Purchase of a freehold residential property
What are the total fees?
Our fees cover all of 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 you wish to buy is in Wales.
|Our legal fees||£400 – £750 plus VAT *|
|Postage Telephone and Fax Admin Fee||£20 plus VAT|
|AML ID check||£10 plus VAT (per person)|
|SDLT Return Admin Fee||£75 plus VAT|
|Search Administration Fee||£30 plus VAT|
|Land Registry Priority Search||£3|
|Bankruptcy Search||£2 per name|
|Local, Mining and Drainage package||£148.98|
|HM Land Registry fee||£20 – £540|
|Electronic money transfer fee||£30 plus VAT|
|VAT payable||£113 – £183|
|Estimated total||£851.98 – £1791.98|
* Up to a purchase price of £700,000. If your purchase price is over this please contact us.
What are disbursements?
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.
How much will the Stamp Duty or Land tax be?
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website here..
How long will my house 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 8-10 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, with a mortgage in principle, it could take 6 weeks. However, if you have a property to sell as well as purchase and are in a chain it can take significantly longer
What services are included within the fee?
- Taking your instructions
- Verifying your identity
- Giving you initial advice
- Receiving and advising on contract documents
- Carrying out searches
- Making any necessary enquiries of seller’s solicitor
- Giving you advice on all documents and information received
- Going through conditions of mortgage offer with you
- Drafting Transfer
- Advising you on joint ownership
- Sending final contract to you for signature
- Agreeing completion date (date from which you own the property)
- Exchanging contracts and notifying you that this has happened
- Arranging for all monies needed to be received from lender and yourself
- Completing purchase
- Dealing with payment of Stamp Duty/Land Tax
- Dealing with application for registration at Land Registry
Purchase of a leasehold residential property
In the event that the property you are purchasing is leasehold the above costs and disbursements still apply, however an additional legal fee of £100 plus VAT will be charged increasing the Estimated Total by £120.
What are the disbursements?
Disbursements 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.
Anticipated additional disbursements on the purchase of a leasehold property: *
- Notice of Transfer fee – This fee if chargeable is set out in the lease or in the management company information. Often the fee is between £75 and £200
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease or in the management company information. Often the fee is between £100 and £200 .
- 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 £100 -£200.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £100 – £200.
*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.
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances, but generally, in addition to the above Stages of the process we will review the Lease, replies to enquiries from the Freeholder/ Management Company and following completion serve Notice of Transfer and Charge, on the Freeholder/Managing Agents as applicable.
How long will my house 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 8-12weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months. In such, a situation additional charges would apply.
Our 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
- if the property is leasehold, it 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.
- the property is not a New Build
- the property is registered at the land registry
- all deposit funds are from your own funds without any gifts or loans from third parties
- no funds are being sourced from ta Help to Buy ISA
- there are no persons over the age of 17 that will be living in the property and who are not party to the mortgage
- the property is not a shared ownership
- the property is not being purchased with the aid of an Equity Mortgage