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 (SDLT) if the property is in England.
Fees and Disbursements
Disbursements are costs related to your transaction 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.
- Legal fees typically range from £1,500.00 to £3,000.00 plus VAT (currently at a rate of 20%) and disbursements. The fee will be dependent on the following factors:
- The purchase price;
- Whether you are obtaining a mortgage;
- Complexity of the transaction;
- Whether the property is a new build;
- If there are any strict deadlines to be met; and
- Whether the property is Help to Buy etc.
- Search fees:
- Chancel Search £20.00 plus VAT of £4.00
- Environmental Search £49.00 plus VAT of £9.80
- Water and Drainage Search £51.60 plus VAT of £10.32
- Local Authority Search £100.00 to £350.00 including VAT (the fee will depend on the local authority)
- HM Land Registry fees depend on the purchase price of the property and range from £20 to £910 upon which VAT may be payable.
- Electronic money transfer fee of £15 plus VAT of £3.00 per payment.
- SDLT depends on the purchase price of the property and whether you are a first-time buyer or own another property and the amount can be calculated by using the following link: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
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 below. This list is not exhaustive and other disbursements may apply depending on the form of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50.00 and £100.00 plus VAT.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50.00 and £100.00 plus VAT.
- 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 £100.00 and £150.00 plus VAT.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £80.00 to £150.00.
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 we receive this information and the same will be apportioned on completion.
As no property or property transaction is the same, our fees reflect the particular circumstances and your requirements. Please do not hesitate to contact us and we will provide a full estimate for you taking into account all the appropriate factors.
How long will my purchase take?
How long it will take from your offer being accepted until you can move in to your property will depend on a number of factors. The average process takes between 10-20 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 completed new build property with a mortgage in principle, it could take 16 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 18 and 20 weeks. 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 the key stages:
- Take your instructions;
- Send out initial letters to the agents and the seller’s solicitors confirming we are instructed;
- Receive contract documents;
- Carry out searches;
- Make any necessary amendments to contract documents and raise enquiries of seller’s solicitor;
- Report to you (and your lender if applicable) on all documents and information received (Report on Title);
- Agree completion date (the date from which you own the property);
- Draft Transfer;
- Exchange contracts and notify you that this has happened;
- Obtain pre-completion searches;
- Arrange for all monies needed to be received from (your lender, if applicable and) you. We will send you a completion statement confirming the funds required;
- Complete purchase (Completion);
- Deal with submission and payment of Stamp Duty/Land Tax; and
- Deal with application for registration at Land Registry.
* 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 complications arise;
- All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing approval of the documentation; and
- No indemnity policies are required. Please note that additional disbursements may apply if indemnity policies are required.
Our Property Department is made up of: Paul Craig, Emma Holden-Shah, Richard Price and a circulating trainee solicitor. If your transaction is not being handled by a partner, a partner will be supervising your transaction.
|Name||Role||Number of Years Qualified||Hourly Rate|
|Paul Craig||Partner||44 years||£330.00 plus VAT of £66|
|Richard Price||Partner||25 years||£330.00 plus VAT of £66|
|Circulating Trainee Solicitor||Trainee Solicitor||N/A||£110.00 plus VAT of £22|