Please note that the costs information given is generic and more precise and personalised information will be provided in your Client Care Letter and as your matter progresses. Should you wish to discuss this in more detail then please contact Martin Gaffney or Lynn Wallis at our Rothwell office or mail@ at our Ilkley office.
Our fees cover all of the work required to complete the purchase of your new home*, including dealing with its registration at the Land Registry and dealing with 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.
Our fees and disbursements
- For a Freehold Residential Property
• Legal fee £820.00 plus VAT where the property is up to £500,000.00, Legal fee £950.00 plus VAT where the property is up to £1 milion, Legal fees £1200.00 plus VAT where the property is over £1 million - • Search fees, these depend on where you are buying your property, as they can vary from Local Authority to Local Authority
• HM Land Registry fee, this depends on the value of the purchase price of the property
• Electronic money transfer fee £35.00 plus VAT - Stamp Duty Form Submission £35.00 plus VAT
- If you have a Help to Buy ISA then the charge for redeeming this is £75.00 plus VAT per person
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.
- For a Freehold Residential Property – New Build
- Legal fee £950.00 plus VAT where the property is up to £500,000.00, Legal fees £1200.00 plus VAT where the property is up to £1 million, Legal fees 1500.00 plus VAT where the property is over £1 million
• Search fees, these depend on where you are buying your property, as they can vary from Local Authority to Local Authority
• HM Land Registry fee, this depends on the value of the purchase price of the property
• Electronic money transfer fee £35.00 plus VAT - Stamp Duty Form Submission £35.00 plus VAT
- If you have a Help to Buy ISA then the charge for redeeming this is £75.00 plus VAT per person
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.
- For a Leasehold Residential Property – New Build
- Legal fee £950.00 plus VAT where the property is up to £500,000.00, Legal fees £1200.00 plus VAT where the property is up to £1 million, Legal fees 1500.00 plus VAT where the property is over £1 million
- Search fees these depend on where you are buying your property, as they can vary from Local Authority to Local Authority
• HM Land Registry fee, this depends on the value of the purchase price of the property
• Electronic money transfer fee £35.00 plus VAT - Stamp Duty Form Submission £35.00 plus VAT
- If you have a Help to Buy ISA then the charge for redeeming this is £75.00 plus VAT per person
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.
- For a Leasehold Residential Property
- Legal fee £950.00 plus VAT where the property is up to £500,000.00 if more please ask
• Search fees, these depend on where you are buying your property, as they can vary from Local Authority to Local Authority
• HM Land Registry fee, this depends on the value of the purchase price of the property
• Electronic money transfer fee £35.00 plus VAT - Stamp Duty Form Submission £35.00 plus VAT
- If you have a Help to Buy ISA then the charge for redeeming this is £75.00 plus VAT per person
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.
There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
Anticipated Disbursements for Leasehold Transactions*
• Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £100.00 and £150.00.
• Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £100.00 and £150.00.
• 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 £100.00 and £200.00.
• Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £100.00 and £150.00.
*These fees 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 your 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 (on purchase)
This depends on the purchase price of your property. Other factors to take into account are whether you own other property or are a First Time Buyer. 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 6 to 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 12 weeks.
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 fee assumes that:
a. 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
b. this is the assignment of an existing lease and is not the grant of a new lease
c. the transaction is concluded in a timely manner and no unforeseen complications arise
d. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
e. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.