Residential Conveyancing Pricing Information
Purchase of a residential property
Our fee covers all the work required to complete the purchase of the property, including dealing with registration at the Land Registry and dealing with payment of Stamp Duty Land Tax.
The transactions with which we deal are usually complex and high value and for this reason we do not have a standard fee.
Our minimum fee for a simple purchase with no mortgage financing is £3,500. The following factors would influence the fee, but this list is not exhaustive:
- leasehold or freehold
- new build or off-plan or second hand
- value
- timescale
- conditionality in contract
- listed building
- unregistered land
- title defects
- mortgage financing
- lease extension
- tax or structuring advice
- declaration of trust.
Our average fee for a leasehold purchase of approximately £2 million with mortgage (where we act for the lender also) is £5,000 - £7,500.
These fees are exclusive of VAT and disbursements.
Disbursements
Disbursements are costs related to your transaction that are payable to third parties, such as HM Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. Approximate costs for the standard disbursements are set out below:
Search fees: approximately £550 plus VAT
Land Registry fee: £20 - £1105
Bank transfer fee: £1 - £25
Notice of charge/transfer (leasehold only): Usually £75 - £100 plus VAT
We do not charge or pay referral fees.
Stamp Duty Land Tax (SDLT)
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.
Timing
The length of time between your offer being accepted and legal completion depends on a number of factors. Sometimes, if there is great urgency, it can be done within just a day or two. Sometimes it can take several months. The average time is four to eight weeks.
Transaction outline
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. We have set out below the key stages:
- carry out the anti-money laundering checks as required by law
- 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
- 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
- draft the transfer and arrange for your signature on the completion documents
- advise you on joint ownership
- obtain pre-completion searches
- 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 HM Land Registry.