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Conveyancing

Fees – Freehold Purchase

Our fees cover all of the work* required to complete the purchase of your new home, including dealing withregistration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if theproperty is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

Our fees and disbursements for a purchase of freehold property at a purchase price between £450,000 – £550,000

Legal fee                                                            £750.00

VAT                                                                    £150.00

Search fees                                                        £550.00 (approx.)

HM Land Registry fee                                    £135.00/£270.00

Electronic money transfer & admin fee      £42.00

Estimated total:                                               £1627.00 (up to £500,000 purchase price)

£1762.00 (£500,000 – £550,000)

Disbursements are costs related to your matter that are payable to third parties, such as Land Registryfees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

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 byusing HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website. https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or https://lttcalculator.wra.gov.wales/ )

Stages of the process

The precise stages involved in the purchase of a residential freehold property vary according to the circumstances.  However below is a list of the main 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
  • Obtain further planning documentation if required
  • 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
  • Draft Transfer and obtain pre completion searches
  • Advise you on joint ownership arrangements if necessary
  • Arrange for all monies needed to be received from lender and you
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry

Fees – Leasehold Purchase

Our fees cover all of the work* required to complete the purchase of your new home, including dealing withregistration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if theproperty is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

Our fees and disbursements for a purchase of leasehold property at a purchase price between £450,000 – £550,000

Legal fee                                                            £850.00

VAT                                                                    £170.00

Search fees                                                        £550.00 (approx.)

HM Land Registry fee                                    £135.00/£270.00

Electronic money transfer & admin fee      £42.00

Estimated total:                                               £1747.00 (up to £500,000 purchase price)

£1882.00 (£500,000 – £650,000)

 

PLUS FURTHER POSSIBLE DISBURSEMENTS AS DETAILED BELOW

Disbursements are costs related to your matter that are payable to third parties, such as Land Registryfees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

There are certaindisbursements which will be set out in the individual lease relating to the Property. The disbursementswhich we anticipate will apply are set out separately below. This list is not exhaustive and otherdisbursements may apply depending on the term of the lease. We will update you on the specific fees uponreceipt and review of the lease from the seller’s solicitors.

Anticipated Disbursements*

Notice of Transfer fee — This fee is for giving notice of the change in ownership of the Property to the Landlord and/or Management Company.  The fees charged by Landlord’s Management Companies varies dramatically.  However often the fee is between £100 – £250

Notice of Charge fee (if the property is to be mortgaged) — This fee is for giving notice of the mortgage on the Property to the Landlord and/or Management Company.  The fees charged by Landlord’s Management Companies varies dramatically.  However often the fee is between £100 – £250

Deed of Covenant fee — If the Lease requires you to enter into a Deed of Covenant with the Landlord/Management Company they will charge a fee for dealing with this.   Again, the amount charged varies and can bedifficult to estimate. Often it is between £75 and £200.

Certificate of Compliance fee –If there is a restriction on the title to the Property in favour of the Landlord/Management Company they will charge a fee for providing a Certificate to allow us to deal with the registration of your interest in the Property.  Again the amount charged varies and we can confirm the exact fee upon receipt of the management information.  However it is often between £100 — £200.

You should also be aware that ground rent and service charge are likely to apply throughout your ownershipof the property. We will confirm the ground rent and the anticipated service charge as soon as this wereceive this information

* 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 specific details from you.

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 byusing HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website. https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or https://lttcalculator.wra.gov.wales/ )

The precise stages involved in the purchase of a residential freehold property vary according to the circumstances.  However below is a list of the main 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
  • Obtain further planning documentation if required
  • 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
  • Draft Transfer and obtain pre completion searches
  • Advise you on joint ownership arrangements if necessary
  • Arrange for all monies needed to be received from lender and you
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry
  • Deal with the Notice of Transfer and Charge with the Landlord/Management Company and any required Deed of Covenant

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 anumberof factors. The average process takes between 8 and 12 weeks.

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 weeks.

However, if you arebuying a leasehold property that requires an extension of the lease, this can take significantly longer,between 3 and 6 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
  • This is not a New Build Prpoerty, Shared Ownership Property or being purchased under the Help to Buy or Equity Loan schemes and has not been purchased at Auction
  • If the property is leasehold that 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 or delays 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.

Fees – Freehold sale

Our fees cover all of the work* required to complete the sale of your home, including dealing with the repayment of any existing mortgage and the settlement of the estate agent’s fees.

Our fees and disbursements for a sale of freehold property at a sale price between £450,000 – £550,000

Legal fee                                                          £650.00

VAT                                                                  £130.00

Office Copy Entries                                       £20.00 (approx.)

Electronic money transfer & admin fee    £42.00

Estimated total:                                             £842.00

Fees – Leasehold sale

Our fees cover all of the work* required to complete the sale of your home, including dealing with the Landlord/Management Company, the repayment of any existing mortgage and the settlement of the estate agent’s fees.

Our fees and disbursements for a sale of leasehold property at a sale price between £450,000 – £550,000

Legal fee                                                         £750.00

VAT                                                                 £150.00

Office Copy Entries                                      £20.00 (approx.)

Management Information Pack                £350.00 (approx.)

Electronic money transfer & admin fee   £42.00

Estimated total:                                            £1192.00

The Management Information Pack referred to above is the information which we need to obtain from the Landlord/Management Company and provide to the buyer.  The fee charged for providing this information varies greatly and we will confirm the exact cost as soon as we have confirmation of the fee from the Landlord/Management Company

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