The stages involved in the purchase of any residential property will vary according to the circumstances, however, the key stages which we will carry out are set out below:
Scope of Work
- Take your instructions and give you initial advice and quotation
- Setting up your file
- Checking and processing your instructions and carrying out identity and anti-money laundering checks
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Receive and advise on contract documents
- Carry out searches and checking results
- Obtain further planning documentation if required
- Make any necessary enquiries of seller’s solicitor
- Give you advice on all documents and information received
- Reviewing the conditions of mortgage offer with you
- Agree completion date (date from which you own the property)
- Send a final contract to you for signature and request for the deposit
- Exchange contracts and notify you that this has happened
- Obtain pre-completion searches
- 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 HM Land Registry
- Serve any post completion notices
- Closing and storing your file for up to 6 years
Costs for Residential Property Purchase
To provide you with certainty, we offer a fixed price service which is based upon the price of the property you are purchasing and ranges from £685 to £1375 for properties of a value of up to £1 Million Pounds.
Property values of more than £1M will be charged based on the individual circumstances and property concerned and we will always discuss the further details with you before confirming our fee quote.
The fees set out below are based on a number of assumptions, which are:
- This is a standard transaction and 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 or raising additional enquiries with a management company where a rent charge or service charge applies.
- If the property is leasehold, this is the assignment of an existing lease and is not the grant of a new lease.
- 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 documents.
- No indemnity policies are required. Additional disbursements will apply if indemnity policies are required.
- The client does not live abroad or if in the UK does not require home visits.
- The property/land is Registered
Additional work may need to be carried out on your purchase which we are not aware of at the outset but which leads to an increase in our legal fees and/or the third party expenses which you will need to pay. If any such additional costs arise we will tell you about them as soon as possible.
Our Professional fees and disbursements
Legal fee
| Purchase | Price |
|---|---|
| Up to £150,000 | £685 |
| £150,001 – £200,000 | £715 |
| £200,001 – £250,000 | £765 |
| £250,001 – £300,000 | £770 |
| £300,001 – £400,000 | £825 |
| £400,001 – £500,000 | £990 |
| £500,001 – £600,000 | £1070 |
| £600,001 – £700,000 | £1100 |
| £700,001 – £800,000 | £1200 |
| £800,001 – £900,000 | £1320 |
| £900,001 – £1M | £1375 |
+VAT @20%
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 or if the property is located in Wales by using the Welsh Revenue Authority’s website. You can work out what you will need to pay in respect of such tax using one of the following links: Tax Calculator (England) or Tax Calculator (Wales)
Disbursements
These are costs related to your matter that are payable to third parties, such as Land Registry fees.
On a purchase transaction, typical disbursements include:
Freehold Purchases
| Additional charges | Price |
|---|---|
| Searches | £250 (This is an estimate and may vary) |
| e-conveyance charge | £25-£30 |
| Final search | £20 |
| Chaps Bank Fee | £15 |
| Bank transfer admin fee | £15 |
| Lawyer Checker | £18 |
| Electronic ID Search (per person) | £6 |
| Mortgage lender panel fee | £30 |
| Stamp Duty or Land Tax filing fee | £95 |
| Stamp Duty or Land Tax | depending on situation |
| Land Registry Fee | depending on situation |
Leasehold Purchases:
| Additional charges | Price |
|---|---|
| Bankruptcy search | £2 per name |
| HMLR Final search | £3 per registered title and £2 per name is unregistered |
| HM Land Registry Fee | depending on value |
| Search Pack | £175.00-£250.00 (varies depending on the Local Authority in which the Property is situated) Our standard search pack would include the following: Local Authority Search, Drainage & Water Search and Environmental Search |
| Notice of Transfer fee | £75.00 to £400 (The precise amount of the fee will depend upon what the lease says and the costs charged by the landlord or their managing agents. We will not know the precise amount until after we have seen the lease and any other relevant paperwork. |
| Notice of Charge fee | £75.00 to £400 again as above. |
| Deed of Covenant fee | £75.00 to £400 again as above. |
| Certificate of Compliance fee | £75.00 to £400 again as above. |
| Stamp Duty or Land Tax filing fee | £95 |
| Stamp Duty or Land Tax | depending on situation |
| Land Registry Fee | depending on situation |
A complete list of additional fees and disbursements can be found here.
Example price – For illustrative purposes only
Based on a freehold purchase price of £400,000 and you are first time buyer with no other properties in the UK or abroad.
Our Professional fees and disbursements
Legal fee
| Our fees | £825 plus VAT £165 = £990 |
| Searches | £250 |
| e-conveyance charge | £30 |
| Final search | £20 |
| Chaps Bank Fee | £15 |
| Bank transfer admin fee | £15 |
| Lawyer Checker | £18 |
| Electronic ID Search (per person) | £6 |
| Mortgage lender panel fee | £30 |
| Stamp Duty or Land Tax filing fee | £95 + VAT |
| Sub-total | £1488 |
| Stamp Duty Land Tax | £5000 (5% over a purchase price of £300,000) |
| HM Land Registry fee | £135 |
| Estimated total | £6623 |
How long will my house purchase take?
This can depend upon a number of factors including things like the length of the chain of transactions and how quickly parties in the chain conduct and complete any of their individual responsibilities. In our experience the average timescale is between 6 to 10 weeks for a freehold property. Please be aware that it can often be the case that a conveyancing chain will only move as quickly as the slowest person in it.
| Extra | Price |
|---|---|
| Help to Buy ISA | £50 |
| New Build | TBC |
| Help to Buy Equity Loan | £385 |
| Leasehold | £220 |
| Shared Ownership | £220 |
Referral Fees:
On some occasions, we may have paid what is known as a referral fee to the person/company who introduced or referred your business to us such as an Estate Agent or Mortgage Broker. If we have, we will tell you this from the outset.
Some Solicitors and Licensed Conveyancers will add this fee to the amount they charge their clients. We will not do this to our clients.
