Our fees cover all of the work required to complete the purchase of your new home, including considering all title documents, requesting searches, raising enquiries dealing with your mortgage lender (if applicable), transmitting monies to complete the purchase, 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.
|Purchase price||Legal Costs (excl VAT)||VAT at 20%||Total|
|Less than £75,000||£570.00||£114.00||£684.00|
|£75,000 – £110,000||£600.00||£120.00||£720.00|
|£110,000 – £150,000||£625.00||£125.00||£750.00|
|£150,000 – £220,000||£650.00||£130.00||£780.00|
|£220,000 – £275,000||£685.00||£137.00||£822.00|
|£275,000 – £350,000||£775.00||£155.00||£930.00|
|£350,000 – 500,000||£825.00||£165.00||£990.00|
|From £500,000 upwards||From £950.00 plus VAT|
If the property is a leasehold flat or a leasehold house where a management company is involved an additional £200.00 plus VAT will apply.
Disbursements 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.
|Disbursement (excl VAT)||VAT at 20%||Total|
|Land Registry Search fee||£3.00||£0.00||£3.00|
|Bankruptcy/Official Search fee (Per person)||£2.00||£0.00||£2.00|
|Search Pack||Price dependant on the Local Authority in which property is situated.||Usual cost is in the region £250 and includes official local authority, official Water & Drainage & Enviro-Mining Searches.|
|Land Registry Registration Fees||The fee payable is determined on the price of the property and the type of application.||In order to accurately assess this please click on the link below to confirm the fee payable. http://landregistry.data.gov.uk/fees-calculator.html|
|Stamp Duty Tax / Land Transaction tax||This is determined by the price of the property and in some instances the circumstances of your purchase. You can calculate the amount you will need to pay by using HMRC’s Website|
if the property is located in Wales by using the Welsh Revenue Authority’s website here. (https://beta.gov.wales/land-transaction-tax-calculator).
Additional Disbursements payable with Leasehold properties
These vary from property to property and can on occasion be significantly more than the ranges below. 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 that ground rent and the anticipated service charge as soon as we receive this information.
|Notice of transfer fee||* Price set out in lease. Often the fee is between £50.00 – £150.00|
|Notice of Charge fee (if the property is to be mortgaged)||* If the property is to be mortgaged|
|Deed of Covenant fee||* This fee is provided by the management company for the property and can be difficult to estimate.|
|Certificate of Compliance fee||* To be confirmed upon receipt of the lease.|
How long will my property 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 – 12weeks.
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 6-8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 – 6 months. In such, a situation additional charges would apply.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages:
- 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;
- Consider landlord and management pack responses;
- 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;
- Serve notices on landlord;
- Deal with payment Stamp Duty / Land Tax;
- Deal with application for registration at the Land Registry.
Please note we are unable to provide you with any tax advice. Whilst we have tried to put together reliable estimates as detailed above, there are many factors that can increase the estimates provided. We aim to inform you as soon as possible with full details of any changes in fees. We have attached a list of potential additional costs for your reference. Click here for further details.
Our fee assumes that:
- The title is a registered title;
- All documentation requested has been provided to us;
- 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 arises;
- 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 will apply if indemnity policies are required;
- You do not instruct us that an exchange of completion must take place in less than 6 weeks; if you do require these timescales then this will incur additional costs.