We at Spencer West are experienced in acting and advising on a broad range of residential real estate matters involving prime residential property in and around London, as well as high-value estates all over England and Wales.
Our leading team of lawyers have exceptional knowledge on all aspects involving residential property including:
- acquisition and disposal of leasehold and freehold residential property
- remortgages and equity releases
- leasehold enfranchisement
- international project acquisition and management
- letting, management, and disposal of property portfolios
- rural and country homes
- sale and purchases of investment property for international investors
- off-plan and new build purchases
- estate management
- property disputes and mediation
- discharges of restrictive covenants
A substantial part of our work is for investment on behalf of high net worth and ultra-high net worth investors from around the world. This includes a team specialising in looking after clients from China and Hong Kong.
We understand the importance of providing a clear and client-focused service. From guiding you through the sale or purchase of high-value residential property to being at your side if there is a dispute, we have the expertise to assist you with all your property requirements.
Our renowned leasehold enfranchisement team has significant expertise in advising both landlords and tenants on all aspects of leasehold enfranchisement matters, from lease extensions to collective enfranchisement. Our lawyers work closely with a wide range of leading valuers, surveyors, agents, and experts.
We also act for landlords and tenants of residential premises in relation to claims for possession, service charge disputes, and disrepair claims. It is important to us that our clients are able to protect and enhance their real estate assets. Our residential real estate lawyers often work in collaboration with our construction, tax, and real estate finance teams.
For details on the fees for residential property services, please refer to the list below.
We pride ourselves on offering an excellent client-focused residential property service to all of our clients.
Every residential property transaction at Spencer West LLP is led by a qualified and experienced solicitor with several years of experience. They may be assisted by a trainee solicitor from time to time.
We specialise in high value and often complex property transactions for our clients. Our fees vary depending on which one or more of the following factors apply:
- the location of the property
- its value
- whether the property is freehold or leasehold
- whether it has been bought with mortgage financing
- if the transaction involves extending a lease
- if the property is being bound off-plan or is a newly built property
- the timescale involved
Our conveyancing fees are usually charged as a fixed fee. However, there are occasions when our clients specifically ask to be charged on an hourly basis. Our hourly rates range from £260 plus VAT per hour to £425 plus VAT per hour depending on the solicitor instructed. Our trainee solicitor’s time is charged at £150 plus VAT.
Our minimum fixed fee for a sale or purchase of an existing property is £1,750 plus VAT for a freehold property and £2,000 plus VAT for a leasehold property.
Our minimum fee for a purchase of a new build property whether freehold or leasehold is £1,750 plus VAT plus disbursements.
Disbursements are additional costs that are payable to third parties. Typical disbursements that clients could expect to pay are:
- Property searches – £300- £650 inc VAT
- Land registration fees – £0 – £910
- Land registry fees – from £3.00
Stamp Duty Land Tax (SDLT) for properties in England or Land Transaction Tax (LTT) for properties in Wales – from £0. The amount of SDLT or LTT to be paid on the purchase of a property depends on the purchase price; who is buying the property, whether the purchaser owns any other property nationally or internationally; and from 1 April 2021, whether any of the purchasers are non-UK resident.
VAT is currently 20%.
Transaction lengths can vary depending on a number of factors with some very simple transactions completing within days and other transactions, such as off-plan purchases, completing when the property is built. This can often be years after initial instruction.
The average property transaction takes 4 to 8 weeks to exchange contracts for freehold transactions and 6 to 12 weeks for leasehold transactions. Parties may agree to complete the transaction at the same time as exchange of contracts. Alternatively, they may agree to complete the transaction any time after exchange of contracts.
Please feel free to contact us to discuss fees in relation to your residential property matter.