Approachable affordable and efficient
Approachable affordable and efficient

Our Costs

 

 Below is a general guide to our charges. If you require a personalised quotation please contact us by   telephone, email or use the “Contact Us” form on the website.

 

 FREEHOLD PROPERTIES         SALE                                     PURCHASE

 

Value up to £400,000                        £925.00                                 £950.00

Value up to £600,000                        £950.00                                  £975.00

Value up to £800,000                        £975.00                               £1,000.00

Value up to £1,000,000                  £1,000.00                               £1,100.00

Value up to £1,500,000                  £1,250.00                               £1,275.00

Value up to £2,000,000                  £1,500.00                               £1,650.00

Value up to £2,500,000                  £1,800.00                               £1,900.00

Value up to £3,000,000                  £2,000.00                               £2,250.00

Value up to £3,500,000                  £2,250.00                               £2,500.00

Value up to £4,000,000                  £2,750.00                               £3,000.00

Over £4 Million                             On application                        On application

 

 

LEASEHOLD PROPERTIES OR ANY PROPERTY WITH MANAGEMENT COMPANY INVOLVEMENT

                                                            SALE                                     PURCHASE

 

Up to £5,000,000.00                         £200.00 plus VAT                 £200.00 plus VAT

 

The above costs will have VAT added at the current rate of 20%

  

DISBURSEMENTS – FREEHOLD

 For a sale the disbursements are as follows:-

 1. Office copy entries @ £6.00 per title

 2. A telegraphic Transfer fee if there is a mortgage to be redeemed - £35.00 plus VAT.

 3. A telegraphic transfer fee if we are sending the sale proceeds to you on the day of completion -   £35.00 plus VAT.

 4. An online AML search for each party involved in the transaction at a cost of £7.20 per person. 


 For a purchase the disbursements are as follows:-

 1. A local authority search with the local council. As a guide these are in the region of £200 but they vary from Council to Council.

 2. A drainage search and an All in One environmental search - these searches are optional but are advised when purchasing a property and will be a requirement of most mortgage companies.

 3. A Land Registry search - £3.00

 4. A Bankruptcy Search - £2.00 per person.

 5. An online AML search for each party involved in the transaction at a cost of £7.20 per person. 

 6. A telegraphic Transfer fee to send the purchase monies on the day of completion to the Seller’s solicitors - £35.00 plus VAT.

 7. Land Registry registration fee as follows:-

 Amount or value

Wholly Electronic Fee

All Other Fee

 £0 - £80,000

£20

£40

 £80,001 - £100,000

£40

£80

 £100,001 - £200,000

£95

£190

 £200,001 - £500,000

£135

£270

 £500,001 - £1,000,000

£270

£540

 £1,000,001 and over

£455

£910

 

 8. Residential Stamp Duty Land Tax

 

Rates from 1 July 2021 to 30 September 2021

You can also use this table to work out the SDLT for the purchase price of a lease (the ‘lease premium’).

Property or lease premium or transfer value SDLT rate
Up to £250,000 Zero
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%

Use the SDLT calculator to work out how much tax you’ll pay.

 

Rates from 1 October 2021

These rates also apply if you bought a property before 8 July 2020.

You can also use this table to work out the SDLT for the purchase price of a lease (the ‘lease premium’).

Property or lease premium or transfer value SDLT rate
Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%

 

If you’re buying your first home

You can claim a discount (relief) if you buy your first home before 8 July 2020 or from 1 July 2021. This means you’ll pay:

  • no SDLT up to £300,000
  • 5% SDLT on the portion from £300,001 to £500,000

You’re eligible if you and anyone else you’re buying with are first-time buyers.

If the price is over £500,000, you follow the rules for people who’ve bought a home before.

New leasehold sales and transfers

When you buy a new residential leasehold property you pay SDLT on the purchase price of the lease (the ‘lease premium’) using the rates above.

If the total rent over the life of the lease (known as the ‘net present value’) is more than the SDLT threshold), you’ll pay SDLT at 1% on the portion of net present value over:

  • £250,000 for purchases from 1 July 2021 to 30 September 2021
  • £125,000 for purchases from 1 October 2021

This does not apply to existing (‘assigned’) leases.

