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RESIDENTIAL PROPERTY SALE & PURCHASE

Costs

We appreciate that it is important for you to understand the costs that you are likely to incur when instructing us. If you choose to instruct this firm, we will provide you with a detailed estimate of costs based on the information you provide us. This will be calculated with reference to the hourly rate of the team or individual you choose to represent you and the number of hours we estimate the work will take us from the information you have supplied.

Every case is different. However, to help guide you in relation to our likely fees, please see the table below. All estimates provided in the table cover 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. Our fee is based on the assumption 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;
  • the property is not Listed;
  • the property is not a farm;
  • if the property is leasehold, it is the assignment of an existing lease and not the grant of a new lease;
  • the transaction is concluded in a timely manner and no unforeseen complications arise;
  • all parties to the transaction are cooperative and there is no unreasonable delay from the third parties providing documentation;
  • no indemnity policies are required. Additional disbursements and costs may apply if indemnity polices are required;
  • the property is not a new build;
  • there is no mortgage;
  • you are not using a Help-To-Buy Scheme whether by equity, loan, ISA or otherwise;
  • you are not purchasing under a Right-To-Buy Scheme;
  • you are not purchasing at auction;
  • the property has not been repossessed;
  • the property is Registered Land;
  • you
    • provide us with timely instructions, information and documents necessary or desirable for us to perform our services;
    • notify us promptly of any changes or additions to instructions, information and documents previously provided by you or on your behalf; and
    • ensure that all information provided to us is complete in all material aspects and is not misleading.

If any of the above mentioned assumptions do not apply to your sale or purchase, we will charge for any additional time needed, applying the current hourly rates referred to above.

Disbursements on a Purchase

Disbursements are fixed costs related to your matter that are payable to third parties, such as Land Registry fees. We usually handle the payment of disbursements on your behalf to ensure a smoother process.

It is likely that the following disbursements will be incurred in connection with your purchase:-

Search fees

The amount of search fees depends on the geographical location of your property.  As a guide, search fees usually are in the region of £300.00 to £700.00 plus VAT

HM Land Registry fee

The Land Registry fee is determined by the purchase price or value of your property and the current fees guide can be found here.

Stamp Duty (not payable on a mortgage/remortgage)

This depends on the purchase price of your property but there are a number of possible changes to the standard rate that might apply including an additional 3% on second homes, multiple dwellings relief and mixed use rates.

You can calculate the amount you will need to pay by using HMRC website (www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro)

Leasehold

If the property you are buying is leasehold you may also have to pay for the following:-

  • Notice of Assignment fee in the region of £50 – £250 plus VAT
  • Notice of Charge fee in the region of £50 – £250 plus VAT

Disbursements on a Sale

Land Registry fees

If you property is registered we will need to obtain documents from the Land Registry evidencing your ownership of the property.  The cost of this is £6.00 plus VAT per title.

Leasehold

If the property you are selling is leasehold, you may also need to pay for the following:

  • Sales pack in the region of £350 – £700 plus VAT;
  • Deed of Covenant fee in the region of £50 – £200 plus VAT;
  • Licence to Assign fee in the region of £50 – £200 plus VAT;
  • Landlord’s solicitor’s fees in the region of £250 – £400 plus VAT.

Bank Transfer Fees

For each bank transfer we charge £30 plus VAT.

FEES ESTIMATE
Estimated Range of Fees (excluding VAT)

Property PriceResidential PurchaseResidential SaleMortgage/Remortgage
FreeholdLeaseholdFreeholdLeaseholdFreeholdLeasehold
Up to £200,000.00£725 –
£900
£825 – £1000£675 – £800£775 –
£900
£350 – £500£450 – £600
£201,000.00 to
£350,000.00
£810 – £1200£910 – £1300£795 – £1000£895 – £1100£500 – £750£600 – £850
£351,000 to £500,000.00£1200 – £1650£1300 – £1750£975 – £1450£1075 – £1650£750 – £850£850 – £995
£501,000.00 to £650,000.00£1600 – £1850£1700 – £1950£1450 – £1700£1600 – £1800£850 – £1000£995 – £1100
£651,000.00 to £800,000.00£1800 – £2500£2000 – £2650£1650 – £2100 plus VAT£1750  – £2300£1000 – £1150£1100 – £1250
£801,000.00 to £1m£2550 – £3000£2700 – £3100£2100 – £2750 plus VAT£2200 – £2850£1150 – £1300£1250 – £1500
£1,000,001.00 – £2m£3000 – £3650£3100 – £3800£2800 – £3500 plus VAT£2900 – £3600£1300 – £1500£1500 – £1800
£2,000,001.00 – £3m£3700 – £4200£3800 – £4500£3400   – £4000 plus VAT£3500 – £4200£1500 – £1750£1800 – £2250
£3,000,001.00 – £4m£4000 – £4850£4500 – £4950£3900 – £4600 plus VAT£4100 – £4700£1750 -£1900£2250 – £2600
£4,000,001.00 – £5m£4900 – £5550£5000 – £5800£4500 – £5100 plus VAT£4600 – £5800£1900 – £2250£2600 – £2900
£5,000,001 – £10m£5700 – £9500£5800 – £9700£5600 – £9000£5800 – 9400£2250 – £2700£2900 – £3400
£10,000,001 +£9700+£9800+£9000+£9500+£2800+£3500 +
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