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Buying a property is stressful enough without the worry of additional costs and legal fees. It is important to us that we give you some idea of costs at the beginning of your transaction.
Firstly, there will be fees for the conveyancing work we undertake on your behalf, and secondly, there are standard charges payable for necessary items such as searches and Stamp Duty Land Tax.
We have been helping clients buy and sell property for many years. Our experienced team members take great pride in the work they do. Between them, they have many years of experience and have helped thousands of people move successfully into their new homes. Our team is always available to answer any questions you have and you can be assured your transaction is in safe hands.
The basis for our fees
Our fees for conveyancing services depends on a number of factors including the value and location of the property, whether you are having a mortgage, whether the property is freehold or leasehold, the number of purchasers etc.
Please note that where stated, VAT will be charged at the prevailing rate - currently 20%.
As a guide we have set out two examples. For these examples our fees (plus VAT) would be as follows.
The purchase of a freehold property valued at £153,500. Our fees £1,250 (plus VAT)
The Purchase of a leasehold property valued at £875,000. Our fees £2,500 (plus VAT)
It is important to realise that there are a number of additional charges involved in property transactions to cover items such as searches and money transfer fees. As an example, the links below show a summary quotation of costs for our example property transactions. .
Other potential costs - freehold properties
Help to Buy
If you are receiving assistance through the Help to Buy Equity Scheme an additional charge of £100 - £150 plus VAT will be made to deal with the extra work involved in making your claim.
If you are using funds from a Help to Buy ISA account to assist with the purchase a charge of £50 plus VAT will be made for each bonus claim.
How long will my house purchase take?
How long will it take between your offer being accepted until you can move into your house will depend on a number of factors. The typical process takes between 4 weeks and 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 an empty property with no chain and you have a mortgage agreed in principle it could take 4 weeks. However, if you are buying a new build property which will be available when construction has been completed this could take significantly longer, between 3 and possibly up to 12 months.
What we can do for you
The work involved, and the stage at which this takes place for a residential property vary according to the circumstances. A standard transaction will include the following:
- taking your instructions and giving you initial advice;
- checking your finances are in place to fund the purchase and associated costs and contacting lenders and solicitors as required;
- to receive and advise on contract documents;
- to carry out searches;
- to obtain further planning documentation required;
- to make any necessary enquiries of the sellers solicitors;
- to give you advice on all documents and information received;
- to go through conditions and mortgage offer with you;
- send the final contract and transfer to you for signature;
- to agree on completion date (date from which you will purchase the property);
- to exchange contracts and notify you this has happened;
- to arrange for monies needed to be received from the lender and yourself;
- to complete the purchase;
- to deal with the payment of Stamp Duty Land Tax;
- to deal with the application for registration at HM Land Registry; and
- to confirm to yourself and any lender when registration has been completed.
Other potential costs - leasehold properties
Help to Buy
If you are receiving assistance through the Help to Buy Equity Scheme an additional charge of £100 - £150 plus VAT will be made to deal with the extra work involved in making your claim.
Leasehold or Shared Ownership
When buying a leasehold property please be aware that the landlord and/or management company or their agent often charge a fee for receiving notice of assignment/charge, dealing with a deed of covenant or releasing a restriction at the Land Registry. We will oversee these procedures as required by the terms of the lease (these vary from property to property). The costs vary between nil and £480 plus VAT. We would suggest you allow a sum of £200 plus VAT in your budget to cover the landlord/management company fees. When we were advised of the true extent of these fees by the third parties they are payable to, we will let you have those details and incorporate them into the final completion statement as soon as possible, together with any apportionment of ground rent and/or service charges. In addition in some transactions (again this is dictated by the terms of the lease) a certificate of compliance may be required and the cost of this varies between nil and £250 plus VAT.
If you are using funds from a Help to Buy ISA account to assist with the purchase a charge of £50 plus VAT will be made for each bonus claim.
How long will my house purchase take?
How long will it take between your offer being accepted until you can move into your house will depend on a number of factors. The typical process takes between 8 weeks and 20 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer purchasing an empty property with no chain and you have a mortgage agreed in principle it could take 4 weeks. However, if you are buying a new build property which will be available when construction has been completed this could take significantly longer, between 3 and possibly up to 12 months.
What we can do for you
The work involved, and the stage at which this takes place for a residential property vary according to the circumstances. A standard transaction will include the following:
- taking your instructions and giving you initial advice;
- checking your finances are in place to fund the purchase and associated costs and contacting lenders and solicitors as required;
- to receive and advise on contract documents;
- to carry out searches;
- to obtain further planning documentation required;
- to make any necessary enquiries of the sellers solicitors;
- to give you advice on all documents and information received;
- to go through conditions and mortgage offer with you;
- send a final contract and transfer to you for signature;
- to agree on completion date (date from which you will purchase the property);
- to exchange contracts and notify you this has happened;
- to arrange for monies needed to be received from the lender and yourself;
- to complete the purchase;
- to deal with the payment of Stamp Duty Land Tax;
- to deal with the application for registration at HM Land Registry; and
- to confirm to yourself and any lender when registration has been completed.
Get in touch with our conveyancing solicitors
For further information about our conveyancing services, get in touch with our team in Alconbury, Birmingham, Nottingham, Peterborough or Spalding.