Fees & Disbursements
1. What Our Fee Includes
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 the payment of Stamp Duty Land Tax (Stamp Duty).
2. Legal Costs
The following table provides an indicative guide of legal costs (i.e. our fees and disbursements) information in respect of 4 different transaction prices of £200,000, £400,000, £500,000 and £800,000.
We can of course more accurately calculate the total cost for your particular transaction and we should be pleased to provide you with a written quotation upon request.
| Property Price | Our Basic Fee (plus VAT) |
Bank Transfer Fee (plus VAT) |
Stamp Duty Filing of Return Fee (plus VAT) |
Disbursements (Costs relating to your matter that are payable to third parties.) |
Stamp Duty N.B. Stamp Duty will be payable in addition to the Total Cost shown in the next column. The amount of Stamp Duty will depend on various factors. Please see Note 3 below. |
|||||
| Land Registry Fee (no VAT) |
Search Fees (no VAT) Local and Drainage – depending on the locality of the property |
Online ID Verification Fee Per Person (plus VAT) |
Transaction Management and Progress Tracking Facility (plus VAT) |
|||||||
| Up to £200,000 | £895 | £35 | £145 | £95 | £180 approx. | £4 | £25 | |||
| £200,001 – £400,000 | £945 | £35 | £145 | £135 | £180 approx. | £4 | £25 | |||
| £400,001 – £500,000 | £995 | £35 | £145 | £135 | £180 approx. | £4 | £25 | |||
| £500,001 – £650,000 | £1095 | £35 | £145 | £270 | £180 approx. | £4 | £25 | |||
| £650,001 – £900,000 | £1195 | £35 | £145 | £270 | £180 approx. | £4 | £25 | |||
The Total Cost indicated above is based on the assumption of a standard transaction with no unforeseen issues arising. These can include for example (but are not limited to) defects in title which require remedying and first registration of title if the title is unregistered. Supplemental fees may arise in certain circumstances (please see Note 4 below).
If you are buying a leasehold property additional disbursements are usually incurred (please see Note 5 below).
3. Stamp Duty
The Stamp Duty amount has not been included in the Total Cost above as it is dependent on a number of factors including (i) the purchase price of the property (ii) whether you already own another property and (iii) whether you are a First Time Buyer.
You can calculate the amount Stamp Duty applicable to you by using HMRC’s Stamp Duty Calculator.
4. Supplemental Fees
Supplemental fees may apply (in additional to the above Total Cost) to your transaction in the following circumstances:
| Leasehold Purchase [Private Landlord] | £250 + VAT | ||||||
|---|---|---|---|---|---|---|---|
| Leasehold Purchase [Local Authority Landlord] | £250 + VAT | ||||||
| Shared Ownership Purchase | £495 + VAT | ||||||
| Communal Services Freehold Management | £250 + VAT | ||||||
| Acting on behalf of your Mortgage Lender | £250 + VAT | ||||||
| Acting on behalf of your Mortgage Lender On a Corporate Purchase | £450 + VAT | ||||||
| New Build Acquisition | £595 + VAT | ||||||
| Purchase using the Government Help to Buy Scheme | £595 + VAT | ||||||
| Gifted Deposits Supplement | £175 + VAT | ||||||
| Help to Buy ISA’s/LISA’s | £50 + VAT |
5. Leasehold Disbursements
Leasehold disbursements will vary from property to property as they are set by the owners of the freehold and management companies who manage the maintenance of the communal areas.
In general, you can expect to incur the following leasehold disbursements:
| Notice of Transfer | £50 – £75 + VAT | ||||||
|---|---|---|---|---|---|---|---|
| Notice of Mortgage | £50 – £75 + VAT | ||||||
| Application for Membership of Management Company | £25 – £50 + VAT | ||||||
| Deed of Covenant | £50 – £75 + VAT | ||||||
| Certificate of Compliance | £50 – £75 + VAT |
These disbursements can differ from the range above depending on the particular leasehold development. We can give you an accurate figure for your particular transaction.
You should also be aware that ground rent and maintenance charges are likely to apply throughout your ownership of a leasehold property.
We will confirm the ground rent and the anticipated maintenance charge as part of our conveyancing work on your behalf.
6. General Guidance Notes
- How long will my transaction take?
How long it will take from your offer being accepted until you can move in to your property will depend on a number of factors. The average process takes between 8-12 weeks.
It can be quicker or slower, depending on the length of the chain of the transaction. For example, if you are a first time buyer purchasing a chain free property it could take some 8 weeks. However if you are buying a leasehold, a new build property using the Government Help to Buy Scheme or your transaction is part of a long chain it could take 12 weeks or more.
- Stages of the Transaction Process
The stages involved in a typical residential property transaction include:
- Taking of your instructions and giving you initial advice.
- Checking finances are in place to fund the transaction including mortgage requirements.
- Considering and advising on contract documents.
- Carrying out the searches.
- Obtaining further planning and building regulations documentation if required.
- Making all necessary enquiries of seller’s solicitor relating to the contract documentation.
- Providing you with a full report on all documents and information received including the conditions of your mortgage offer.
- Providing you with the approved contract for signature and agreeing dates for exchange of contracts and completion and advising you as to buildings insurance requirements.
- Receiving from you the deposit monies in order to exchange of contracts.
- Exchanging contracts and notifying you that this has happened.
- Providing you with a financial completion statement for the transaction and arranging for the balance of monies needed to be received from you and your mortgage lender in readiness for completion.
- Completing the transaction.
- Dealing with payment of Stamp Duty and filing of the Stamp Duty return at HMRC.
- Dealing with application for registration of title at the Land Registry and providing you with the updated registered entries of ownership once received from the Land Registry (typically 4-6 weeks after the completion date).