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Residential Conveyancing - Buying


BUYING

Our fees

We would estimate our fee to be 0.25% of the purchase price subject to a minimum of £950 plus VAT at the current rate plus disbursements.

 

We also charge for remitting funds by telegraphic transfer at £50 plus VAT for each transfer.

 

 

We will also charge a fee for acting for your lender from £250 plus VAT and disbursements. These are estimated and may increase depending on your lender’s requirements.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees and land registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

We would carry out various conveyancing searches and we would estimate the cost of these to be between £500 plus VAT to £750 plus VAT depending on where the property is located and any additional searches that may need to be carried out.

 

 

 

Bankruptcy search £2 plus VAT name.

 

Land Registry Search £3 plus VAT per title.

 

Stamp Duty Land Tax - this is dependent on the value of the property and whether you own any other property anywhere else in the world. Please go to the following link to ascertain the rates applicable:-

https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

A separate regime exists for property situated in Wales. Please follow the following link for further information.

https://gov.wales/funding/fiscal-reform/welsh-taxes/land-transaction-tax/?lang=en

 

Land Registration fees - these are dependent on the value of the property being purchased. Please go to the following link for the current fees:-

https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

 

 

Additional Legal Services

The above is based on a standard freehold purchase. If you are buying a leasehold property, new build, or purchasing with the assistance of Help-to-Buy or Shared Equity or if there are any aspects of additional legal work to undertake further fees may be payable. We will advise you of any additional fees as soon as we are able.

 

 

How long will my 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 to exchange contracts.

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 longer depending on the stage reached in the construction of the development.

However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 1 and 6 months. Again this will be dependent on other variable factors of such a transaction. 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 mention some key stages which may be applicable:

  • 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

  • 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 or its equivalent in Wales

  • Deal with application for registration at Land Registry

 

 

 

Leasehold Property

 

In addition to additional fees for acting on a leasehold purchase there would be further anticipated disbursements* in respect of leasehold property:-

  • Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £60 to £150 plus VAT.

  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £60 and £150 plus VAT.

  • Deed of Covenant fee – This fee is provided by the management company/landlord for the property and can be difficult to estimate. Often it is between £100 and £200 plus VAT.

  • Certificate of Compliance fee - To be confirmed upon receipt of the lease, as it can range between £150 to £200 plus VAT.

*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 will 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.

Whilst every effort has been made to ensure the above fees are accurate we reserve the right to raise further charges if the complexity or amount of work involved exceeds levels anticipated at the outset. Please note that the cost of disbursements are subject to any increases (which are out of our control) which may be imposed by third party suppliers, or if some of the information on which our quotation is based proves later to be incorrect. Our fees are applicable only to property situated in England and Wales.