Residential Property – Buying a Property

We are required by the Solicitors Regulatory Authority to publish the pricing information below. This information is applicable only to the stated circumstances and it is an indicative guide. Please contact us or use our on-line quoting tool on our website for more accurate information based on your circumstances.

Freehold Purchase	Leasehold Purchase
Property value: up to £500,000 Fee estimate: £895 to £995 + VAT*	Property value: up to £500,000 Fee estimate: £1,190 to £1,290 + VAT*
Property value: £500,000 to £1,000,000 Fee estimate: £1,095 to £1,195 + VAT*	Property value: £500,000 to £1,000,000 Fee estimate: £1,390 to £1,490 + VAT*
Property Value: £1,000,001 to £2,000,000 Fee Estimate: 0.15% of Purchase Price + VAT* For example, purchase price of £1.5million @0.15% = £2,250 + VAT	Property Value: £1,000,001 to £2,000,000 Fee Estimate: 0.15% of Purchase Price + VAT* PLUS Leasehold Fee** of £295 + VAT* For example, sale price of £1.5million @0.15% = (£2,250.00 + £295) + VAT*
Property Value: £2,000,001 + Fee Estimate: 0.25% of Purchase Price + VAT* For example, purchase price of £2.5million @0.25% = £6,250 + VAT*	Property Value: £2,000,001 + Fee Estimate: 0.25% of Purchase Price + VAT* PLUS Leasehold Fee** of £295 + VAT* For example, purchase price of £2.5million @0.25% = (£6,250 + £295) + VAT*

*VAT is chargeable at 20%

** A Leasehold Fee is charged for the additional work involved in dealing with other parties involved such as the landlord or management company.

For a more accurate indication of the cost relevant to your circumstances, (and without any obligation), please use the on-line quoting tool:

The figures provided are an estimate and could be more than the amount shown, as they are based upon the following assumptions:

This is a standard purchase without any legal complexity such as a defect in title which requires remedying prior to completion or the completion or the preparation of additional documentation relating to the purchase;
Where the property is leasehold, that this is an assignment of an existing lease and not the grant of a new lease;
The purchase is concluded in a timely manner and no unforeseen complication arises;
All parties in the purchase chain are co-operative and there is no unreasonable delay from third parties providing documentation;
The land is registered; and
We are also instructed to act for your lender (this is usual when you require a mortgage);
A Declaration of Trust is not required.

What Might Increase The Cost?

Common issues that could increase the cost of our services include: –

If the legal title is defective, or part of the property is unregistered;
If title rectification is required;
If planning permission or Building Regulations have not been obtained;
If essential documents are not provided;
If a lease extension is required.

This is not an exhaustive list.

Disbursements and other charges

Disbursements are costs related to your matter that are payable to third parties, such as the Land Registry. We handle the payment of the disbursements on your behalf to ensure a smoother process. Please note that further disbursements may be payable and we will be able to advise fully when taking your full instructions.

Disbursement	Typical Cost
Property search fees	Approximately £300 + VAT * (further searches may be recommended and these will be priced individually)
Stamp Duty Land Tax (SDLT):	This depends on the price of your property. Please note that the current legislation means that First Time Buyers do not need to pay any SDLT. Please visit the Gov.uk website to calculate how much SDLT you may need to pay on your purchase
Land Registry fee:	From £135.00
Land Registry Search fee:	£3.00 plus VAT*
Electronic Transfer fee:	£35.00 + VAT * (if you have a mortgage and the lender requires funds to be sent via Electronic Transfer, these fees may increase)
Bankruptcy Search fee:	£2 per person (this search is required when you require a mortgage) + VAT *
Additional Disbursements	Indemnity insurance policies will depend upon the price of the property and the issue being insured.

*VAT is currently charged at 20%

Leasehold Purchases

In addition to the above, the following additional costs may be payable: –

Cost	Amount
Apportionment of Ground Rent	Dependent on the terms of the lease
Apportionment of Service Charge	Dependent on terms of the lease
Notice of Transfer Fee	As set out in the lease
Notice of Charge Fee	As set out in the lease
Compliance Certificate	As set out in the lease
Deed of Covenant Fee	As required by the Management Company

Timescale

The average time for conveyancing transactions in England and Wales is approximately 8 – 12 weeks to exchange of contracts. Leasehold purchases may take longer than this, as there may be additional information required from the Landlord or the Management Company/Managing Agent.

Completing the purchase often takes place on the same day as exchange if agreed by the parties. Otherwise, it will normally occur within a month of exchange of contracts.

These timings are averages and individual matters can be delayed by the need to obtain paperwork essential to the purchase from other parties, such as lenders or management companies.

When involved in a chain of purchases, your purchase cannot go ahead until everyone else in the chain is ready to complete.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, these will generally include:

Identifying you
Taking your instructions and giving you initial advice
Checking finances are in place to fund purchase and contacting lender’s Solicitors if needed
Negotiating the terms of the Contract with the Seller’s Solicitors
Carrying out searches
Obtaining further planning documentation if required
Making any necessary enquiries of Seller’s Solicitor
Giving you advice on all documents and information received
Going through conditions of mortgage offer with you
Sending final Contract to you for signature
Drafting Transfer Deed
Advising you on joint ownership
Agreeing completion date (date from which you own the property)
Exchanging Contracts and notifying you that this has happened
Arranging for all monies needed to be received from lender and you
Submitting final searches
Completing your purchase
Dealing with payment of Stamp Duty Land Tax
Dealing with application for registration at HM Land Registry
Providing you with a copy of your completed title information document