You can work out how much SDLT you’ll pay for your new residential lease using HMRC’s:

Higher rates for additional properties

You’ll usually have to pay 3% on top of SDLT rates if buying a new residential property means you’ll own more than one.

Use the SDLT calculator to work out how much tax you’ll pay.

You may not have to pay the higher rates if you exchanged contracts before 26 November 2015.

If you’re replacing your main residence

You will not pay the extra 3% SDLT if the property you’re buying is replacing your main residence and that has already been sold.

If you have not sold your main residence on the day you complete your new purchase you’ll have to pay higher rates. This is because you own 2 properties.

You can apply for a refund if you sell your previous main home within 36 months.

There are special rules if you own property with someone else or already own a property outside England, Wales and Northern Ireland.

If it takes longer than 36 months to sell your previous main home

You may still be able to get a refund of the extra 3% SDLT if all of the following apply:

  • you purchased your new home on or after 1 January 2017
  • exceptional circumstances stopped you from selling your old home, for example government restrictions because of coronavirus (COVID-19) or a public authority blocking the sale
  • you have now sold your old home

To claim a refund, write to HMRC and explain why the sale took longer than 36 months.

Include:

  • your details
  • details of the main buyer - if different to your own
  • details of the exceptional circumstances that prevented the sale of your property
  • details of the property where higher rate SDLT was paid - including the address, date of purchase and SDLT unique transaction reference number
  • details of the previous main residence - including the address, date of sale and SDLT unique transaction reference number
  • the amount of higher rate SDLT paid
  • the amount of tax you’re asking for a repayment of
  • a bank account and sort code for the person receiving the payment

Rates if you’re not a UK resident

If you’re not present in the UK for at least 183 days (6 months) during the 12 months before your purchase you are ‘not a UK resident’ for the purposes of SDLT.

You’ll usually pay a 2% surcharge if you’re buying a residential property in England or Northern Ireland on or after 1 April 2021.

You may not have to pay a surcharge on certain properties, transactions or if you’re a particular type of buyer. Check the rules on who has to pay the surcharge, when you do not have to pay, and if you can claim relief.

If you have to pay the surcharge, you’ll also have to pay any other rates of SDLT that apply, for example:

  • if you already own a property and you’re buying an additional property
  • if you’re a first-time buyer

Use the SDLT calculator to work out how much tax you’ll pay.

 

 DISBURSEMENTS – ADDITIONAL


 On a leasehold sale there will be a fee payable to the Landlord and/or Management Company to   provide their answers to the purchasing solicitor’s questionnaire but we will not know what this fee   is until we contact them.


 On a leasehold purchase there will be a registration fee payable to the Landlord and/or Management   Company to register your ownership of the property with them.

 Mortgages - our fees quoted above include acting for your new mortgage lender but if a third party   solicitor is instructed to act for your mortgage company then an additional fee will be charged by the   third party solicitors which is usually deducted from the mortgage advance.


 IMPORTANT INFORMATION


  We reserve the right to review the above fees if a matter becomes complicated. This would always be   discussed with you in advance.

 

PLEASE NOTE THAT OUR FEES ARE INCLUSIVE AND WE DO NOT MAKE A SEPARATE CHARGE FOR COMPLETING LAND TRANSACTION RETURNS, ACTING FOR MORTGAGE COMPANIES IF WE ARE ON THEIR PANEL AND OBTAINING INDEMNITY POLICIES. SOME COMPANIES CHARGE AN ADDITIONAL FEE FOR THESE MATTERS AND THEREFORE THEY NEED TO BE ADDED IN TO OBTAIN THE FULL FEE BEING CHARGED.

 

IF YOU OBTAIN A LOWER QUOTATION FROM ANOTHER COMPANY PLEASE FEEL FREE TO EMAIL THIS TO US FOR DISCUSSION. 

