Residential Property Services and Fees (Purchase)

How Long Will My House Purchase Take?

 

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: -

  • Receiving your instructions
  • Receiving Memorandum of Sale from the estate agents and contacting the seller’s solicitors to confirm instructions
  • Receiving the draft contract, title documents and information about the property from the seller’s solicitors
  • Applying for searches on your behalf
  • Where necessary, contacting your mortgage lender’s solicitors
  • Reviewing the documents received from the seller’s solicitors, approving the contract and raising any additional enquiries
  • Reporting to you on the property and mortgage
  • Where necessary, dealing with your mortgage lender’s solicitors’ requirements.
  • Exchange contracts (Please note that a 10% deposit will be required from you before contracts are exchanged)
  • Prepare for completion, including organising for the balance of funds required for completion
  • Completion (usually 1 to 2 weeks from the date of exchange)
  • In the case of Leasehold properties, completing any formalities required under the provisions of the lease, such as notifying the Landlord, and obtaining any certificates required from the Landlord for the purposes of registration
  • Completing Stamp Duty Land Tax formalities
  • Completing Land Registry formalities

 

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.

Transaction Value Freehold Leasehold
£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
Other Charges    
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.

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