Purchase of Freehold Residential Property
Our fees cover all work required to complete the purchase of your 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.
Conveyancer’s Fees
Our fees for freehold purchases typically range between £895.00 – £5,000 plus VAT and disbursements
Other things to take into consideration
Where a lender, who operates on lender exchange, is involved then the costs are as quoted above, however, if the lender does not exist on lender exchange and we can act then there may be a surcharge for acting to be decided by the fee earner if appropriate at the time.
If the purchase involves bridging finance or is a company purchase of a dwelling, again, an up lift will be agreed between the fee earner and client to reflect any additional work/time constraints presented by such a situation.
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We will handle the payment of the disbursements on your behalf to ensure a smoother process.
Purchase disbursements may include the following, our quote to you will include the relevant disbursements that apply to your specific matter:
| Administration fee for Money Laundering identity check and file set up | £35.00 – £50.00 plus VAT per person |
| Unregulated Search Pack | £300.00-£700.00 for basic searches such as Local (with relevant optional enquiries), Environmental, Water & Drainage and Coal Mining (where the area dictates) |
| HM Land Registry Fee – Official Search of the Whole/Part | £3.90 per title involved |
| Lawyer check | Up to £50.00 plus VAT |
| Electronic Title check | £40.00 plus VAT |
| HM Land Registry – Bankruptcy Search | £7.80 per name on Title documents |
| Mortgage Administration fee | £35.00 – £150.00 plus VAT (dependant on Lender and work required) |
| Bank Fee (each transfer) | £35.00 plus VAT |
| Source of Funds fee | £30.00 – £100.00 plus VAT |
| Pre-completion Searches (Title/search review) | £25.00 |
| Stamp Duty Land Tax Administration fee | £55.00 – £100.00 plus VAT |
| Stamp Duty Land Tax (SDLT)/Land Transaction Tax (LTT) | This can vary – please follow this link to the appropriate calculator: |
| HM Land Registry – Registration Fee | This can vary – please follow this link to the appropriate calculator: |
| HM Land Registry and SDLT Submission fee | £8.00 plus VAT per submission |
| ECOS | £15.50 per person |
| Post Completion fee | £60.00 plus VAT |
| Infotrack portal fee | £125.00 plus VAT |
| LMS portal fee (if your lender is on the LMS platform) | £35.00 – £50.00 plus VAT |
| Gifted deposit fee | £200.00 per gift |
| Lifetime ISA or Help to Buy ISA | £50.00 plus VAT per ISA |
If you have any difficulty using the Stamp duty or HMLR calculators or are unsure about how to use the calculators, please contact the lawyer dealing with your matter
Additional Fees that may apply (which will be advised to you)
| First registration/New Title fee
|
£250.00 plus vat
|
| Bridging Finance | From £450.00 plus VAT
|
| Acting for a Mortgage Lender | From £125.00 plus VAT
|
| Mortgage Lender TT Fee | £35.00 plus VAT
|
FAQ’s
Freehold Residential Property Purchase
How Long will it take?
The time it will take from your offer being accepted until you can move into your house will depend on several factors. The average process takes between 8 – 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 new build property with a mortgage in principle, it could take 3 – 6 months.
What are the Stages of the process?
The stages involved in the purchase vary according to the circumstances 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
- Complete and submit the application for registration at HM Land Registry
Purchase of Leasehold Residential Property
Our fees are as above Legal fees as above, plus supplement of £125.00 – £300.00 plus VAT (depending on the type of leasehold and work involved)
It is difficult to list all the disbursements involved with leasehold property until we have received the contract pack. We are then in a better position to advise of these.
Management Company and other possible disbursements
| Fee for Notice of Transfer/charge to landlord/superior landlord
|
£100.00 – £300.00 plus VAT |
| Deed of Covenant registration fee as prescribed in the Lease or by the Landlord/Superior Landlord
|
£100.00 – £300.00 plus VAT |
| Certificate of Compliance fee | £100.00 – £300.00 plus VAT
|
| Transfer of a share in Management Company | £100.00 – £300.00 plus VAT
|
| Membership application in a Management Company | £100.00 – £300.00 plus VAT
|
| Registration of transfer with management company/rent charge owner/Landlord | £100.00 plus VAT |
| Service charge retention | £150.00 plus VAT |
| Dealing with a restriction on title | £150.00 plus VAT |
How long will it take?
The time it will take from your offer being accepted until you can move into your house will depend on several factors. The average process takes between 8-10 weeks.
It can be quicker or slower, depending on the parties in the chain and if there is a management company/landlord involved or it requires an extension of the lease, this can take significantly longer. In such, a situation additional charges would apply.
What are the stages of the process?
The precise stages involved in the purchase of vary according to the circumstances. 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
- Receive and advise on lease
- 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
- Check that any leasehold rent payments are up to date
- Check any management fees are up to date
- Send final contract to you for signature
- Draft Transfer
- Advise you on joint ownership
- Obtain pre-completion searches
- 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
- Complete and submit the application for registration at HM Land Registry
Our fee assumes that:
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 documentation
