Purchase, sale or re-mortgage – freehold property
The following information is an illustrative guide only. The figures do not represent a quote or estimate.
Where VAT is payable, it will be charged at the current rate applicable. Please check the HMRC website for current VAT rates
The figures are based upon a typical property valued at up to “£450,000.”
The illustrations are based on the following assumptions:
- No Help to Buy products or services are involved
- There is no element of shared ownership
- There is a clear and straightforward title to the property
- All purchase funds are provided by a mainstream lender
- Additional deposit monies are provided from the buyer’s own funds, and not by any third party (to include gifted deposits)
- The transaction does not fall through before completion
- No indemnity policies or similar products are required
- The property is not a new-build
- There is timely co-operation between all parties in any chain and no unforeseen complications arise
- Any third parties who provide information and documentation promptly
- Any joint purchasers who decide to hold the property as joint tenants
- This is a standard transaction and no unforeseen matters arise, including for example (but not limited to), a defect in the title that requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
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 the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or the Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales
Conveyancing Fees and Disbursements
- Legal fees between £450 – £1000 (excluding vat)
- Search fees, depending on the location of the property between £300- £400 (excluding VAT)
- HM Land Registry fee depending on the value of the property and whether it is already registered at the Land Registry between £95- £540
- Administration fee re: bank transfer: £30 (excluding VAT)
- VAT is payable at the current rate
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 (on purchase)
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using the HMRC’s website:
or if the property is located in Wales, by using the Welsh Revenue Authority’s website:
How long will the transaction take?
Several variables will affect how long it takes after your offer is accepted before you can move into your home. The average process takes between 6-8 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 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 6 months. In such a situation, additional charges would apply.
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below, we have suggested some key stages that are included:
- 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 the conditions of the mortgage offer with you
- 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 required 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
Sale of a freehold residential property
Our fees cover all of the work required to complete the sale of your property
- Conveyancer’s fees and disbursements
- Legal fees between £450 – £1000 (excluding vat)
- Vat payable at current rate
- Land registry copy entries fee on average £20
Remortgage of a freehold residential property
- Legal fee between £600- £950 (excluding vat)
- Vat payable at the current rate
Any other disbursements, including search fees, HM Land Registry fees, Electronic money transfer fee and VAT, will form part of a detailed individual estimate to be sent to you once we have further information about the value and nature of the remortgage.
How long will it take to sell or remortgage?
How long will it take to sell or remortgage your property will depend upon a number of factors. The average process takes between 8 – 12 weeks.
It can be quicker or slower, depending on the parties in the chain. For example if you are remortgaging a property it could take between 6 -8 weeks. However, if you are selling a property that is part of a lengthy chain of buyers and sellers, this can take significantly longer, between 2 and 6 months.