Price and Timescales for the Purchase of a Freehold Residential Property
Below you will find an example of the costs (and work involved) * to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.
* Please note that the amount you will pay depends on the price of the property and the complexity of the work involved. We can give you a fixed cost once we have details of the property and your circumstances. We have provided a typical example of a property costing £175,000 with or without a mortgage. Land Registry Fees are charged on a sliding scale depending on the transfer value. You can calculate the amount of the Land Registry fee by visiting the Land Registry’s Website .
Example of Property costing £175,000
- Legal fee if there is no mortgage £800.00 (+VAT)
Disbursements (for the above example)
| Search Fees | £240.00 (+VAT) |
| HM Land Registry Fee | £100.00 (+VAT) |
| Electronic Money Transfer Fee | £40.00 (+VAT) |
| Electronic identification fee (per person): | £5.00 (+VAT) |
| Electronic Storage of File | £7.50 (+VAT) |
Estimated total: £1471.60
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Stamp Duty or Land Tax (on purchase)
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website here.
In this example of a property valued at £175,000.00 the Land Tax charge would be £0.00
Additional Costs to above if dealing with a Leasehold property:
- Legal Fee: + £350.00
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50.00 – £100.00
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50.00 – £100.00
- Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £175.00 – £250.00
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50.00 – £150.00
These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents, as these are dictated by the landlord & management companies.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.
Our fee assumes that:
- this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
- If it is a leasehold property, that this is the assignment of an existing lease and is not the grant of a new lease
- the transaction is concluded in a timely manner and no unforeseen complication arise
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Where applicable, VAT will be charged at 20%.
Factors that would typically increase the cost of the service
- If legal title is defective or part of the property is unregistered
- If we discover building regulations or planning permission has not been obtained
- If crucial documents that we have requested have not been provided.
- If you are having assistance from Help to Buy Wales or Help to Buy ISA
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are the typical key stages that would be involved in the transaction:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller’s solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Send final contract to you for signature
- Agree completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
Timescales
How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 12 – 14 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a new build property with a mortgage in principle, it could take 8 – 10 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 6 and 8 months. In such a situation, additional charges would apply.
Our team
Our team has over 100 years of collective experience in delivering high quality work in all matters relating to residential house purchases.
We also employ a team of around 8 support staff who do much of the day-to-day admin work on cases. Although they are not legally qualified, they have received extensive training within our firm and work under the direct supervision of a solicitor with at least 5 years post qualification experience.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are the typical key stages that would be involved in the transaction:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller’s solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Send final contract to you for signature
- Agree completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
Timescales
How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 12 – 14 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a new build property with a mortgage in principle, it could take 8 – 10 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 6 and 8 months. In such a situation, additional charges would apply.
Our team
Our team has over 100 years of collective experience in delivering high quality work in all matters relating to residential house purchases.
Anthea Phillips, our director who specialises in conveyancing, heads up a team of 7 solicitors and has been working in this area for more than 20 years. Our solicitors have between 1 and 40+ years of experience in the area. We always make sure that junior solicitors and members of staff are supported and supervised appropriately so that the quality of advice is not affected, regardless of who is working on your case.
We also employ a team of around 8 support staff who do much of the day-to-day admin work on cases. Although they are not legally qualified, they have received extensive training within our firm and work under the direct supervision of a solicitor with at least 5 years post qualification experience.
