Cost Information: Freehold Purchase
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.
We will provide you with a quotation based on the particular circumstances of your purchase and our fees will take into account any unusual or complex matters that are likely to be encountered.
By way of example, for the purchase of a registered freehold property valued at £250,000 with a registered title our fees would be £800 plus VAT of 20%.
- Search fee - £230
- Land Registry fee - £100 to £295
- Electronic money transfer - £34.80
- BACS - payment of £15.00 for stamp duty
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.
If we are required to send funds by BACS/Bank Transfer, an administrative fee may have to be charged.
Disbursements may be chargeable for VAT at 20%.
Stamp Duty or Land Tax (on purchase)
The amount of Stamp duty you may have to pay depends on a number of factors; e.g. the purchase price of your property, whether you are a first time buyer or if you are buying a second 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 take?
This will depend on a number of factors, the average process takes between 8-12 weeks.
It can be quicker or slower, depending on the number of parties in the chain. For example, if you are a first time buyer, purchasing an empty 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 3 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:
- Taking your instructions and giving you initial advice
- Checking finances are in place to fund the purchase and contacting the lender's solicitors if needed
- Receiving and advising on contract documents
- Carrying out searches
- Obtaining further planning documentation if required
- Making any necessary enquiries of the seller's solicitor
- Giving you advice on all documents and information received
- Going through conditions of the mortgage offer with you
- Sending final contract to you for signature
- Drafting the Transfer
- Advising on joint ownership
- Agreeing a completion date (the date from which you own the property)
- Exchanging contracts and notifying you that this has happened
- Arranging for all monies needed to be received from your lender and you
- Completing the purchase
- Dealing with payment of Stamp Duty/Land Tax
- Dealing with application for registration at H M 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 not a purchase under right to buy, a purchase at auction or the purchase of a property that has been repossessed
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.
Any additional work will either be carried out at an additional fixed fee or at an hourly charging rate of £95 plus Vat.
We will be happy to discuss our fees and your particular requirements in more detail with you before you make a decision whether or not to instruct us.