Purchase costs
Our dedicated team of conveyancing solicitors in Birmingham are here to assist you. We take full details of your matter and provide an accurate quote based on the complexity of your transaction.
Our fees are fixed and not charged at an hourly rate. Our fees are generally dependent upon the purchase price and the complexity of the matter. Typical fees based on the purchase price are as follows:
£0 to £200,000 from £950.00 plus VAT
£200,001 to £500,000 from £1,000.00 plus VAT
£500,001 to £1,000,000 from £1,050.00 plus VAT
£1,000,001 and over from £1,150.00 plus VAT
We will add VAT to our fees at the rate that applies when the work is done. The current applicable rate is 20%. It is possible that unforeseen extra work may become necessary which falls outside the scope of the quotation, for example, due to unexpected difficulties or if your requirements or circumstances change significantly during the matter. If so, we will advise you of the estimated cost of the extra work and attempt to agree an amended charge with you before incurring any additional costs. If we cannot reach agreement, we will not undertake any further work and will charge you on an hourly basis for work to date.
Services include: dealing with registration at the Land Registry; and dealing with the payment of Stamp Duty Land Tax if the property is in England or Land Transaction Tax if the property you wish to buy is in Wales.
What are disbursements?
Disbursements are costs related to your matter that are payable to third parties (e.g. Land Registry fees).
We handle the payment of disbursements on your behalf to ensure a smoother process.
An estimated cost of typical disbursements incurred in respect of a freehold property purchase are:
Anti-money laundering
and ID check:£8.00 plus VAT per person Search fees: £50.00 to £400.00 plus VAT* Bankruptcy search: £2.00 plus VAT per person HM Land Registry official search: £3.00 plus VAT per title and search HM Land Registry fee: £20.00 – £540.00 (not subject to VAT)
*dependent on searches required
How long will my house purchase take?
The average process takes between 8-12 weeks. How long it will take from your offer being accepted until completion of the purchase will depend on several factors, including the complexity of your purchase and the parties involved in the chain.
The purchase of a leasehold property or an extension of lease may take longer than a straightforward freehold property purchase.
A leasehold extension will incur additional charges and you should speak to our specialist conveyancing solicitors for more information.
What are the stages of buying a residential property?
It’s important to remember that the precise stages involved in the purchase of a residential property may vary according to the circumstances. However, below is an indication of the key stages in a typical purchase transaction:
- Take your instructions and give you initial advice
- Receive and advise on contract documents
- Carry out searches
- Make any necessary enquiries of the seller’s solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Attendance with you to sign or sending 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
How much Stamp Duty or Land Tax will I have to pay?
You must pay Stamp Duty if you buy a property or land over a certain price in England or Land Tax if the property you wish to buy is in Wales. The amount of Stamp Duty or Land Tax that you will have to pay depends on the purchase price of your property.
If your property is located in England, you can use HM Revenue and Customs’ Stamp Duty Land Tax calculator to work out how much tax you’ll pay. If the property is in Wales, please use the Welsh Revenue Authority’s Land Transaction Tax calculator.
