Our fees cover all of the legal 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).
Conveyancers’ fees depend on the complexity of the transaction. Some of the disbursements depend on the purchase price.
By way of an example a purchase of a £350,000 property would incur the following fees and disbursements.
Conveyancer's fees
| Legal fee | £1850 |
| Electronic money transfer fee | £40 |
| VAT (charged at 20%) | £378 |
| Subtotal | £2268 |
Conveyancing Disbursements
Disbursements are costs related to your purchase 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.
| Search fees (variable according to the location of the property but this is an average cost) | £400 |
| HM Land Registry fee (this is the electronic fee assuming property already registered so will be higher [based on the property value] if grant of a new lease) | £150 |
| Subtotal | £550 |
There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller's solicitors.
| Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between | £25- £50 |
| Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between | £25 and £50 |
| Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between | £150 and £300 |
| Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between | £25 - £100 |
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.
Stamp Duty Land Tax
This depends on the purchase price; whether you are a first time buyer; own another property; or are a non UK resident.
You can calculate the amount you will need to pay by using HMRC's website.
If you are buying for £350,000, not a first time buyer, do not own another property, and are a UK resident, the stamp duty will be £5000.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, the following is an outline of typical stages:
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 8- 20 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 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 4 months. In such, a situation additional charges would apply.
Our example 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;
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We also undertake:
For full details of the services provided by our Residential Property Team, please click here.
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