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.
The precise stages involved in the purchase of a residential freehold or leasehold property vary according to the circumstances. However, the list below highlights the main stages which may be included in our work:
Our fees are based on the value of the property to be purchased. As an example our fees and disbursements** for a £180k freehold purchase are as set out below;
|Electronic ID verification fee (if we haven’t acted for you in last 3 years)||
|Electronic money transfer fee||
|VAT payable on fees||
|HM Land Registry fee (registered title)||
Unlike some firms we do not charge an additional legal fee for dealing with your mortgage. We also do not pay referral fees to estate agents or third parties.
Please note that if the property is leasehold a further legal fee of £300 + VAT (£360 in total) will be charged for the extra work involved in dealing with the leasehold aspect. If you are buying using a Help to Buy Equity Loan there will be additional legal fees of £250 + VAT (£300 in total) to reflect the extra work involved in dealing with these loans.
* The above estimated fees are given on the basis that the following points apply;
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 (https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro) or if the property is located in Wales by using the Welsh Revenue Authority’s website (https://beta.gov.wales/land-transaction-tax-calculator).
Estimated total £1,100 (This figure is based upon a purchase of a freehold residential property in England for £180,000 by an individual or couple using the rates in force in November 2018. It assumes that no other properties are owned by the buyer(s) and the buyer(s) are not first time buyer(s).)
Anticipated Disbursements ** (for leasehold properties only)
There are certain disbursements which will be set out in the individual lease relating to the Property. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors as these disbursements can on occasion be significantly more than the ranges we have given. The disbursements which we anticipate will apply are set out below. This list is not exhaustive and other disbursements may apply depending on the terms of the lease.
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 we receive this information.
** What are Disbursements?
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
How long will my house purchase/sale or remortgage 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 6-12 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 completed new build property with a mortgage in principle, it could take 6-8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 6 months. In such, a situation additional charges would apply.