Purchase of a Freehold Residential Property

Fiona Bruce Solicitors strive to maintain the highest standards at all times and as such all our Residential Property work is undertaken by qualified Solicitors. They are supported in that role by experienced staff and Trainee Solicitors.

Our fees to cover the work required to complete the purchase of your new home, include dealing with registration at the Land Registry and dealing with the payment of stamp duty land tax if the property is in England or land transaction tax (land tax if the property you wish to buy is in Wales).

Our firm’s fees and disbursements

1. Legal fees (to include ID verification). For a standard estate house (for a new build property additional charges may apply and we will be happy to provide you with a tailored quotation).

0 - £100,000.00 £495.00

£125,000.00 - £250,000.00 £550.00

£250,000.00 - £500,000.00 £650.00

£500,000.00 - £750,000.00 £750.00

£750,000.00 + quoted on an individual basis

2. Search fees

Our usual search fees assuming no mining or chancel searches are required are £198.00.

3. HM Land Registry

0 - £80,000.00 £40.00

£80,001.00 - £100,000.00 £80.00

£100,001.00 - £200,000.00 £190.00

£200,001.00 - £500,000.00 £270.00

£500,001.00 - £1,000,000.00 £540.00

£1,000,000.00 + £910.00

4. Electronic money transfer fee

£40.00

5. VAT is payable on items 1 and 4

6. We do not pay referral fees to any third party referrer (e.g. estate agents or financial advisors).

7. Disbursements

These are costs relating to your matter but are payable to third parties such as Land Registry fees. We handle the payment of disbursements on your behalf to ensure a smoother process.

8. Stamp Duty or Land Tax (on purchase)

This depends on the purchase price of the property. You can calculate the amount you will need to pay by using HMRC’s website or if a property is located in Wales by using the Welsh Revenue Authority’s website.

9. Additional costs

If the purchase includes obtaining mortgage finance, the firm will charge the fees specified by the lender or £150.00 plus VAT whichever is the lower. Should the property require a defective title indemnity we will charge £50.00 plus VAT to deal with this element of the purchase and if the property is a long leasehold an additional fee of £75.00 plus VAT will be charged to deal with the additional reporting of lease and the post completion work notifying the freeholder of the change of lessee.

10. How long will my house purchase take

We endeavour to meet all our client’s expectations. How long will it take from your offer being accepted until you move into your house will depend on a number of factors. The average process takes between 4 and 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 12 weeks however if you are buying a leasehold property that requires an extension to the lease this can take significantly longer between 2 and 12 months. In such a situation additional charges would apply.

11. Stages of the process

The precise stages involved in the purchase of a residential property will vary according to circumstances, however they may include:

a. Taking your instructions.

b. Checking finances are in place to fund purchase and contacting

lender’s solicitors if needed

c. Receiving and advising on contract documents

d. Carrying out searches

e. Obtaining further planning documentation if required

f. Making any necessary enquiries of seller’s solicitor

g. Giving you advice on all documents and information received

h. Going through conditions of mortgage offer with you

i. Sending final contract to you for signature

j. Agreeing completion date (date from which you own the property)

k. Exchanging contracts and notifying you that this has happened

l. Arranging for monies needed to be received from lender and you

m. Completing purchase

n. Dealing with payment of stamp duty/land tax

o. Dealing with application for registration at Land Registry

It is to be noted our fees assume that:-

  • This is standard transaction and that no unforeseen matter arise including for example (but not limited to) a defect in title which required remedying prior to completion or the preparation of additional documents ancillary to the main transaction

  • This 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 complication arise

  • All parties to the transaction are co-operative 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.

A list below sets out cases where there may be a variant to the fees set out above:-

  • First time buyer

  • Re-mortgage

  • New build

  • First registration of title

  • In purchase case, were the purchaser is a company

  • Multiple owners

  • Shared ownership scheme

  • Using a help to buy scheme and/or equity loan or ISA

  • Purchase right to buy

  • Purchase at auction

  • Property has been repossessed

N.B. This is not intended to be exhaustive.

Purchase of a leasehold residential property

Our fees cover all 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 is in Wales.

Conveyancer’s fees and disbursements

0 - £100,000.00 £570.00

£125,000.00 - £250,000.00 £625.00

£250,000.00 - £500,000.00 £725.00

£500,000.00 - £750,000.00 £825.00

£750,000.00 + quoted on an individual basis dependent on complexity

1. Fee for acting on behalf of the mortgage lender this will be as set out by the mortgage lender

2. Search fees. Our usual search fees assuming no mining or chancel searches are required are £198.00.

3. HM Land Registry fee

0 - £80,000.00 £40.00

£80,001.00 - £100,000.00 £80.00

£100,001.00 - £200,000.00 £190.00

£200,001.00 - £500,000.00 £270.00

£500,001.00 - £1,000,000.00 £540.00

£1,000,000.00 + £910.00

4. Electronic money transfer fee £40.00

5. VAT is payable on items 1 and 4

6. VAT payable at 20% on our legal fee and the electronic money transfer fee

We do not pay referral fees to any third party referrer (e.g. estate agents or financial advisors).

Disbursements

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 term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

  • HM Land Registry fee

0 - £80,000.00 £40.00

£80,001.00 - £100,000.00 £80.00

£100,001.00 - £200,000.00 £190.00

£200,001.00 - £500,000.00 £270.00

£500,001.00 - £1,000,000.00 £540.00

£1,000,000.00 + £910.00

  • Search fees. Our usual search fees assuming no mining or chancel searches are required are £198.00.

  • VAT on search fees – search fees are quoted to include VAT.

  • Electronic money transfer fee: £40.00

  • VAT £8.00

Anticipated Disbursements *

  • Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £25.00 and £150.00.

  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50.00 and £75.00.

  • 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 £100.00 and £200.00

  • Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £100.00 and £200.00

*These fees vary from property to property and can on occasion be significantly more than the ranges given above. They also exclude apartments and new builds. We can give you an accurate figure once we have either had sight of your specific documents or spoken to you.

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.

Stamp Duty 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  or if the property is located in Wales by using the  Welsh Revenue Authority’s website .

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances, however they may include:

  • Taking your instructions and giving you initial advice

  • Checking finances are in place to fund purchase and contacting lender’s solicitors if needed

  • Receiving and advising on contract documents

  • Carrying out searches

  • Obtaining further planning documentation if required

  • Making any necessary enquiries of seller’s solicitor

  • Giving you advice on all documents and information received

  • Going through conditions of mortgage offer

  • Sending final contract to you for signature

  • Drafting Transfer

  • Advising you on joint ownership

  • Obtaining pre-completion searches

  • Agreeing completion date (date from which you own the property)

  • Exchanging contracts and notify you that this has happened

  • Arranging for all monies needed to be received from lender and you

  • Completing purchase

  • Dealing with payment of Stamp Duty/Land Tax

  • Dealing with application for registration at Land Registry

How long will my house purchase take?

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 4 and 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 12 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 12 months. In such a situation additional charges would apply.

* Our fee assumes that:

a. 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 there is a defective title and an insurance is required we would charge £50.00 plus VAT to arrange the insurance

b. this is the assignment of an existing lease and is not the grant of a new lease

c. the transaction is concluded in a timely manner and no unforeseen complication arise

d. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation

e. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.