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.
Type of Work Our Fees*
Purchase of Freehold Property (£1,000,000 or less) £875 plus VAT
Purchase of Freehold Property (more than £1,000,000) £1,250 plus VAT
Purchase of Leasehold Property (£500,000 or less) £995 plus VAT
Purchase of Leasehold Property (more than £500,000) £1,250 plus VAT
Purchase of New Build Property £1,250 - £1,500 plus VAT
*Our fees will include acting for the lender if we are on the lender’s panel. If you are purchasing with the assistance of a mortgage and we are not on the lender’s panel we will reduce our fees by £250 plus VAT.
Disbursements you can expect to pay:
Search fees £400 - £610 (Approximate fee depending on location of property)
AML Search fees £7.80 per person
Priority Search Fees £3
Bankruptcy Search Fees £2 per person
Telegraphic Transfer Fees £17 per TT
Land Registry Fees £40 - £455
Stamp Duty Land Tax - This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC's website (property located in England only)
Notice of Assignment and Charge (Leasehold Property) £25 - £100 plus VAT
Deed of Covenant Fee (Leasehold Property) £50 - £150 plus VAT
Solicitor’s fees where the Lender is represented separately £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 for the property you are purchasing, please contact us and we can provide you with a tailored quote.