Residential Purchase

RESIDENTIAL CONVEYANCING FEE STRUCTURE FOR PURCHASING A PROPERTY

Our fees cover all of the work required 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 is in Wales.

How long will my house purchase take?

How long it will take from your offer being accepted  until you can move  in to your house  will  depend on a number of factors. The average process takes between 8 – 10 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 freehold property with a mortgage in principle, it could take 10 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 – 5 months or more. In such a situation additional charges would apply.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have listed the key stages:-

  • Take your instructions and give you initial advice
  • Send out our client care pack to you.
  • Check finances are in place to fund the purchase
  • Receive and advise on contract documents.
  • Carry out searches.
  • Raise enquiries with the sellers solicitors and request any missing documentation, for example, planning permissions.
  • Review any management pack should the property by an apartment or subject to a service charge payment.
  • Make enquiries of a land lord should the property be leasehold and a ground rent payable
  • Give you advice on all documents and information received
  • Go through conditions of your mortgage offer and report to you.
  • Send final contract out to you for signature.
  • Draft a Transfer deed
  • Advise you on joint ownership
  • Agree a completion date.
  • Obtain your deposit funds
  • Exchange contracts and notify you this has happened.
  • Obtain pre completion searches
  • Prepare an invoice and completion statement .
  • Arrange for all monies needed to be received from the lender and you.
  • Complete the purchase
  • Deal with payment of stamp duty/land tax
  • Deal with application for registration at the Land Registry

 

Estimated Costs

We have prepared a table (see below) of the estimated costs of a purchase of both leasehold and freehold property, there are additional fees:

  • For buying an apartment
  • For buying a new build property
  • If you are using the help to buy scheme on a new build purchase
  • If you are buying a shared ownership property - £175.00 plus vat
  • If you are using a Help to Buy ISA - £50.00 plus vat for each ISA
  • If your lender issues their mortgage offer via the LMS portal and charge £10.00 plus vat
  • If you require language assistance (e.g. services in Polish or Russian)

 

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Search fees. We handle the payment of the disbursement on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the property or if you are buying a new build property. The disbursements which we anticipate will apply as set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease / new build documentation from the sellers solicitors.

Anticipated Disbursements *

  • Notice of Transfer fee  - this is charged by the landlord and or management company under the terms of a lease. Often the fee is between £100.00 plus VAT - £250.00
  • Notice of Charge fee (if the property is mortgaged) – this is charged by the landlord and or management company under the terms of a lease. Often the fee is between £100.00 plus VAT  - £250.00
  • Deed of Covenant fee - this fee is charged by the landlord and or management company and can be difficult to estimate. Often it is between £100.00 plus VAT - £250.00 plus vat.
  • Certificate of Compliance fee – To be confirmed upon receipt of the lease and can range between £100.00 plus vat - £250.00 plus vat.
  • Engrossment fees – usually payable on new build properties and is a fee charged by the builders solicitors for the provision of the final document of transfer and plot plans and can range from £75.00 plus vat to £150.00 plus vat.

*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.

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 any anticipated service charge once we have sight of your specific documents.

Stamp Duty Land Tax/ Land Transaction Tax

This depends on the purchase price of your property and your circumstances. 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.

Our fee assumes that:

  1. 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.
  2. This is the assignment of an existing lease and is not a grant of a new lease
  3. The transaction is concluded in a timely manner and no unforeseen complications arise
  4. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  5. No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
  6. You do not require language assistance (for example, legal services in Polish or in Russian)

Purchase price

£0 - £80,000.00

£80,001.00 –

£100,000.00

£100,001.00 –

£200,000.00

Fees

£695.00

£695.00

£750.00

VAT

£139.00

£139.00

£150.00

TT inc VAT

£36.00

£36.00

£36.00

Stamp Duty Admin  fee inc vat

£90.00

£90.00

£90.00

Search pack (local , water, FC )

£190.00

£190.00

£190.00

Lawyer Checker

£12.00

£12.00

£12.00

Bankruptcy Search (per person)

£2.00

£2.00

£2.00

Land Registry Search

£3.00

£3.00

£3.00

Land Registry Fee (registered titles)

£20.00

£40.00

£95.00

ID search (per person)

£2.53

£2.53

£2.53

 

 

 

 

Total

£1189.53

£1209.53

£1330.53

 

 

 

 

Stamp duty click link to calculate the amount you will need to pay

https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

if your property is in Wales use:

https://lttcalculator.wra.gov.wales/

 

 

Additional fees for an apart.

£150.00

£150.00

£150.00

Vat

£30.00

£30.00

£30.00

Total

£1369.53

£1389.53

£1510.53

Additional  fees for new build

£200.00

£200.00

£200.00

Vat

£40.00

£40.00

£40.00

Total

£1429.53

£1449.53

£1570.53

Additional fees for new build apt

£250.00

£250.00

£250.00

vat

£50.00

£50.00

£50.00

Total

£1489.53

£1509.53

£1630.53

Additional fees for help to buy new build

£200.00

£200.00

£200.00

vat

£40.00

£40.00

£40.00

Total for new build house with HTB

£1669.53

£1689.53

£1810.53

Total for new build apt with HTB

£1729.53

£1749.53

£1870.53

 

Purchase price

£200,001.00- £300,000.00

Fees

£850.00

VAT

£170.00

TT  inc vat

£36.00

Stamp Duty Admin fee

Inc  vat

£90.00

Search pack (local, water

FC)

£190.00

Lawyer Checker

£12.00

Bankruptcy Search (per

Person)

£2.00

Land Registry Search

£3.00

Land Registry Fee

(registered titles)

£135.00

ID search (per person)

£2.53

 

 

Total

£1490.53

 

 

Stamp duty click link to calculate the amount you will need to pay

https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

if your property is in Wales use:

https://lttcalculator.wra.gov.wales/

Additional fees for an apart.

