Example Pricing Information: Purchase of a freehold/leasehold residential property
The fees quoted cover all of the work 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.
Stamp Duty or Land Transaction Tax on Purchase
The fee we have quoted does not include Stamp Duty or Land Tax as this depends on the purchase price of your property. You can calculate the amount you will need to pay by using the HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.
Disbursements
Disbursements are costs related to your matter 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. We have included in our quote the typical disbursements that we anticipate will apply. This list is not exhaustive and other disbursements may apply. We can give you an accurate figure once we have sight of your specific documents.
If you are purchasing a leasehold property then you should also be aware that ground rent and service charge 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.
How long will your house purchase take?
This depends on a number of factors. For example, if there are a number of parties in your property chain it is likely to take longer compared to someone who is a chain-free buyer. On average the whole process can take between 12 – 14 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer. In such, a situation additional charges would apply.
Key stages involved
There are a number of stages, all of which may vary according to the circumstances of your property purchase, but typically as part of our service we will:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- 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
- 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 Transaction Tax
- Deal with application for registration at Land Registry
Our quoted fees assume that:
- this is a standard transaction and that no unforeseen matters arise
- the transaction is concluded in a timely manner and no unforeseen complication arise
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
If your purchase is substantially more complex or has unexpected issues additional fees may be payable. Details will be provided if and when they arise and we will agree any additional fees with you first.