Commercial Property
Lease fees (£1000 plus VAT), underlease (£1100 plus VAT), subleases (£950 plus VAT), licence to occupy (£650 plus VAT), Agreement for Lease (£600.00 plus VAT), Deed of Surrender (£650.00 plus VAT), Tenancy at Will (£400 plus VAT) and Assignment fees (£1000 plus VAT)
We can assist you or your company as a Landlord or a Tenant in dealing with your commercial premises. Due to the complexities involved in dealing with commercial leases it is not always possible to provide a fixed fee from the onset.
We will start from £950.00 plus VAT, however we tend to give a more specific and bespoke quotation for each of our client’s.
Usual Disbursements but not limited to:
| Land Registry Search/OS1/OS2 | £3.00 |
| Bankruptcy Search | £2.00 |
| Official Copies | £3.00 (each) |
| Full Commercial Searches | £462.00 (approximately) |
| Land Registration Electronic Fee | £40.00-£455.00 (depending on Land Registry’s fees scale) |
| Notice of Transfer Fee | £50.00-£100.00 |
| Stamp Duty | TBA |
Residential Conveyancing
If you are obtaining other quotes you may find that we are not the cheapest. Our aim is not to undercut our rivals but to offer a personal and expert service at a realistic price. If we need to increase our fees due to an unforeseen issue then we will discuss this with you at the earliest opportunity.
Our prices start from:
- For a property with a value of up to £250,000, our fees for the sale of a freehold would start at £650, the sale of a leasehold at £700, the purchase of a freehold at £600, the purchase of a leasehold at £700 and a remortgage at £500.
- For a property with a value of £250,001 to £400,000, our fees for the sale of a freehold would start at £850, the sale of a leasehold at £950, the purchase of a freehold at £900, the purchase of a leasehold at £1,000 and a remortgage at £600.
- For a property with a value of £400,001 to £650,000, our fees for the sale of a freehold would start at £900, the sale of a leasehold at £1,000, the purchase of a freehold at £950, the purchase of a leasehold at £1,050 and a remortgage at £700.
- For a property with a value of £650,001 to £850,000, our fees for the sale of a freehold would start at £1,000, the sale of a leasehold at £1,100, the purchase of a freehold at £1,050, the purchase of a leasehold at £1,150 and a remortgage at £800.
- For a property with a value of £850,001 – £1,000,000, our fees for the sale of a freehold would start at £1,100, the sale of a leasehold at £1,200, the purchase of a freehold at £1,150, the purchase of a leasehold at £1,250 and a remortgage at £900.
- For a property with a value of over £1,000,001, our fees for the sale of a freehold would start at £1,350, the sale of a leasehold at £1,450, the purchase of a freehold at £1,400, the purchase of a leasehold at £1,500 and a remortgage at £1,000.
Kindly note that all our prices will be VAT chargeable at the standard rate.
Additional Costs
These are costs related to your matter that are payable to third parties, such as Land Registry fees. Radleys will handle the payment of the disbursements on your behalf to ensure a smoother process. Some of the disbursements will attract an administration fee between £30 to £100 plus VAT.
Please note that these fees can vary depending on the property and /or any related management companies or freeholders, and we can give you a better idea of these one we have further details on your individual circumstances.
- Obtaining official copies of the land register and other title documents – £3 per copy document
- Search fees on purchase and re-mortgage – £200 to £500 plus VAT
- HM Land Registry registration fees (on purchase and re-mortgage) – dependent upon property value (https://landregistry.data.gov.uk/fees-calculator.html)
- Stamp Duty Land Tax (on purchase) – variable according to property value – (https://www.gov.uk/stamp-duty-land-tax/residential-property-rates)
- Pre-completion searches (on purchase and re-mortgage) – £3 to £12 on average
- Administration fees of a Landlord/managing agent (generally on sales) – these fees are typically charged by Landlords or their agents for the supply of information and documents about the management of the block and of communal areas. The amounts charged vary quite substantially depending on the organisation involved, but can amount to between £150 and £500 on average.
- Notice of transfer/charge fee/deed of covenant fee, certificate of compliance – these fees are typically charged by Landlords or their agents for registering documents after completion. The amounts charged vary quite substantially depending on the organisation involved, but are typically in the region of £150 plus VAT each.
Other disbursements may become necessary depending on the specific requirements of the transaction. We will notify you of these before taking any further action.
For leasehold properties – you should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.
Stages of the Process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are some key stages which you should be aware of:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller’s solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer
- Send final contract to you for signature
- Draft Transfer
- Advise you on joint ownership
- Obtain pre-completion searches
- Agree completion date
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
How long will my purchase take?
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 6 to 8 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 property with a mortgage in principle, it could take 6 to 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 would apply.
Please note that in each case set out above, our fee is based on the assumption that:
- this is a standard transaction and 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;
- 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; and
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Litigation
We can assist in all litigation work from county court to high court cases. The hourly fee is £250 plus VAT undertaken by grade A solicitor. The court fees are as per link below which are as updated as at 3 August 2020:
Employment work is at £250 per hour and the time scale can be agreed at different stages of the case. Currently there are no fees to bring a claim in the Employment Tribunal.
We also assist employees to advise on Settlement Agreement at a fixed fee of £500 plus VAT usually payable by the employers.
Probate, divorce, family and clinical negligence work is also undertaken at the above hourly rate.