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CONVEYANCING COSTS – FREEHOLD PROPERTY PURCHASE

PLEASE NOTE THAT THESE PRICES ARE OUR BASIC STANDARD COSTS WHERE CLIENTS HAVE RETAINED THE FIRM VIA A DIRECT APPROACH. CLIENTS SHOULD BE AWARE THAT THE FIRM HOLDS THIRD PARTY CONTRACT AGREEMENTS IN RESPECT OF INTRODUCTIONS WHICH WILL AFFECT OUR PRICING. THESE COSTS WILL BE MADE AVAILABLE TO YOU VIA THE RESPECTIVE THIRD PARTY.

Purchase of a Freehold Residential Property

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, together with the filing of the associated return.

Conveyancer’s fees and disbursements

We suggest discussing your case with us as each case is different and therefore the costs indicated below may be lower or higher than the broad estimates. We may be able to be more specific as to costs.

Our process for the purchase of a freehold residential property with an approximate value of £195,000.00 would typically be as follows:

Breakdown of our charges:- Our Legal Fee Plus vat (at 20%)
Our Legal Fees on purchase £500.00 £100.00
Our Admin charge for electronic payments £18.00 £3.60
Our Fees re Stamp Tax Form £50.00 £10.00

Professional Charges Subtotal: £568.00 plus vat of £113.60 = £681.60

An additional Professional Charge of typically £150.00-£300 (plus VAT at 20%) will be payable for a leasehold property of similar value.

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.

Anticipated disbursements:- Disbursement Plus VAT at 20% (if applicable)
Search Fees £199.58 £39.92
HM Land Registry Fee £7.00 £1.40
Electronic money transfer fee £18.00 £3.60
Bankruptcy search fee (per client) £6.00 £1.20
HM Land Registry registration fee £100.00 n/a
Anti Money- Laundering Check £18.92 n/a

Disbursements Subtotal: £349.50 plus VAT of £44.92 = £394.42

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.

Under the current stamp duty regime, Stamp Duty Land Tax only applies to properties over £250,000 (unless you are subject to paying the higher rate of stamp duty). Stamp duty payable in respect of the purchase of a freehold residential property with an approximate value of £195,000.00 would be nil.

Summary breakdown

Professional Charges       £681.60

Disbursements                £394.42

Stamp Duty:                      £0.00

Total.                           £1076.02.

 

When might these charges change?

 An example of some factors which typically might increase the cost of our services are as follows:

    • If the legal title is unregistered
    • If the legal title is defective
    • If the transaction involves a transfer of part or the grant of a new lease
    • If the property being purchased is a new build
    • If the property is subject to a rent charge
    • If the property is sold subject to tenants
    • If your mortgage lender requires us to comply with additional requirements/conditions
    • If we are instructed to report to third party solicitors instructed by your mortgage lender
    • If you are obtaining financial contributions from third parties, such as a gifted deposit
    • If you are purchasing the property with Help to Buy
    • If the property is subject to an Air Space Lease or solar panels are installed
    • If we are required to deal with a Management Company
    • If you are purchasing through an auction or where tight deadlines to complete are imposed

We would recommend that you contact us to discuss your transaction further should you have any queries.

What’s not included in our charges:

We do not provide tax or financial advice, and our advice is limited to the conveyancing procedure only.

We cannot advise upon or express any opinion as to the commercial merits of the transaction or the value of the property.

We cannot advise upon the physical condition of the property and are not qualified to comment on the contents of any survey obtained. We recommend that you instruct a RICS qualified surveyor to carry out a physical inspection of the property. We would refer you to the RICS Consumer Guide which provides detailed information as to the levels of survey available and their limitations:

https://www.ricsfirms.com/media/1312/home­surveys_consumerguide_23.pdf

A property purchase is one of the biggest investments an individual can make and you ought to obtain the best survey you can afford. 

You should not rely upon your chosen Mortgage Lender’s valuation of the property as there may be defects, omissions, or inaccuracies. Your Lender’s valuation is prepared for the benefit of advising your Lender whether the property is adequate security for their loan. It is not a full survey and does not reveal all problems, if any, with the condition of the property.

We do not provide advice on any issues relating to planning except to report to you on information disclosed by a local authority search and enquiries of the seller. If you require any specialist planning advice, you would need to instruct a specialist planning lawyer or adviser.

 

Who will handle the transaction?
The work will be carried out by a member of the Conveyancing team. They will be available throughout the transaction to answer any queries and to keep you updated on the progress of the transaction.

Our Residential Conveyancing Team

Name Role Hourly Rate
Leo Johnston

Partner & Solicitor

 £250.00
Kirsty Hudson Cilex – Member Paralegal £200.00

All rates are excluding vat at 20%

Timescales

The average process takes between 6-12 weeks however this depends on a number of factors (many of which are outside of our control) such as the length of the property chain and any associated complex issues. The timescales can differ again if you are a first time buyer with a mortgage in principle, buying a New Build property, in which case it can take between 5 – 8 weeks to exchange and then 3 – 6 months until the purchase completes. However if the property is a leasehold property, then this may require a leasehold extension or the purchasing of the Freehold title, in which case it can take significantly longer.
If your transaction is a remortgage then this can take around 3 – 8 weeks.