Fees – Purchase of a Freehold Residential Property
Our Team
Our team is made up of two experienced Solicitors. The team is supervised by Leona Bulmer (Partner/Member).
Legal Fees
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.
Range of Fees
£540-£2,400.00 (including VAT). This depends on the value of the property and the complexity of the transaction. Our hourly rate is £160 per hour plus VAT.
Examples:
Value of Property Legal Fee
Buy to Let Commercial Purchase fee £720 inc VAT
Buy to Let mortgage Fee £120 inc VAT
Lenders Solicitors fees £250 inc VAT
Plus
New Build Fee £250.00 (including VAT)
Help to Buy Mortgage Fee £240.00 (including VAT)
Help to Buy ISA fee £ 60.00 (including VAT)
SDLT Submission Fee £ 60.00 (including VAT)
Mortgage fee £ 60.00 (including VAT)
Accounts Administration Fee £ 42.00 (including VAT)
Companies House Submission fee £ 25.00 (including VAT) approx
Declaration of Trust approx. £180.00 (including VAT)
Gifted Deposits £ 114.00 (including VAT)
Shared Ownership £300.00 (including VAT)
Buy to let fee (tenanted) £120.00 (including VAT)
Deed of Variation £300 (including VAT)
Unregistered land £300 (including VAT)
Shared ownership £300 (including VAT)
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 likely Disbursements are:
- Land Registry Search Fees £3.00 plus VAT
- Local Search, Water & Drainage Search, Environmental Search £154.00 (approx. including VAT)
- Company Search if Ltd Company purchase approx. £30.00
- Bankruptcy Search Fee £2.00 per client plus VAT
- Anti Money Laundering/ID Search £15.00 per client (including VAT) Approx
- HM Land Registry Fee £20.00-£540.00 (depending on the value of the property). You can calculate the amount of Land Registry fees by using the Land Registry’s website at www.landregistry.data.uk/feescalculator
- LMS Fee £42.00 various depending on lender (including VAT)
Referral Fee (if any)
If you are referred to us we may pay a referral fee. Full information will be provided to you in our client care information. Any referral fees are payable by us and not by you.
Stamp Duty or Land Tax (on purchase)
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website at www.gov.uk/stamp-duty-land-tax or if the property is located in Wales by using the Welsh Revenue Authority’s website at www.beta.gov.wales/land-tranaction-tax
Please note SDLT is subject to change due to the amendment of stamp duty rules by the government . We will calculate the stamp duty rate applicable for your purchase price detailing stamp duty payable at the time of the quote, this could be subject to change in line with government guidelines in place at the time of legal completion.
SDLT will be calculated in our quote to you and a calculation sent to you to check as the purchase progresses.
Company purchases and anyone buying a second/additional home , will attract Higher Rate SDLT.
Here is the HMRC link for you to view information:
https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property
Stages of the Process
The precise stages involved in the purchase of a residential property vary according to the circumstances.
The following are key stages:
- 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
- Send final contract to you for signature
- Draft Transfer
- Advise you on joint ownership
- Obtain pre-completion searches
- 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
We have outlined an estimate of costs above. If you wish to discuss your case then please contact us and we will be able to provide a specific costs estimate for your matter. If you decide to instruct us then full costs information will be given at the beginning of your matter.
How long will my house 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 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 months. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 6 and 12 months. In such a situation additional charges would apply.
*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
- The transaction is concluded in a timely manner and no unforeseen complication 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.
