Owen Kenny Solicitors – Transparency in price and service 

Under Rule 1 of the Solicitors Regulation Authority (SRA) Transparency Rules, our law firm is required to publish information on prices and services offered by us, in order to be transparent about both.  This website page is intended to provide best practice, displaying information for clients in a format that is as accessible as possible.  

The new Transparency Rules

The aim of Transparency Rules is to make sure clients have the information they need to make an informed choice of legal services provider, including understanding what the costs may be.  This guidance is to make sure that information on costs and services is as readily available to the public as possible, in a format that is accurate and easy for readers to understand.

From December 2018, the rules require all regulated law firms, and individual freelance solicitors (subject to the introduction of such being approved by the LSB) who publish as part of their usual business that they offer certain services, to publish information on the prices they charge. These services are:

(For members of the public):

-Residential conveyancing (freehold sale or purchase, leasehold sale or purchase, mortgages and re-mortgages).  Please see examples 1, 2 and 3 below.  

-Probate (uncontested cases with all assets in the UK). Please see examples 4-9 below.

Please see below some examples to give a detailed description on prices for our services.

If you have further questions, please do not hesitate to contact Alison Robinson, our Practice Manager, by email:  Alisonrobinson@owenkenny.co.uk

Example 1: Purchase of a freehold residential property @ £275,000

Our fees cover all of the legal work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.  Please note our fees do not include advice on SDLT; we recommend clients seek advice from an accountant or lawyer specialising in this area.

Conveyancer’s fees and disbursements: 

Legal fee £750.00 + VAT

Electronic money transfer fee £30.00 + vat

VAT payable (on above items) £156.00

Disbursements (below) are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process:

Chancel Indemnity Policy £6.00

HM Land Registry search fee £3.00 

Bankruptcy Search Fee £2.00 per person

Search Package fees £300.00

Identification Fee £6.00 per person

E-conveyancing fee £38.40

Land Registry fees £135.00

Stamp Duty or Land Tax (on purchase) estimated total £3,750.00 

Total inc Stamp Duty: £5,176.40

How long will a house purchase take?  The times it takes from an offer being accepted until you can move in to your house will depend on a number of factors, but on average, this process takes at least 3 months.  It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take under 12 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, ie between 3 and 4 months. Please note that additional charges would then also apply. 

STAGES OF THE PROCESS – GENERAL INFORMATION

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages for your information: 

Conveyancers will:

-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 with you

-Send final contract to you for signature

-Agree completion date (date from which you own the property)

-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

_____________________________________________________________________________________________

Example 2: Purchase of a leasehold residential property @ £225,000

Our fees cover all the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.

Conveyancer’s fees and disbursements:

Legal fee £650.00 + VAT

Leasehold supplement fee £100.00 + VAT

Bank Transfer fee £30.00 + VAT

VAT payable (on above 3 items) £156.00

Disbursements (below) are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors. 

HM Land Registry fee: £135.00

Search package fee: £300.00

Chancel Indemnity Policy £6.00

Bankruptcy Search Fee £2.00 per person

Identification Fee £6.00 per person

E-conveyancing fee £38.40

Stamp Duty or Land Tax (on purchase) estimated total £2,000.00

Grand total inc Stamp Duty: £3,436.19

Anticipated Additional Disbursements – Important – This depends on the property may not need deed of covenant or certificate of compliance in all cases.

Notice of Transfer fee – This fee, if chargeable, is set out in the lease. Often the fee is between £150.00-£350.00. 

Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £100 – £300 + VAT VAT.

Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £150 – £250. 

Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £100 – £300.

*These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

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 – GENERAL INFORMATION

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages for your information. 

Conveyancers will:

-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 (date from which you own the property)

-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 house purchase take?  The time between your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 3-4 months. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take approx 3 months. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3-4 months. In such, a situation additional charges would apply. 

Our legal fee assumes 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

-this is the assignment of an existing lease and is not the grant of a new lease

-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

-no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Example 3: Use of our online conveyancing quote generator

Please see our link below which enables clients to see price information regarding the conveyance of a residential property that is:

Freehold sale or purchase

Leasehold sale or purchase

Mortgages or re-mortgages

Transfer of equity

https://owenkenny.com/residential-conveyancing/ (then “Click here for an Instant Conveyancing Quote”)

Note: The Stamp Duty calculation is based on the information you tick in the boxes (for example, whether this is your primary residence, a buy to let or a second/holiday home); we recommend you seek advice from an accountant or a lawyer specialising in Stamp Duty.  Factors that might typically increase the cost of the service are (1) if a legal title is defective or part of the property is unregistered (2) if you discover building regulations or planning permission has not been obtained (3) if crucial documents you have previously requested from the client have not been provided.

OUR PROBATE FEES, FULL SERVICE AND FIXED FEE GRANTS OF PROBATE ONLY

We are different from the majority of firms offering probate in that we will NOT charge you a percentage uplift on the estate.

Example 4: DEALING WITH THE WHOLE ESTATE ON YOUR BEHALF (IHT 205/217 estates)

These generally take between 15-25 hours @ £160-£250 per hour plus VAT depending on who is handling your matter.

