Our fees are determined by the value or price of the property and therefore the associated risks involved in the transaction. Where the value of the property exceeds £1M the fee will need to be agreed directly with the firm.
Property Purchase Price
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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.
- Legal fee (see scale above) ... say £500
- Search fees (local/environmental/mining & water) - £178.00
- Land Charge official search - £3.00.
- HM Land Registry fee (refer to scale) between - £40 [up to £540 where value £500 > £1M]
- Bankruptcy search (mortgage and RTB only) - £2 [per name]
- Electronic money bank transfer fee (incl VAT) - £6 [£18 for transfers over £250K]
- VAT payable - £100
Estimated total: - £846.99
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.
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 here.
Estimated total (based upon a purchase price of £300K and the property is not a 2nd home and not the buyers 1st purchase) would be £5846.99 inclusive of £5K Stamp Duty Land Tax.
How long will my house purchase take?
How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 8 > 12 weeks from initial instructions to completion.
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 26 weeks depending upon the anticipated build completion date. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such a situation additional charges would apply.
You should note that it can take a further 6 > 10 weeks for the Land Registry to complete registration of the property into your name.
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
- 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
- Deal with application for registration at Land Registry
- Report to you the outcome of the transaction