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COSTS INFORMATION
Conveyancing - Purchase and/or Sale of a Freehold or Leasehold residential property
Our fees cover all of the work required to complete the purchase of your new home, including 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.
Purchase - Fees and disbursements
Legal fee
Up to £250,000 - £650.00
£250k - £350k - £750.00
£350k - £500k - £850.00
£500k - £750k - £1,000.00
£750k and above - £1,200.00
Search fees* – £265.00 approx
Bankruptcy search - £2.00 per name
Land Registry Priority search – £3.00
HM Land Registry fee** - £135.00 if electronic application is available. £190.00 if application by post
Land Transaction Tax - £700.00
Electronic money transfer fee - £25.00
VAT payable - 20% (excl disbursements)
Total - £1,910.00
It is important to note that the above is an indicative example of a residential property being purchased in rural Powys for £200,000.00. We would refer you to our below guidance relating to H M Land Registry fees and Land Transaction Tax/Stamp Duty Land Tax.
* Search fees (we call them disbursements) are costs related to your matter that are payable to third parties, such as local searches, drainage searches, environmental, etc. We handle the payment of the disbursements on your behalf to ensure a smoother process. However, depending on the location of the property you are buying some Local Authorities charge more than others, as do water services suppliers, so costs in respect of disbursements can vary significantly. In addition to these costs there may be other certain searches required for particular properties, such as Chancel Repair searches, Coal Mining search, and so on. We will inform you of all the required searches, as well as optional ones, and their costs at the time of your enquiry.
**HM Land Registry fee. The Land Registry fee varies according to the value of the property you are purchasing. The figure above is indicative of a purchase for the value of £200,000. Different priced houses will attract different fees from HMLR, we will inform you of the relevant fee at the time of your enquiry. More information, including the full list of fees, can be found on their website www.landregistry.data.gov.uk/fees-calculator.html
Sale - Fees and disbursements
Legal fee
Up to £200,000 - £600.00
£200k - £250k - £650.00
£250k - £350k - £700.00
£350k - £500k - £800.00
£500k - £750k - £900.00
£750k and above - £1,100.00
Official Copies of Registered entries - £6.00 - £18.00
Electronic money transfer fee - £25
VAT payable - 20% (excl disbursements)
Total - £751.00
It is important to note that this is an indicative example of a sale in rural Powys for £200,000. You will need to take into consideration any mortgage that is charged against the property as well as any estate agent fees.
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 my house purchase or sale take?
How long it will take from the offer being accepted until you can move in to or out of 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 5 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 4 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, 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 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)
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 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 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.
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