executor);
- Bankruptcy-only Land Charges Department searches (£X per beneficiary when required);
- £84.60 plus VAT post in The London Gazette – Protects against unexpected claims from unknown creditors. (If applicable and required); and
- £185.00 plus VAT post in a local newspaper – This also helps to protect against unexpected claims. (If applicable and required).
Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
As part of our fixed fee we will:
- Provide you with a dedicated Associate Solicitor to work on your matter;
- Identify the legally appointed Executors or Administrators,
- and Beneficiaries;
- Accurately identify the type of Probate application you will require;
- Obtain the relevant documents required to make the application;
- Complete the Probate Application and the relevant HMRC forms;
- Draft a legal Oath for you to swear;
- Make the application to the Probate Court on your behalf; and
- Obtain the Probate and securely send two copies to you.
On average, estates that fall within this range are dealt with within 1-3 months.
Secured Lending & Banking
Acting for both Lenders and Borrowers, our clients include a number of banks, mezzanine finance and bridging loan providers, as well as acting for the main clearing Banks.
As the property finance sector continues to evolve and becomes increasingly more sophisticated, it is important that clients seek, and receive, the best practical and commercial advice from those with industry specific expertise. At Sylvester Amiel Lewin & Horne LLP we have an experienced team with a unique understanding of finance from all angles, enabling us to provide invaluable advice on the following areas of lending and property finance:
- Bridging Loans
- Buy-to-let
- Commercial Loans
- Debentures
- Inter-Creditor Deeds
- Legal Charges
- Personal & Corporate Guarantees
- Security Documentation
Our secured lending team has a wealth of experience and is closely supported by a knowledgeable and proactive real estate department. Whether they require a simple homeowner loan, or are entering into a complex corporate transaction, we advise our clients on a full range of credit facility agreements.
Our clients may span various disciplines – from financial institutions, intermediaries, brokers, developers and property investment groups – but they all share an appreciation for our broad expertise, fresh thinking and a deep understanding of their financing requirements.
We pride ourselves on offering commercial and business minded advice and solutions that meet the requirements of Borrowers, whilst protecting the Lender’s security.
Debt Recovery
1. Debt Recovery Claims
Where your claim is in relation to an unpaid invoice, we will agree an initial fee with you for reviewing any documents and correspondence supplied by you and writing an initial letter before action, claiming payment of the debt on your behalf. Depending on the amount of documentation which you provide, our fee is likely to be in the region of £750 to £1,250 (excluding VAT).
Should it become necessary to issue proceedings for recovery of an undisputed debt, the following Court fees will apply:
Fee payable | |||||
Value of your claim | Court issued claim | Filed via SDT/MCOL | |||
Up to | £300 | £35 | £25 | ||
Greater than | £300 | but no more than | £500 | £50 | £35 |
Greater than | £500 | but no more than | £1,000 | £70 | £60 |
Greater than | £1,000 | but no more than | £1,500 | £80 | £70 |
Greater than | £1,500 | but no more than | £3,000 | £115 | £105 |
Greater than | £3,000 | but no more than | £5,000 | £205 | £185 |
Greater than | £5,000 | but no more than | £10,000 | £455 | £410 |
Greater than | £10,000 | but no more than | £15,000 | 5% of the value of the claim | 4.5% of the value of the claim |
Greater than | £15,000 | but no more than | £50,000 | ||
Greater than | £50,000 | but no more than | £100,000 | ||
Greater than | £100,000 | but no more than | £150,000 | N/A | |
Greater than | £150,000 | but no more than | £200,000 | N/A | |
Greater than | £200,000 | £10,000 | N/A | ||
If you wish to proceed with a claim, you should note that:
- the VAT element of our fee cannot be reclaimed from your debtor; and
- interest and compensation may take the debt into a higher banding, which means that a higher Court fee may be payable.
We will charge between £750 and £1,250 (excluding VAT) to draft simple short-form Court proceedings claiming payment of an undisputed invoice.
If the other party fails to acknowledge service of the proceedings or file a defence to the claim, we will charge £350 (excluding VAT) to request a default judgment and, on receipt of the default judgment, to write to the other party again, demanding payment.
A default judgment will only include Court fees and fixed solicitors costs (as provided for by the Civil Procedure Rules). You will not be able to recover the fees which you pay us.
If the other party fails to pay the judgment debt, we will (if so requested) write to you setting out the various ways in which you may be able to enforce payment of the judgment debt. The fees set out above do not include the cost of any further action which may be required to enforce payment of the judgment debt.
If the other party disputes/defends your claim and the matter becomes contested, we will discuss any further work which may be required and provide you with a revised estimate as to the costs of such further work.
Our fees are time-based and are calculated by reference to hourly charging rates (which will depend on the seniority of the fee earners working on your case). We will give you as detailed a costs’ estimate as we can, once we know what issues have been raised and have a better idea of how long it is likely to take to resolve the matter for you.
Undisputed claims are likely to take anything between 2 weeks and 3 months from receipt of instructions from you to receipt of payment from the other side, depending on whether or not it is necessary to issue a claim. This is on the basis that the other side pays promptly on receipt of Judgement in default. If enforcement action is needed, the matter will take longer to resolve.
Disputed claims can take up to 12-18 months or longer in straightforward cases to resolve.
In certain circumstances, it may be appropriate to draft and serve a statutory demand claiming payment of an undisputed debt. Our fees for doing this (including the cost of arranging for personal service of the demand on the debtor) will be in the region of £1,500 plus VAT and disbursements including the cost of Process Server.
We can discuss this method (and the costs involved) in further detail during our initial consultation.