Price Transparency
On residential property transactions, we act only for cash purchasers or on sales (either subject to or free from a mortgage). We do not act on mortgage* assisted purchases, unless a client is looking for separate representation where the buyer and lender instruct separate solicitors; if this is required it is likely that the buyer will end up paying two sets of fees, in which case we are happy to consider a concessionary reduction in our fees, to offset part of the total fees a client would otherwise pay.
We are also clear from the outset that we do not compete with high street practices or volume conveyancers and as such our fees do not reflect that type of service. Our service is geared towards the individual needs of a client and fees are estimated taking account of several factors, such as the time likely to be required, the experience of the person dealing with the matter, value of the property and the level of attention required by the client, such as urgency or the extent we are required to negotiate terms on behalf of a client.
Clients take added reassurance knowing that all property work is undertaken directly by Ajmal Hussain, a qualified solicitor with over 20 years of post-qualified experience in property work.
Our Fees Structure:
Our fees start at £1,500 (+ VAT) and can well be much higher, depending on the factors outlined. This figure is based on a freehold property valued at below £500,000. With a leasehold property, we expect that fees will increase by a further £400 - £500.
For properties valued between £500,000 to £1million, the Firm’s fees can be expected to be between £2,000.00 to £2,500.00.
For properties above the £1million mark, there is an added charge at 0.5% of the property value, reflecting the added risk of working with higher value properties.
What does this cover?
This covers the Firm’s fees for the work to be carried out by the Firm. This does not cover disbursements (i.e. payments made to third parties) which typically involve property search fees, LR search fees / copy documents, SDLT, LR registration fees. These vary from property to property and can only be ascertained once full information is available about the proposed transaction. With leasehold properties, there are also usually landlord’s costs that must be met, either on obtaining a ‘management information pack’ (sales) and various notices; again full costs can only be ascertained once the information is obtained from the relevant party.
Other charges:
In order to comply with our legal and regulatory obligations on client identification and anti-money laundering, we currently use a third party online service provider, as approved by our Professional Indemnity Insurers. The standard ID check is currently £14.95 and the source of funds check is currently £9.95 – we only pass on the cost of the provider and do not currently make any additional charges.
We also make a charge for arranging TT Bank Transfers; currently being £35+VAT per transfer.
Our Clients:
The majority of our clients are not looking for basic conveyancing services, often associated with high street or volume conveyancing firms. As property transactions involve large sums of money and often represent one of the biggest financial commitments in a client’s life, our clients understand the need for a quality service built on expertise and trust. Whilst no one wishes to pay unnecessarily large fees, our clients appreciate the need to pay a reasonable fee reflecting the service being delivered. To this extent, clients who instruct us appreciate our honesty on the issue of fees; we will try to agree a fixed fee where reasonably possible but in most cases, we will provide an estimate based on the information available at the outset, and should the need arise to review or revise this estimate, we aim to discuss the matter with our clients in a timely manner. We believe that clients appreciate fairness and this requires not only that the client receives good value for money, but also that the firm is rewarded for the actual service it is asked to provide.
Clients should remember that no two transactions are the same. Equally, no two service providers are the same. A recent example:
A client in the process of obtaining a new mortgage discovered that a joint registered proprietor who had been ordered to transfer their legal and beneficial interest in the property into the client’s sole name had since the date of the Court Order, several years earlier, settled abroad. The conveyancer acting for the client, and instructed from the lender’s panel, received no response from the joint proprietor and so felt unable to continue with the transaction. On instruction from the client, we applied to the Court and arranged for the Court to execute the Transfer Deed on behalf of the absent joint proprietor, allowing the client to proceed with a fresh mortgage.
*This applies to all cases where the borrowing is from a high street lender which uses their own panel solicitors or conveyancers. ‘Private’ banks may be happy to instruct us in some cases as they do not always work with panel solicitors.
