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.

 

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.

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Regulated by the Solicitors Regulation Authority | SRA No.450213