Our fees: Purchase of a freehold residential property

Please note our fees are subject to VAT, this tax is set by the UK government and is currently 20%.

Purchase of a freehold residential property

Our fixed fees cover all of the work* outlined in the ‘stages of the process’ text below, these steps are what is 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 you wish to buy is in Wales.

Our fixed fees are based on the price or value of the property as set out in the table below:

Example

To purchase a freehold property for £150,000 our fees would be £850 excluding VAT.

Purchase of a freehold new build property

If the property you are purchasing is a freehold new build property the following fees apply instead of those above:

This page details costs for a freehold property, if you are buying a leasehold property our additional charge will be £200.00 plus VAT.

Disbursements

Disbursements are costs related to your purchase that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply (depending on the type of property or where it is situated e.g. if the property is in Darras Hall a pack will need to be obtained from the Darras Hall Committee detailing further information about the property).

Sometimes we may pay a referral fee on your behalf. We will always inform you in writing what this fee is. A typical fee is £120.

In certain circumstances additional fees are chargeable which are outlined below:

Paragon Bank £1000 + £120 VAT = £120

ID Verification & Funds Fee of £26.00 per name on mortgage.

Example

To purchase a freehold property at £150,000, the following will apply (including no extra fees as set out above or referral fees):

Stamp Duty or Land Tax (on purchase)

This depends on the purchase price of your 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 here.

Mortgage Lending Panel

Many lenders use an online portal called LMS, this attracts a £42 admin fee (inc. VAT) this is payable with mortgages from several lenders, the main lenders are displayed below however this list is not exhaustive as lenders are added and removed frequently:

• Virgin Money
• Leeds Building Society
• Tesco
• Newcastle
• Tipton
• West Brom
• Nationwide
• Metrobank
• TSB
• Accord
• Nationwide
• Post Office
• Bank of Ireland

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, many of which are out of our control. The average process takes between 12-16 weeks.  It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a property with a mortgage in principle, it could take 16 weeks.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. Our work usually includes the following:

• Taking your instructions and give you initial advice
• Checking finances are in place to fund purchase and contact lender’s solicitors if needed
• Receiving and advising on contract documents
• Carrying out searches
• Obtaining further planning documentation if required
• Making any necessary enquiries of seller’s solicitor
• Giving you advice on all documents and information received
• Going through conditions of any mortgage offer with you
• Sending final contract to you for signature
• Agreeing completion date (date from which you own the property)
• Exchanging contracts and notifying you that this has happened
• Arranging for all monies needed to be received from lender and you
• Completing the purchase
• Dealing with payment of Stamp Duty/Land Tax
• Dealing with an application for registration at Land Registry

 * Assumptions:

1. this is a standard transaction and that 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
2. the transaction is concluded in a timely manner and no unforeseen complication arise
3. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
4. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

* Extra fees (not included in the above quote) may be added if any of the following apply to your case:

• electronic money transfer fee (£30 including VAT)
• first registration of title
• whether a mortgage or not, or Islamic mortgage
• in purchase cases, whether primary residence, buy to let or second/holiday home
• multiple owners
• shared ownership scheme
• using a help to buy scheme, and whether it is an equity loan or ISA
• purchase under right to buy
• purchase at auction
• property has been repossessed

Property work will be undertaken by our property team displayed below, all team members are supervised by Anne Austin.