No two purchases are exactly the same and there are many factors that will impact how we handle the transaction and our fees. For example, a new build flat takes much more time to deal with than a Victorian semi-detached house. Other examples are whether or not the title to the property is unregistered, if the building is listed, if you are buying with a mortgage, if the title is defective or if the lease term is short and needs to be extended.
We will always give you an estimate that is tailored to you and your purchase at the start of the transaction and this gives you a much better idea of the costs involved.
As a guide, our fees range from £1,000 (plus VAT) for a simple and straight-forward purchase or £1,200 (plus VAT) for the same property but where you are buying with a mortgage. Depending on the nature of the transaction, our fees could be higher, up to £2,000 plus VAT for a new build leasehold flat with a mortgage. If the property is very high in value or is a large estate, you can expect to pay more.
These are the expenses you can expect to have to pay:
|£3 – Land Registry (each copy document)||£3 – Land Registry (each copy document)|
|£350 – approximately for searches and reports||£350 – approximately for searches and reports|
|£3 – Land Registry search||£3 – Land Registry search|
|£2 – (per name/search bankruptcy search||£2 – (per name/search bankruptcy search|
|(if you are buying with a mortgage)||(if you are buying with a mortgage)|
|£100 – approximately for notice of charge to be served on the freeholder|
|Possible further expenses are:|
|Deed of covenant fee, licence to assign fee (if required by the lease). The fee is charged by the freeholder and charges vary but budget for £100
If you are buying a share in the freehold, there is a further Land Registry registration fee to pay
If you are buying a share in a company that owns the freehold, there is usually a fee to transfer the share certificate and you should budget for about £75
£ -the Land Registry application fee is based on the value of the property and please use the link to check
£ – Stamp Duty Land Tax is based on the purchase price and other factors and please use the link to check
The list of expenses is not exhaustive and other expenses may be payable depending on factors that arise during the process of investigating the title and dealing with the lender’s requirements.
The conveyancing process that our work covers is:
Our fee is based on certain assumptions and on the basis that:
Each transaction is unique and it’s hard to say with certainty how long it will take especially where there are a number of sellers and buyers in a chain.
As a guide most freehold purchases take between 4 – 6 weeks from the time we receive the contract package to exchange of contracts. In the case of a leasehold purchase, a guide is 6 – 8 weeks from receipt of the contract pack from the seller’s solicitors to exchange. It could take less time or much longer and we cannot control the time as we are dependent on third parties.
We endeavour to keep you up-dated as the purchase progresses.
Most completion dates are one week after exchange of contracts but again, it could be longer but are not often shorter.
It’s important to know! We have a highly regarded team of solicitors, trainee legal executives and paralegals who collectively have many years experience. We aim to provide you with clear and practical advice throughout and to work to your timescale wherever possible.
We offer existing and returning clients a 5% discount on our fees and fees for associated work.
If you would like to find out more or would like to instruct us or have any queries, please get in touch email@example.com or call one of our offices.