The length of time it takes from your offer being accepted to your being able to move into your house will depend on a number of factors, such as whether you require a mortgage, whether you are in a chain, the position of the seller and other parties in a chain and how long it takes for the search results to come back. On average, the process takes between 8 to 10 weeks.
The process can be quicker or slower depending on the parties in the chain. For example, if there is no chain and you do not require a mortgage, the process can be quicker and could potentially be completed in between 4 – 6 weeks. If you, or anyone else in the chain, needs to organise a mortgage, is in rented accommodation where notice is required, or is purchasing a new build property, or needs to obtain a grant of probate for a sale the process could take longer. There can also be other circumstances that could potentially lead to delays, for example if there are any defects in title or defects in the lease that need to be rectified. We will advise you of any circumstances that are likely to lead to any delays during the process.
The Stages in the Process
The key stages in the process are as follows: -
FEES AND DISBURSEMENTS
The fees that we will charge and the disbursements you are likely to incur are set out below. Disbursements are costs related to your matter that are payable to third parties.
|£499,999 or less||£1,075 plus VAT||£1,275 plus VAT|
|£500,000 - £749,999||£1,175 plus VAT||£1,375 plus VAT|
|£750,000 - £999,999||£1,325 plus VAT||£1,525 plus VAT|
|£1,000,000 - £1,249,999||£1,500 plus VAT||£1,700 plus VAT|
|£1,250,000 - £1,499,999||£1,750 plus VAT||£1,950 plus VAT|
|£1,500,000 and over||0.125% of value plus VAT||0.15% of value plus VAT|
|Completing Stamp Duty Land Tax Return||£75 plus VAT|
|Acting for Mortgage Lender||£200 plus VAT|
|Disbursements you can expect to pay|
|Search fees||£350 - £500|
|AML Searches (per person)||£9 plus VAT|
|Priority Search fees||£3 plus VAT|
|Bankruptcy Search fees (per person)||£2 plus VAT|
|Land Registry Fees||£40 - £500|
|LawyerChecker Fee||£15 plus VAT|
|Telegraphic Transfer Fee||£17 plus VAT|
|Stamp Duty Land Tax - This depends on the purchase price of the property. You can calculate the amount by using the calculator on HMRC website (property in England only)|
|Notice of Assignment & Charge (Leasehold)||£25 - £150 plus VAT|
|Deed of Covenant Fee (Leasehold)||£50 - £150 plus VAT|
|Lender Solicitors Fees (Dual Representation)||£275 - £375 plus VAT|
Please note that the above quotes are based on average fees and disbursements charged. If you would like a specific quote in respect of the property you are purchasing, please contact us and we can provide you with a tailored quote.