Conveyancing Standard Prices
Our standard prices for your sale or purchase are:
|Up to £300,000||£695 + VAT|
|£300,001 - £400,000||£745 + VAT|
|£400,001 - £500,000||£795 + VAT|
|£500,001 - £600,000||£845 + VAT|
|£600,001 - £700,000||£895 + VAT|
|£700,001 - £800,000||£945 + VAT|
|£800,001 - £900,000||£995 + VAT|
|£900,001 - £1,000,000||£1,250 + VAT|
|£1,000,001 - £1,500,000||£1,500 + VAT|
|£1,500,001 - £2,000,000||£2,000 + VAT|
|£2,000,001 and above||Please contact us to discuss|
Additional fees that may become applicable in a Purchase transaction
There may be situations during the course of your transaction where we will be involved in additional work not covered by our original fee estimate. The following is a list of additional work that can be encountered, together with details of the fees we may charge. Whilst this is not a definite list it is an attempt to provide you with full information and these will not be charged unless we inform you in writing of the need to do so.
- Mortgagee's Fees
- Help To Buy Mortgage
- Help To Buy ISA
- Unregistered Land
- Deed of Covenant
- Indemnity Policies
- Other Matters
If you are obtaining a mortgage to assist you with your purchase your mortgage lender will have legal work to be carried out on their behalf and will usually expect you to pay these. If they instruct us as their solicitors, our charges are as follows:-
|AMOUNT BORROWED||FEES (+VAT)|
|£0 - £200,000||£250|
|£200,001 - £300,000||£350|
|£300,001 - £400,000||£450|
|£400,001 - £500,000||£550|
If they do not instruct us to act on their behalf then we may make a charge of £250 plus VAT for dealing with their solicitors' requirements if these are, in our opinion, onerous.
If you are obtaining a Help To Buy Mortgage to assist you with the purchase, our fees will be £250 plus VAT in order to deal with the requirements of the provider.
If you are using the bonus from a Help To Buy ISA to assist with your purchase, we will charge £100 plus VAT per ISA in order to deal with the requirments of the bank in obtaining the bonus.
If the property you are purchasing is not registered at the Land Registry then our fees for investigating title and making an application for First Registration will be £150 plus VAT.
If a Deed of Covenant needs to be entered into then our fees for preparing this and dealing with the requirements of the Freeholder/Management Company/original Covenantee will be £150 plus VAT.
If an Indemnity Policy is required and is arranged by this firm our fees will be £150 plus VAT.
If non routine matters arise and we need to spend additional time to deal with these, our time so spent will be charged at £250 per hour. We will identify any such matters to you beforehand and will give you our best estimate at the time of the extent of any additional costs which may be incurred.
Along with our fees you will also need to pay any disbursements related to your sale or purchase. Disbursements are third party costs which we will incur on your behalf as part of your transaction. Generally the following disbursements are incurred (please note that these costs are estimates only and we will advise you of the actual costs for your matter as soon as this information is available).
|Official Copy Entries - Freehold||£6|
|Official Copy Entries - Leasehold||£12|
|Management Pack - Leasehold||Price varies depending on Management Company/Landlord|
|Bank Transfer Fees||£48 incl VAT|
|Searches (Local, Environmental, Drainage & Water, Chancel Check)||£250 (estimated)|
|Land Registry Search||£3|
|Bankruptcy Search (per person)||£2|
|Bank Transfer Fees||£48 incl VAT|
|Land Registry Fees||See table below|
|Purchase Price||Unregistered Land||Registered Land|
|Up to £80,000||£40||£20|
|£80,0001 - £100,000||£80||£40|
|£100,001 - £200,000||£190||£95|
|£200,001 - £500,000||£270||£135|
|£500,001 - £1,000,000||£540||£270|
|£1,000,000 and over||£910||£455|
Stamp Duty is set by the Government and subject to change. As at the time of writing (December 2018) the following Stamp Duty rates apply to properties in England.
