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. The exact price depends on the value of the property and assuming there are no complicated features and whether you are purchasing the property with or without a mortgage.
Our Property Team is supervised by solicitor/partner and head of our Property Department, Andy Ho.
Purchase of a freehold property of the value of £500,000 without the need of a mortgage, our fees will be:
Conveyancer’s fees and disbursements
- Legal fee £1,500 plus VAT
- Search fees £350 (approx.) plus VAT
- HM Land Registry fee £270 and handling fee
- Electronic money transfer fee £44 (including VAT)
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Stamp Duty will be £15,000.
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..
Estimated total £17,522 plus £500,000 and any removal charges that you may have.
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 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 12 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.
Purchase of a leasehold residential property without the need of a mortgage, our fees will be:
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) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales. Based on a property value of £500,000, our fees will be:
Conveyancer’s fees and disbursements
- Legal fee £1,800 plus VAT
- Fee for acting on behalf of the mortgage lender £250 plus VAT
- Search fees £350 plus VAT
- HM Land Registry fee £3
- Electronic money transfer fee £32 (inclusive of VAT)
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. There are certain disbursements which will be set out in the individual 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 depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
- HM Land Registry fee: £135 (online Application)
- Search fees: £350 to £400
- VAT on search fees
- Electronic money transfer fee: £44 (inclusive of VAT)
- Notice of Transfer fee – This fee if chargeable may be set out in the Lease or by the Lessor’s Managing Agent. Often the fee is between £100 to £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 £100 to £250.
- 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 £100 to £250.
- Certificate of Compliance fee – To be confirmed upon receipt of the Lease, as can range between £100 to £250.
These fees vary from property to property and can on occasion be significantly more than the ranges given above. 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.
Stamp Duty 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.
* 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.
If you require a mortgage to fund your property purchase, there will be an additional fee depending who the lender is as they will also instruct us to act on their behalf. The fee varies as the amount of work that is required to be done varies between lenders. Our fee for acting for you if a lender is involved will be an additional £600 to 800 plus VAT.