The typical cost of 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 (if the property is in England), or Land Transaction Tax (if the property you wish to buy is in Wales). Please see above the assumptions we make in calculating typical fees.
Conveyancer’s fees and disbursements
- Typical Legal fee £1,100.00 plus VAT of £ 220.00
- Average Electronic money transfer fee £ 40.00 plus VAT of £ 8.00
- Sub Total £ 1,368.00
Disbursements
- Average Search fees £250.00
- Average HM Land Registry fee £150.00
- Average VAT on the above £50.00
- Sub Total £450.00
- Estimated total (excluding Stamp Duty or Land Transaction Tax – see below): £1,818.00
Referral fees
We occasionally pay referral fees to an introducing agent. These are paid by us and not by the client. You will be informed of the exact referral fee that we are paying in our initial letter to you in our welcome pack if this is applicable.
Stamp Duty or Land Transaction 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.
How long will my house purchase take?
How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average transaction is currently taking up to approximately 16 weeks to allow you to move into your new home.
It can be quicker or slower, depending on the number of parties in the chain, complexity of the title, speed of response by Mortgage Lenders, Local Authorities, Property Management Companies and those in the chain, etc. For example, if you are a first-time buyer, purchasing a new build property with a mortgage agreed in principle, it could take 4-8 weeks to get to exchange of contracts but then completion may be dependent on the speed of the build.
If you are buying a leasehold property that requires an extension of the lease, this can take significantly longer – it can take approximately an additional 6 – 12 weeks for non-statutory extensions and approximately 6 and 8 months for Statutory lease extensions. In such circumstances additional charges would apply and are available on request.
Stages of the process – Purchase
The precise stages involved in the purchase of a residential property vary according to the circumstances. Nevertheless, below are some of the key stages that apply to most transactions.
- 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
- Draft Transfer
- Advise you on joint ownership
- Obtain pre-completion searches
- Agree completion date (date from which you own the property)
- Agree 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 lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
The typical cost of 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 (if the property is in England), or Land Transaction Tax (if the property you wish to buy is in Wales). Please see above the assumptions we make in calculating typical fees.
Conveyancer’s fees and disbursements
- Typical Legal fee £1200.00 plus VAT of £ 240.00
- Electronic money transfer fee £ 40.00 plus VAT of £ 8.00
- Sub Total £ 1,488.00
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.
- Typical Search fees £250.00
- Typical HM Land Registry fee £150.00
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50.00 – £150.00. For the purposes of this example will estimate it at £120.00 inclusive of VAT.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50.00 and £150.00. For the purposes of this example will estimate it at £120.00 inclusive of VAT.
- 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 £100.00 and £300.00. For the purposes of this example will estimate it at £120.00 inclusive of VAT.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50.00 and £200.00. For the purposes of this example will estimate it at £120.00 inclusive of VAT.
- VAT on the above £130.00
- Sub Total £880.00
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.
Estimated total (excluding Stamp Duty or Land Transaction Tax – see below): £2,368.00
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 the transfer 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.
Referral fees
We occasionally pay referral fees to an introducing agent. These are paid by us and not by the client. You will be informed of the exact referral fee that we are paying in our initial letter to you in our welcome pack if this is applicable.
Stamp Duty or Land Transaction 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.
How long will my house purchase take?
How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average transaction is currently taking up to approximately 16 weeks to allow you to move into your new home.
It can be quicker or slower, depending on the number of parties in the chain, complexity of the title, speed of response by Mortgage Lenders, Local Authorities, Property Management Companies and those in the chain, etc. For example, if you are a first-time buyer, purchasing a new build property with a mortgage agreed in principle, it could take 4-8 weeks to get to exchange of contracts but then completion may be dependent on the speed of the build.
If you are buying a leasehold property that requires an extension of the lease, this can take significantly longer – it can take approximately an additional 6 – 12 weeks for non-statutory extensions and approximately 6 and 8 months for Statutory lease extensions. In such circumstances additional charges would apply and are available on request.
Stages of the process – Purchase
The precise stages involved in the purchase of a residential property vary according to the circumstances. Nevertheless, below are some of the key stages that apply to most transactions.
- 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
- Draft Transfer
- Advise you on joint ownership
- Obtain pre-completion searches
- Agree completion date (date from which you own the property)
- Agree 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 lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
Stages of the process – Sale
The precise stages involved in the sale of a residential property vary according to the circumstances. Nevertheless, below are some of the key stages that apply to most transactions.
- Take your instructions and give you initial advice
- Liaise with your estate agent and obtain your memorandum of sale
- Send you the documentation required to complete the sale of your property (including the Law Society protocol forms (Sellers Property Information form , Fixtures and Fittings etc)
- Draft the contract for the buyers solicitors
- Deal with any enquiries (questions relating to your property sale, which we can help you answer)
- Obtain your redemption statement from your lender (if selling with a mortgage)
- Send final contract and transfer deed to you for signature
- Agree completion date (date from which you own the property)
- Obtain your authority to exchange contracts and notify you when this has happened at which point you will be contractually bound to complete the sale
- Complete sale and contact you on the day of completion to confirm completion has taken place and pay any balance due back to you
- Redeem your mortgage (if applicable)
Additional notes
In note In respect of a purchase transaction in addition to the Disbursements (Third party Expenses) you must usually pay:-
- Stamp Duty Land Tax (SDLT) if you buy a property or land that is registered in England over £250,000. Use the link provided to take you to the HMRC Stamp Duty Land Tax Calculator HMRC’s website and to work out your Stamp Duty liability and view the reliefs and exemptions. The threshold for Land Transaction Tax (LTT) for properties registered inWales is currently lower at £225,000. You can calculate your potential liability and view reliefs and exemptions by using the Welsh Revenue Authority’s website
- Land Registry Fees are payable to the Land Registry to register the transfer of the property into your name(s) for all purchase remortgage transactions.
- When purchasing land or property that is unregistered it must be registered for the first time when you take ownership of it or mortgage it.
- Use the link provided to work out the cost of registering land or property for the first time https://www.gov.uk/registering-land-or-property-with-land-registry/register-for-the-first-time
