Purchase of a freehold / leasehold residential property

Conveyancer's fees and disbursements

• Legal fee	£0 - £500,000	£550 plus VAT of £110
  	£501,000 +	£650 plus VAT of £130

• Search fees - the average cost for each purchase is approximately £225 (this is for the Wakefield area only and search fees for other locations can be provided upon request as the Local Search fee varies with each Local Authority.
• HM Land Registry fee - This fee will vary depending on the purchase price and fees can be found at https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees or can be provided by us upon request. Typically, this fee is between £20 and £270.
• Electronic money transfer fee £17 per bank transfer required (£14.17 plus VAT of £2.83)
• Other small Land Registry payments ranging from £3 to £20 ie official search, bankruptcy search, search of the Index Map etc

Other 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 or Land Tax (on purchase)

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if the property is located in Wales by using https://services.wra.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 4-10 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 4 weeks. However, if you are buying a freehold property that requires many enquiries to be raised or involves multiple titles or complications with the title deeds to the property, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are some key stages that normally apply:

• 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
• Review the final contract for you to sign
• 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
• Deal with application for registration at Land Registry

Conveyancer's fees and disbursements

• Legal fee	£0 - £150,000	£600 plus VAT of £120
  	£150,000-£500,000	£650 plus VAT of £130
  	£500,001 +	£750 plus VAT of £150

• Search fees - the average cost for each purchase is approximately £225 (this is for the Wakefield area only and search fees for other locations can be provided upon request as the Local Search fee varies with each Local Authority.
• HM Land Registry fee - This fee will vary depending on the purchase price and fees can be found at https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees or can be provided by us upon request. Typically, this fee is between £20 and £270.
• Electronic money transfer fee £17 per bank transfer required (£14.17 plus VAT of £2.83)
• Other small Land Registry payments ranging from £3 to £20 ie official search, bankruptcy search, search of the Index Map etc

Other 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 and £100 plus VAT
• Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £25 and £100 plus VAT.
• 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 £25 and £100 plus VAT.
• Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £25 and £100 plus VAT.

*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

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if the property is located in Wales by using the https://services.wra.gov.wales/land-transaction-tax-calculator

Key Stages and what is included in our fee:

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below are some key stages that normally apply:

• 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
• Review the final contract for you to sign
• 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
• Deal with application for registration at Land Registry

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 4 and 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 4 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.

* Our fee assumes that:

1. 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
2. this is the assignment of an existing lease and is not the grant of a new lease
3. the transaction is concluded in a timely manner and no unforeseen complication arise
4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.