Purchase Of A Residential 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 you wish to buy is in Wales.
Conveyancer’s fees and disbursements
|Purchase price £||Fee|
|0 – 125,000||£450 + VAT (a total of £540) – £900 + VAT (a total of £1080)|
|125,001 – 250,000||£500 + VAT (a total of £600) – £1000 + VAT (a total of £1200)|
|250,001 – 500,000||£600 + VAT (a total of £720) – £1090 + VAT (a total of £1308)|
|500,001 – 750,000||£750 + VAT (a total of £900) – £1400 + VAT (a total of £1680)|
|750,001 – 2,000,000||Depending on the value and complexity of the transaction, the fee will be between £2,500 + VAT (a total of £3,000) – £10,000 + VAT (a total of £12,000)|
|If the transaction is a leasehold property we add an additional £275 + VAT (a total of £330), shared ownership an additional £250 + VAT (a total of £300), new build property an additional £325 + VAT (a total of £390). If you require a mortgage we charge an additional administration fee of £125 + VAT (a total of £150) this excludes the help to buy equity loan. We charge an additional fee of £80 + VAT (a total of £96) for completing the Stamp Duty Land Tax Form (SDLT).|
If your matter requires additional work that is not included in this estimate, you will be informed of this of this and what the additional cost will be at the earliest possible time. Matters typically exceed the quoted fee when they are particularly complicated, for example where third party restrictions need removing from the title, the additional cost will be £75 + VAT (a total of £90) per restriction.
Disbursements are costs related to your matter that are payable to third-parties, such as search fees. We handle the payment of the disbursements 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. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the terms of the lease. We will update you on the specific fees upon receipt and review of the contract/lease from the seller’s solicitors.
- Search fees: £234.10 (dependant on yours/lenders requirements)
- HM Land Registry fee: as per the land registry fee scale – https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
- Stamp Duty or Land Tax – 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 located in Wales, by using the Welsh Revenue Authority’s website.
- Leasehold/freehold management company – Notice of Transfer fee—this fee if chargeable is set out in the Lease/terms of the management company. Often the fee is between £50-200.
- Notice of Charge fee (if the property is to be mortgaged)—this fee is set out in the Lease. Often the fee is between £50-200.
- 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 £100-250
- Certificate of Compliance fee—to be confirmed upon receipt of the lease, as can range between £100-300.
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 the anticipated service charge as soon as we receive this information.
An illustration is shown below based on a freehold purchase at £210,000 with a mortgage
|Purchase price: £210,000|
|In respect of the purchase of the above property||500.00||100.00||600.00|
|In dealing with the Mortgage aspect of your purchase||125.00||25.00||150.00|
|Telegraphic Transfer Fees||35.00||7.00||42.00|
|Disbursements (payments to others)|
|Stamp Duty Land Tax||1,700.00||1,700.00|
|Land Registry Registration Fee||270.00||270.00|
|Land Registry Searches||7.00||7.00|
|Total cost including expected disbursements:||3,099.10|
Stages of the process
These are the key stages of the process:
- 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 documents if required;
- make any necessary enquiries of seller’s solicitors;
- give you advice on all documents and information received;
- go through conditions of mortgage offer with you;
- send final contract to you for signature;
- draft Transfer;
- advise you on joint ownership;
- obtain your deposit monies
- agree completion date (date from which you own the property);
- exchange contracts and notify you that this has happened;
- obtain pre-completion searches;
- arrange for balance 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;
- schedule the deeds and send a copy to you
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 8–12 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 8-14 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3–6 months. In such a situation, additional charges would apply.
*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 lease it 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 complications arise;
- all parties to the transaction are co-operative and there is no unreasonable delay from the parties providing documentation;
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Our experienced conveyancers, led by Mandy Stark, Head of Residential Conveyancing, will work with you to provide the best possible service.
Mandy Stark – Partner/Head of Residential Conveyancing
Mandy is Head of the Department at Tollers with over 20 years’ experience in private client work, specialising in residential conveyancing. Mandy has been working in this area since 1997 and has helped thousands of clients with their residential property needs.
Mandy qualified as a Licensed Conveyancer in 2008 after gaining a Law Degree from Leicester University and completing her Legal Practice Course at De Montfort University.
Having worked in local and national firms before joining Tollers in 2015 Mandy has a broad range of experience.
Mandy has completed several professional development courses in residential conveyancing and continues to do so annually.
She became a Partner in 2018.
Angela Aitken– Conveyancing Manager
Angela has worked in residential conveyancing for over 21 years. Angela has worked in both small and national firms gaining an expansive knowledge of residential conveyancing. Angela joined Tollers in 2015. Angela deals with all aspects of residential conveyancing including Sales, Purchases and re-mortgages. She has completed over 1,000 transactions during her time at Tollers and over 5,000 during her career.
David Wootton – Senior Associate/Conveyancing Manager
David has been working in the residential conveyancing team at Tollers since 1979 starting straight from school. David specialises in adverse possession matters for Tollers. He has dealt with over 100 of these matters during his time at Tollers and completed over 8,000 sales, purchases, remortgages and transfer of equity matters.
Sian Evans – Associate/Conveyancing Manager
Sian qualified as a Solicitor in 2005. She attended the University of Northampton for her first degree and the University of Wales for her Masters Degree. Sian completed her post graduate Legal Practice Course in 2002.
She has been working in the residential conveyancing team at Tollers since 2012 having spent previous years in firms in Colchester, Daventry, Newtown, Powys and Leicester. Sian has completed over 1,000 sales, purchases, remortgages and transfer of equity matters in her time with Tollers.
Louise Wilson – Conveyancing Manager
Louise qualified as a Licensed Conveyancer in 2001. She attended University College Northampton.
Louise has been working in the residential conveyancing team at Tollers since 2000 having spent previous years in leading local firms. Louise specialises in sale and purchase matters. During her time at Tollers she has completed over 2,000 sales, purchases and remortgages.