SRA Transparency Residential Property

Our fees cover the necessary work to complete a sale or purchase, including registration at the Land Registry and payment of Stamp Duty Land Tax (Stamp Duty) for properties in England, or Land Transaction Tax (Land Tax) for properties in Wales.

Fees Breakdown:

• Standard Legal Fee: Starting from £925.00 VAT at 20%.
• New Build Properties: Additional legal fee starting from £300.00 VAT at 20%. (For Shared Ownership, an additional fee will apply.)
• Leasehold Properties: Additional legal fee starting from £250.00 VAT at 20%
• Money Transfer Fee: £30.00 VAT at 20%
• Anti-Money Laundering Search: £5.75 VAT at 20%
• Office Copy Entries/Deed – Per Document: £8.50 VAT at 20%

This ensures transparency and clarity regarding costs associated with your property transaction.

Fees for Residential Sale:

Property Value	Fee Excluding VAT at 20%
Up to £250,000.00	£925.00
£251,000.00 – £350,000.00	£1,095.00
£351,000.00 – £450,000.00	£1,250.00
£451,000.00 – £550,000.00	£1,495.00
£551,000.00 – £650,000.00	£1,695.00
£651,000.00 – £750, 000.00	£1,995.00
£751,000.00 – £850,000.00	£2,095.00
£851,000.00 – £1M	£2,195.00
Over £1M	Quote available upon request

Additional Add-ons for Residential Sale:

	Fee Excluding VAT at 20%
Leasehold Property up to 4 storeys	£250.00
Leasehold Property over 4 storeys	£400.00
Shared Ownership	£300.00
Retirement Property	£300.00
Help to Buy Redemption (without re-mortgage	£500.00

Fees for Residential Purchase:

Property Value	Fee Excluding VAT at 20%
Up to £250,000.00	£1,050.00
£251,000.00 – £350,000.00	£1,295.00
£351,000.00 – £450,000.00	£1,395.00
£451,000.00 – £550,000.00	£1,550.00
£551,000.00 – £650,000.00	£1,895.00
£651,000.00 – £750, 000.00	£2,150.00
£751,000.00 – £850,000.00	£2,250.00
£851,000.00 – £1M	£2,350.00
Over £1M	Quote available upon request

Additional Add-ons for Residential Purchase:

	Fee Excluding VAT at 20%
Leasehold Property up to 4 storeys	£250.00
Leasehold Property over 4 storeys	£400.00
Shared Ownership	£300.00
Retirement Property	£300.00
Help to Buy Scheme (or similar)	£400.00
New Build Property	£300.00
Equity Release	£1,100.00 + (Min)
Stamp Duty Land Tax	To be advised (see Government Website)
Help to Buy ISA/Lifetime ISA	£50.00

Stamp Duty or Land Tax

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.

Additional Services

	Fee Excluding VAT at 20%
A new Mortgage or Re-Mortgage Fee	£650.00
Transfer of Equity	£650.00
First Registration	£550.00
Assent/Transfer & First Registration	£750.00
Assent – Registered Land	£500.00

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. If you are buying a Leasehold Property, there are certain additional disbursements which will be set out in the Lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply and if this is the case we will update you on the specific fees upon receipt and review of these.

HM Land Registry fee	This will vary depending on the purchase price.
Search fees	Estimated at £500.00
Completion Searches	Estimated at £15.70 VAT at 20% per person.
Anti-Money Laundering Search Fees	£5.75 VAT at 20% per person
Money Transfer Fee	£30.00 VAT at 20%
Office Copy Entries/Deed – Per Document	£8.50 VAT at 20%
Stamp Duty Land Tax	Depend in Purchase Price
Freehold/Leasehold Management Pack	TBA
Electronic Verification of ID (if required)	£5.25 VAT at 20%

Additional Anticipated Disbursements for a Leasehold Property

• Notice of Transfer/Charge fee – This fee if chargeable is set out in the lease and is a fee payable to the Managing Agent/Landlord on completion.
• Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate as it is a fee payable to the Managing Agent/Landlord on completion.
• Certificate of Compliance fee – To be confirmed upon receipt of the lease and is a fee payable to the Managing Agent/Landlord on completion.

These fees vary from property to property as they are set by the Managing Agent/Landlord. We can give you an accurate figure once we have sight of your specific documents. 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 this we receive this information.

• Our fee assumes that:
• This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction.
• 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.
• No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Referral fee

In some occasional instances, you may have been referred to us by a third party, and for which we may pay a referral fee. This is not an expense to you but is paid by us and if this is the case, we will tell you what the fee is and who this is paid to.

How long will my house purchase take?

How long it will take from your offer being accepted until you can move into your house will depend on several factors. The average estimated 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, purchasing with a mortgage in principle, buying a leasehold property that requires an extension of the lease (in such, a situation additional charges would apply).

Stages of the process

The exact stages involved in purchasing or selling a residential property can vary depending on individual circumstances. However, we have outlined below some key stages you may wish to consider including:-

Purchase

• Take your instructions, provide an initial quote, and give you initial advice.
• Carry out compulsory compliance and anti-money laundering checks.
• 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.
• Deal with application for registration at Land Registry.

Sale

• Take your instructions, provide an initial quote, and give you initial advice
• Carry out compulsory compliance and anti-money laundering checks.
• Obtain title documents from the Land Registry or prepare an epitome of title for
  unregistered land.
• Prepare and send the draft contract pack to the Buyer’s Solicitor.
• Deal with any registered mortgages or charges which affect the title.
• Answer enquiries raised by your purchaser and obtain a redemption figure if a mortgage is
  involved, obtain an invoice from the estate agents.
• Send you the contract and transfer for signature.
• Carry out an exchange of contracts.
• On completion, receive the purchase money, settle any mortgage, and pay any accounts
  owing.
• Pay the remaining sum in accordance with your instructions.
  There are several factors which may make a sale more complex, such as:
• Restrictions on title.
• If the property is leasehold.
• If the property is unregistered.
• If the buyer’s search results reveal any adverse entries.
• If there are any title defects which need to be resolved to enable the sale to proceed.