SRA Transparency Purchase of a 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.

Conveyancer’s fees

• Legal fee: our fees will typically start at £825.00 VAT at 20% .
• Legal fee for acting on behalf of the Mortgage Lender: £100.00 VAT at 20% .
• In addition to our standard Legal Fee if you are buying a New Build our Legal fee for dealing with the New Build aspect will start at £250.00 VAT at 20% (If it is Shared Ownership there will be an additional fee).
• If you are buying a Leasehold Property our Legal Fee for dealing with the Leasehold aspect will start at £250.00 VAT at 20% .
• Electronic money transfer fee: £30.00 VAT at 20% .
• Anti-Money Laundering Search – £10.50 VAT at 20% .

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.

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 £400.00.
• Completion Searches: Estimated at £7.00 VAT at 20% .
• Stamp Duty Land Tax: this will vary depending on the purchase price.

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.

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.

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 here.

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 a number of 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 precise stages involved in the purchase of a residential property vary according to the circumstances. However, 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
• Deal with application for registration at Land Registry