Our typical prices for dealing with the purchase of a freehold or leasehold residential property are as follows:
|Purchase price up to £500,000||Purchase price over £500,000|
|Our Charges||£745 - £1,025||£899 - £1,500|
|VAT at 20%||£149 - £205||£179.80 - £300|
|Total for Our Charges||£894 - £1,230||£1,078.80 - £1,800|
The figures quoted above assume a straightforward transaction. The simplest purchase of freehold properties will attract the lowest fees. Because of the additional work required when dealing with lease issues with Freeholders and Managing Agents, the price for dealing with a leasehold property will be at the higher end of each range.
Due to Government regulations, we must confirm the identity of all our clients. Where possible we use an on-line service for this, the cost of which is currently £4.60 including VAT for each individual client and £15.60 including VAT for a company. There are additional charges for overseas clients and in certain other circumstances; full details will be given if these apply.
“Disbursements” are expenses related to your transaction which are payable to third parties, such as Land Registry fees. These will be the same regardless of which legal firm handles your matter. We arrange payment of these expenses on your behalf.
As part of the purchase process we carry out a number of searches with organisations such as the Local Authority, the Water Company, Land Registry and other similar agencies to make sure there are no issues affecting the property for example, with planning, water supply and drainage or environmental contamination. The price of searches varies according to location of the property but the typical cost for the recommended searches lies between £250 and £325 including VAT.
Once the purchase is complete, your ownership must be registered at HM Land Registry. The fee payable varies according to the value of the property. A list of the fees is available on the Land Registry website. We submit our registrations via the Land Registry Portal which incurs the lowest possible fee. The fees are not vatable.
Stamp Duty Land Tax is usually payable when a property is purchased. The exact amount of tax due depends on a variety of factors. An SDLT calculator is available on the HMRC website.
The precise stages involved in the purchase of a residential property vary according to the circumstances however the following is a guide to the key stages involved:
The average time for a transaction to complete is between 6 and 8 weeks however it can take more or less time depending for example on the number of other parties in the chain. For leasehold properties a time of 8 to 12 weeks is to be expected. However, due to the current weight of conveyancing work and delays due to Covid-19 that are outside of our control, we cannot guarantee completion of your purchase prior to the end of the Stamp Duty Land Tax holiday on 30th September 2021. In cases that become unusually complex then a timescale of 3 to 4 months or even longer would not be uncommon. In such situations additional charges may apply, examples of which include (but are not limited to):
We will always inform you if any unforeseen additional work becomes necessary and detail its estimated cost in writing before any extra charges or expenses are incurred.
Our Conveyancing Team consists of qualified Solicitors (with between 3 and 12 years experience), an Associate Member of CILEx (with 10 years experience) and a Conveyancing Technician (with over 5 years experience). The team is supervised by Neil Anderton who qualified as a solicitor in 1989.