Purchase Costs

PURCHASE

Our fees cover the work required to complete the purchase of the property, 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 you wish to buy is in Wales.

Our fees start from £500.00 plus VAT dependent upon the complexity of your transaction. Amrit Bhogal or Sunny Bains of our Property team will be able to take full details of your matter and provide an accurate quote.

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. An estimate of the cost of typical disbursements incurred in respect of a freehold property purchase are:

Anti-Money Laundering and ID check: £12.00 per person
Search fees: £50.00 to £400.00
Bankruptcy search: £2.00 per name
HM Land Registry official search: £3.00 per title and search
HM Land Registry fee: £20.00 – £540.00

For leasehold properties there are other typical disbursements as shown below which may be payable to the freeholder or management company on completion, the cost of which shall only be known once the transaction is underway:

Notice fee (per notice): £50.00 to £150.00
Deed of Covenant fee: £150.00 to £250.00
Certificate of Compliance: £150.00 to £250.00

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 HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website here.

How long will my house purchase take?

How long it will take from your offer being accepted until completion of the purchase will depend on a number of factors.  The average process takes between 6-8 weeks but can be quicker or slower, depending on the complexity of your purchase and the parties in the chain. A purchase of a leasehold property or an extension of lease may take longer than a straightforward freehold purchase. A leasehold extension would incur additional charges and you should speak to Amrit Bhogal or Sunny Bains of our Property team who will be able to advise as to those additional charges.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below is an indication of 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 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