Freehold Residential Purchase – Pricing and Timescale Information
The fees involved in any transaction are important and we review our fees on a regular basis, considering client’s feedback. We typically work on a fixed fee basis, so that from the outset you know what the fees will be for your transaction. If during the transaction there is a new development we will discuss the change in fees with you and agree a way forward.
Our fees cover all 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 is in Wales.
|Property Sale Price||Range of Legal Fees||VAT||Subtotal|
|£0 – £150,000||£525.00 – £750.00||£105.00 – £150.00||£630.00 – £900.00|
|£150,001 – £250,000||£650.00 – £750.00||£130.00 – £150.00||£780.00 – £900.00|
|£250,001 – £350,000||£695.00 – £850.00||£139.00 – £170.00||£834.00 – £1,020.00|
|£350,001 – £500,000||£750.00 – £950.00||£150.00 – £190.00||£900.00 – £1,140.00|
|£500,001 – £750,000||£950.00 – £1,050.00||£190.00 – £210.00||£1,140.00 – £1,260.00|
|£750,001 – £1,000,000||£1,250.00 – £1,300.00||£250.00 – £260.00||£1,500.00 – £1,560.00|
|£1,000,000 +||Available on request|
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. These fees may be subject to change if further information relating to your property becomes available. For example, if you require additional searches such as a Water and Drainage Search, which usually costs £26.40.If the property is a Help to Buy, an additional £100.00 + VAT will be added to the above fees.
|Bankruptcy search (per name)||2.00|
|Search fees (inclusive of VAT)||200.00|
|Electronic money transfer fee||30.00||6.00||36.00|
|Land Registry Priority Search||3.00|
|HM Land Registry fee *|
|Estimate Total (Legal Fees + Anticipated Disbursements|
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 here.
How long will the process take?
For any transaction, the timescales are subject to change depending on when your offer is accepted, and factors such as:
- The number of parties in the chain;
- Whether you have a mortgage in place;
- Whether you are buying a new build property;
- Whether you need a lease extension for a leasehold property.
A typical transaction will take between 6 to 8 weeks, however if any of the above apply or there are other factors we need to take into consideration, we will discuss this with you.
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:
- Take your instruction and give initial advice based on the information you have provided;
- Check you have finances in place to fund the purchase and contact the lender’s solicitors if needed;
- Receive and advise on contract documents;
- Undertake searches;
- Obtain further planning documentation if required;
- Make any necessary enquiries with the seller’s solicitor;
- Provide advice on all documents and information received;
- Advise you of the mortgage offer conditions;
- Finalise contract and send to you for signature;
- Agree completion date (the date which you legally own the property);
- Exchange contracts and notify you that this has happened;
- Ensure all monies have been received from you and the lender(s);
- Complete purchase;
- Deal with payment of Stamp Duty/Land Tax;
- Complete and submit the application for registration at the Land Registry.
We do not undertake tax advice.
Our fees are fixed. However, there may be factors which would typically increase the cost of the fees estimated above such as:
- If a legal title is defective or part of the property is unregistered;
- If you discover building regulations or planning permission has not been obtained;
- If crucial documents, we have previously requested from you have not been provided to us;
- If the property is a new build.