 

 

 

ADDITIONAL SERVICES

 

REMORTGAGES                                                                          £750.00 plus VAT

EQUITY RELEASE                                                                      £700.00 plus VAT

TRANSFER OF EQUITY                                                             £725.00 plus VAT

TRANSFER OF EQUITY WITH REMORTGAGE                  £950.00 plus VAT

WILLS                                           Single                                       £325.00 plus VAT

                                                        Mirror                                       £425.00 plus VAT

 

 

 

EXECUTORS OATHS                      £5.00 per person plus £2.00 for each additional document

 

STATUTORY DECLARATION       £5.00 per person plus £2.00 for each additional document

 

CERTIFY ID OR OTHER DOCUMENT                                     £10.00 per document

 

CERTIFY LPA’s                                                                              £20.00 per LPA and copy

 

ID1 FORMS FOR THE LAND REGISTRY                                 £60.00 per form

 

Powers of Attorney

 

 Property and Financial Matters and                                                        

 Health and Welfare - per person                                                 £625.00 Plus VAT or £1,000 Plus                                                                                                            VAT for a couple      
            

OUR PROBATE COSTS 2020

 

We do not act in respect of any disputed matter or in respect of an Estate with overseas property or assets.

 

 Simple Estates

 

Those under the Inheritance Tax level and which can be dealt with under the Return of Estates Information Form.

 

Applying for the Grant, collecting and distributing the assets.

 

We anticipate this will take between 10 and 15 hours work at £110.00 per hour.

 

Total Costs Estimated between £1,100.00 and £1,650.00.

 

 The exact cost will depend on the individual circumstances of the matter.  For example, if there is one beneficiary and no property, costs will be at the lower end of the range and may be less as we only charge for the work we carry out.  We do not charge a percentage of the Estate.  If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end.

 

 We will handle the full process for you.  This quote is for estates where:-

 

·                There is a valid Will.

·                There is no more than 1 property.

·                There are no more than 2 bank or building society accounts.

·                There are no other intangible assets.

·                There are between 2 - 4 beneficiaries.

·                There are no disputes between beneficiaries on division of assets.  If disputes arise this is likely  to lead to an increase in costs.

·                There is no Inheritance Tax payable and the Executors do not need to submit a full account to HMRC.

·                There are no claims made against the estate.

 

 Disbursements In Addition To Our Fee Above:

 

Probate Application fee of                                            £155.00

 

Fee for additional copies of the Grant                               £0.50

 

 Potential Additional Costs:

 

·                If there is no Will or the estate consists of any shareholdings (stocks and bonds) there are likely to be additional costs such as obtaining a valuation.

·                Dealing with the sale or transfer of any property in the estate is not included.

 

 How long will this take?

 

 On average, estates that fall within this range are dealt with within 6 months provided all the financial information is available.  Typically, obtaining the Grant of Probate takes 6-8 weeks once the application is lodged with the Registry.  Collecting assets then follows, which can take between 6-9 weeks depending on the Institutions who are asked to release funds.  Once this has been done, we can distribute the assets, which normally takes 3 – 6 weeks.

 

More Complicated Estates

 

Those estates over the Inheritance Tax Threshold and which require an Inheritance Tax payment and the completion of forms IHT400.

 

These forms can be lengthy as a form must be completed for each asset, eg. a property; bank accounts, etc.

 

We anticipate that between 15 to 40 hours work is required at £110.00 per hour.

 

 Total costs would be anticipated at between £1,650.00 to £4,400.00.  However, we do only charge for the work we carry out on your behalf and we do not charge a percentage of the estate.

 

Disbursements

 

These are the same as for a simple estate but there may be additional fees for the valuation of properties and shares etc.

 

Any charges for selling or transferring a property will charged separately.

 

 How long will this take?

 

On average, estates that fall within this range are dealt with within 9-12 months.  However, we send the forms to the Revenue and we do not have any control over how long they take to deal with the matter and respond by returning the form needed to accompany the Oath when applying for the Grant.

 

Typically, obtaining the Grant of Probate takes 6-8 weeks once the application is lodged with the Registry.  Collecting assets then follows, which can take between 4 - 6 weeks.  Once this has been done, we can distribute the assets, which normally takes 2 - 3 weeks.

 

 

 

 

Contact us

McQueen Turner Solicitors
8 Station Road
Henley on Thames
Oxon RG9 1AY
 
Tel: 01491 572699
 
Fax: 01491 577472
 
Email: info@mcqueenturner.com
 
Our Office Hours are:-
 
9am - 5pm Monday to Friday
Closed between 1pm - 2pm


 
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McQueen Turner Solicitors is a trading name of McQueen Turner Limited - Company Number 7967835.