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Clear Advice, Transparent Costs: Understanding Our Fees
Additional fees
Stamp Duty
Stamp duty will be calculated during the transaction.
Stamp Duty – Stamp Duty depends on the purchase price of the property. Higher Rate Stamp duty is also payable on 2nd homes over the price of £40,000.00. A calculator for stamp duty fees can be found at https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if the property is located in Wales by using the Welsh Revenue Authority’s website.
Land Registry
Land Registry – Our estimate is based on the property being registered and registration being available on the online portal. A calculator for Land Registry fees can be found at http://landregistry.data.gov.uk/fees-calculator.html
Referral Fees
On some transactions a referral fee will be payable to the party who has referred you to us. This will be deducted from our fees and will be of no additional cost to you.
*Our fees assume that:
1. This is a standard transaction and no unforeseen matters arise including for example (but not limited to):
a. a defect in title which requires remedying prior to completion
b. part of the property being unregistered
c. building regulations or planning permissions having not been obtained;
d. crucial documents we have requested from you not being provided; or
e. a requirement for the preparation of additional documents ancillary to the main transaction.
2. The transaction is concluded in a timely manner and no unforeseen complications arise.
3. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
4. No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Our conveyancing fees do NOT INCLUDE:
DISBURSEMENTS - these are costs related to your matter that are payable to third parties such as Land Registry fees. We will handle payment of these on your behalf to ensure a smoother process. The most common disbursements are included in our quote. However, this is not an exhaustive list and may vary. We will update you on specific fees once we become aware of them.
Help to Buy or Help to Buy ISA
Additional fees of £60.00 plus VAT at 20% may be charged for dealing with your ISA or LISA.
Shared Ownership
Shared ownership titles are complex and require a great deal of additional work. Further fees of £500 plus VAT at 20% may be payable depending upon the complexity of the title.
Deed of Trust
If you require a Deed of Trust, this is not included in the conveyancing quote and further fees of £200 plus VAT at 20% will be charged.
Unregistered properties
Further disbursements will be payable as follows:-
£4.00 index Map Search
£6.00 Land Charges Search per name
Registration fee will be HIGHER
Deed of Covenant Fees
This fee is provided by and payable to the management company for the property and can be difficult to estimate. Often it is between £150 & £400
Notice of Transfer fee
This fee is chargeable & is set out n the lease & is usually between £50 & £300 per notice. Please note that if you have a mortgage you may have to pay for 2 notices.
Certificate of Compliance fee
To be confirmed upon receipt of the information pack from the Landlords &/or Management Company. This can range from between £100 & £300 per certificate.
LMS fee
If you choose a lender who uses the LMS system to deliver the mortgage documents, LMS charge a fee of £42.00 which will be added to your bill.
ULS fee
An online processing fee of mortgage offers between lenders and conveyancers.
Notice of Charge Fee (if the property is to be remortgaged)
This fee is again set out in the Lease. Often the fee is between £10.00-£200.00)
These fees vary from property to property & can on occasion be significantly higher or lower. We cannot give you an accurate figure until we have sight of the title documents.
Example of Freehold & Leasehold Purchase at £250,000
Our costs FREEEHOLD
£800.00
Vat at 20%
£160.00
Bank Transfer fee (including VAT at 20%)
£40.00
Electronic I.D
£14.40
Search Fees (dependent on area/post code)
£250.00
Bankruptcy Search (per person)
£7.80
Land registry search (os1) per title number
£7.80
Chancel Repair Insurance (if required)
£10.37
Registration fee
£150.00
total
£1440.37
Our costs LEASEHOLD
£795.00
Vat at 20%
£150.00
Additional cost for dealing with the leasehold title including VAT at 20%
£120.00
Bank Transfer Fee including VAT at 20%
£40.00
Electronic I.D Check (per person)
£14.40
Search Fees (dependent on area/postcode)
£250.00
Bankruptcy Search (per person)
£7.80
Land Registry Search (OS1) per title number
£8.80
Chancel Repair Insurance (if required)
£10.37
Registration Fee
£150.00
Notice Fees (approx)
£100.00
TOTAL
£1646.37
Example of Freehold & Leasehold Sale at £250,000
Our Costs (FREEHOLD)
£750.00
Vat at 20%
£150.00
Bank transfer fee (including VAT at 20%)
£150.00
office copies (per title)
£26.40
aml/i.d check (per person)
£14.40
total
£980.80
OUR COSTS (LEASEHOLD)
£750.00
VAT AT 20%
£150.00
ADDITIONAL CHARGES FOR DEALING WITH LEASEHOLD (INCLUDING VAT AT 20%)
£120.00
OFFICE COPIES (ASSUMING THAT THERE ARE 2 TITLES)
£44.00
BANK TRANSFER FEE (INCLUDING VAT AT 20%)
£40.00
AML.I.D CHECK (PER PERSON)
£14.40
TOTAL
£1118.40
Example of a Remortgage at £250,000
OUR COSTS
£600.00
VAT AT 20%
£120.00
BANK TRANSFER FRR (INCLUDING VAT AT 20%)
£40.00
AML.I.D CHECKS (PER PERSON)
£14.40
OFFICE COPIES
£14.40
OS1 SEARCH
£8.80
BANKRUPTCY SEARCH (PER PERSON)
£7.80
SEARCH FEES (DEPENDENT ON AREA/POSTCODE)
£250.00
REGISTRATION FEE
£150.00
TOTAL
£1217.40
At Foys we deal with a variety of Residential Conveyancing matters including registered and unregistered Freehold and Leasehold sales and purchases, transfers and re-mortgages. We are on the panel for many lenders and can also act on behalf of the lender in the majority of cases. Our fees cover all of the work* required to complete the purchase of your new home including dealing with the registration at the Land Registry, dealing with the Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales and acting for your mortgage lender if required and if we are on their panel. Our costs are dependent on the property value and the complexity of the transaction.
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01302 327136