Purchase of a freehold residential property
Our fees cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with 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.
Conveyancer’s fees and disbursements
Legal fee (www.jwhugheslaw.co.uk/conveyancing-calculator)
Search fees £270.00 inclusive of vat @ 20% (£90)
HM Land Registry fee (www.gov.uk/guidance/hm-land-registry-registration-services-fees)
Electronic money transfer fee £12.00
Vat payable £2.40
Estimated total will depend upon the purchase price and whether this is the replacement of a main residence or an additional property.
Disbursements
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 Land Tax or Land Transaction Tax (on purchase)
This depends on the purchase priced of your property and whether this is the purchase of a main residence, the replacement of main residence or the purchase of an additional property. You can calculate the amount you need to pay by using HMRC’s website (www.tax.service.gov.uk/calculate-stamp-duty-land-tax) or if the property is located in Wales by using the Welsh Revenue Authority’s website (www.beta.gov.wales/land-transaction-tax-calculator)
How long will my house purchase take?
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 6 – 10 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 12 – 14 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer. In such a situation, additional charges would apply.
Stages of the 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 received
Go through conditions of mortgage offer with you
Attend upon you or 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/Land Transaction Tax
Deal with the application for registration at Land Registry
Purchase of a leasehold residential property
Our fees cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with 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.
Conveyancer’s fees and disbursements
Legal fee (www.jwhugheslaw.co.uk/conveyancing-calculator)
Search fees £270.00 inclusive of vat @ 20% (£90)
HM Land Registry fee (www.gov.uk/guidance/hm-land-registry-registration-services-fees)
Electronic money transfer fee £12.00
Vat payable £2.40
Estimated total will depend upon the purchase price and whether this is the replacement of a main residence or an additional property.
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
this is the assignment of an existing lease and is not the grant of a new lease
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.
Disbursements
Disbursements are costs related to your matter that are payable to third parties such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s Solicitors.
Anticipated Disbursements *
Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50-£150
Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50-£150
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-£250
Certificate of Compliance fee – To be confirmed upon receipt of the lease and 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 we receive this information.
Stamp Duty Land Tax or Land Transaction Tax (on purchase)
This depends on the purchase priced of your property and whether this is the purchase of a main residence, the replacement of main residence or the purchase of an additional property. You can calculate the amount you need to pay by using HMRC’s website (www.tax.service.gov.uk/calculate-stamp-duty-land-tax) or if the property is located in Wales by using the Welsh Revenue Authority’s website (www.beta.gov.wales/land-transaction-tax-calculator)
How long will my house purchase take?
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 6 – 10 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 12 – 14 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer. In such a situation, additional charges would apply.
Stages of the 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 received
Go through conditions of mortgage offer with you
Attend upon you or send final contract to you for signature
Draft Transfer
Advise you on joint ownership
Obtain pre-completion searches
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/Land Transaction Tax
Deal with the application for registration at Land Registry
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