Purchase of a freehold or leasehold residential property
Our fees below cover the standard work required to complete the purchase of a property, including dealing with registration at the Land Registry and dealing with payment of Stamp Duty Land Tax (SDLT), if the property is in England, or Land Transaction Tax (LTT), if it is in Wales.
|Purchase price||Our fee||Total inclusive of VAT|
|£60,000 – £80,000||£600.00||£720.00|
|£80,001 – £100,000||£625.00||£750.00|
|£100,001 – £150,000||£650.00||£780.00|
|£150,001 – £200,000||£675.00||£810.00|
|£200,001 – £250,000||£700.00||£840.00|
|£250,001 – £350,000||£750.00||£900.00|
|£350,001 – £450,000||£800.00||£960.00|
|£450,001 – £600,000||£850.00||£1,020.00|
|£600,001 – £750,000||£900.00||£1,080.00|
|£1,000,001 – £1,200,000||£1,100.00||£1,320.00|
|£1,400,001 – £1,600,000||£1,300.00||£1,560.00|
|£1,600,001 – £1,800,000||£1,400.00||£1,680.00|
|£1,800,001 – £2,000,000||£1,500.00||£1,800.00|
|£2,000,001 – upwards||On enquiry|
The following additional charges may apply:
|Our additional fee||Total inclusive of VAT|
|Client/third party identification (per person)||£4.00||£4.80|
|Bank transfers (TT and same day faster payments)||£25.00 or £5.00 respectively||£30.00 or £6.00 respectively|
|Help to Buy ISAs (per bonus)||£50.00||£60.00|
|Arranging a bespoke indemnity insurance policy||£50.00||£60.00|
|New build off-plan property||£145.00||£174.00|
|Dealing with a delayed completion||£150.00||£180.00|
|Preparing a declaration of trust||£200.00||£240.00|
|Help to Buy equity loan||£350.00||£420.00|
This is not an exhaustive list and we would advise you, if any further issues arise for which we will be charging an additional cost.
In addition to the above, disbursements are costs related to your matter that are payable to third parties, such as pre-contract search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. These include:
|Disbursements||Cost (inclusive of any VAT)|
|Bankruptcy search (per person)||£2.00|
|Land charges search (per person)||£2.00|
|Land Registry search||£3.00|
(Personal local authority, environmental, full water & drainage and chancel searches)
|Land Registry fees for registration||See below|
This is not an exhaustive list and we would advise you, if any further issues arise for which we will incur further disbursements, including, for example, indemnity policies.
Land Registry fees for registration will depend on the purchase price of the property and whether the property is registered, unregistered or forms part of a larger title at the Land Registry. To calculate the fee applicable, please click here (include link- https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees).
SDLT or LTT
This depends on the purchase price of the property in particular. You can calculate the amount you will need to pay by using HMRC’s website here (include link- https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro) or, if the property is located in Wales, by using the Welsh Revenue Authority’s website here (include link -https://beta.gov.wales/land-transaction-tax-calculator.)
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 six and eight weeks.
It can be quicker or slower, depending on the parties in the chain and the complexity of the legal title. For example, if you are a first-time buyer, purchasing a new-build property with a mortgage, in principle, it could take 12 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 12 and 16 weeks. In such a situation, additional charges apply.
Stages of the process
The stages involved in the purchase of a residential property vary according to the circumstances. However, the key steps usually include:
- taking your instructions and giving you initial advice;
- checking your finances are in place to fund the purchase and contacting the lender’s solicitors, if applicable;
- receiving and advising on contract documentation;
- carrying out pre-contract searches;
- obtaining further planning and/or building regulations documentation, if required;
- making any necessary enquiries of the seller’s solicitors;
- reviewing management pack(s) on leasehold properties;
- giving advice on all legal documentation;
- giving advice on joint ownership, if required;
- going through the conditions of your mortgage offer with you, where applicable;
- sending the final contract, transfer deed, SDLT return and mortgage deed to you for signature, where applicable;
- agreeing a completion date (i.e. the date from which you own the property);
- exchanging contracts and notifying you that this has happened;
- arranging for all necessary monies to be received from you and your lender, if applicable;
- completing the purchase;
- dealing with payment of SDLT/LTT; and
- registering your ownership of the property at the Land Registry.
If you would like to talk to us about your situation, please send us an email or give us a call on 01295 253211.