Residential freehold purchase

Fees

Our fees and the disbursements payable for a residential freehold purchase depend on a number of factors, therefore we always provide our clients with a bespoke quote before accepting instructions to act in a purchase.

Our fees cover all of the work required to complete the purchase with a mortgage of your freehold 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 you wish to buy is in Wales, and in either case if the purchase is in fact subject to such tax.

  • Legal fee ranging between £895 and £4,995 depending on the following factors:
    • Purchase price
    • Timescales required for transaction
    • Mortgage and third party financing
    • Property has been altered
    • Boundary and access issues
    • Issues with the legal title
  • Electronic money transfer fee £30 per transfer (usually one transfer required per purchase)
  • Fax, telephone, photocopying and incidental expenses £25
  • VAT payable on all of the above at  20%

Disbursements

Disbursements are costs related to your freehold purchase 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 for you and your lender.

  • Search fees for local, water, environmental and other issues: these depend entirely on where your property is located and on what you/your lender require.
  • HM Land Registry search fee £3
  • HM Land Charges Registry fee for bankruptcy search £2 per borrower
  • HM Land Registry fee to register your purchase: this depends on the purchase price of your property, see http://landregistry.data.gov.uk/fees-calculator.html
  • Stamp Duty or Land Tax:  This depends on the purchase price of your property and other factors. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales at https://beta.gov.wales/land-transaction-tax-calculator
  • VAT payable at 20% on local search fees
    For an average freehold residential purchase with a mortgage of a property for £800,000 in the LB of Camden where local, drainage, plansearch and chancel searches are required, our estimated fees inclusive of VAT total £2,406 and the estimated disbursement costs inclusive of VAT total £660, making an estimated total expenditure (aside from Stamp Duty/Land Tax of £30,000) for the purchase of: £3,066.

    Key stages

    The exact stages involved in the purchase of a residential property vary according to the circumstances. However, a typical transaction involves the following stages, all of which would be covered by our fee set out above:

    • Take your instructions and give you initial advice
    • Check finances are in place to fund purchase
    • Receive and advise on contract and title documents
    • Carry out searches
    • Consider survey of property
    • Obtain planning, building regulations and guarantee  documentation if required
    • Make any necessary enquiries of seller’s solicitor on the title
    • Give you advice in writing 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

    How long will my house purchase take?

    How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors, such as

    • Whether there is a chain, and if so, the readiness of the other parties in the chain to progress the transaction
    • Whether mortgage finance is needed and the speed at which your mortgage application is processed
    • If you are buying a new build property
    • If the legal title to the property is defective or unregistered, or has other problems
    • If building regulations or planning consent have not been obtained
    • If crucial documents needed to progress the transaction are not provided by the seller

    The average process takes between 6 and 8 weeks.