SRA Transparency Rules – Purchase of freehold 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
• Legal fee £1,000.00 – £1,250.00 (+VAT)
• Search fees £460.11 (inclusive of VAT) however the search fees vary according to local authority and search provider.
• HM Land Registry fee for registration of transfer;
Land registry fees for registration of a transfer of registered land vary according to the price paid for the property. For a registered property valued at £200,001.00 – £500,000.00 the registration fee will be £135.00. For a property valued at £500,001.00 – £1,000,000.00 the Land Registry fee for registration will be £270.00.
• Electronic money transfer fee £40.00
Estimated total: £1,835.11 (inclusive of VAT). This estimate is based upon the purchase of a freehold registered property in the London Borough of Ealing where the whole of the registered title is being purchased and the searches undertaken are Local Authority Search (including LLC1), Drainage & Water search, Chancel search, Highways search and Environmental search.
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.
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 10 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months. In such a situation additional charges would apply.
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 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 on 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 the lender and you
• Complete purchase
• Deal with payment of Stamp Duty/Land Tax
• Deal with the application for registration at Land Registry