Our Fees

Conveyancing Fees

Our fees cover the work required to complete the purchase of your new home and/or the sale of your existing home, 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.

The fee charged is dependent on the value of the property and the table below sets out our rates:

 

This above fees are based on a standard transaction relating to a registered title and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction. Also that the transaction is concluded in a timely manner and no unforeseen complication arise. Provided that all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.

If there should be any complications that arise which might cause work to be incurred or more time is expended than estimated then any additional time would be charged at the appropriate hourly rate and this will be brought to your attention at the earliest opportunity.

Conveyancing Disbursements

Disbursements are costs related to your matter that are payable to third parties such as the Local Authority or Land Registry Fees. We deal with the payment of the disbursement on your behalf to ensure a seamless process.

If you are purchasing a leasehold property, there are certain disbursements which will be referred to in the individual lease relating to the Property. The disbursements which we anticipate will apply for a leasehold property are set out separately below. 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.

Notice of Transfer fee – This fee if chargeable is referred to in the lease. Often the fee is between £50.00 - £150.00.

Notice of Charge fee (if the property is to be mortgaged) – This fee is often specified in the lease. If not, it is set by the Landlord/management company/managing agent and is usually  between £50.00 and £150.00.

Deed of Covenant fee – This fee is set by the management company for the property and can be difficult to estimate. Often it is between £100.00 and £250.00.

Certificate of Compliance fee - To be confirmed upon receipt of the leasehold management pack, and can range between £30.00 – £100.00.

You should also be aware that ground rent and service charges 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.

Selling a home additional fees and disbursements

In relation to Leasehold sale transactions there are also additional disbursements for the Management Sales Pack or the Landlord Sales Pack. We can confirm these fees once we have been in contact with the Managing Agents and the Landlord.

How long will my purchase take?

 

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 8 to 12 weeks, however, the process can be quicker or slower depending on many variables such as the parties in the chain, mortgage lender requirements and search results.

Probate Fees

Probate estate work can be complicated.  There are numerous variables that impact on administering an estate. The exact cost of administering the full estate will depend on the Will (or Intestacy if there is no Will), individual circumstances of each estate, and the assets involved. The more valuable and/or complex an estate is the more costly it can be to administer.

 

As guidance, for an estate worth:

  • Up to £200,000 the firm’s professional fees may be in the region of £4,000 to £8,000 plus VAT and disbursements

  • £300,000-£500,000 the firm’s professional fees may be in the region of £8,000 to £12,000.00 plus VAT and disbursements

  • Above £500,000 the firm’s professional fees may be in the region of £12,000 to £20,000 plus VAT and disbursements

  • For estates of £1,000,000 and above, the firm’s professional fees will be discussed directly with the client.

 

However, please note that these fees are indicative only and the cost for each estate will depend on the assets in the estate and the complexity of administering the estate.  Each estate is considered independently and charged appropriately.

 

In order to help reduce the professional fees the executors/trustees can assist by:

  • Providing us with complete and up to date information about the deceased assets, (and provide contact details for each bank, building society, investment company, pension company, etc), and details about any unpaid bills or other liabilities;  

  • Providing us with original documents (in a case where the estate holds shares or bonds or policies you should try and locate all original share certificates and bonds and policy documentation);

  • Ensuring that you provide us with clear and timely instructions, and keep us informed of any work undertaken by you. 

 

Probate Disbursements:

Disbursements are costs related to your matter that are payable to third parties, such as probate court fees. We handle the payment of the disbursements on your behalf to ensure a more effective process. Disbursements not included in our fee could be any of the following:

  • Certainty National Will Register search for a Will, from £38 plus VAT to £199 plus VAT depending on the type of search to be undertaken (if applicable to the estate);

  • Application fees payable to the Probate Registry on applying for a Grant of Probate (where there is a Will) or a Grant of Administration (where there is no Will) currently at £155 for applications made by probate professional practitioners plus £1.50 per copy Grant/copy Will.  Probate Registry application fees correct as from May 2020 but the probate court fees could be subject to significant change in the future should Parliament decide to increase the probate court fees;

  • Land Registry search fees from £3.00 plus VAT, registration fees if a property is being retained by a beneficiary, and bankruptcy searches at £2.00 plus VAT per search (if applicable to the estate);

  • Trustee Act 1925 S27 Notices placed in The London Gazette and in the local/national newspaper (protects executors against unexpected claims from unknown creditors) estimated from £200 plus VAT (cost depends on the local newspaper) (if applicable to the estate); 

  • Charges levied by third parties for services to the estate, for example, stock broker’s fees, investment portfolio manager’s fees, to provide probate valuations for stocks and shares (if applicable to the estate).

 

Timescale:

On average, a normal standard family estate could be dealt with within 12 months of receiving instructions and would typically involve:

  • Investigation into assets and liabilities to prepare and submit an application for a Grant of Probate/Grant of Administration which can take 2-3 months depending on the type of assets involved and how quickly we receive information;

  • After submission of an application, obtaining the Grant from the Probate Registry can take between 8 and 12 weeks, depending on the amount of applications already being processed by the Probate Registry;

  • After the Grant has been issued and received, collecting in cash assets and selling stocks and shares can take between 2-3 months (if straightforward);

  • If there is a property to be sold the timescale for the estate will depend on how quickly the property sells;

  • Once we are satisfied that all assets have been received, the liabilities paid, and the income tax position has been settled by HM Revenue and Customs, we can discuss distributing the estate in accordance with the Will or Intestacy;

  • If an Inheritance Tax form IHT400 applied to the estate (whether or not tax was payable) then distribution of the estate will be dependent upon how quickly HM Revenue & Customs can issue the clearance certificate for the executors.  In complex cases it could take up to 2 years for HM Revenue and Customs to investigate the estate and issue the clearance certificate, but we always keep in contact with HM Revenue and Customs to try to speed matters along.

 

We endeavour to progress all of our estates as quickly as we can and to have distribution to the beneficiaries within a reasonable timescale.

 

©2020 by Vincent Sykes. Vincent Sykes, Solicitors is authorised and regulated by the Solicitors Regulation Authority under SRA No. 75303. VAT Reg No: 737 9373 88