We have a wealth of experience in the buying and selling of properties. This section sets out the costs involved and the services we provide in relation to the purchase of a Freehold Residential Property.
The services covered by our fees are as follows:
- Taking instructions.
- Contacting the Estate Agents and the Seller’s Solicitors and maintaining this communication throughout the purchase process.
- Obtaining the Contract and Title documents from the Seller’s Solicitors reviewing and reporting on these to you.
- Obtaining the searches on the property and reviewing and reporting on these to you.
- Raising additional enquiries with the Seller’s Solicitors and obtaining replies to these enquiries and reporting on them to you.
- Drafting the Transfer Deed to transfer the property from the Seller to you upon completion of your purchase of the property.
- Advising you on all documents and information received.
- Reporting to you on the terms of your mortgage offer and dealing with any specific requirements that your mortgage lender may have and complying with the UK Finance Mortgage Lenders Handbook for Conveyancers.
- Preparing the file for exchange of contracts.
- Agreeing the completion date.
- Exchanging contracts.
- Drafting a completion statement which will provide you with a complete and accurate breakdown of the financial information and the balance of any monies required from you in order for the matter to proceed to completion.
- Arranging for your mortgage lender to release the mortgage advance.
- Preparing the file for completion.
- Completing your purchase.
- Following completion we will deal with the payment of Stamp Duty Land Tax and registering you as the new owner of the property at the HM Land Registry.
We base our legal fees on the valuation of the property you are purchasing. The table below provides you with an indication of our legal fees based on the value of the property.
|Purchase Price||Up to £150,000||£150,000 – 250,000||£250,000 – 350,000||£350,000 – 500,000|
|Legal Fees (not including VAT) £||500.00||525.00||595.00||725.00|
If the property being purchase is over £500,000.00 please ring for a personal quote.
Where money is being transferred electronically we charge a bank transfer fee of £21 inclusive of VAT.
Our fees for the purchase of a Freehold Property assume that this is a standard transaction. If factors arise during the course of the transaction which you require us to assist you with additional fees will be incurred, for example:
- If there are defects in title which require the title to be amended, an indemnity insurance policy to be arranged or Statutory Declarations to be made.
- There is a Freehold Management Company involved.
- You are purchasing with a Help to Buy Mortgage or Help to Buy ISA.
If matters arise in your purchase transaction which require additional work we will inform you of this and confirm to you the amount of any additional costs to be incurred.
Disbursements are costs payable to third parties during your purchase transaction for example:
- Stamp Duty Land Tax (SDLT) so you may have to pay Stamp Duty Land Tax on your purchase, but whether this is payable and the amount payable will be based on the purchase price of the property and your individual circumstances. Please find below a link that you can use to calculate the SDLT payable on your property purchase in England; https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
- You can use the link below to calculate how much SDLT you will need to pay on your property purchase in Wales; https://lttcalculator.wra.gov.wales/
- Land Registry fees. The Land Registry will charge a fee for registering you as the new owner of the property at the Land Registry and registering your mortgage. The fees charged by the Land Registry are based on the purchase price of the property and you can use the following link to calculate these http://landregistry.data.gov.uk/fees-calculator.html
- Search fees. The search fees incurred will depend on the searches required. Typically cost between £170.00 and £270.00 and include the following searches:- Local Search; this search is compulsory to meet lender’s requirements and will give information on the planning and building control history for the property, nearby road and rail schemes, whether the council maintains the road for the roads and footpaths upon which the property abuts, whether the property is a listed building in a conservation area or subject to a tree preservation order and whether there are any other adverse entries registered against the property by the local council.
–Drainage and Water Search; this search will also be a requirement of your mortgage lender and will reveal whether the property is connected to a public sewer for the drainage of foul water and surface water drainage, the location of public sewers and water mains.
–Environmental Search; this search ascertains whether any past use of the land and the land in the vicinity of the property is likely to have lead to contamination and will also reveal information regarding flood risk, risk of subsidence and energy and transportation. This search will reveal both residential and commercial planning applications within the vicinity of the property.
–Planning Search; this search flags up planning applications within the vicinity of the property.
There may be other disbursements payable which we will inform you of once we have all of the information about your transaction.