Our experienced conveyancers are here to help with the purchase of freehold and leasehold houses, flats and apartments.
Please call us on 01227 276276 (or send us an email using this link) and we will be happy to discuss your individual requirements and provide you with a bespoke Fixed Fee Estimate.
BUYING A FREEHOLD PROPERTY
What Services Are Included In A Fixed Fee And What Are The Key Stages Of The Purchase Process?
The precise stages involved in the purchase of a freehold residential property vary according to the circumstances, but these are the key stages which are all included in our fixed fee:
- Take your instructions and give you initial advice
- Check finances are in place to fund the purchase and contact lender’s solicitors if needed
- Contact the seller’s conveyancer
- Receive and advise on contract documents
- Investigate the title deed to the property including carrying out searches in respect of Drainage & Water, Local Authority and Environmental
- Obtain further planning documentation if required
- Raise enquiries arising from the above with the seller’s conveyancer and obtaining satisfactory replies
- Approve draft contract
- Prepare a written transaction report to you
- Send final contract to you for signature
- Agree completion date (date from which you will own the property)
- Exchange contracts and notify you that this has happened
- Arrange for all money needed to be received from lender and you
- Complete purchase
- Deal with payment of any Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
How Long Will My Purchase Take?
How long it will take from us receiving the contract pack until exchange will depend on a number of factors. During ‘normal’ time, the average process took between 8-10 weeks. However, due to Covid, the process is taking longer across the whole industry and the average period is currently 14-18 weeks.
It can be quicker or slower, depending on the number of parties in the chain and at what stage they are in the conveyancing process. For example, at the bottom of the chain is a first-time buyer who is struggling to obtain a mortgage offer and this delays the transaction. Or perhaps a buyer’s survey has come back with adverse results which leads to negotiations over the purchase price between the conveyancers or estate agents.
The Cost
As an example, our estimated fees, disbursements and additional costs for:
The purchase of a freehold residential property by a couple for £225,000 with a mortgage that does not have any unexpected complications would be:
| EX VAT | INC VAT | |
| Fees: | ||
| Legal Fees | £1,200 | £1,440 |
| Electronic Money Transfer Admin Fee | £17.33 | £20.80 |
| In House ID Admin Fee | £10.16 | £12.19 |
| Disbursements*: | ||
| HM Land Registry Fee | £150.00 | £150.00 |
| Additional Costs: | ||
| Average Search Fees (each Local Authority charges differing amounts) | £133.33 | £160.00 |
| ID Check Fee (£3.25 per person plus VAT plus a Source of Funds check – £4.00 per transaction plus VAT) | £10.50 | £12.60 |
| Final Searches (Bankruptcy Searches of £2.00 per person plus VAT, and OS1 Search | £7.00 | £8.40 |
| Portal Fee For Registration with Land Registry | £5.00 | £6.00 |
| Electronic Money Transfer Bank Fee | £16.00 | £19.20 |
| Estimated Total (Excluding Stamp Duty**) | £1,549.32 | £1,829.18 |
Our fee is based on the assumptions referred to on this page.
*Additional Disbursements
Other additional disbursements may be incurred. For example If there are defects in title or if certain documents are missing, then we may need to obtain indemnity policies to rectify such matters. The cost of such policies usually depend on the property value and we shall advise you on the specific fees, if such policies are required.
** Stamp Duty
Stamp Duty or Land Tax may be payable on this purchase. The amount payable depends on the purchase price of the property and your circumstances. 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.
Who Will Handle My Matter?
An experienced member of our property team will handle your matter. You will be formally introduced to your conveyancer by letter, but links to full details of our team’s background and qualifications are below.
BUYING A LEASEHOLD PROPERTY
What Services Are Included In A Fixed Fee And What Are The Key Stages Of The Purchase Process?
