Our Commercial Property Pricing
We believe the most important factor people consider when choosing to instruct us is the quality of our services, however this is closely followed by price. We therefore publish our easy-to-understand pricing information for commercial conveyancing transactions.
How will we work out your conveyancing quotation?
Quotations are influenced by a number of factors including the price of the prospective property (higher price brings a conveyancing firm higher risk), whether mortgage finance is either needed for a purchase or a mortgage needs to be redeemed, whether the property is leasehold and a freeholder involved, or whether the transfer of the property is being done alongside an Asset Purchase, this is to name but a few.
The best way to obtain a bespoke quotation adapted to your unique transaction is to speak to one of our commercial property solicitors to discuss your proposed transaction.
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Solicitors Fees
Our fees represent our professional charges for carrying out the relevant legal work in respect of the transaction and are based on our estimate of the time it will take to deal with it.
Example of conveyancing fee quotations you can expect in a selection of situations
Company A is purchasing a freehold office block for themselves to use moving forwards. The purchase price is £280,000 and the property has not been elected for VAT. Company A is purchasing the property without the aid of a mortgage. There are no issues in relation to the transaction and the same proceeds smoothly to exchange. In these circumstances the solicitors fee quotation is likely to be £1,500 + VAT. They can expect to pay £402.60 + VAT for usual searches. They can also expect to pay £3,500 in stamp duty land tax and between £150 and £330 in Land Registry fees depending on whether the application can be made online.
Company B is acquiring a new 10 year lease of a warehouse that is currently vacant. The annual rent for the property is £15,000 and VAT will be payable on the same as the property has been opted to tax. The Landlord has requested a Rent Deposit and Company B also wish to complete some alterations to the property once they have entered the same. In these situations solicitors’ fees are likely to be £1,750 + VAT in relation to the granting of the new lease, £250 + VAT in relation to the Rent Deposit Deed and £250 + VAT in relation to the Licence for Alterations. Should Company B decide that they would like searches to be taken out then these are likely to be £402.60 + VAT for the usual searches. There will also be disbursements payable. Stamp duty will not be payable however a return will still need to be completed. Land Registry fees for registering the Lease are likely to be between £20 and £45 depending on whether we can submit the application online.
Dave owns a freehold property that he previously used for his own business. He has since decided to retire and wants to Lease the property to Company C. Dave has checked Company C’s references and has requested that Company C provide a deposit in the sum of £2,500. A rent of £12,000 per annum has been agreed and the property has not been opted to tax. The lease will be for a term of 5 years. Solicitors’ fees in relation to this matter are likely to be £1,500 + VAT in relation to the new lease and £250 + VAT in relation to the rent deposit. Dave will also be required to provide copies of the freehold title to Company C and there is likely to be a disbursement of £6 in order to provide the same.
Amanda and Claude decide that they would like to sell their business. They have agreed a purchase price of £95,000 and they currently have a Lease of their business property. They have spoken with their Landlord who has agreed that they can assign their Lease to Company D who are the purchasers. Amanda and Claude have only recently agreed a new lease over the property which still has 8 years left to run and an annual rent of £25,000. Solicitors fees are likely to be £,1,250 + VAT in relation to the asset purchase agreement which will be used for selling the business assets, £1,200 + VAT in regards to the sale of the Lease, and £250 + VAT in relation to the Licence to Assign (the Landlord’s consent for the assignment of the Lease). Amanda and Claude will also be required to pay disbursements. These will likely be limited to providing copies of both the freehold and the leasehold titles to Company D and the cost in relation to the same will be in the region of £15. Amanda and Claude may be required to pay the Landlord’s fees in relation to the licence to assign, these fees are unknown at the start of the transaction but would be provided during the same.
Dean and Sarah are purchasing a long lease with 125 years remaining for a purchase price of £350,000. They are obtaining a mortgage in order to fund the purchase and the lender is being represented by a separate solicitor. The property will be used as an office. Upon a review of the Lease several clauses are not compatible with the lender’s instructions and the lender’s solicitor requests that a Deed of Variation of the Lease is entered into. This is agreed with the Landlord and the managing agents. Solicitors fees are likely to be in the region of £1,750 + VAT in relation to the purchase and £500 + VAT for liaising with the lender’s solicitor. The lender will likely require searches to be taken out and the fees in relation to the same are £402.60 + VAT. Disbursements will include stamp duty land tax which is likely to be £7,000 and Land Registry fees are likely to be £150 provided we can make the application online.
