Conveyancing : Fee Estimate Residential Purchase

Our experience Residential Conveyancing Team are able to offer expert legal and practical advice in all aspects of your transaction.

Legal fees

Our fees cover all the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing 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 average cost for a straightforward freehold residential purchase is between £950 and £4,000 (plus VAT currently 20%).

There are a number of factors that could make the matter more complex which will increase these costs. These can include but not limited to:-

  • Title issues;
  • Restrictive Covenants;
  • Lack of Easements;
  • Obtaining indemnity insurance for lack of documents;
  • All parties to the transaction are cooperative and there is no unreasonable delay from third parties;
  • Preparation of additional documents ancillary to the main transaction;
  • Value of transaction;
  • New build.

Disbursements

Disbursements are costs relating to your matter that are payable to third parties. We will handle payments and disbursements on your behalf to ensure a smooth process. You will be provided with a full list of disbursements in our formal quotation. Typical disbursements will include:-

  • HM Land Registry fees;
  • Electronic money transfer fees £35.00 plus VAT;
  • Searches around £350. The exact amount is dependent on the area in which you are buying;
  • Bankruptcy fee £2.00 per person;
  • Priority Search £3.00;
  • Land Registry Fees £20 - £910 (dependent on transaction value);
  • Title Information Fee.

On a Leasehold purchase you may also incur disbursements payable to the Landlord or their representatives. These disbursements can vary significantly as they depend on what the Landlord charges. You may wish to ask the agent to check this information before you make an offer. Examples of these disbursements include:-

  • Notice of Transfer fee – This fee is chargeable is set out in the Lease. Often the fee is between £10 - £250;
  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £0 and £150;
  • 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 £50 - £250;
  • Certificate of Compliance fee – to be confirmed upon receipt of the Lease, as can range between £10 and £150.

Stamp duty

The amount payable depends on the purchase price of your property. You can calculate the amount you will need to pay by using the HMRC website or if the property is located in Wales by using the Welsh Revenue Authority’s website.

How long will my house 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 12 – 16 weeks from acceptance of an offer to completion and final registration of a purchased property with the Land Registry.

It can be quicker or slower depending on the parties in the chain.

Stages of the Processes

The precise stages involved in a purchase of a residential property vary accordingly to the circumstances. As part of the process we will:

  • Take your instructions and give you initial advice;
  • Undertake regulatory checks;
  • Check finances are in place to fund purchase;
  • Check title documentation to ensure the correct party is the Seller;
  • Receive contract documents;
  • Carry out searches and submit enquiries to the Seller’s solicitor;
  • Give you advice on all documents and information received;
  • If applicable, go through conditions or 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 money needed to be received from your lender;
  • Complete purchase;
  • Deal with payment of Stamp Duty/Land Tax and submit an application for registration at Land Registry.

The Team

Our Residential Property Team is led by Annabelle Vaughan, a partner, who has over 35 years of post qualification experience in dealing with all residential property matters. She is supported by a strong team of skilled and experienced individuals.

FOR MORE INFORMATION ABOUT USING OUR PROFESSIONAL SERVICES FOR RESIDENTIAL PROPERTY MATTERS PLEASE GET IN TOUCH EITHER BY TELEPHONE OR EMAIL. OUR TEAM WOULD BE DELIGHTED TO SPEAK TO YOU.