Conveyancing fees freehold and leasehold purchase

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.

The precise stages involved in the purchase of a residential freehold or leasehold property vary according to the circumstances. However, the list below highlights the main stages which may be included in our work:

  • 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
  • Arrange for final contract and documents to be signed by you
  • 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

Estimated Fees

Our fees are based on the value of the property to be purchased.  As an example our fees and disbursements** for a £180k freehold purchase are as set out below;

Legal fee

740.00

ID fee (if we haven’t acted for you in last 3 years)

8.33

Electronic money transfer fee

30.00

VAT payable on fees

155.67

Search fees

300.00

HM Land Registry fee (registered title)

95.00

Estimated total

1329.00


Unlike some firms we do not charge an additional legal fee for dealing with your mortgage.  We also do not pay referral fees to estate agents or third parties.

Please note that if the property is leasehold a further legal fee of £250 + VAT (£300 in total) will be charged for the extra work involved in dealing with the leasehold aspect.

* The above estimated fees are given on the basis that the following points apply;

  1. 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
  2. this is the assignment of an existing lease and is not the grant of a new lease (if leasehold)
  3. the transaction is concluded in a timely manner and no unforeseen complications arise
  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  5. no indemnity policies are required. Additional disbursements# may apply if indemnity policies are required.

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

Estimated total £1,100 (This figure is based upon a purchase of a freehold residential property in England for £180,000 by an individual or couple using the rates in force in November 2018.  It assumes that no other properties are owned by the buyer(s) and the buyer(s) are not first time buyer(s).)

Anticipated Disbursements ** (for leasehold properties only)

There are certain disbursements which will be set out in the individual lease relating to the Property. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors as these disbursements can on occasion be significantly more than the ranges we have given. The disbursements which we anticipate will apply are set out below.  This list is not exhaustive and other disbursements may apply depending on the terms of the lease.

  • Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50 and £125
  • 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 £125
  • 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 £150 and £200.
  • Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £60 and £100.

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 we receive this information.

**  What are 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.

How long will my house purchase/sale or remortgage 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 6-12 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 completed new build property with a mortgage in principle, it could take 6-8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 6 months. In such, a situation additional charges would apply.

Accreditations

 

Authorised and Regulated by the Solicitors Regulation Authority. SRA Number: 52592. Legal Information

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