Purchase of a freehold residential property - fees
Our property team provides expertise in all aspects of residential conveyancing and you can be confident that we will make the purchase of your property as simple and stress-free as possible.
What’s Included
Our fees cover all the legal administration* required to complete the purchase of a property, including dealing with registration at the Land Registry and administering the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.
The process involved in the purchase of a residential freehold property can vary according to individual circumstances. However, the key stages include:
- Following your directions and providing advice
- Verify that funds are available to fund the transaction and, if necessary, contact the lender’s solicitors
- Contract documents are received and reviewed
- Conduct searches
- Get additional planning paperwork as needed
- Make any required inquiries with the seller’s solicitor
- Provide you with guidance on all documents and information received
- Examine the terms of the mortgage offer
- Give you the final contract for signature
- Draft Transfer
- Give you advice on joint ownership
- Request pre-completion searches
- Set a completion date (date from which you own the property)
- Contracts will be exchanged, and you will be notified
- Arrange for all necessary funds to be received from the lender and you
- Complete purchase
- Manage the payment of Stamp Duty/Land Tax
- Administer the Land Registry registration
How long will it take for me to buy a house?
A lot of factors will influence how long it takes from the time your offer is accepted until you can move into your new home. The typical process takes 6-8 weeks. Depending on the partners in the chain, it can be faster or slower. For example, if you are a first-time buyer looking to purchase a new build property with a mortgage in principle, can take up to four weeks. I if you are purchasing a leasehold property that requires a lease extension, this can take between 2 and 3 months and in such a case, additional fees would apply.
Our Charges
Residential conveyancing work is typically done on a fixed fee basis. The following information is offered to help you understand how we determine our fees. Prices are offered as an indication of the anticipated cost of a transaction or case and should not be interpreted as an absolute quote. Use our conveyancing calculator for a detailed quote that takes into account the circumstances of your transaction or situation.
Fees:
Legal fees: £000.00
Electronic money transfer fee: £00.00*
VAT payable: £00.00
AML check admin fee: £00.00 (per person)**
VAT payable: £0.00 (per person)
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Subtotal: £000.00
Our charge is based on the following assumptions:
- This is a conventional transaction, and there are no unforeseen issues, such as (but not limited to) a title defect that needs to be resolved before completion or the creation of extra documents related to the primary transaction.
- The transaction is completed promptly and there are no unanticipated complications
- All of the transaction’s participants are cooperative, and third parties’ delays in supplying documents are not excessive.
- There is no need for indemnity policies. If indemnity plans are needed, further costs may be incurred.
Disbursements
Disbursements are charges associated with your case that must be paid to third parties, such as search fees. To guarantee a quicker transaction, we manage the payment of disbursements on your behalf. Certain expenditures will be specified in the individual lease relating to the Property. The disbursements that we estimate to be made are listed below. This list is not exhaustive, and other expenditures may apply depending on the lease duration. We will keep you updated on the specific expenses after we receive and evaluate the lease from the seller’s solicitors.
HM Land Registry fee: £0.00
Search fees: £000.00***
VAT on search fees: 00.00***
Land Registry fee: £00.00
Subtotal: £000.00
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Grand Total £0,000.00
* These costs vary with every property and can often be much more than the amounts indicated above. We can give you an exact figure after we see your specific documents.
** We charge £00.00 plus VAT for each telegraphic (electronic) transfer we do. On a purchase, one transfer will be made to pay the purchase payments to the seller’s solicitor.
*** This is the price of a normal search package, a required in all cases. There are further searches that you may choose to conduct, such as a flood risk search, for which there will be a fee. You have the option of receiving any payments owed to you through check or telegraphic transfer. Receiving revenues or other payments by cheque is free of charge. We will charge an extra cost of £30.00 plus VAT if you want to receive funds via telegraphic transfer.
**** We contract with a third-party business to carry out AML (anti-money laundering) checks on our behalf. We are required by law to do AML checks on each person involved in a transaction, and we will charge a fee for each check performed.
Land Tax Stamp Duty
Stamp Duty may also be applicable. This is determined by the purchase price of your property and whether you own other properties. You can calculate the amount you must pay by visiting HMRC’s website or, if the property is in Wales, the Welsh Tax Authority’s website.
In all circumstances, a Stamp Duty Land Tax (SDLT) form is necessary. You may be able to In all circumstances, a stamp duty land tax (SDLT) form is necessary. You may be able to choose to complete this yourself. If there is a lender then we will have to complete it for you. If you request or we are required to complete the form, we will charge an additional price of £75.00 plus VAT.
