How much will the legal fees be?
No property is exactly the same and our fees will reflect the particular requirements of your equity release. Because of this, we cannot give you an exact estimate of the cost of us helping you until we have details of your intended transaction. That is why we will always give you an individual cost estimate at the start of the transaction. We will always advise you immediately about any complication and discuss the potential impact before any additional charges are incurred. Our typical legal fees range from £550 (including VAT) to £970 (including VAT), the average fee charged is £774 (including VAT). Please note that any reference to VAT is at the current rate of 20% unless otherwise stated.
We do have marketing agreements with a number of independent financial companies which involve a monthly payment to assist with their marketing. Any such relationship will be disclosed in our Client Care letter to you and further details can be supplied to you upon request.
In the large majority of transactions we will be able to give to you specific details upfront of legal fees and the disbursements which you will incur.
Our legal fees for any additional work would be as follows:
| Leasehold property fee | £120 including VAT |
| Unregistered property fee | £120 including VAT |
| Transfer of Ownership fee | £420 including VAT |
| Telegraphic Transfer fee | £42 including VAT |
| Home visit by an Ashfords representative | £120 including VAT |
| Dealing with Third Party Lawyers (e.g. Matrimonial dispute / divorce cases / transfers / lease extensions / purchase cases) | £300 including VAT |
| Change of Name Deed / Statutory Declaration | £60 including VAT |
| Stamp Duty Land Tax Return Forms | £60 including VAT |
| Dealing with CCJ's / restrictions / cautions on deeds | £120 including VAT |
| Bankruptcy issues / Dealing with Third Party Lawyers | £180 including VAT |
| Company Landlord Searches | £24 including VAT |
Please note that any reference to VAT is at the current rate of 20% unless otherwise stated.
Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.
The following disbursements could become payable throughout your transaction:
| AML | £12 including VAT per person |
| Land Registry fees - Register View | £3.60 including VAT per document |
| Land Registry Official copy documents | We would refer you to the Land Registry website. |
| Land Registration fees | We would refer you to the Land Registry website |
| Special Delivery fee | £7.14 including VAT |
| Local Authority and Drainage Searches | Fees will vary as dependent upon Local Authority Charges, but will vary between £120 to £420 including VAT |
| Mining Search | £60 including VAT |
| Indemnity insurance policy | Fees vary from £20 to £500 as dependent upon the property value |
| Restriction Consent fees | Fees will vary as fee is set by Company providing Consent |
| Copy planning and building regulations notices | Prices will vary as dependent upon Local Authority charges |
| Copy Court documents | Prices will vary as dependent upon Court fees |
| Copy Birth & Marriage Certificates | £11.10 including VAT per document |
Please note that any reference to VAT is at the current rate of 20% unless otherwise stated.
If your property is leasehold then the additional disbursements may become payable:
| Landlord/Managing Agents pack | Prices are set by Landlord/Managing Agents |
| Notice of Charge | Prices are set by Landlord/Managing Agents |
SDLT payment is based on the value of your property and this may be payable. We would advise at the time of the amount payable. Assistance with calculating the amount you will need to pay can be obtained by using the HMRC's website.
Examples of SDLT charges are listed below:
| Property value £150,000 | No tax payable |
| Property value £350,000 | £2,500 tax payable |
| Property value £650,000 | £22,500 tax payable |
What is commonly taken into account when determining the legal costs within the range given?
Common factors include :
- Whether it is freehold or leasehold
- The complexity of the property and transaction
FAQs
Can you give some examples of the type of matters which could fall outside the typical range given above?
Property transactions are many and varied. Generally it is the additional work undertaken which brings a transaction outside the usual range of costings. Examples would include: cases with matrimonial issues, transfers of property ownership, lease extensions, linked sales and purchases, titles splits, complicated unregistered titles and solar panels Deed of Variations.
Equity Release procedure?
It is difficult to be precise as to how long each transaction will take as certain factors are outside our control. However we have produced a guidance sheet which provides an approximate timeline as well as setting out the different stages involved. Click to view the procedure.
Who will act on your behalf?
Please follow the link which will give the details of all of our Solicitors, Equity Release Supervisors, Equity Release Assistants and Trainee Equity Release Assistants, This will give details of each individuals experience and qualifications. One of these advisers will be allocated to you and will liaise with you directly.
