The following information is an illustrative guide only and is based upon a typical property valued at around £350,000.00. The figures do not represent a quote or estimate. 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.
This illustration does not include any of the following:-
- Any Help to Buy products or services
- No Shared Ownership element
- No third party conveyancer involved in respect of your Lender
- No gifted deposits from a third party
- No indemnity policies are required throughout the transaction
- The property is not a new build
- No Declaration of Trust is required between co-owners
- No Statutory Declarations are required
- Dealing with any unforeseen complications or delays with regard to the conveyancer acting for the Seller
- This is a standard transaction and no unforeseen problems come to light with regard to the title which need to be rectified with the Land Registry before proceeding which involves the preparation of further documentation
Conveyancer’s fees and disbursements
- Legal fee* – £875.00 plus VAT (Total £1,050.00 inclusive of VAT)
- Search fees – approximately £320 depending on the location of the property
- HM Land Registry fee – depending on the value of the property and whether already registered at the Land Registry – £95.00 – £540.00
- Administration charge and bank transfer fee £30.00 (Total £36.00 inclusive of VAT)
- VAT payable at the current tax rate
* 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
- 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.
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. 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 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 process takes between 6-8 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 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 – 6 months. In such, a situation additional charges would apply.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, these are the 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
- Arrange for all monies needed to be received from the lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with the application for registration at Land Registry
