Conveyancing Pricing

Information on prices and services as required by Rule 1 of the SRA Transparency Rules

In December 2018 the Solicitors Regulation Authority (SRA) published their new Transparency Rules, with the aim of making sure that consumers have the information they need to make an informed choice of legal service provider, including understanding what the costs may be. The rules require all regulated law firms to publish information on the prices they charge in relation to certain services, including Conveyancing.

The services and pricing information which Swinburne Maddison is required to provide under these new rules are set out below.

If you have any questions in relation to the information provided on this page, please do not hesitate to contact us on 0191 384 2441.

 

Pricing

For an instant conveyancing quote today, please click here. Our estimate of costs will include the following:-

For a Purchase:

  • Taking your instructions and giving you initial advice.
  • Checking you have the necessary finances in place to fund the purchase.
  • Receiving and advising you on the terms of the contract.
  • Reviewing the title to the property and raising any necessary enquiries.
  • Carrying out all necessary searches.
  • Obtaining and reviewing Property Information Forms and advising you on all documentation received.
  • Advising you of the terms of your mortgage.
  • Preparing the transfer deed to legally transfer the property to you.
  • Preparing the Stamp Duty Land Tax Return.
  • Attend and or submit the contract, mortgage deed, transfer deed and Stamp Duty Land Tax return to you for signature.
  • Preparing a completion statement detaining the funds involved in the purchase.
  • Arranging a date for exchange of contracts and completion.
  • Exchanging contracts.
  • Preparing for completion – including requesting funds from you and your mortgage lender (if applicable) for completion.
  • Attending to completion – including payment of Stamp Duty Land Tax.
  • Applying to the Land Registry for the registration of the property.

 

For a Sale:

  • Taking your instructions regarding the sale and providing you with all necessary protocol forms to compete, including the Property Information Form and Fixtures and Fittings Form.
  • Checking your title to the Property to ensure you have a good and marketable title.
  • Preparing the contract and transfer and submitting these to the buyers solicitors.
  • Dealing with enquiries arising from the title, searches or Property Information Forms.
  • Obtaining an interim redemption statement and advising you as to any early repayment charges.
  • Advising you as to the terms of the contract and transfer and arranging for these to be signed by you.
  • Arranging a date for exchange of contracts and completion.
  • Exchanging contracts.
  • Preparing for completion – including requesting an up to date redemption statement from your mortgage lender and any other costs payable on completion including agents fees.
  • Preparing a completion statement detailing the funds available to you or the funds required from you on completion.
  • Attending to completion – including the redemption of one legal charge on the property and the payment of the estate agents fees, if authorised by you to do so and the payment of any proceeds to you by a single transfer.

 

For a Mortgage/Re-Mortgage:

  • Taking your instructions and those of your mortgage company.
  • Reviewing the title to the property and raising any necessary enquiries.
  • Implementing search indemnity insurance.
  • Advising you of the terms of your mortgage.
  • Attend and or submit the mortgage deed to you for signature
  • Preparing a completion statement detaining the funds involved in the mortgage/ re-mortgage.
  • Arranging a date for completion.
  • Preparing for completion – including requesting funds from you and your mortgage lender (if applicable) for completion.
  • Attending to completion – including the redemption of one legal charge on the property, if applicable.
  • Applying to the Land Registry for the registration of the new mortgage.
  • Report to you on and your mortgage company on completion of the registration requirements


Assumptions on which the quote will be provided

Our quotation will be based on the information which you provide and will assume that:

  1. this is a standard residential conveyancing transaction involving the work detailed below
  2. 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
  3. if the property is leaseheold, that the current lease is to be assigned to you and the transaction does not involve the grant of a new lease
  4. the transaction is concluded in a timely manner and no unforeseen complications arise
  5. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  6. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required


Disbursements and Additional Costs

Our quotation will include disbursements we anticipate having to pay on your behalf. Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

If additional work is required outside the scope of works listed below we will provide you with an estimate of any additional costs and agree these with you before undertaking any further work. We will not increase our estimated fee without informing you of the reason and obtaining your consent.

Our quotation will also include an estimate of the Stamp Duty Land Tax payable, if applicable. We would suggest that you verify the actual tax payable using the online stamp duty calculator available on the HMRC website.

If the matter does not proceed to legal completion we will make a charge for the work carried out. This charge will be a proportion of our estimated fee depending on how far matters have progressed.


How long will my matter take?

Purchase

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 8-10 weeks.

It can be quicker or slower, depending on the 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 6-8 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 may apply.

 

Sale

How long it will take from you accepting an offer on the property until you can move out of your house will depend on a number of factors. The average process takes between 8-10 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a buying another property and there is a chain it can take longer for all parties to reach the same stage. However, if you are selling and moving into rented accommodation or the property is already empty the process can be much quicker.

 

Mortgage/Re-Mortgage

How long it will take from you new mortgage offer being issued to the draw down of the mortgage will depend on a number of factors. The average process takes between 4-6 weeks.

It can be quicker or slower, depending on your title to the property and your mortgage company’s requirements. For example, if you live in the property with another party, who is not a party to the mortgage deed, it may be necessary for the other party to take their own independent legal advice which can delay matters.