First Time buyers do not pay Stamp Duty on the first £300,000 of a property worth under £500,000. Between £300,001 and £500,000 they pay Stamp Duty at 5%. First time buyers purchasing a property worth over £500,000 are not entitled to this relief.
|Purchase Price||Stamp Duty Rate||Buy To Let/Additional Home Rate|
|Up to £125,000||0%||3%|
|£125,0001 - £250,000||2%||5%|
|£250,001 - £925,000||5%||8%|
|£925,001 - £1,500,000||10%||13%|
NB - Usually a Land Transaction Tax Return will need to be filed with HMRC. If we prepare this on your behalf our costs will be £100 + VAT for a freehold property and £150 + VAT for a leasehold property.
|AMOUNT BORROWED||FEES (+ VAT)|
|£0 - £250,000||£395|
|£250,001 - £500,000||£495|
|£500,001 - £750,000||£595|
|£750,001 - £1,000,000||£695|
|£1,000,001 and above||Please contact us to discuss|
NB - Certain disbursements may also apply depending on each mortgage company's requirements such as search fees, official copy fees and Land Registry fees.
Fixed Fee - Grant Only Service
Austin Ray are pleased to offer a fixed fee Grant of Probate extraction service for smaller estates. Our legal fees for this service are £850 + VAT (a total of £1,062.50) and includes:
- Identifying the Executor or Administrator of the estate;
- Confirming that this is a matter suitable for this service;
- Completing the Inheritance Tax Return on your behalf (IHT 205 and 217 only) based on the information provided by the personal representatives;
- Drafting the Statement of Truth;
- Sending the application to the Probate Registry on your behalf; and
- Advising you once the Probate is received.
In addition to our fees you will also have to pay some disbursements, these are third party costs. Typical disbursements for this type of matter would be:
- Probate Court Fee - £155 (plus £0.50 for each additional copy of the Grant required, we can advise you on this). Please note that the Court fees are increasing from 1st April 2019.
- Official copies if there is a property: £3-£6.
This service is only suitable for smaller estates where there is no inheritance tax payable and a full Inheritance Tax Return does not need to be completed.
Probate and Estate Administration Service
We carry out this work on an hourly rate basis and our charges are £175 - £225 + VAT per hour. Incoming and outgoing letters and telephone calls are charged at £22.50 + VAT each.
In addition to our fees the following disbursements might be incurred, these are third party costs payable from the estate. Possible disbursements include:
- Probate Fee - £155 (plus an additional £0.50 for each copy, we shall advise how many you might need). Please note that the Court frees are increasing from 1st April 2019.
- Bankrupty Search - £2 per UK beneficiary (charges vary in other jurisdictions)
- Placement of notices in the London Gazette and a local newspaper to protect the Executors against claims from unknown creditors of the estate - approximately £250
- Accountant fees if a full Tax Return has to be filed for Income Tax and Capital Gains Tax
- Valuation fees for chattels and the property (if required)
- Official Copies: £3-£6 per property
We estimate that a simple estate would usually take us between 15 to 20 chargeable hours to complete so our total charges would be in the region of £3,000-£4,500 + VAT. These fees do not include the costs of the sale or transfer of any property owned by the deceased.
This estimate would suit an estate with these circumstances:
- The deceased has left a valid Will;
- There are fewer than 5 bank accounts;
- There is only one property in the estate;
- There are business interests, farming interests or foreign assets in the estate;
- There are fewer that 5 beneficiaries;
- There are no disputes between the beneficiaries of the estate;
- That there are no claims against the estate;
Due to the unique circumstances of each matter, the exact cost will vary. Costs might be higher for example if there are multiple beneficiaries or a number of investment accounts. We will provide you with an initial estimate and advise you as matter progress if we need to revise this estimate.
Additional costs might be incurred if:
- There is no Will;
- There are a number of assets held with numerous institutions;
- The deceased owned shares, stocks or bonds in more than 5 institutions;
- There is a Department of Work and Pensions enquiry;
- The deceased held assets abroad, had business interests, was a farmer or held farming assets;
- There are extensive assets or liabilitites of the estate.
The administration of an estate can take between 9 to 12 months to complete. This varies depending on the complexity of the estate. Generally it will take between 8 to 10 weeks from our formal instructions to obtain the Grant of Probate. It can take a further 4 to 6 weeks to collect in the assets of the estate however this can vary depending on the nature of the assets. It can sometimes take several months for a property sale to complete which could delay matters. We sometimes recommend that the estate is not distributed for 10 months following the issuing of the Grant of Probate if there is a chance a disappointed beneficiary might make a claim against the estate.
Other ways the administration of an estate can be delayed can include:
- A Department of Work and Pensions investigation;
- Queries being raised by the HMRC on tax matters;
- A claim being issued against the estate; and
- Disputes between beneficiaries.