Price For Purchase Of Residential Property
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Price For Purchase Of 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.
£0.00 – £300,000
£800.00 + VAT (20%)
£300,001 – £500,000
£1000.00 + VAT (20%)
£500,001 – £700,000
£1200.00 + VAT (20%)
£700,001 – £1,000,000
£1500.00 + VAT (20%)
0.5% of purchase price plus VAT
- SDLT Form Admin Fees (inclusive of VAT): £120.00
- Admin fees for dealing with lender (inclusive of VAT): £240.00
- Additional fees for dealing with leasehold properties: £360.00
- Electronic money transfer fee (inclusive of VAT): £36.00
Local, Environmental, Drainage and Chancel Searches (if applicable)
Coal Search (if applicable)
Land Registry AP1 Fee:
Land Registry OS1/OS2 Search
Bankruptcy Search (K17)
£2.00 (per person)
I.D. and Money Laundering Check
£7.20 (per person) – £15.60 (for company)
Stamp Duty or Land Tax
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using the calculator on HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.
Additional Disbursements In Lease Matters
- Notice of Transfer fee (if applicable): From £50.00- £350.00.
- Notice of Charge fee (if applicable): From £50.00- £350.00.
- Deed of Covenant fee (if applicable): From £75.00 – £250.00.
- Certificate of Compliance fee (if applicable): From £75.00 – £250.00.
*Above figures might change significantly as per transaction. We will advise you exact figures once we have all the documents.
Assumptions For Costs
Our fee assumes that:
- It is a standard transaction and 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
- this is the assignment of an existing lease and is not the grant of a new lease
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
The cost and disbursements of your transaction might increase or vary due to some variables which we can only advise about after reviewing the whole transactions. Such as unregistered land, shared ownership, gifted deposits and equity Help to Buy.
We reserve the right to increase our costs should the matter become more protracted or complicated than we initially anticipated. If we anticipate that our Costs will exceed the amount estimated at the outset, we will let you know before increasing the same.
Stages Of The Process
The precise stages involved in the purchase of a residential freehold/leasehold property vary according to the circumstances. However, below we have suggested some key stages:
- 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
- Send final contract to you for signature
- 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
Timescale - How Long Will My House Purchase Take?
It might take 8 – 48 weeks to purchase your house depending upon different circumstances. If it is the purchase of freehold house on cash then the transaction might complete on the lower end of the time scale but if it’s a purchase of a leasehold flat with extension of lease then it might even take longer than above timescales.
Who Will Deal With Your Matter
Our Residential Conveyancing team of solicitors have more than 15 years’ experience. Your work will be mostly carried by Mr Sohaib Ahmad who is Managing Director and Supervisor. Ms Sara Arshad and Ms Tanzeela Shabbir Bibi are paralegals who will be helping him during this work.