Freehold Purchase Pricing

Conveyancing: Purchase of a freehold residential property

Our fees cover all of the work required to complete the purchase of your freehold property, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

Our fees for a typical house purchase range from around £695 for a simple transaction to around £6,000 for a substantial historic building on unregistered land. These figures may, however, vary in cases with special complications. That’s why we will always give you an individual cost estimate at the start of the transaction, taking into account the actual features of your purchase.

We will always advise you immediately about any complication, and discuss the potential impact on the price before any additional charges are incurred.

 Here is an example of a costs estimate for our conveyancing fees and disbursements for a freehold purchase (registered whole title) up to £150,000 for an individual purchaser buying with a mortgage:

 

Legal fee £695.00
VAT@20% £139.00
Search fees (approximately) £275.00
HM Land Registry fee £40.00
HM Land Registry search fee £3.00
Land Charges search fee £2.00
Costs in connection with an electronic money transfer fee £40.00
VAT@20% £8.00
SDLT at the standard rate (no reliefs or surcharges) £500.00
TOTAL £1,252.00

 

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.

Stamp Duty or Land Tax (on purchase)

This 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 here.

How long will my house purchase take?

The timing of each transaction will vary.  The purchase of a property in a chain will on average complete within 8 to 10 weeks from receipt of the contract papers from the seller’s solicitors. Whether or not this is achievable will depend on a number of factors, some of which will be outside of our control, such as receipt of searches, mortgage offer (if appropriate), the seller’s satisfactory replies to enquiries, resolution of title issues, and general co-operation by the seller, the seller’s solicitor and other parties in the chain. It will become clear as the matter proceeds whether this timescale will be achievable, and a flexible approach by all is important

 Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances.

  • 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 (Preliminary Report)
  • Carry out searches and advise on them (Search Report)
  • Obtain further documentation if required e.g. planning, title
  • Make any necessary enquiries of seller’s solicitor and check responses
  • Give you advice on all documents and information received (Final Report)
  • Go through conditions of mortgage offer with you (Mortgage Report)
  • Send final contract to you for signature
  • Draft Transfer and arrange for you to sign
  • Agree on 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

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
  • the transaction is concluded in a timely manner and no unforeseen complication arise
  • all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  • no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Below is a list of the types of things for which we charge more:

  • new builds
  • first registration of title
  • multiple owners
  • shared ownership scheme
  • using a help to buy scheme, and whether it is an equity loan or ISA
  • property has been repossessed
  • listed building
  • communal areas involving a management company/service charge/restriction
  • leasehold properties
  • solar panels
  • purchase of part only
  • mortgage disclosures
  • indemnity insurance
  • flying freeholds
  • gifted deposits
  • boundary issues/missing land

NB: This list is not intended to be exhaustive.

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