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 you wish to buy is in Wales.
The amount of Stamp Duty Land Tax/Land Transaction Tax that will need to be paid on each transaction can vary as a result of various factors such as the purchase price of the property and also whether the transaction will be treated as a higher rate transaction. You can calculate the amount that you will need to pay using the Welsh Revenue Authority’s Website or if the property is located in England by using HMRC’s Website.
Conveyancer’s Fee and Disbursements
- Legal Fees – our legal fees will vary dependent upon factors such as the complexity of the transaction together with the sale/purchase price of the property. Our minimum fee for conveyancing transactions is £375.00 plus VAT.
- Search Fees – when purchasing a property, there will also be additional disbursements to pay such as search fees including Local Authority, Drainage and Coal Authority. The costs of these searches will depend upon the geographical location of the property however, the current approximate cost of personal search pack in the Neath Port Talbot area stands at £98.00 inclusive of VAT. If you would like an environmental search on your property you must explicitly let the Solicitor know of this.
- HM Land Registry Fee – a further disbursement which would be payable would be a Land Registry registration fee which can be payable in various transactions such as a purchase or re-mortgage for example. The actual fee is set by the Land Registry and will be dependent upon certain factors such as the purchase price or value of the transaction. The precise Land Registry fee payable in each scenario will be provided at the outset of the transaction within our Client Care Letter.
- HM Land Registry Searches and Copy Documents – there can be further disbursements necessary with the Land Registry such as the process of obtaining a copy of your Title Deeds when selling your property which currently stands at £6.00. It can be possible that further documents are needed from the Land Registry and they are currently charged at £3.00 per document. In addition, when you are purchasing a property you have to carry out a Land Registry Search which is currently £3.00 and it is also potentially necessary to carry out Land Charges/Bankruptcy Searches which are currently charged at £2.00 per person.
- Electronic Money Transfer Fee – £25.00 inclusive of VAT.
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 (https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro) or if the property is locates in Wales by using the Welsh Revenue Authority’s Website (https://beta.gov.wales/land-transaction-tax-calculator).
Estimated Total – as an example, on a basic conveyancing purchase of a property under £80,000.00 at our minimum fee of £375.00 plus VAT plus usual disbursements the total cost payable would be in the region of £603.00 inclusive of all VAT.
How Long Will My House Purchase Take?
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 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 new build property with a mortgage in principle, it could take 8 weeks however, if you are buying a leasehold property that requires an extension of the Lease, this can take significantly longer, between 15 and 20 weeks. 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, an indication of these stages is as follows:
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 the conditions of mortgage offer with you.
Send final Contact to you for signature.
Agree complete 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.
Deal with payment of Stamp Duty/Land Tax.
Deal with application for registration at Land Registry.
Leasehold Residential Property
For property transactions involving leasehold properties, there can be additional charges and disbursements to those listed above. Again, this will depend upon each particular case including factors such as the terms and conditions of the Lease however, an example of the additional costs which we may charge in connection with the legal work involved in such transactions would be in the region of £150.00 – £250.00 plus VAT however, more accurate costings will be provided upon review of the paperwork and within our Client Care Letter. There can also be additional disbursements involved with leasehold properties such as the requirement to obtain a Selling Pack from the Managing Agent who will charge their own fee for such documentation which costs approximately £200.00 to £300.00 inclusive of VAT. There can also be Notice fees payable in connection with the purchase of a leasehold property and details will again be included in the Lease or provided from the Management Company/freeholder. They typically range from £50.00 to £200.00. These disbursements vary from property to property and can on occasion be significantly more than the ranges given above. We can therefore give you an accurate figure once we have had 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 the anticipated service charge as soon as we receive this information.
When dealing with the re-mortgage of a property, our charges again will depend upon factors such as the complexity of the transaction and the value of the mortgage however, our minimum fee for such transactions would be £300.00 plus VAT and disbursements. These disbursements will include all searches that are required by your specific lender however, these can vary between certain lenders and full details will therefore be provided when we have seen your specific documentation. Land Registry fees, Land Registry Searches and Bankruptcy Searches will also be payable together with any relevant electronic money transfer fees in accordance with the information provided above.
All of the fees mentioned above assume 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.
- when dealing with a leasehold property, it involves 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 complications arise.
- all parties to the transaction are cooperative 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 and specific information including the costs of the Policies can be provided when we know the specific circumstances of your case.