Company E decides they would like to remortgage their commercial shop. The same has become rundown and they are obtaining a bridging loan in relation to the property in the sum of £250,000. The bridging loans are being represented by separate solicitors. The property is freehold and the current loan is with a high street bank in the sum of £95,000. The current lender has agreed that we are able to act for them in redeeming the same. Solicitors fees are likely to be £1,250 + VAT to include liaising with the lender’s solicitor. Disbursements will include £15 to register the new charge at Companies house, obtaining copies of the title for the property will likely be £6 and the land registry fee to register the charge will likely be £45.
Hannah and Greg lease an office building. The lease is coming to an end and they have agreed with their Landlord that they will renew the lease for a term of 10 years at an annual rent of £30,000. The property has not been opted for VAT and so no VAT is payable. It is decided that many of the original clauses in the lease require modernisation and as such a new lease is prepared by the Landlords solicitor. Solicitors fees in relation to this matter are likely to be £1,500 + VAT and disbursements. Disbursements will include stamp duty land tax which is likely to be £994 and land registry fees are likely to be £20.
Examples of services which we include at NO EXTRA CHARGE
Expedition / Quick Completion fees
Many firms charge an expedition fee if the completion date is within 1 week (sometimes 2 weeks!) of exchange. We do not charge these fees. You can complete when you wish at no additional fee, subject of course to all parties in the chain agreeing.
Electronic Money Transfer fees
In almost all transactions, it will be necessary for us to transfer monies to another party electronically. This system allows us to transfer cleared funds to another party instantaneously via our Bank. We have to spend a qualified solicitor’s time making this transaction at a computer terminal and our charge reflects this.
Many firms charge additional fees for all electronic money transfers. We do not!
If you are purchasing, then an electronic money transfer fee is included in your quotation for the purpose of transferring funds to the Sellers Solicitors only. If you are selling then an electronic transfer fee will be included for the purpose of redeeming a mortgage only. A fee of £39 plus VAT will be charged for any subsequent electronic transfer and the Fee is subject to VAT at the prevailing rate.
Examples of services not included within the price
Tax advice
- The Practice is not expected to give tax advice in particular Stamp Duty Land Tax mitigation or reliefs, or advice on possible future changes of use or future building or development for the property to be sold or bought. This is because the Practice 1) has not inspected the Property and 2) does not specialise in the area of tax advice. Should the client require specialist tax advice, the client may request this advice as a separate retainer in writing at extra cost and the Practice will obtain specialist tax advice via a third party professional tax expert. You can claim relief when you buy multiple dwellings where a transaction or a number of linked transactions include freehold or leasehold interests in more than one dwelling. Multiple dwelling relief may also be available to you (for example, if you are purchasing a property with an annex). It is important you bring it to our attention if you believe you may be entitled to SDLT relief. You may request advice on multiple dwelling relief as a separate retainer in writing at extra cost.
- If you are selling a property then the disposal may trigger a capital gains tax liability. We are unable to advise on the tax implications of your transaction as part of our retainer, whether Capital Gains Tax or other. You must take advice from your financial adviser/accountant particularly where the property is not your principal residence.
- If you are obtaining a property that has been opted for tax with an existing tenant you may be able to claim VAT relief as the transfer may be considered to be a Transfer of a Going Concern. We are not able to provide you with additional advice in relation to the same however we can obtain third party advice at an additional cost. Alternatively, your own accountant may be able to provide you with this advice.
Financial advice
The Practice is not expected to give financial advice or advice in relation to the suitability of any financial product and The Client confirms that they have or will obtain independent financial advice.
Insurance advice
The Practice is not expected to give insurance advice. However, the Practice is included on the register maintained by the FCA so that the Practice can carry on insurance mediation activity which is broadly advising on, selling and administration of insurance. This is because we may as part of the conveyancing process select products from a limited number of insurers for title indemnity insurance contracts being routinely used by the legal profession. The policy selected may not necessarily be the cheapest policy and we shall not be required to spend time trying to source the cheapest available policy.
Survey advice
The Practice does not advise on matters of survey. However, we would strongly recommend to you a full survey of the property that you are purchasing.
Please bear in mind that we will not see or inspect the boundaries, so it will be for you and your surveyor to carefully check that the boundaries of the property is as you expect. As the purchaser you should be aware that the principle of “let the buyer beware” applies to the purchasing of property as much as to any other purchase. You should therefore conduct surveys and test services and/or appliances to avoid any issues once you have exchanged contracts. The Seller will not be liable for matters which would be apparent from survey or inspection. Although our retainer with you does not include reading a survey which you have had undertaken, if you have a survey undertaken which brings specific matters to your attention which you would like us to raise with the Seller’s solicitors, please let us know what the matters are and we will advise you as to the best way forward.
