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 with the payment of Stamp Duty Land Tax (Stamp Duty)
Example for a Freehold purchase of £150,000 this estimate does not include Help to Buy Scheme or New Build properties.
- Legal fee £550.00
- Search fees £200.00 approx.
- HM Land Registration fee £95.00
- Stamp duty land tax, £500. (Not payable by a first-time buyer)
- CHAPS fee for bank transfer £36.00
- VAT payable on fees £110.00
- Mortgage lender fee £12.00
- Estimated total = £1503.00
Fees for properties that were more expensive would increase to reflect our responsibility, between £200,000 and £250,000 our fee would be £625, between £251000 to £300,000 it would be £650 and over £350,000 it would be £750. All plus VAT and disbursements. Between Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We hand the payment of the disbursements on your behalf to ensure a smoother process.
Stamp Duty or Land Tax depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC's website.
Our fees are not fixed and may vary once we know your individual circumstances. The fees above vary from property to property and can on occasion be significantly more than the ranges given above. We can give you a more accurate figure once we have sight of your specific documents.
How long your house purchase 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 to 8 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 6 weeks. However if you are buying a leasehold property that requires an extension of the Lease this can take significantly longer between 2 and 3 months. In such a situation additional charges would apply.
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages of the transaction:
- Take your instructions and give you initial advice
- ID and money laundering regulation formalities
- Receive and advise, review Contract documentation
- Send you a plan for confirming and applying for searches
- Raise enquiries with the sellers solicitor and await their satisfactory responses
- Raise further enquiries once searches are received if necessary
- Receive Mortgage documentation and review
- Report to you on all documentation
- Prepare Completion Statement
- Prepare documentation for signature and attend you to sign and go through the paperwork
- Agree completion dates
- Exchange Contracts and notify you that this has happened
- Arrange for all monies needed to be received from the lender and you
- Complete the purchase
- Deal with the payment of Stamp Duty
- Deal with the application for registration at the Land Registry
- Send to you finalised official copy of the title register showing you as the new owner
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