Price Guide: Sale or Purchase of a Residential Property

 

What do your fees include?

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

 

How much are your fees?

Our fees are as follows:

up to £250,000         :          £850 plus VAT

up to £500,000         :           £1,150 plus VAT

up to £750,000          :           £1,400 plus VAT

up to £1,000,000       :           £1,650 plus VAT

up to £1,500,000        :           £1,900 plus VAT

up to £2,000,000        :            £2,400 plus VAT

 

If the property is leasehold or newly-built, then an additional fee of £250 plus VAT applies.  This is because in these cases the documentation involved is a lot more complex.

We also make a charge for bank transfers, which is £27.50 plus VAT.

There are also various costs payable to third parties (known as disbursements, which we handle on your behalf to ensure a smooth process):

  • Land Registry office copies and/or Land Charges searches as required: £10 to £20 approximately.

And when purchasing a property, the following will also be relevant:

  • Conveyancing searches, usually in the region of £350, depending which searches are needed
  • A Land Registry registration fee, which depends on the value of the property.  For example, from £100,001 to £200,000 is £95; £200,001 to £500,000 is £135; £500,001 to £1,000,000 is £270; and £1,000,001 and over is £455.
  • Stamp Duty or Land Tax .  This depends on the 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.

Please be aware that if your property is leasehold there may be other costs or fees payable under the terms of the lease.  These are fees which the freeholder or managing agent will charge, and could include notice fees, deed of covenant fees, or other administrative fees.  Please also note that ground rent and a service charge may also be payable.  All of these charges vary from property to property.

This list is not exhaustive and other disbursements may apply.

 

How long will my sale or purchase take?

The process takes around six to eight weeks on average.  However, a lot depends on the position of the other parties involved and also how long the chain is (if there is one), so this timescale may vary.

For example, if you are a first-time buyer, purchasing a new-build property with a mortgage in principle, it could take around six weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, perhaps two or three months. In such a situation additional charges would apply.

 

What are the stages of the process?

The exact stages involved in the sale or purchase of a residential property may vary according to the circumstances, but the outline of the process is as follows:

  • Your solicitor will take your instructions and give you initial advice. The seller’s solicitor prepares the contract documents.
  • The buyer’s solicitor reviews these and carries out searches.
  • The buyer’s solicitor raises any necessary enquiries with the seller’s solicitor.
  • Both solicitors follow up any points which arise as appropriate, for example obtaining further planning documentation if required, or, if the property is leasehold, liaising with the freeholder or managing agent to check the property is managed properly.
  • The buyer’s solicitor advises the buyer fully on all documents and information received.
  • The buyer’s solicitor advises the buyer on the terms of their mortgage.
  • The seller’s solicitor asks the seller to sign the contract and the buyer does likewise.
  • The seller and buyer agree a completion date (which is the date from which the buyer owns the property), and the solicitors exchange contracts.
  • Each solicitor prepares for completion by liaising with their client and any mortgage lenders regarding finances and funds required, and also by obtaining signatures to any further documents needed.
  • The solicitors handle completion on the completion date, and when that is done the buyer can collect the keys from the estate agent.
  • After completion the buyer’s solicitor deals with payment of Stamp Duty/Land Tax, and registers the purchase at the Land Registry.

 

* Our fee quote is given on the basis that:

  • a) no unforeseen matters arise which complicate the transaction, 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.
  • b) all parties are co-operative and there is no unreasonable delay from any party providing documentation.
  • c) no indemnity policies are required. Additional costs may apply if indemnity policies are required.