Residential Conveyancing - Buying
Legal fee from £1,000 plus VAT at 20% plus disbursements. We will agree a fixed fee with you before our work is commenced.
We will also charge a fee for acting for your lender at £300 plus VAT at 20% and 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 do not pay any referral fees.
Relevant searches £TBC (depending on the local authority where the property is situated).
Bankruptcy search £2.
Land Registry Search £3 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 see following link to ascertain the rates applicable:- https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
Land Registration fees - these are dependent on the value of the property being purchased. See the following link for the current 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 6 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.
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 stages involved in the purchase of a residential property vary according to the circumstances. However, below are some key stages which may be applicable:
● Take your instructions and give you initial advice
● Provide you with a dedicated and experienced Solicitor to work on your matter
● Check finances are in place to fund purchase and contact lender's solicitors if needed
● Receive and advise on contract documents
● Once we have all the draft papers, depending on where you live, we endeavour to see you face to face, in the office, to go through all of the 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
● Acting for your lender (if applicable)
● 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
● Deal with application for registration at Land Registry
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 £75 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 £75 and £150 plus VAT
● Deed of Covenant fee – this fee is provided by the management company/ landlord for the property. Often it is between £75 and £150 plus VAT
● Certificate of Compliance fee - to be confirmed upon receipt of the lease, as it can range between £75 to £150 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.