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Our fees include the work detailed below which is required to complete the purchase of your new house, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty).
Our Estimated Fees
| Up to £250,000 | £1,250 + VAT (£1,500) |
| £250,000 – £500,000 | £1,450 + VAT (£1,740) |
| £500,000 – £750,000 | £1,750 + VAT (£2,100) |
| £750,000 – £1,000,000 | £2,000 + VAT (£2,400) |
| £1,000,000 – £1,500,000 | £2,500 + VAT (£3,000) |
| £1,500,000 – £2,000,000 | £3,000 + VAT (£3,600) |
| £2,000,000 + | Please contact us for a quote |
*VAT is currently chargeable at 20% of the fee
Additional Charges
| Administration & Petty Incidentals Fee | £75 plus VAT (£90) |
| Bank Transfer Fee | £35 plus VAT (£42) (per bank transfer) |
| Stamp Duty Land Transaction Return Fee | £125 plus VAT (£150) |
| ID Check Fee | £30 plus VAT (£36) (per individual client) |
Estimated 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.
The disbursements that we anticipate you will incur in connection with your purchase include:-
| Searches (including Local Authority Search, Environmental Search & Drainage and Water Search) | £300 – £500 (depending on location of the property) |
| Priority Search | £4.20 per title |
| Bankruptcy Search | £3.20 per individual |
| Stamp Duty | *please see below |
| Land Registry Fee | £20 – £910 (depending on the purchase price) |
Stamp Duty Land Tax: This is dependent on the purchase price, whether you own any interests in any other property and whether the property being purchased is replacing your main residence. To calculate the stamp duty on your proposed purchase, please see HMRC’s online stamp duty calculator: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro.
How long will my house purchase take?
How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 6-24 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 new build property with a mortgage in principle, it could take 8 weeks. However, if you are buying a property which is in a long chain of transactions, this can take significantly longer, up to 6 months.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have set out below the key stages in the process:-
- Taking your instructions and giving you initial advice
- Checking finances are in place to fund purchase
- Receiving and advising on the contract documents
- Carrying out searches
- Obtaining further planning documentation (if required)
- Making any necessary enquiries of seller’s solicitor
- Providing a report on title on all documents and information received
- Reviewing the conditions of the mortgage offer with you (if applicable)
- Sending the final contract to you for signature
- Drafting the Transfer Deed
- Advising you on joint ownership (if applicable)
- Obtain pre-completion searches
- Agreeing the completion date (date from which you own the property and can move into the property)
- Exchanging contracts and notify you of exchange
- Arranging for the mortgage funds to be requested for completion (if applicable)
- Forwarding a statement of account showing the balance due from you to complete the transaction
- Completing the purchase
- Dealing with payment of Stamp Duty Land Tax
- Dealing with the application for registration at the Land Registry and other post completion formalities
Disclaimer
Please note that this is an indication of our fees and disbursements only which assumes that:
- 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
- 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.
How LEASE Law can help you
Please contact Jade Thomas (jade@leaselaw.co.uk or 0204 511 9100) or Joanna Botley (joanna@leaselaw.co.uk or 0204 511 9101) for a no obligation discussion about your proposed purchase and for a personalised quotation of the fees and disbursements (including the stamp duty payable) for your proposed purchase.
