Purchase of a Property
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.
Freehold Properties (Fixed Fee)
|Value of Property||Our Fees||VAT @ 20%||Total|
|£0 – £200,000||£620||£124||£744|
|£200,001 – £325,000||£700||£140||£840|
|£325,001 – £400,000||£750||£150||£900|
Leasehold Properties (Fixed Fee)
|Value Of Property||Our Fees||VAT @ 20%||Total|
|£0 – £200,000||£820||£164||£984|
|£200,001 – £325,000||£870||£174||£1044|
|£325,001 – £400,000||£920||£184||£1104|
|Value Of Property||Our Fees||VAT @ 20%||Total|
|Item (Fixed Fee)||Our Fees||VAT @ 20%||Total|
|Purchase with a Mortgage||£130||£26||£156|
What is Included?
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. 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: variable dependant on the property purchase price
- Search fees: [£328.30 approx] for the standard search pack required by your lender
- VAT on search fees
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £100 and £200
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50 and £150
- 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 £50 and £200
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50 and £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 charges 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.
Stamp Duty or Land Tax (On Purchase)
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.
What is not Included?
We do not report on structural surveys which are outside our area of expertise.
How Long will my House Purchase Take?
For any transaction, the timescales are subject to change depending on when your offer is accepted and the factors involved such as:
- Number of parties in the chain
- Whether you have a mortgage in place
- Whether you are buying a new build property
A typical transaction will take between 10-14 weeks. However, if any of the above apply, or there are other factors we need to take into consideration, it may increase the time by a further 4-6 weeks and additional charges may occur. We will discuss this with you at the earliest opportunity so you always have a clear picture of how long things are likely to take.
Key stages involved
The precise stages involved in the purchase of a residential property vary according to the circumstances.
- Take your instructions and give you initial advice
- Check finances are in place to fund purchases 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 to the seller’s solicitor
- Give you advice on all documents and information received
- Go through the conditions of the mortgage offer with you
- Send final contract to you for signature
- Draft Transfer (if Leasehold purchase)
- Advise you on joint ownership (if Leasehold purchase)
- Obtain pre-completion searches (if Leasehold purchase)
- Agree on 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 the lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
Our Fee Assumes that
- This is a standard transaction and 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 complications arise
- All parties to the transaction are cooperative 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.
Factors that would Typically Increase the Cost of the Service
- Legal title is defective, or part of the property is unregistered
- If you discover building regulations or planning permission has not been obtained
- If crucial documents you have previously requested from the client have not been provided