As part of our services we will:

  • Provide you with a dedicated and experienced probate solicitor or legal executive  to work on your matter
  • Obtain details of assets and liabilities
  • Identify the legally appointed executors or administrators and engage genealogists where there are  intestacy or missing beneficiaries
  • Accurately identify the type of Probate application you will require
  • Obtain the relevant documents required to make the application
  • Complete the Probate Application and the relevant HMRC forms
  • Draft a legal statement  for you to sign (formerly the Oath)
  • Make the application to the Probate Court on your behalf
  • Collect in all assets on your behalf
  • Pay any debts
  • Arrange clearance and cleaning of any property where necessary
  • Deal with income and capital gains tax where necessary
  • Make interim payments to beneficiaries where appropriate
  • Deal with the sale of any property (a separate quote will be provided by our conveyancers for the conveyancing)
  • Make payment to beneficiaries once ID checks have been made
  • Provide you with a full set of estate accounts and copy documents

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. 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 one property
  • There are no more than 5 bank or building society accounts
  • There are no other intangible assets
  • There are 1-5
  • 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
  • There are no foreign assets

Disbursements in addition to this fee:

  • Probate application fee of £155 plus £1 for additional copies
  • Bankruptcy-only Land Charges Department searches (£2 per beneficiary)
  • Trustee Act Notices – £200 approx Post in The London Gazette and Local Newspaper  – Protects against unexpected claims from unknown creditors.

Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Potential additional costs

  • If there is no will or the estate consists of any share holdings (stocks and bonds) there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information.
  • Dealing with the sale or transfer of any property in the estate is not included.

Example 5: DEALING WITH THE WHOLE ESTATE ON YOUR BEHALF (IHT 400 estates)

It is more difficult to provide an estimate without knowing the level of work involved and the complexity of the estate but we will be happy to provide you with an estimate once you have given us details.  Our hourly rates range from £160-£250 per hour plus VAT.

As part of our services we will:

  • Provide you with a dedicated and experienced probate solicitor to work on your matter
  • Identify the legally appointed executors or administrators and beneficiaries, engage genealogists where intestacy or missing beneficiaries
  • Accurately identify the type of Probate application you will require
  • Obtain the relevant documents required to make the application
  • Obtain details of all assets and liabilities
  • Complete the Probate Application and the relevant HMRC forms and pay any tax needed having applied all possible exemptions.
  • Draft a legal statement  for you to sign
  • Make the application to the Probate Court on your behalf
  • Arrange for foreign Grants where there are foreign assets to be dealt with under the English Will or intestacy
  • Collect in all assets on your behalf
  • Pay any debts
  • Arrange clearance and cleaning of any property where necessary
  • Deal with income and capital gains tax where necessary
  • Make interim payments to beneficiaries where appropriate
  • Deal with the sale of any property (a separate quote will be provided by our conveyancers for the conveyancing)
  • Make payment to beneficiaries once ID checks have been made
  • Provide you with a full set of estate accounts and copy documents

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. 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.

Disbursements:

  • Probate application fee of £155 plus £1 for additional copies
  • Bankruptcy-only Land Charges Department searches (£2 per beneficiary)
  • Trustee Act Notices £200 approx Post in The London Gazette and Local Newspaper  – Protects against unexpected claims from unknown creditors.
  • Inheritance Tax – we will advise you as soon as we know the amount due.
  • Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Potential additional costs

  • If there is no will or the estate consists of any share holdings (stocks and bonds) there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information.
  • Dealing with the sale or transfer of any property in the estate is not included.

FIXED FEE OBTAINING GRANT OF PROBATE ONLY:

As part of our fixed fee services we will:

  • Provide you with a dedicated and experienced probate solicitor to work on your matter
  • Identify the legally appointed executors or administrators and beneficiaries
  • Accurately identify the type of Probate application you will require
  • Collate details of assets and liabilities  provided by you
  • Complete the Probate Application and the relevant HMRC forms
  • Draft a legal statement  for you to sign
  • Make the application to the Probate Court on your behalf
  • Obtain the Probate and securely send two copies to you

Example 6: Small Estates (IHT 205 only) assets up to £325,000 including gifts made during last seven years  (or £1m and assets are passing to a spouse)

This includes preparing the Inheritance Tax return and providing a statement (formerly the Oath) attending with you to sign the Statement and Inheritance Tax return and obtaining the Grant of Probate for you.

Fixed fee of £1200 plus VAT with court fee of £155 plus £1 for every additional copy required.

We anticipate this will take 2-3 weeks to obtain for you.

Example 7: Small Estates as above but using nil rate band from first spouse estate (IHT205 and 217)

This includes preparing the Inheritance Tax returns, collating information for transfer of nil rate band and providing a Statement (formerly the Oath) attending with you to sign the Statement and Inheritance Tax returns and obtaining the Grant of Probate for you.

Fixed fee of £1450 plus VAT with court fee of £155 plus £1 for every additional copy required. There may also be an additional fee for copy death certificate for the spouse who died first if you do not hold a copy. (approx £20)

We anticipate this will take 2-3 weeks to obtain for you.

Example 8: Taxable Estates or those requiring a full inland revenue account

This includes preparing the Inheritance Tax returns and all schedules and providing a Statement (formerly the Oath), attending with you to sign the Statement and Inheritance Tax returns, submitting the tax returns to the Inland Revenue, obtaining receipt from Inland Revenue and obtaining the Grant of Probate for you.

Fixed fee of £2500 plus VAT with court fee of £155 plus £1 for every additional copy required.

Time scales are dependent upon HMRC – if there is tax to pay then can be 3-6 months, if no tax to pay then between 2-4 months.

Example 9: Estates using the Residence Nil Rate Band where no tax to pay

This includes preparing the Inheritance Tax returns and all schedules and providing a Statement (formerly the Oath), attending with you to sign the Statement and Inheritance Tax returns, submitting the tax returns to the Inland Revenue, obtaining receipt from Inland Revenue and obtaining the Grant of Probate for you.

Fixed fee of £1900 plus VAT with court fee of £155 plus £1 for every additional copy required. There may also be an additional fee for copy death certificate for the spouse who died first if you do not hold a copy. (approx £20)

Time scales are dependent upon HMRC but generally 2-4 months.