£150.00

Vat

£30.00

Total

£1670.53

Additional  fees for new build

£200.00

Vat

£40.00

Total

£1730.53

Additional fees for new build apt

£250.00

vat

£50.00

Total

£1790.53

Additional fees for help to buy new build

£200.00

vat

£40.00

Total for new build house with HTB

£1970.53

Total for new build apt with HTB

£2030.53

 

Purchase Price

£300,001.00- £500,000.00

Fees

£895.00

VAT

£179.00

TT  inc VAT

£36.00

Stamp Duty Admin Fee

Inc VAT

£90.00

Search Pack (local, water

FC)


£190.00

Lawyer Checker

£12.00

Bankruptcy Search (per

Person)

£2.00

Land Registry Search

£3.00

Land Registry Fee

(registered titles)

£135.00

ID search (per person)

£2.53

 

 

Total

£1544.53

 

 

Stamp duty click link to calculate the amount you will need to pay

https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

if your property is in Wales use:

https://lttcalculator.wra.gov.wales/

Additional fees for an apart.

£150.00

Vat

£30.00

Total

£1724.53

Additional  fees for new build

£200.00

Vat

£40.00

Total

£1784.53

Additional fees for new build apt

£250.00

vat

£50.00

Total

£1844.53

Additional fees for help to buy new build

£200.00

vat

£40.00

Total for new build house with HTB

£2024.53

Total for new build apt with HTB

£2084.53

 

Purchase Price

£500,001.00 -£750,000.00

Fees

£995.00

VAT

£199.00

TT inc vat

£36.00

Stamp duty admin fee

Inc VAT

£90.00

Search Pack (local, water

FC)

£190.00

Lawyer Checker

£12.00

Bankruptcy Search (per

Person)

£2.00

 Land Registry Search

£3.00

Land Registry Fee

(registered titles)

£270.00

ID search ( per person)

£2.53

 

 

Total

£1799.53

 

 

Stamp duty click link to calculate the amount you will need to pay

https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

if your property is in Wales use:

https://lttcalculator.wra.gov.wales/

Additional fees for an apart.

£150.00

Vat

£30.00

Total

£1979.53

Additional  fees for new build

£200.00

Vat

£40.00

Total

£2039.53

Additional fees for new build apt

£250.00

vat

£50.00

Total

£2099.53

Additional fees for help to buy new build

£200.00

vat

£40.00

Total for new build house with HTB

£2279.53

Total for new build apt with HTB

£2339.53

 

Purchase Price

£750,001.00- £999,999.00

Fees

£1100.00

VAT

£220.00

TT inc VAT

£36.00

Stamp Duty Admin Fee

Inc VAT

£90.00

Search Pack (local,water

FC)

£190.00

Lawyer checker

£12.00

 Bankruptcy Search

(per person)

£2.00

Land Registry Search

£3.00

Land Registry Fee

(registered titles)

£270.00

ID search ( per

Person)

£2.53

 

 

Total

£1925.53

 

 

Stamp duty click link to calculate the amount you will need to pay

https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

if your property is in Wales use:

https://lttcalculator.wra.gov.wales/

Additional fees for an apart.

£150.00

Vat

£30.00

Total

£2105.53

Additional  fees for new build

£200.00

Vat

£40.00

Total

£2165.53

Additional fees for new build apt

£250.00

vat

£50.00

Total

£2225.53

Additional fees for help to buy new build

£200.00

vat

£40.00

Total for new build house with HTB

£2405.53

Total for new build apt with HTB

£2465.53

 

For properties priced at £1,000,000.00 or more we charge at a charging rate of £150-180 plus VAT (depending on the fee earner handling your case) plus disbursements.

 

The Team

  • Head of Conveyancing
    Sue qualified in 1994 and has over 20 years experience in residential Conveyancing matters. Sue joined the firm in 2016 to Head our Residential Conveyancing Department and is based at our Altrincham office.
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  • Solicitor
    David qualified as a Solicitor in 1975 and has specialised in conveyancing and matrimonial matters.
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  • Solicitor
    Stephanie graduated from Northumbria University in 2012 with LLB and went on to study the LPC and LLM at the Collage of Law Manchester. She joined McHale & Co in May 2015 and currently deals with commercial and residential property transactions.
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  • Solicitor
    Phillippa graduated from De Montford University Leicester in 1990 before gaining an honours award at Christleton College of Law in Chester. Phillippa specialises in new build conveyancing and heads the Plot Team at our Altrincham office.
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  • Paralegal
    Mark joined the firm from Sedgwick Legal following a merger in October 2016 and is a Fee Earner in the Property Department dealing with residential conveyancing matters including buying and selling houses as well as re-mortgages and Transfers of Equity.
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  • Licensed Conveyancer
    David graduated from Sheffield Hallam University and joined McHale & Co in 2015 after working in both Australia and New Zealand. David is a Licensed Conveyancer who specialises in residential conveyancing and is happy to advise on all aspects of property law.
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