Conveyancing Fees
Our Fees cover all of the work required to complete the purchase of your new home, including dealing with the registration at the Land Registry and dealing with the 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.
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Conveyancing Fees
Conveyancer’s Fees and Disbursements
· Legal Fees – Between £950.00 plus VAT of £190.00 totalling £1140.00 and £2000.00 plus VAT of £400.00 totalling £2400.00
· Search Fees £210.00
· HM Land Registry Fee £45 – £1,105.00 (depending on the purchase price, price as per HM Scale)
· Electronic Money Transfer Fee – £30.00
· Money Laundering Check – £12.00 per person.
· Digital Onboarding Fee – £36.00 per person ( If making use of digital onboarding, the £12 Money Laundering Check fee mentioned above is included.)
· Official Search – £15.00
· SDLT Filing Fee – £10
Referral Fee (if any)
We do pay referral fees to Estate Agents in some cases however, this is not paid by you.
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 HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.
How long will my house purchase take?
How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 10-20 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 6-8 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 may apply.
Stages of the Process
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 you may wish to include:
· Take your instructions and give you initial advice
· Receive and advise on contract documents
· Carry out searches
· Obtain proof of source of funds for monies paid by you towards the purchase
· 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
· 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
· Deal with application for registration at Land Registry
Purchase of a Leasehold residential property
Our fees cover all 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 Land Transaction Tax (Land Tax) if the property is in Wales.
Conveyancer’s fees and disbursements
· Legal fee Between £1150.00 plus VAT of £230.00 totalling £1380.00 and £2200.00 plus VAT of £440.00 totalling £2640.00
· Search Fees £210.00
· HM Land Registry Fee £45 – £1,105.00 (depending on price)
· Electronic money transfer fee – £30.00
Referral Fee (if any)
We do pay referral fees to Estate Agents in some cases however, this is not paid by you.
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 that 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.
· HM Land Registry Fee – £45 – £1,105.00
· Search Fee – £210.00
· Electronic Money Transfer Fee – £30.00
Anticipated Disbursement *
· Notice of Transfer Fee – This fee (if chargeable) is set out in the Lease. Often the fee is between £40.00 – £200.00
· Notice of Charge Fee (if the property is to be mortgaged) this fee is set out in the Lease. Often the fee is between £40.00 – £200.00
· Deed of Covenant Fee – This fee is provided by the management company for the property and can be difficult to estimate. Often the fee is between £100.00 – £240.00
· Certificate of Compliance Fee – to be confirmed upon receipt of the Lease, as can range between £100.00 – £250.00
*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 HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.
What we need to know
When quoting you for the costs of a sale or purchase we would ask the following:-
· Value of the property
· First-time Buyer
· Re-Mortgage
· Freehold or Leasehold
· New Build
· First Registration of Title
· Whether a mortgage or not, or Islamic mortgage
· In purchase cases, whether primary residence, buy to let or second/holiday home
· Multiple Owners
· Shared Ownership Scheme
· Using a Help to Buy Scheme, and whether it is an equity loan or ISA
· Purchase under Right to Buy
· Purchase at auction
· Property has been repossessed
* Our fees assume 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.
Sale of Freehold Property
· Legal Fees – Between £950.00 plus VAT of £190.00 totalling £1140.00 – £1800.00 plus VAT of £360.00 totalling £2160.00
· £15.00 Official Copies
· £30.00 Bank TT Fee
· £12.00 per person Money Laundering Check
· Digital Onboarding Fee – £36.00 per person ( If making use of digital onboarding, the £12 Money Laundering Check fee mentioned above is included.)
Sale of Leasehold Property
· Legal Fees – Between £1150.00 plus VAT of £230.00 totalling £1380 – £2000 plus VAT of £400.00 totalling £2400.00
· £15.00 Official Copies
· £30.00 Bank TT Fee
· £12.00 per person Money Laundering Check
· Digital Onboarding Fee – £36.00 per person ( If making use of digital onboarding, the £12 Money Laundering Check fee mentioned above is included.)
There may also be potential Landlord or Management company fees may be charged by those companies.
Re-Mortgage
· Legal Costs – Between £600.00 plus VAT of £120.00 totalling £720.00 – £700.00 plus VAT of £140.00 totalling £840.00
· £15.00 official copies
· £15.00 Land Registry searches
· £12.00 per person Money Laundering Check
· Digital Onboarding Fee – £36.00 per person ( If making use of digital onboarding, the £12 Money Laundering Check fee mentioned above is included.)
· £30.00 Bank TT fee
· £16.00 – £30.00 search indemnity
· £20.00 – £80.00 Land Registry fee depending on the value of the new mortgage
· £10.00 – Post Completion Fee
There may be additional costs incurred if you are repaying a second charge/loan or a Help to Buy loan.
There will be additional charges if the new mortgage involves having to remove a name from the deeds or add a new person to the deeds and mortgage. In this event, there may also be stamp duty payable which would be assessed at the point of quotation.
Here for you.
We act for clients in Corby, Kettering, across Northamptonshire as well as all over the country in England and Wales. Distance is not a problem!
Call our Corby office on 01536 276300 or our Kettering office on 01536 311690 today or contact us online.