Additional solicitors’ fees
As explained, if you complete a quote request, we will be able to quote upfront for all anticipated legal work required. Sometimes, unexpected additional legal work is required which could not be foreseen at the outset of a transaction.
Here are some examples of unforeseen additional legal work: –
| Drafting statutory declarations / statements of truth | £110 plus VAT |
| Purchasing a split title/additional title | £110 plus VAT per additional title |
| Arranging indemnity insurance | £55 plus VAT |
| Negotiation indemnity insurance | £55 plus VAT |
| Third Party Anti Money Laundering and deposit verification checks | £110 plus VAT per donor |
| Placing stop on out of date cheque and generating new payment | £33 plus VAT |
| Attending the Post Office to collect under-stamped post or collect recorded delivery or special delivery post on your matter | £73.22 plus VAT |
| Drafting Deed of Covenant | £110 plus VAT |
| Registering / removing restrictions on title | £110 plus VAT |
| Deed of variation of title | £500-£750 plus VAT |
| Dealing with undisclosed Licences (such as licence for alterations) | £250 + VAT per additional Licence |
| Dealing with an undisclosed bridging loan | £695 + VAT |
| Dealing with third party lender solicitors | £500 + VAT |
Other Fees and Costs
Search fees
- If you are purchasing or leasing a property with the aid of a Mortgage or you are re-mortgaging a property, the Mortgage Lender will require us to carry out various Searches on the property. These include a Local Authority Search, a Water Authority Search and in most cases an Environmental Search. Other Searches may be required on the property depending on it’s location, for example Chancel Repair Liability or Coal Mining. We may instruct Personal Search Agents. If you are not requiring a Mortgage then you may instruct us that some or all are not needed. Sometimes lenders insist on Official Searches which may cost more than indicated. We will advise you if this happens. We charge a fee (subject to VAT) for procuring and advising on the searches.
- We will provide you with details of the specific Searches carried out and you will only be charged for Searches which are necessary to your transaction.
SDLT Return Fee
- If you are purchasing or leasing a property then we will be required to submit as your agent a SDLT return. We charge a fee of £75 plus VAT to attend to this work.
Anti-Money Laundering Fees
- EID&V, PEP and Sanction checks
In order to meet our regulatory requirements in respect of Anti Money Laundering we will undertake ID checks (either manually or electronically). Where we undertake manual ID checks it is still necessary to utilise technology to electronically verify your identity and perform PEP and Sanction checks. There is a fee payable of £20 plus VAT per person.
- Source of Funds and Source of Wealth checks
If you are contributing funds towards a transaction then we will need to undertake source of funds and source of wealth checks. As a firm we work with Armalytix, a third-party provider that we trust. We have partnered with them to make sure we keep you and your money safe, whilst also getting the information we need, as required by our regulator. Armalytix is the safe and secure way of sending your financial information to us using open banking technology. Open banking technology is regulated by the Financial Conduct Authority, and is designed by the banks. This keeps your money and data safe whilst allowing us to obtain the necessary information we need about your funds. This is by far the quickest way for you to complete this process. This will save you considerable time and effort, as you won’t have to collect bank statements manually. You are always in control of your financial information. At the end of the process, you will be given the option to review the Armalytix report before it is sent to us. A fee of £21 plus VAT shall apply per check.
Tax and Disbursements
Tax
- VAT on Solicitors Fees
Our professional charges are subject to payment of VAT. Please note that vat will be payable at the prevailing rate as at the invoice date. You will be provided with a VAT Invoice in respect of our charges. - VAT on Other Costs and Fees
The First-tier Tribunal has ruled that the conditions for the treatment of searches as disbursements as set out in HMRC’s guidance are not met. As such searches also now attract VAT and are no longer treated as disbursements - Stamp Duty Land Tax
If you are purchasing or leasing a property and the purchase price (or in the case of leases the premium and the highest rent in the first five years) exceeds £150,000.00, you will be liable for payment of Stamp Duty Land Tax to the Inland Revenue (unless exempt/relief applies – see below). Please note our services are not marketed in Wales and therefore our online quote tool will provide the SDLT rates payable in England. To ascertain Stamp Duty Land Tax, please refer to the link below for properties in England: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if you are purchasing in Wales: https://beta.gov.wales/land-transaction-tax-calculator.The amount of Stamp Duty Land Tax payable is set by the Government. The current rates payable by individuals are:-
| Freehold Sale and transfers | SDLT rate |
|---|---|
| Up to £150,000 | Zero |
| The next £100,000 (the portion from £150,002 to £250,000) | 2% |
| The remaining amount (the portion above £250,000) | 5% |
| New Lease sales and transfers | SDLT rate |
|---|---|
| Up to £150,000 | Zero |
| The portion from £150,000 to £5,000,000 | 1% |
| The portion above £5,000,000 | 2% |
| SDLT Example | SDLT rate |
|---|---|
| You buy a property for £295,000. The SDLT you owe will be calculated as follows: | |
| 0% on the first £150,000 | £0 |
| 2% on the next £100,000 | £2,000 |
| 5% on the final £45,000 | £2,250 |
| Total SDLT | £4,250 |
SDLT Calculator
Click here to use the SDLT calculator to work out how much tax you’ll pay or visit:
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
New leasehold purchases
If the total rent over the life of the lease (known as the ‘net present value’) is more than £125,000, you also pay SDLT of 1% on the portion over £125,000 – unless you buy an existing (‘assigned’) lease.
