Costs
The
precise costs will depend upon the sale or purchase price, the
type of property and the area in which you are buying.
Our
estimated fees for the legal work on a conveyancing transaction
on a property with a purchase price of up to £400,000 are as
follows:
| |
Freehold
sale or purchase |
£700
plus VAT, i.e. £822.50 |
| |
Leasehold
sale or purchase |
£800
plus VAT, i.e. £940.00 |
There are
several other costs, as follows:
Sale:
If
you have a mortgage we will need to retrieve the title deeds,
obtain a redemption statement, give undertakings to the lender
and the buyer’s conveyancer and pay off the mortgage on
completion and our fee for this is £100 plus VAT.
There
is one disbursement on a sale which is usually £6 for obtaining
Official Copy entries
from the Land Registry.
Purchase:
Stamp duty:
| Property
price |
Stamp
Duty |
| up to £125,000 |
nil |
| £120,001 to £250,000 |
1% |
| £250,001 to £500,000 |
3% |
| above £500,000 |
4% |
Land
Registry Fees:
| Property price |
Land Registry Fee |
| up to £50,000 |
£40 |
| £50,001 to £80,000 |
£60 |
| £80,001 to £100,000 |
£100 |
| £100,001 to £200,000 |
£150 |
| £200,001 to £500,000 |
£220 |
| £500,001 to £1,000,000 |
£420 |
Local
Authority Search:
This depends upon the location of the property but will usually
be between £200 and £300 in London and slightly
less elsewhere.
Other searches:
Mining
Areas
If
you are buying a property in a mining area it will be necessary
to carry out additional searches with the appropriate authority.
We will advise you on the costs for these searches when you
instruct us or we can provide a quotation if you telephone us
and give us details of the property you are buying.
Environmental
Considerations
If
you are buying a new property or a property built within the
last fifty years we strongly recommend an Envirosearch. This
covers a wide range of items but in particular will reveal the
use of the land before it was built on, the risk of flooding,
subsidence and if there are any nearby industrial pollutants.
The cost for this is approximately £30.
Mortgage work
There
is a fee for dealing with the lender since we will need to report
to them on the title to the property and deal with conditions
in the mortgage offer. This may be straightforward, or may need
a great deal of correspondence so we cannot quote a standard
fee. However our costs will usually be between £150
and £200 plus VAT.
Disbursements
There
is a bank fee for a telegraphic transfer to the seller’s
solicitors on completion day. The fee for this is £30
plus VAT.
There
are also Land Registry searches and you should allow about £10
for these.
If
you are buying a leasehold property you will need to pay a fee
to the freeholder for registering you and your mortgage and
the fee for this is usually between £20 and £50
but can be more. You may also need to allow for paying service
charges in advance, if applicable.
If
you are buying a new property there will be a great deal of
additional work in dealing with the legal documentation and
this will incur additional costs which are likely to be in the
region of £150 to £200 plus VAT.
Summary
As
you will see we do not provide a fixed fee service but in the
majority of transactions our final costs are as quoted. If any
extra costs are incurred you will be notified at the time
and given an explanation as to why these costs are necessary
and if possible given advice on how to keep these fees to a
minimum.
If
you would like a full quotation please telephone us on freephone
0800 435 626 or send an email
giving us the purchase price of the property and its full address.
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