SALE / PURCHASE OF FREEHOLD RESIDENTIAL PROPERTY
These are example ranges of basic legal fees (excluding disbursements) for standard transactions.
Fees (no VAT is payable on fees) are based on the value of the property as follows:
Value of transaction Basic Legal Fee
0-£600,000 – £900
£60,001 to £250,000- £1,000
£250,001 to £500,000 – £1,500
A leasehold property purchase costs an additional £150 on the above basic fee.
Disbursements are costs related to your matter 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.
Disbursements (no VAT is payable) may include:
Bank Transfer fee – £35
HM Land Registry fee – from £20 to £270
Search pack – in the range of £130 to £250, depending on the searches required.
There may be additional disbursements payable on a leasehold property. These may include:
Anticipated Disbursements*
Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £100-£200
Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £100 and £200.
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 £150 and £200.
Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £100 – £200.
*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 this we receive this information.
Stamp Duty – please visit https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
ADDITIONAL COSTS
Our fees are fixed, however there may be factors which may increase the cost of the fees estimated above. If there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.
Below is a non exhaustive list of factors that may lead to an increase in cost include:
If important documents requested from you have not been provided to us
If the property is a new build or less than 10 years old
If you require to exchange or complete less than 4 weeks of instructing us
If a legal title is defective, property is unregistered
If the necessary building regulations or planning permission has not been obtained
How long is it going to take?
A typical freehold sale or purchase can take 8-12 weeks.
A typical leasehold sale or purchase matter can take up to 12-16 weeks.
Stages of Process
The precise stages involved in the purchase of a residential property vary according to your circumstances. However, below are some of the steps in a typical conveyancing process:
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 receive
Go through conditions of mortgage offer with you
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
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
MORTGAGES AND REMORTGAGES
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