Fee Structure
We a pleased to provide an overview of the fee structure at Carpenters Rose.
Please note that where applicable VAT is charged at a rate of 20%
Residential Conveyancing
Our fees, subject to below, cover all the legal work* required to complete the purchase of your new home, including dealing with registration at the Land Registry and the payment of Stamp Duty Land Tax (SDLT) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales, although the disbursements are additional to our fees as quoted.
If your lender instructs independent solicitors, then an additional fee will be payable depending on the degree of work involved. In addition, if there are defects in your title, or if the title is unregistered, again an additional fee will be payable.
Conveyancer's fees
Legal fee for freehold purchases between £1,400 and £3,000 + VAT
For leaseholds, please see our note below.
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as the Land Registry and search companies. We handle the payment of the disbursements on your behalf to ensure a smoother process. When purchasing a property, disbursements are usually limited to -
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Search fees – cost between £400 and £600 as they do vary from Local Authority to Local Authority. VAT is payable on searches.
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HM Land Registry fees, for which there is no VAT, are determined by the Land Registry and can be found at https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
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Stamp Duty or Land Tax (on purchase)
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC's website https://www.gov.uk/stamp-duty-land-tax
*The estimated total for a purchase is the sum-total of our legal fees and the Disbursements plus VAT.
How long will my house purchase take?
How long it will take from your offer being accepted until you can move in to your house will depend on several factors. The average process takes between 8-12 weeks.
It can be quicker or slower, depending on the number of 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 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 3 months. In such, a situation additional charges would apply.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are the key stages that are usually included: -
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Once instructed we will confirm our instructions by letter setting out the terms of business and fee costs;
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Receive and advise on contract documents;
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Carry out searches
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Obtain further planning documentation if required;
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Make any necessary enquiries of seller's solicitor;
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Give you advice, where appropriate, on documents and information received;
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Discuss conditions of mortgage offer with you;
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Send final contract to you for signature;
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Agree completion date (date from which you will own the property);
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Exchange contracts and notify you that this has happened;
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Arrange for all monies needed to be received from the lender and you;
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Complete purchase;
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Deal with payment of SDLT / Land Tax;
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Deal with application for registration at Land Registry.
*Where a member of our experienced conveyancing team foresees a complication with your purchase, they will discuss this with you and how this will impact on the transaction and the extent it will increase the fees.
Sale of a Freehold residential property
Our fees cover all the work* required to complete the sale of your home, including discharging any mortgages on the property, paying the estate agents and paying to you the balance, although these items are in addition our fees as quoted.
If your lender instructs independent solicitors, then an additional fee will be payable depending on the degree work involved. In addition, if there are defects in your title, or if the tile is organised, again an additional fee will be payable.
Conveyancer's fees
Legal fee for sales under £1m range between £1,400 and £2,000 + VAT.
Over £1m – ranges between £1,750 and £3,000 + VAT.
For leaseholds, please see our note below.
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry. We handle the payment of the disbursements on your behalf to ensure a smoother process. When selling a property, disbursements are usually limited to -
Registered titles
Sometimes the registered title will state that the property is affected by provisions contained in a document which is filed at the registry – this is common with houses which were originally built by a developer as part of an estate. We may have to obtain a copy of any such document, for which the registry makes an additional charge. HM Land Registry fees are determined by the Land Registry and can be found at https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
The estimated total for a sale is the sum-total of our Conveyancers fees and the Disbursements plus VAT.
How long will my house sale take?
Once you have secured a purchaser for your property the average process takes between 8-12 weeks.
It can be quicker or slower, depending on whether of not there is a chain. For example, it will depend upon how many are in the chain.
What are the usual steps taken to sell a property?
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Once instructed we will confirm our instructions by letter setting out the terms of business and fee costs.
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We will then carry out proof of identity checks.
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We will send you a fitting and contents form and property information form(s) for completion. If the property is leasehold, additional information will be required. The managing agent will normally charge you for this information.
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As your solicitor we will obtain official copies of the title register and any other documents required by The Land Registry and details any existing mortgage. For unregistered properties it will be necessary to obtain the deeds and deal with any title problems which may arise. This will incur an additional charge.
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We will then prepare the draft contract and supporting contract documentation and send to the buyer’s solicitor / conveyancer.
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We will then answer pre-contract enquiries raised by the buyers solicitors / conveyancer.
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We will agree with you and the other side a completion date and contracts are then formally “exchanged” - meaning both parties are legally committed to the transaction. The buyer’s Conveyancer drafts a transfer deed and sends to the Seller’s solicitor / Conveyancer.
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We will then check the transfer deed and send this to you for signature in readiness for completion.
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On completion you must vacate the property at a time agreed in the contract (usually by 1pm) and make arrangements to hand over the keys, usually through the estate agent. Buyer’s solicitor / Conveyancer will send the proceeds of sale to us and we will arrange for the keys to be released to the buyer. We will then pay the estate agent (if one was used), repay the amount owing to the existing mortgage lender (if applicable) and take payment for their Conveyancing service costs. It is essential that the sale produces high enough funds to discharge all mortgages on the property, on or before completion.
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Once all the payments have been made all the remaining money from the sale will be transferred to you, the seller, usually by bank transfer on the day of completion.
*Where a member of our experienced conveyancing team foresees a complication with your sale, they will discuss this with you and how this will impact on the transaction and the extent it will increase the fees.
