Purchase of a freehold residential property
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.
Our fees for standard transactions are charged on a fixed fee basis and will depend upon the purchase price of the property that is being bought. The table below provides detail of this:
| Purchase Price | Conveyancer's Fees |
|---|---|
| Up to £250,000 | £1,300 plus VAT @ 20% |
| £250,000 - £500,000 | £1,525 plus VAT @ 20% |
| £500,000 - £800,000 | £1,725 plus VAT @ 20% |
| £800,000 + | 0.25% of the purchase price plus VAT @ 20% |
| Completion of SDLT return (stamp duty) | £125 plus VAT @ 20% |
| Our fees for acting for your mortgage lender | £375 plus VAT @ 20% |
| Our fees for telegraphic transfer of funds | CHAPS £50 plus VAT @ 20% BACS £25 plus VAT @ 20% |
| Our fees for onboarding you as a client and verifying your identity | £20 plus VAT @20% |
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. This list is not exhaustive and other disbursements may apply. We will update you on the specific fees upon receipt and review of the draft contract papers from the seller's solicitors.
- HM Land Registry scale fee: between £20.00 and £500.00 dependent on property value and whether registered or unregistered.
- Search fees: these vary depending on the circumstances but are typically around £250.00 plus VAT @ 20%
Stamp Duty or Land Tax
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. Or if you would like us to calculate this for you please do not hesitate to contact us.
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 12 - 16 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 to the process:
- Onboard you as a client of the practice by verifying your identification
- 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 solicitors
- Give you advice on all documents and information received
This initial stage should take 4 weeks to complete.
- Go through conditions of mortgage offer with you
- Send final contract to you for signature
This stage should take 2 weeks to complete
- 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
This stage should take 2 weeks to complete.
- Deal with payment of Stamp Duty/Land Tax
This stage should take 1 week to complete.
- Deal with application for registration at Land Registry
This stage should take 2 weeks to complete.
All the timings above may vary if there are delays by third parties and other factors beyond our control.
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
- you are purchasing your home as an individual not through a company or trust
- the transaction is concluded in a timely manner and no unforeseen complications 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
- the property is registered at the Land Registry