PRICING POLICY
MB Lawyers fees vary due to many factors including but not limited to the complexity of the matter, property value and whether or not there is a mortgage.
MB Lawyers fees vary due to many factors including but not limited to the complexity of the matter, property value and whether or not there is a mortgage.
Each matter is different. When you contact MB Lawyers we will provide you with a written quote specific to your transaction. There are no hidden charges as we provide you with details of the likely fees and disbursements before you formally instruct us.
MB Lawyers are bound by that estimate and are professionally obliged to inform you when there will be any changes to that original estimate as circumstances arise.
When MB Lawyers provide an estimate, it is based on the information available at the time and it is occasionally the case that matters arise which have to be dealt with which were not included in the original estimate. Should this happen we will let you know and provide an estimate for dealing with that work on your behalf.
Property Purchase (Freehold & Leasehold)
MB Lawyers fees cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax.
MB Lawyers fees and disbursements:
Legal fee:
Fees will depend on the complexity and value of the property you are purchasing and will usually be between £850.00 to £1,500.00.
Stamp Duty Land Tax Form Completion – £60.00
Disbursements:
These are costs related to your house purchase that are payable to third parties. MB Lawyers deal with the payment of the disbursements on your behalf to ensure there is no delay in your purchase and it runs smoothly.
Search fees:
Search fees (includes local authority, water, environmental, Chancel, flood and planning searches) – £350.00( approximately- the exact figure will be confirmed once the relevant authorities are known)
Land Registry Priority Search fee – £3.00 per search
Bankruptcy Search fee – £2.00 per name
Electronic Money Transfer fee: £23.00 plus VAT per payment.
Stamp Duty Land Tax
The rate of Stamp Duty Land Tax that you pay will depend on the purchase price of your property.
There is tax relief if you are a first time buyer.
You may also have to pay the Stamp Duty Surcharge if you have more than one property.
The Stamp Duty rate for a purchase in a company name is also different.
You can calculate the amount of Stamp Duty you will need to pay using the HMRC calculator
Land Registry fee:
This is set by the Land Registry and depends on the value of the property you are purchasing. The fee ranges from £40.00 to £910.00.
Referral fees
For some transactions MB Lawyers may pay a referral fee based on commercial considerations. The amount of any referral fee will be disclosed to you at the start of the transaction. To be clear, this referral fee is paid by MB Lawyers and not by you.
Leasehold Disbursements:
Notice of Transfer fee – between £100.00 to £200.00 plus VAT.
Notice of Charge fee – between £100.00 to £200.00 plus VAT per notice.
Deed of Covenant fee – between £100.00 and £200.00 plus VAT.
Certificate of Compliance fee – between £75.00 to £200.00 plus VAT.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. MB Lawyers will confirm the ground rent and the anticipated service charge as soon as this we receive this in
Additional Disbursements on a Leasehold Sale:
Leasehold Management Pack fee- Fee set by the management company- between £250.00- £350.00 plus VAT.
Acting for a lender:
MB Lawyers is a Sole Practitioner and so can only act for you in the property purchase.
If you require a mortgage MB Lawyers can act for you. However, we do not act for a lender in the property purchase. A solicitor will need to be appointed to act for the lender. You will need to pay the fee for the lender’s solicitor. MB Lawyers fee will reflect this.
The average cost of a lender’s solicitor’s fees is £250.00 plus VAT. MB Lawyers will of course confirm this with you.
Time Frame
How long it will take from your offer being accepted until you can move into your house or flat will depend on a number of factors including whether you are part of a chain.
There are often external factors which can delay the process and often the major issue is that exchange of contracts cannot take place until all parties in the chain are ready.
Obviously, the time it takes will depend on the complexity of the matter and the number of parties involved.
On average it can take up to 8 weeks to get to exchange of contracts. Completion can be 1-2 weeks after that. This however is only an average rough guide.
Key Stages when buying a property:
The stages involved in the purchase of a property may vary according to the circumstances, and MB Lawyers will advise you of this when we know all the facts. MB Lawyers will provide regular updates on the progress of your property transaction.
Key stages of buying a house:
Key stages of buying a flat:
Assumptions
MB Lawyers fees assume that:
– this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title or the preparation of additional documents ancillary to
– the main transaction
– this is the assignment of an existing lease (leasehold only)
– the transaction is concluded in a timely manner and no unforeseen complication arise
– all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
– no indemnity policies are required. Additional disbursements may apply if indemnity policies are required
Property Sale (Freehold & Leasehold)
MB Lawyers fees cover all of the work required to complete the sale of your home.
MB Lawyers fees and disbursements:
Legal fee:
MB Lawyers fees will depend on the complexity and value of the property you are selling and will usually be between £850.00 to £1,500.00.
At present MB Lawyers are not vatable so no VAT is payable on our fees. We will let you know when this changes.
Disbursements:
These are costs related to your sale that are payable to third parties. We deal with the payment of the disbursements.
Search fees:
Land Registry Office Copy Entries – £3.00 per document
Electronic Money Transfer fee:
£23.00 plus VAT per payment.
Referral fees
For some transactions I may pay referral fees. The amount of any referral fee will be disclosed to you at the start of the transaction. To be clear, these referral fees are paid by MB Lawyers and not by you.
Leasehold Disbursements:
There are certain additional disbursements on a leasehold sale. The disbursements which MB Lawyers anticipate will apply are set out separately below. This list is not exhaustive is just an estimate and other disbursements may apply depending on the term of the lease. MB Lawyers will update you on the specific fees upon receipt and review of the lease.
Leasehold Management Pack fee- between £250.00- £350.00 plus VAT.
You should also be aware that ground rent and service charge will be apportioned and you must pay your liability up until completion.
A retention may also be required.
At present MB Lawyers not vatable so no VAT is payable. MB Lawyers will let you know when this changes.
Other useful information
Sales with a mortgage on the property
MB Lawyers can act whether or not you have a mortgage on the property.
Time Frame
The length of time it will take from you accepting the offer until you can move out of your house or flat will depend on a number of factors including whether you are part of a chain.
There are often external factors which can delay the process and often the major issue is that exchange of contracts cannot take place until all parties in the chain are ready.
Obviously, the time it takes will depend on the complexity of the matter and the number of parties involved.
On average it can take up to 8 weeks to get to exchange of contracts. Completion can be 1-2 weeks after that. This however is only an average rough guide.
Key Stages when selling a property:
The stages involved in the sale of a property may vary according to the circumstances, and I will advise you of this when I know all the facts. I will provide regular updates on the progress of your property transaction.
Key stages of selling a house:
Key stages of selling a flat:
All the information provided is correct as at December 2018