Purchase, sale or remortgage – freehold property
The following information is an illustrative guide only. The figures do not represent a quote or estimate.
Where vat is payable, it will be charged at the current rate applicable. Please check the HMRC website for current vat rates
The illustrations are based on the following assumptions:
- No Help to Buy products or services are involved
- There is no element of shared ownership
- There is a clear and straightforward title to the property
- All purchase funds are provided by a mainstream lender
- Additional deposit monies are provided from the buyers own funds, and not by any third party (to include gifted deposits)
- The transaction does not fall through before completion
- No indemnity polices or similar products are required
- The property is not a new-build
- There is timely co-operation between all parties in any chain and no unforeseen complications arise
- Any third parties provide information and documentation promptly
- Any joint purchasers decide to hold the property as joint tenants
- This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in the title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
Purchase of a freehold residential property
Our fees 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 the Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.
Conveyancer’s fees and disbursements
| Fees excluding VAT | VAT |
Freehold purchase up to £250,000 | £1250 | £250 |
Between £250,000 and £500,000 | £1450 | £290 |
Between £500,000 and £750,000 | £1650 | £330 |
Between £750,000 and £1,000,000 | £1950 | £390 |
Beyond £1,000,000 | 0.5% of purchase price plus VAT | To be confirmed |
Disbursements
Disbursements are costs related to your matter 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.
Stamp Duty Land Tax (on purchase)
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
How long will the transaction take?
How long will it take from your offer being accepted until you can move into your house will depend upon a number of factors. The average process takes between 6-8 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 leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 6 months. In such a situation, additional charges would apply.
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that are included:
- 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 required 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
Sale of a freehold residential property
| Fees excluding VAT | VAT |
Freehold sale up to £250,000 | £1250 | £250 |
Between £250,000 and £500,000 | £1450 | £290 |
Between £500,000 and £750,000 | £1650 | £330 |
Between £750,000 and £1,000,000 | £1950 | £390 |
Beyond £1,000,000 | 0.5% of sale price plus VAT | To be confirmed |
Remortgage of a freehold residential property
| Fees excluding VAT | VAT |
Freehold remortgage up to £250,000 | £750 | £150 |
Between £250,000 and £500,000 | £900 | £180 |
Between £500,000 and £750,000 | £1100 | £220 |
Between £750,000 and £1,000,000 | £1300 | £260 |
Beyond £1,000,000 | £1500 | £300 |
Vat payable at the current rate
Any other disbursements including search fees, HM Land Registry fees, Electronic money transfer fee and VAT will form part of a detailed individual estimate to be sent to you once we have further information about the value and nature of the remortgage.
How long will it take to sell or remortgage?
How long will it take to sell or remortgage your property will depend upon a number of factors. The average process takes between 8 – 12 weeks.
It can be quicker or slower, depending on the parties in the chain. For example if you are remortgaging a property it could take between 6 -8 weeks. However, if you are selling a property that is part of a lengthy chain of buyers and sellers, this can take significantly longer, between 2 and 6 months.
Purchase, sale or remortgage – leasehold property
The following information is an illustrative guide only. The figures do not represent a quote or estimate.
Where vat is payable, it will be charged at the current rate applicable. Please check the HMRC website for current vat rates
The illustrations are based on the following assumptions:
- No Help to Buy products or services are involved
- There is no element of shared ownership
- There is a clear and straightforward title to the property
- All purchase funds are provided by a mainstream lender
- Additional deposit monies are provided from the buyers own funds, and not by any third party (to include gifted deposits)
- The transaction does not fall through before completion
- No indemnity polices or similar products are required, additional disbursements may apply if indemnity policies are required
- The property is not a new-build
- There is timely co-operation between all parties in any chain
- Any third parties provide information and documentation promptly
- The transaction is concluded in a timely manner and no unforeseen complications arise
- This is the assignment of a lease and is not the grant of a new lease
- This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in the title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
Purchase of a leasehold residential property
Our fees cover all 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 is in Wales.
Conveyancer’s fees and disbursements
| Fees excluding VAT | VAT |
Leasehold purchase up to £250,000 | £1400 | £280 |
Between £250,000 and £500,000 | £1600 | £320 |
Between £500,000 and £750,000 | £1800 | £360 |
Between £750,000 and £1,000,000 | £2000 | £400 |
Beyond £1,000,000 | 0.6% of purchase price plus VAT | To be confirmed |
Administration fee re: bank transfer £35 + VAT
Administration fee re: AML compliance check £30 + VAT
VAT payable at current rate
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. 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. The list is not exhaustive and other disbursements may apply depending on the terms of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
HM Land Registry fee - depending on value of property
Search fees approximately between £350 - £500 + VAT
VAT payable at current rate
Anticipated disbursements:
Notice of transfer fee – this fee if chargeable is set out in the lease. Often the fee is between £50 – £200
Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50 – £200
Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £150 - £300
Certificate of Compliance fee – To be confirmed upon receipt of the lease, and can range between £150 - £300
These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
You should also be aware that ground rent and service charges are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.
Stamp Duty Land Tax (on purchase)
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is locates in Wales by using the Welsh Revenue Authority’s website
How long will the transaction take?
How long it will take from you offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 10 - 14 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 10 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 4 months. In such a situation, additional charges would apply.
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
- Take 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
- Send final contract to you for signature
- Draft Transfer
- Advise you on joint ownership
- Obtain pre-completion searches
- 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 the lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
Sale of a leasehold residential property
Our fees cover all of the work required to complete the sale of your property
| Fees excluding VAT | VAT |
Leasehold sale up to £250,000 | £1400 | £280 |
Between £250,000 and £500,000 | £1600 | £320 |
Between £500,000 and £750,000 | £1800 | £360 |
Between £750,000 and £1,000,000 | £2000 | £400 |
Beyond £1,000,000 | 0.6% of sale price plus VAT | To be confirmed |
Land registry copy entries fees £3 per copy + VAT
VAT payable at current rate
Remortgage of a leasehold residential property
| Fees excluding VAT | VAT |
Leasehold remortgage up to £250,000 | £900 | £180 |
Between £250,000 and £500,000 | £1100 | £220 |
Between £500,000 and £750,000 | £1300 | £260 |
Between £750,000 and £1,000,000 | £1500 | £300 |
Beyond £1,000,000 | £1750 | £350 |
VAT payable at current rate
Any other disbursements including search fees, HM Land Registry fees, Electronic money transfer fee and vat will form part of a detailed individual estimate to be sent to you once we have further information about the value and nature of the remortgage.
How long will it take to sell or remortgage?
How long will it take to sell or remortgage your leasehold property will depend upon a number of factors. The average process takes between 10-14 weeks.
It can be quicker or slower, depending on the parties in the chain. For example if you are remortgaging a property it could take 6 weeks. However, if you are selling a property that is part of a lengthy chain of buyers and sellers, this can take significantly longer, between 2 and 4 months.