Sale
or Purchase
Our
fees cover all of the work required to complete the sale or purchase of your
property, including the payment of Stamp Duty Land Tax (Stamp Duty)/Land
Transaction Tax (Land Tax) and Registration at the Land Registry.
Our
fees for sale, purchase or re-mortgage depend on the nature and value of the
property you are buying or selling, or the new loan being taken.
Our
fees are listed below.
Freehold
sale transaction (for leasehold add £300 plus VAT)
Sale
Price Legal costs
exclusive of VAT
Under £300,000.00 £ 1 200
£300,001.00-£400,000.00 £ 1 300
£400,001.00-£500,000.00 £ 1 400
£500,001.00-£649,000.00 £ 1 500
£649,001.00-£799,000.00 £ 1 650
£799,001.00-£1,000,000.00 £ 1 800
£1,000,001.00-£1,499,000.00 £ 2 050
£1,500,000+ 0.14% of sale price
Freehold
purchase transaction (for leasehold add £300 plus VAT)
Purchase
Price Legal costs exclusive of VAT
Under £300,000.00 £ 1 300
£300,001.00-£400,000.00 £ 1 400
£400,001.00-£500,000.00 £ 1 500
£500,001.00-£649,000.00 £ 1 600
£649,001.00-£799,000.00 £ 1 700
£799,001.00,-£1,000,000.00 £ 1 900
£1,000,001.00-£1,499,000.00 £ 2 150
£1,500,000.00+ 0.15% of purchase price
Transactions classed as NEW BUILD, HELP TO BUY, or SHARED OWNERSHIP - Additional fee of £500 plus VAT (each)
Freehold re-mortgage transaction (for leasehold add £ 300 plus VAT)
Price
Under
£500,000.00 £ 750.00
Under £750,000.00
£ 1000.00
Over £750,001.00
£ 1 250.00
A
full quote can be obtained from our website. This will also provide details in
respect of anticipated disbursements. 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.
The
disbursements vary from property to property. We can give you an accurate
figure once we have sight of your specific documents.
Below
is a list of disbursements likely to be incurred in each type of transaction:
Sales
Land
Registry searches From £6.00
Bank
transfer fee £30.00 plus VAT (each)
Management
pack (leasehold only) £250.00-£500.00 (estimated)
Purchases
Stamp
duty Calculated on purchase
price/Buyer's circumstances
Land
Registration fee Calculated on purchase price
£20.00-£910.00
Land
Registry searches £2.00-£7.00
Bank
transfer fee £30.00 plus VAT (each)
SDLT
return fee £100.00 plus VAT
Search
pack £200.00-£450.00
(estimated)
Freeholder
registration fee £50.00-£200.00 (estimated)
(leasehold
only)
For
leasehold properties you should also be aware that ground rent and service
charge fees are likely to apply throughout your ownership of the property. We
will confirm the ground rent and the anticipated service charge as soon as we
receive this information.
Our
fees assume 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. The transaction is
concluded in a timely manner and no unforeseen complications arise.
c. All parties to the
transaction are cooperative and there is no unreasonable delay from third
parties providing documentation.
d. No indemnity policies
are required. Additional disbursements may apply if indemnity policies are
required.
Typically
our charges will increase if, for example, the following factors apply:
·
There
is an unusual mortgage - particularly if that lender will not instruct us to
deal with their requirements and we need to liaise with third party solicitors
acting for the lender.
·
The
sale includes a new build element or setting up new leases.
·
There
are multiple owners and you require a trust deed or similar arrangement put in
place between the parties.
·
The
purchase or sale involves a shared ownership scheme.
·
You
are using a help to buy scheme, and whether it is an equity loan or ISA.
This
list is not exhaustive but if complicating factors arise we will contact you to
agree a new quote before progressing.
Explanatory
Notes
VAT
VAT
is payable at the prevailing rate, currently 20% on our fees and on any
disbursements which are subject to VAT.
Land
Registry Registration Fees
This
depends on the purchase price of your property. You can calculate the amount
by using the HMLR Fee Calculator on the HMLR website
(https://landregistry.data.gov.uk/fees-calculator.html).
Stamp
Duty/Land Tax
This
depends on the purchase price of your property. You can calculate the amount
you will need to pay by using the HMRC Stamp Duty calculator on HMRC's website
(https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax) or if the
property is located in Wales by using the Welsh Revenue Authority Stamp Duty
Calculator on the Welsh Revenue Authority's website
(https://beta.gov.wales/land-transaction-tax-calculator).
Stages of the Process The precise stages involved in the purchase or sale of a residential property vary according to the circumstances. However, below are some of the key stages on a purchase:
• Take your instructions and give you initial advice.
• Check finances are in place to fund the 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 the 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.
• 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 the lender and you.
• Complete purchase.
• Deal with payment of Stamp Duty/Land Tax.
• Deal with application for registration at Land Registry.
On a sale we would typically:
• Take your instructions and give you initial advice.
• Obtain your title deeds.
• Arrange for you to complete the pre-contract enquiries.
• Prepare the draft contact documents.
• Obtain further planning documentation if required.
• Deal with any necessary additional enquiries from the buyer's solicitor.
• Send final contract to you for signature.
• Agree completion date (date from which you vacate the property).
• Exchange contracts and notify you that this has happened.
• Arrange for the mortgage(s) on the property to be redeemed.
• Obtain and pay the estate agents fee.
• Complete the sale.
• Account to you for the net proceeds.
On a re-mortgage we would typically:
• Take your instructions and give you initial advice.
• Obtain redemption statement from existing lender.
• Deal with the new lender's requirements.
• Reporting to the lender and requesting funds.
• Agree completion date with you.
• Complete the re-mortgage.
• Redeem any charges on the property.
• Report to you with the net proceeds.
• Deal with application for registration of the new charge at Land Registry.
• For leasehold properties (deal with notice of charge).
How lonq will my conveyancing take?
How long it will take from your offer being accepted until you can move in/out of your house will depend on a number of factors. The average conveyancing process nationwide takes between 10-12 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 6 weeks. However, if you are buying or selling a leasehold property it often takes longer because we tend to wait for management/freeholder information. This may take nearer the 10-12 week average or longer. Factors can complicate any transactions, for example if the lease you are buying or selling requires an extension of the lease, this can take significantly longer, between 2-4 months. In such a situation additional charges would apply (normally around £750 plus VAT for the lease extension if combined with the sale/purchase). Typically, a re-mortgage will take 3-5 weeks.