Buying a property
No property is exactly the same, our fees will reflect the particular requirements of transaction. For example a purchase of a Listed Building because of its complexities may cost more than dealing with a purchase of freehold property of modern construction. Because of this we cannot give you a reliable estimate of the cost of your conveyancing but fees for a typical house purchase and sale arrange from around £1100.00 for a simple transaction to £7500.00 for the purchase of a substantial historic building on unregistered land.
These figures will vary according to any special complications, that is why we will always give you an individual cost estimate at the start of the transaction. This will take in to account the actual features of either your sale or purchase or both.
We will always advise you immediately about any complications and discuss the potential impact of any price before any additional charges are incurred.
Stamp Duty is calculated based upon the purchase price and whether or not you are a first time buyer and whether the property would be a second purchase or not.
Mandatory fees on a purchase such as searches, stamp duty and land registry fees, are again based on the actual purchase price.
Searches - We charge a fee of £350.00 including VAT on account of searches at the outset and confirm that all searches will be charged at cost. If the matter does not proceed to completion and search fees have been incurred we will refund the balance of money held on account which has not been use in the provision of those searches.
Land Registry Fees – This is the fee payable to the Land Registry and will apply if the title to the property is capable of submission for registration electronically. If the title is not in a format acceptable for electronic submission or if the property is presented for first registration the Land Registry Fee will double.
In what circumstances may the costs change?
We want to ensure you only pay for the service you receive, so, as an example, a simple freehold purchase with standard funding arrangements will cost less than a complex freehold purchase involving a lender who requires us to undertake additional work on their behalf.
Some factors which could typically increase the cost of the service you require are:
- if the legal title is defective;
- if the title is unregistered;
- if there is a management company that we need to engage with to ensure compliance with any regulations which may apply;
- if we need to obtain a certificate of compliance for a restriction on the title;
- if the property is subject to a rent charge;
- if we discover that the correct consents have not been obtained for alteration works;
- if you are obtaining financial contributions from third parties;
- if you are purchasing under the help to buy scheme or using a complex funding arrangement;
- if you have the benefit of a Help to Buy ISA;
- if you are purchasing through an auction or from a lender under a power of sale, with tight deadlines to meet;
- if documents or information are requested from you or any other party, which requires our work to be duplicated;
- if the property is a new build or is being transferred out of an existing title.
Other costs involved in a leasehold purchase
When buying a leasehold property, there are often additional charges payable on completion to third parties such as the freeholder or a management company. Examples of these are:
- deed of covenant;
- certificate of compliance;
- notice of transfer and/or charge;
- share certificate costs;
The above fees generally range from £100.00 to £350.00 but vary from property to property; they could be significantly more than the range given, but we will let you know about your charges when we receive the ‘pre-sale pack’ which is supplied by the sellers. These charges may or may not be subject to VAT.
What we will do for you
We will let you have a breakdown of what our fees include, when we provide you with a quote. It may include some or all of the following matters:
- approving the contract and if required, negotiating amendments;
- reviewing the legal title to the property;
- undertaking searches and raising enquiries;
- reviewing your funding arrangements;
- reporting to you on our investigations;
- acting on behalf of, and reporting to your lender;
- accounting to you with a completion statement and requesting monies from you;
- exchanging contracts and undertaking pre-completion searches;
- completing the purchase for you, paying the purchase price and any monies agreed for any items to the seller’s solicitors;
- submitting your stamp duty land tax return to HM Revenue and Customs (or where the property is in Wales, submitting your land transaction tax return to the Welsh Revenue Authority) and paying any duty owed;
- registering your ownership of the property with HM Land Registry;
- sending copy documents to you following registration together with any other documents which you may need when you come to sell the property.
How long will it take?
Generally speaking your purchase should take between six and ten weeks to complete but this depends on many factors, including the speed of your searches, mortgage offer and the co-operation of all parties.
If you are in a ‘chain’, any dates will need to be agreed with all parties.
In what circumstances will the above matters not apply to me?
It is important to note that the information above relates to residential conveyancing for individuals who are buying a property to live in. If any of the circumstances below apply, it is likely to involve additional work, or you may require advice from another department within the practice:
- if you are purchasing the property as an investment;
- if you are purchasing in the name of your limited company or a partnership;
- if the property you are buying is to be transferred out of an existing title and documents need to be drafted.
Overview of the conveyancing processAs members of the Law Society’s Conveyancing Quality Scheme we follow the Law Society Conveyancing Protocol which is designed to make the conveyancing process as straightforward and efficient as possible. The steps involved in the purchase of your property will include the following:
- Once we have received a memorandum of sale from the selling agent, or details of the transaction from you if your matter is a private sale, we will ask you to complete a short questionnaire, provide evidence of identity and your funding arrangements, including evidence as to the deposit, and to put us in funds to enable us to commence searches.
- The seller’s solicitors will supply us with a contract pack, including title deeds to the property, a plan, protocol forms (a property information form, and a fittings and contents form), a contract and the energy performance certificate.
- We will check title to the property, order searches, approve the contract and draft a transfer deed. We will also raise any relevant enquiries with the seller’s solicitors so that we can report to you thoroughly.
- We would recommend you have a survey carried out, as we are unable to advise you on matters such as the physical structure of the building. If you are getting a mortgage, your lender will also carry out a valuation of the property, but please remember that the valuation is only for the benefit of the lender and you should not rely on the valuation. You should let us have a copy of your survey and mortgage valuation.
- We will report to you on the legal title to the property, the mortgage offer, results of searches as and when we receive them rather than sending one lengthy report.
- We will also send you a contract and transfer deed to sign, or you can attend the office to sign them and discuss any questions you may have.
- If we are also instructed in your sale, we will ensure that the two transactions can exchange simultaneously, and supply you with completion statements setting out the costs and disbursements incurred in relation to each matter.
- As soon as all parties are in a position to proceed, we will exchange contracts. This is the point at which the agreement is binding, and you cannot pull out of the transaction without incurring penalties. At the point of exchange you should book your removals and put your buildings insurance in place as this is when the risk of the new property will pass to you.
- We will order your mortgage advance, or ask you to put us in funds for any balance required to complete.
- On the completion date, funds will be transferred between solicitors and once completion has taken place, we will notify you and the selling agents so that keys can be released to you.
- Post completion we will submit your stamp duty land tax return to HM Revenue and Customs (or where the property is in Wales, submit your land transaction return to the Welsh Revenue Authority) and pay any duty owed. We will also register you as owner with HM Land Registry and supply you with evidence once HM Land Registry has completed our application.
Buying Cost Quote
|£750,000+||Call for details|
|Stamp Duty||Based on price and circumstances|
|Land Registry Fees||TBA|