Conveyancing Purchase Costs for Freehold and Leasehold Property
Our fees cover the work required to complete the Purchase of your new home. This also includes dealing with registration at the Land Registry and dealing with the payment of Stamp Duty if the property is in England, or Land Transaction Tax if the property you wish to buy is in Wales.
Conveyancer’s fees and Disbursements
Property Value – £0.00 to £250,000.00
Our Fees – £595.00
VAT 20% – £119.00
Total – £714.00
Property Value – £250,001.00 to £350,000.00
Our Fees – £695.00
VAT 20% – £139.00
Total – £834.00
Property Value – £350,000.00 to £500,000.00
Our Fees – £845.00
VAT 20% – £169.00
Total – £1,014.00
Property Value – £500,001.00 to £999,999.00
Our Fees – Fees range from £950 – £1,200.00 requiring assessment
VAT 20% – £190.00 – £240.00
Total – £1,140.00 – £1,440.00
Property Value – £1 Million and above
Our Fees – Costs charged on a time spent basis plus 0.1% fixed fee applied in the event of completion
Additional Legal fees
- Fee for acting on behalf of the mortgage Lender: £180 (including VAT)
- Leasehold Supplement fee: £240 (including VAT)
- Help-to-buy and affordable housing schemes supplement: £240 (including VAT)
- Electronic money transfer fee: £54 (including VAT)
- International Money Transfer fee: £102 (including VAT)
Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Those involved in your purchase include the following:
- Search fees: These fees can vary depending on the area the property is located but often range between £250 and £300. These fees are subject to VAT
- Land Registry Application Fees: These are fixed depending on the value of the Property and whether the property is registered or unregistered. There will also be small fees for Bankruptcy and Official Priority Searches. With the exception the of the application fees the Land Registry costs are subject to VAT.
Please see link to HMLR website for full costs information:
Anticipated Disbursements for Leasehold Residential Property
Some leasehold properties bring their own additional costs along with them which cannot be avoided. It will not matter who you employ as your lawyers, these fees are charged by others for information or permissions you may need to buy.
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50 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 £200.
- 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 and £250.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease and can range between £100 – £300.
These fees will 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 the 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.
Stamp Duty or Land Tax
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 in to your house will depend on a number of factors. The average process takes between 8-12 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing with a mortgage in principle, it could take 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months.
Stages of the Process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
- 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
- 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)
- 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
Our fees assume 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 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 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.
Our conveyancing department consists of three qualified solicitors (with over Twenty years’ conveyancing experience), two conveyancing practitioners (with over Forty years’ conveyancing experience) and a Trainee CILEX (with over ten years’ conveyancing experience). The Team is supervised by our Managing Director, Stephen Wright who qualified in 1990.
If you would like a full quote, please click on the link below to access our conveyancing calculator.