For the purposes of each of these scenarios, to keep things simple, please provide your estimate taking account of the following:
- The estimate is for a new client who lives locally (if face to face), or for whom you are providing your services remotely (if delivered remotely).
- The cost should exclude VAT.
- The cost should be for your fees or profit costs only and so it should exclude disbursements such as bank transfer fees, search fees or Land Registry fees.
- The costs should include administrative charges like postage, photocopying or telephone calls, if applicable.
- The estimate should also include costs for liaising with lenders or another firm, where applicable together with charges associated with attendance at completion/settlement and preparation of any relevant document lodgement and payment of charges.
- All properties concerned are registered land, on a residential road with no new extensions.
- There are no restrictive covenants or caveats or other complications.
We’ll ask about any conditions you place on these estimated costs later in the questionnaire.
Please note that the following scenarios are intentionally presented in non-numerical order.
Scenario 1: a sale only of a freehold property
I would like you to think about:
- Representation of an individual seller
- The sale value is £285,000
- The current mortgage will be repaid on sale, is 80% of sale value, and the lender is a major residential property lender
- The property is freehold
Please include the following in the estimation:
- Fees for standard service, including:
- Any firm administrative charges (e.g. postage, photocopying and telephone calls)
- Liaising with the lender
- Attendance at completion and to any relevant document lodgement and payment of charges
- The property has no new extensions
- The property is on a residential road (not on a private track)
- The property is registered with the Land Registry
Please also assume that:
- There are no restrictive covenants or other caveats or other complications
- Please exclude any bank transfer fees or other disbursements
- Please also exclude VAT
Scenario 4: a sale only of a leasehold property
I would like you to think about:
- Representation where the property is being sold by 2 sellers, selling as joint tenants
- The sale value is £285,000
- The existing mortgage will be fully repaid at sale but to be formally discharged at completion
- The property is leasehold and no complications are expected
Please include the following in the estimation:
- Fees for standard service, including:
- Any firm administrative charges (e.g. postage, photocopying and telephone calls)
- Liaising with the lender and the purchaser’s solicitor
- Attendance at completion and registration of documents with the Land Registry
- The property has no new extensions
- The property is on a residential road (not on a private track)
- The property is registered with the Land Registry
Please also assume that:
- There are no restrictive covenants or other caveats or other complications
- Please exclude any bank transfer fees or other disbursements
- Please also exclude VAT
Scenario 2: a purchase only of a freehold property
This scenario is very similar to the first but this time for a purchase, with a new mortgage of 70% of the property value. So again please think about:
- They are an individual purchaser
- The purchase value is £285,000
- There is a new mortgage for the property, being 70% of the purchase value, and the lender is a major residential property lender
- It is freehold
- Please include cost for conducting standard searches of the Land Register (and other reasonably necessary local searches) together with fees associated with payment of stamp duty and land tax
Please include the following in the estimation:
- Fees for standard service, including:
- Any firm administrative charges (e.g. postage, photocopying and telephone calls)
- Liaising with the lender
- Conducting standard searches of the Land Register (and any other reasonably necessary local searches)
- Attendance at completion, registration of documents with the Land Registry, and payment of stamp duty and land tax
- The property has no new extensions
- The property is on a residential road (not on a private track)
- The property is registered with the Land Registry.
Please also assume that:
- No complex environmental searches are required
- There are no restrictive covenants or other caveats or other complications
- Please exclude any bank transfer fees or other disbursements such as land registry or local search fees and stamp duty
- Please also exclude VAT
Scenario 5: a purchase only of a leasehold property
This time please think about:
- The property is being bought by 2 buyers, buying as joint tenants
- The purchase value is £285,000
- There will be a new mortgage for the property, being 70% of the purchase value, and the lender is a major residential property lender
- It is leasehold
- Please include dealing with the payment of stamp duty and land tax and conducting searches of the Land Register (and reasonably necessary local searches)
Please include the following in the estimation:
- Fees for standard service, including:
- Any firm administrative charges (e.g. postage, photocopying and telephone calls)
- Liaising with the lender
- Conducting standard searches of the Land Register (and any other reasonably necessary local searches)
- Attendance at completion, registration of documents with the Land Registry
- The property has no new extensions
- The property is on a residential road (not on a private track)
- The property is registered with the Land Registry
Please also assume that:
- No complex environmental searches are required
- There are no restrictive covenants or other caveats or other complications
- Please exclude any bank transfer fees or other disbursements such as land registry or local search fees and stamp duty
- Please also exclude VAT
Scenario 3: a sale and purchase of freehold properties
I would like you to think about:
- The properties are being bought and sold by the same 2 people, as joint tenants
- The sale value is £285,000
- And the purchase value is the same at £285,000
- The transactions are linked, so the client must sell in order to buy
- There is a mortgage to be discharged and there is also a new mortgage for the purchase property for 70% of the purchase value, the lender is a major residential property lender.
- Both properties are freehold
- Please include dealing with the payment of stamp duty and land tax and conducting searches of the Land Register (and reasonably necessary local searches)
Please include the following in the estimation:
- Fees for standard service, including:
- Any firm administrative charges (e.g. postage, photocopying and telephone calls)
- Liaising with the lender
- Attendance at settlement, registration of documents with the Land Registry
- Neither properties have new extensions
- Both properties are on a residential road (not a private track)
- Both properties are registered with the Land Registry
Please also assume that:
- No complex environmental searches are required
- There are no restrictive covenants or other caveats or other complications
- Please exclude any bank transfer fees or other disbursements such as land registry or local search fees and stamp duty
- Please also exclude VAT