Re-mortgage
As a borrower who is remortgaging your property, you will usually need a solicitor to handle the legal side of the transaction. We will handle the paperwork including all enquiries raised by the lenders solicitors, and arrange for the transfer of funds once the remortgage is complete.
The normal fee for a remortgage starts £1,150+VAT. The fee will depend on the degree of work involved, answering questions for the lender and the legal advice which varies from case to case.
The normal fee applies to all mortgages below £500,000. For mortgages over £500,000 we will agree the fee with you at the time.
Purchase or Sale of Leasehold
The purchase or sale of a lease hold property will usually result in additional steps to be undertaken which may increase legal fees. A breakdown of these fees will be provided as necessary. The additional cost will be calculated at the hourly rate of £400 plus VAT.
Probate Fee Information
Application For Grants Of Representation And Estate Administration
Our specialist team is committed to providing a competitive, clear and transparent pricing structure for applications for grants of representation and estate administration. There are several ways in which we charge for our services depending on the complexity of the estate, the nature of the assets and whether or not we are acting as executors, and we will advise you of the appropriate charging structure for your estate.
Because uncontested probate and estate administration is charged on a time spent basis it is difficult to provide accurate costings without knowing the composition of the estate and whether a Will exists. In order for us to understand the composition of the estate we encourage clients to provide as much information as possible. This enables us to discuss your requirements and provide a relevant estimate of the likely costs.
Fees
Work in relation to administration of estates and applications for probate is undertaken by Alan Rose, Solicitor and Partner, or Margot Graham Solicitor whose charging rate is £500 per hour plus VAT.
On a typical instruction to deal with the administration of an estate, including liaising with banks and other investment institutions to obtain the date of death valuations and other information, and the collection and distribution of assets of the estate, we anticipate our fees would be in the region of £7,500-£15,000 (plus VAT) based on the administration which is generally the case where the following applies:
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there is a valid Will;
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we are not appointed as professional executors;
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there is no more than one property;
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there are no more than 6 bank or building society accounts;
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there are no other intangible assets;
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there are 1-3 beneficiaries;
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there is no inheritance tax payable and the executors do not need to submit a full account to HMRC;
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there are no disputes between beneficiaries on the division of assets; and
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there are no claims made against the estate.
The exact cost will depend on the individual circumstances of the matter. For example, if there is only one beneficiary and limited assets, the costs will be towards the lower end of the scale. On the other hand, if there are a significant number of beneficiaries and lots of additional or complex assets, the cost is likely to be higher. Please note that the fees do not include any fees for the conveyancing of any property within the estate.
In addition to the above, a value element may be charged in accordance with the Law Society’s Guidelines and if so, this will be agreed with the client at the outset. For this purpose, the estate of the deceased is divided into two parts. i) Their residence ii) The value of the rest of the estate.
The percentage charged as a value element depends on whether or not a solicitor in the firm is acting as an executor of the estate. If they are not, then the percentage for the residence is 0.5% and the value of the gross estate less the residence is 1%. If the solicitor is acting as an executor, then the percentage for the residence is 0.75% and for the gross estate less the residence is 1.5%
Disbursements
Disbursements are additional costs relating to the matter which are payable to third parties. The disbursements likely to be incurred in respect of a probate instruction are as follows:
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At the current rate of £7 for the swearing of the Oath (per executor)
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Bankruptcy-only Land Charges Department searches (£2 per beneficiary)
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Fees for the posting of advertisements in The London Gazette and in a local newspaper to protect against unexpected claims from unknown creditors (fee for agent will be notified once known)
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Inheritance tax payable to HMRC
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Anti-money laundering searches at a cost of £25 plus VAT per person for UK residents
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Accountancy fees for the preparation of tax returns (fee for agent will be notified once known)
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Valuation fees for a property or stocks and shares (fee for agent will be notified once known)
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Postal redirection fee (if required) - £46.99 for three months
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Probate application fee from £273 per one copy (£1.50 for each additional copy of the Grant)
Services we will provide to you and the key stages in a probate application.
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In essence the process consists of three stages. i) The collating of information of the deceased assets and their value at the date of the death, ii) The preparation of the inland revenue account which gives the full financial picture and is provided to the revenue, iii) The application to the probate registry which enables them to issue a grant of probate, iv) The administration of the estate by distribution of the assets of the deceased to the persons entitled.
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You will have a dedicated and experienced probate Solicitor or Partner to work on the administration throughout
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We will advise on the type of probate application you will require after fully reviewing the Will (if there is one) and all surrounding circumstances
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Obtain the relevant information and documents required to complete the IHT return form and calculate any Inheritance Tax payable.
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Draft a statement for you to sign
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Submit the relevant forms to HMRC and organise payment of the Inheritance Tax
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Make the application to the Probate Registry on your behalf (either online or by Post depending on the type of application)
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Obtain the Grant of Probate or Grant of Letters of Administration
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Collect and distribute all assets in the estate
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Prepare estate accounts
How long will this take?
As you will appreciate each matter is unique and will differ in the length of time that it takes to complete the administration. For a simple application for a grant of representation this should take between 4-6 months to complete. On average, the administration of an estate takes between 6-18 months but sometimes longer depending on whether there are assets to be sold, such as a property, and the general complexity of the administration.
What if my estate is more complex than this?
If the estate is complex in respect of the number and type of assets and is likely to be liable to Inheritance Tax we will be pleased to discuss with you, without obligation, the work that will be required in dealing with the application for the grant of representation and administration of the estate and provide you with a fee estimate. Please feel free to contact us for further information.