Our fees cover all of the work required to complete the purchase of the property, including dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, Land Transaction Tax (Land Tax) if the property is in Wales and dealing with registration at the Land Registry.
Fees vary depending on the value of the property involved. As a general rule our fees are 0.35% to 0.5% of the property price with a minimum price of £2,500.
For illustrative purposes only we have provided an approximate cost based on a property value of £1m.
Fees and disbursements
- Legal fee £3,500 - £5,000 plus VAT at 20%.
- Search fees £500 approx plus VAT payable at 20%.
- HM Land Registry fee £270.
- Electronic money transfer fee £25 per item plus VAT at 20%.
Approximate total: £4,295 - £5,795 plus VAT where indicated above.
Disbursements are costs related to your matter that are payable to third parties, such as search fees and Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process but may require money to be paid to us in advance from you in order to do so.
These fees 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 the transaction documents.
Stamp Duty or Land Tax
This cost 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.
Stages of the process
The stages involved in the purchase of a residential property vary according to the circumstances. However, below are some key stages to your purchase that may take place:
- Take your instructions and give you initial advice
- Check finances are in place to fund the purchase and contact lender's solicitors if needed
- Receive and advise on title and the transaction documents
- Carry out searches
- Obtain further planning and other documentation, if required
- Make enquiries of seller's solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Send agreed contract to you for signature
- Agree transfer
- Advise you on joint ownership
- Obtain pre-completion searches
- 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.
How long will my 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 8-12 weeks.
It can be quicker or slower, depending on the parties in the chain and the complexity of your purchase.
Please see below the persons who may act on your matter.