Fees & Costs
NB: Five Counties Legal Services will become registered for VAT as from the 1st August 2024
All fees stated above and disbursements in the nature of expenses will be subject to VAT at the current standard rate of 20%
Fixed residential conveyancing fees for registered properties
Charged at 0.1% of the sale/purchase price subject to a minimum fixed fee of:
Sales
£400 Freehold
£450 Leasehold
Purchases
£500 Freehold
£550 Leasehold
Newbuilds from: £595 – Freehold, £695 – Leasehold
N.B. These fees cover the cost of the conveyancing service only.
Disbursements, amounts paid on behalf of clients to another person or organisation, for example search fees, Land Registration fees and Stamp Duty Land Tax, are expenses additional to our fees.
For any associated mortgage work for lenders can be discussed with a firm able to act for such lenders.
Key stages and timescales in residential conveyancing
Residential sales and purchases have two key stages, the stage up to exchange of contracts when parties are committed to the transaction, and the following stage up to completion when any cash passes to a seller in exchange for the transfer of the legal title in the property to the buyer. Following completion, the buyers ownership will be registered at H M Land Registry. This can take some while due to Land Registry staff working remotely.
The stage up to exchange of contracts can vary according to return times for local and other pre-contract searches, arrangements for any necessary finance and whether or not parties are in a chain of linked transactions. It would not be unreasonable to expect contracts to be exchanged 4-6 weeks from when a parties solicitor received draft contract papers and completion to be another 2-3 weeks from exchange but each transaction will depend on its own circumstances. Factors which may increase these timescales would include sellers in a chain losing their buyers and the need to prolong completion dates due to individual circumstances such as the wish of a seller to avoid an early redemption penalty on their existing mortgage.
Lease Extensions
Statutory extensions under the 1993 Act-from £790-NB Half of the total fee will be invoiced once the premium for the extension is agreed and the balance prior to registration of the new extended lease.
Privately agreed extensions – from £550
Collective Enfranchisement – Freehold acquisition
Fees start from £1580 where there are two units in the building which is the subject of the freehold purchase and on the basis the freehold will be held in the names of the flat owning purchasers. As with individual statutory lease extensions, half of the total fee will be invoiced once the premium/price for the freehold purchase is agreed and the balance prior to registration of the freehold transfer or conveyance.
Please note: Fees stated for individual lease extensions and Collective Enfranchisement do NOT include fees/costs and disbursements which may be necessary to make applications to the First Tier Property Tribunal or County Court to prevent the deemed withdrawal of initial notices under the 1993 Act. Should this action be necessary, clients will be advised at the first available opportunity and given an estimate of costs.
Commercial conveyancing fees
Please Contact us to discuss your requirements.
Wills
Simple wills, where a testator (person making the will) wishes to appoint one/two executors and leave their estate absolutely to one/two beneficiaries can cost as little as £95.
Additional clauses appointing testamentary guardians during the minority of infant children, making outright pecuniary (money) gifts or gifts of specific items of property to named individuals are £15 for each clause. Clauses dealing with the outright gift of residue (what remains of a persons estate after specific gifts, payment of debts/taxes and administration expenses) to named individuals £30. For more elaborate arrangements, please Contact us to discuss your requirements.
Lasting Powers of Attorney
From £175 per document = £295 for both LPA’s + OPG fees (currently £82 per LPA)
Certificate Provision fees from £95 for a single certificate
Probate and Administration
Applications for Grant of Probate only:
Where the gross value of the estate does not exceed £325,000 – from £325
Where the gross value of the estate exceeds £325,000 – from £750
The service includes the completion and submission of application and necessary IHT forms to HMRC and the Probate Registry/HMCTS.
Full Administration – Application for Grant, collection of assets and payment of debts, distributing specific and pecuniary legacies, preparation of estate accounts and distribution of residue-Fee based on 0.5% of the gross value of the estate up to £1,000,000 and 0.15% on the excess, plus disbursements, subject to minimum fees of £1,250 for estates with a gross value up to £32,5000 and £2,500 for estates whose gross value exceeds £32,5000.
The service includes the completion and submission of application and necessary IHT forms to HMRC and the Probate Registry or HMCTS, collection of liquid assets, payment of debts and liabilities and distribution of the balance/specific and cash legacies to the beneficiaries of the estate including preparation of either estate accounts or a schedule of assets and debts showing the calculation of shares distributable to the beneficiaries.
Key stages and timescales in Probate and Administration
An application for a Grant of Representation involves establishing the nature and values of a deceased persons assets and liabilities up to the time they pass away. This information is typically provided by the executors if the deceased left a Will or other person with close knowledge of a deceased’s affairs.
The time it takes to obtain a Grant of Representation will depend on whether or not the deceased left a valid Will and if the estate is taxable for inheritance Tax. Where there is no tax to pay and the deceased left a valid Will, it would not be unreasonable to expect a Grant to be issued within 3-4 months of receipt of clear instructions. Factors which will increase this timescale would be where there is no valid Will and/or the estate is liable for Inheritance Tax. The time taken to complete the administration of an estate will depend on the nature of its assets and if it is necessary to complete income tax returns for the period of administration to protect personal representatives from claims after they distribute the balance of an estate to its beneficiaries.
Please note that Property sales/transfers are regarded as separate transactions and subject to additional conveyancing fees as stated above on this page. Where it is not possible to offer a fixed fee, we will advise you of this at the earliest opportunity and offer services at our current charging rate of £150 per hour.
Note: The current Probate Court fee (a disbursement) for applying for a Grant of Representation is £300. Additional copies are £1.50 each on application for the Grant.
For fees in connection with Deputyship applications, trusts and estate planning, please Contact us with your requirements.