Disbursements
Land Registry Official Copies of Registers/Plan
If you are selling/ assigning a property or re-mortgaging a property, your ownership will normally be registered at the Land Registry. It is necessary for us to obtain up-to-date Official Copies of the Registers and the Title Plan to the property to prove your ownership. In the case of Leasehold properties we will need a copy of the Lease.
If you are selling a property and the Land Registry also hold Official Copies of other title Documents, it will be necessary for us to obtain copies of such Documents to supply to the Buyer’s Solicitors. Any extra H.M. Land Registry fees will appear as disbursements on your bill.
You will only be charged for Official Copies of Registers, Title Plan and Documents which are relevant to your property and you will only be charged exactly what the Land Registry charge was.
Pre Completion Searches (Purchases, Remortgages, Transfers, Leases)
In addition, we are required to carry out title Searches at the Land Registry and Searches against previous owners of the property. Your Mortgage Lender (if applicable) will also require us to carry out a Bankruptcy Search against your name(s). These searches are not subject to VAT and are treated as a disbursement on the quotation.
H.M. Land Registry Fee
If you are purchasing a property or re-mortgaging a property, a fee will be payable to the Land Registry to register your ownership of the property or to register your new Mortgage.
The fee is set by H.M. Land Registry and is calculated according to the current Land Registry Fee Scale. If the Fee Scale is changed by the Land Registry prior to completion of your transaction, the fee payable may increase or decrease. You may refer to https://www.gov.uk/government/publications/registration-services-fees. You will be charged the relevant H.M. Land Registry Fee according to the Land Registry’s Fee Scale in force at the time of completion of your transaction which may be different to that on our quotation.
Please note Land Registry has announced an increase of Land Registry registration fees from 31 January 2022. See table below: –
| Value | Fee |
|---|---|
| £0 to £80,000 | £20 |
| £80,001 to £100,000 | £40 |
| £100,001 to £200,000 | £100 |
| £200,001 to £500,000 | £150 |
| £500,001 to £1,000,000 | £295 |
| £1,000,001 and over | £500 |
The Conveyancing Process – a short summary
It may be useful to have an understanding of the key stages your solicitor will deal with in the course of your transaction:
- Take your instructions and give you initial advice
- Carry out identity and anti money laundering checks
- Receive and advise on contract documents (this will include any draft leases or other documents)
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of the other parties solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer
- Send final documents to you for signature
- Take your instructions on joint ownership
- Obtain pre-completion searches
- Agree completion date (date from which you own the property)
- Arrange for all monies needed to be received from lender/you
- Complete the transaction
- Deal with payment of Stamp Duty Land Tax
- Deal with application for registration at Land Registry
How long will my acquisition take?
How long it will take from your offer being accepted until you can complete on your transaction will depend on a number of factors including the complexity and the documentation involved in relation to your matter. If you are purchasing a freehold with no mortgage then the transaction could take as little as 6 weeks. An Asset Purchase Agreement with a lease assignment could take anywhere from 8 weeks to 6 months or beyond depending on a number of matters including the responsiveness of other parties. We will always endeavour to complete matters as soon as possible however there are some things that are completely out of our hands.
Meet the Team
Head of Department
Our Head of Department is James Kew. James is responsible for supervising our team of commercial property lawyers.
We’re here to help
Our friendly solicitors are on hand to offer advice and support by phone, email, and in our local offices.
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Our Residential Property Team
The person with conduct of your matter will either be a Solicitor or a qualified Licensed Conveyancer, or a Conveyancer- with experience ranging from 1 year to 20 years. Our conveyancers are often supported by law graduates on their own pathways to qualification. There are no anonymous teams with one leader working from huge “warehouse style” offices. Accessibility and communication are core features to the service that our conveyancers provide.
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