Costs in residential property transactions
We will always liaise closely with you at the outset of any instruction to agree costs prior to undertaking any item of work.
It is important to us that you understand the costs associated with our instruction. Our residential property fees are shaped by our experience of dealing with challenging property transactions, our fee-earners’ expertise and the quality of our service.
All sums below are exclusive of VAT and expenses, for example, searches, Land Registry fees and Stamp Duty Land Tax (SDLT) all of which are payable in addition to our fees.
|Sale or purchase of a freehold property below £1m||£2,500|
|Sale or purchase of a leasehold property below £1m||£3,000|
|Sale or purchase of a freehold or leasehold property at £1m or above||0.3% of the sale price/purchase price. So, for example, in the case of a sale for £1.5m, the fee would be £4,500 plus VAT and the expenses of the transaction.|
|Interdependent sale and purchase||Where we are instructed simultaneously on both the sale and purchase of your main home, the aggregate of our fees calculated in accordance with the above formulas less a discount of £500.|
|Re-mortgaging||0.3% of the sum advanced under the re-mortgage. So, for example, in the case of a re-mortgage with an advance of £1.5m, the fee would be £4,500 plus VAT and the expenses of the transaction.|
The foregoing fee structure does not apply to refinancing exercises involving mortgages and re-mortgages of more than one property. Refinancing work involving multiple properties will be priced to take account of the total deal value, any risk, the complexity of the security arrangements, the secured assets and the estimated hours of work.
Refinancing work may be offered on a fixed fee basis where appropriate or on a time spent basis with or without a fee cap. Any fee arrangements are to be agreed in advance of commencing work.
Where a transaction aborts, fees will be charged either on a time spent basis (but subject to an overall limit of the fixed fee level) or on a pro rata basis (for example, where work is done on a fixed fee basis of say £4,500 and two thirds of the work is complete before the deal aborts, we would charge £3,000 plus VAT and expenses incurred).
Exceptions and qualifications
The above prices do not apply to dwellings whose construction is unfinished, or to apartments where lease extension work is involved or where there are extraordinary factors requiring additional work over and above a standard residential property transaction. Such transactions will be priced on a bespoke basis having regard to time spent or likely to be spent on them at an average blended rate of £300 per hour.
As a norm, we do not add on any additional fees where a mortgage is involved, but please note that if the lender/bank instructs its own solicitors you may have to pay their fees in addition to those of RIAA Barker Gillette.
We are happy to discuss the costs in relation to any item of work undertaken by us. Contact John Gillette today to discuss your enquiry.
+44 (0)20 7636 0555
RIAA Barker Gillette (UK) LLP
11-12 Wigmore Place