The precise stages involved in the purchase of a leasehold residential property vary according to the circumstances, but these are the key stages which are all included in our fixed fee:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Contact the seller’s conveyancer
- Investigate the title deeds to the property including carrying out searches in respect of Drainage & Water, Local Authority and Environmental
- Raise enquiries arising from the above with the seller’s conveyancer and obtaining satisfactory replies thereto
- Approve draft contract
- Request and check the management pack completed by the freeholder/managing agents, raising any additional enquiries and obtaining satisfactory replies thereto
- Draft a transfer deed
- Prepare a written transaction report to you
- Proceed to exchange contracts and completion of the purchase
- Approve any apportionments of service charge and ground rent
- Calculate Stamp Duty Land Tax (SDLT) on the purchase price and preparing and submitting the appropriate Return to HM Revenue & Customs
- Register the purchase and mortgage (if applicable) at the Land Registry
- Serve notices of transfer/charge on the landlord
How Long Will My Purchase Take?
How long it will take from us receiving the contract pack until exchange will depend on a number of factors. During ‘normal’ time, the average process took between 10-12 weeks. However, due to the continuing effects of Covid, the process is taking longer across the whole industry and the average period is currently 16-18 weeks.
It can be quicker or slower, depending on the number of parties in the chain and at what stage they are in the conveyancing process. For example, at the bottom of the chain is a first-time buyer who is struggling to obtain a mortgage offer and this delays the transaction. Or perhaps a buyer’s survey has come back with adverse results which leads to negotiations over the purchase price between the conveyancers or estate agents. More often the delay is due to incomplete management packs or the managing agent/freeholder taking time to respond to enquiries raised. If you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between three and six months. In such a situation, additional charges would apply.
The Cost
As an example, our estimated fees, disbursements and additional costs for:
The purchase of a leasehold residential property by a couple for £180,000 with a mortgage that does not have any unexpected complications would be:
| EX VAT | INC VAT | |
| Fees: | ||
| Legal Fees | £1,550 | £1,860 |
| Electronic Money Transfer Admin Fee | £17.33 | £20.80 |
| Admin fee for ID Check | £10.16 | £12.19 |
| Disbursements: | ||
| HM Land Registry Fee | £100.00 | £100.00 |
| Additional Anticipated Disbursements* | TBA | TBA |
| Additional Costs: | ||
| Average Search Fees (each Local Authority charges differing amounts) | £133.33 | £160.00 |
| ID Check Fee (£3.25 per person plus VAT plus a Source of Funds check – £4.00 per transaction plus VAT) | £10.50 | £12.60 |
| Final Searches (Bankruptcy Searches of £2.00 per person plus VAT, and OS1 Search | £7.00 | £8.40 |
| Portal Fee for Registration with Land Registry | £5.00 | £6.00 |
| Electronic Money Transfer Bank Fee | £16.00 | £19.20 |
| Estimated Total (Excluding Anticipated Additional Disbursements and Stamp Duty**) | £1,849.32 | £2,199.18 |
Our fee is based on the assumptions referred to on this page.
*Additional Anticipated Disbursements:
If there are defects in title or if certain documents are missing, then we may need to obtain indemnity policies to rectify such matters. The cost of such policies usually depend on the property value and we shall advise you on the specific fees, if such policies are required.
There are also certain disbursements which will be set out in the individual lease relating to the property. The disbursements which we anticipate may apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the terms of the lease. These additional anticipated fees vary from property to property and can on occasion be significantly more than the ranges given above. Sometimes VAT is also charged on these fees. We can give you an accurate figure once we have sight of your specific documents.
- Notice of Transfer fee – If chargeable, this fee is set out in the lease. Often the fee is between £30.00 -£150.00.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £30.00- £150.00.
- Deed of Covenant fee – This fee is sometime charged by the management company for the property and can be difficult to estimate. Often it is between £100.00-£250.00.
- Certificate of Compliance fee – this can be confirmed upon receipt of the lease but this can range between £100.00-£250.00.
You should also be aware that ground rent and service charges are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.
** Stamp Duty
Stamp Duty may be payable on a purchase. The amount payable depends on the purchase price of the property and your personal circumstances. 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.
Who Will Handle My Matter?
An experienced member of our property team will handle your matter. You will be formally introduced to your conveyancer by letter, but links to full details of our team’s background and qualifications are below.