Purchase of a 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).
Who will work on my matter?
Our team are all qualified solicitors, the head of the team being an Associate in the firm, supported by trainees and experienced staff. For more details on the qualified staff, please visit the “meet the team” page.
Our firm’s fees and disbursements
1. Legal fees (to include ID verification).
For a standard estate house purchase:
£0 - £125,000.00 £950.00 (+ VAT of £190)
£125,000.00 - £250, 000.00 £1,100.00 (+ VAT of £220)
£250,000.00 - £500,000.00 £1,250.00 (+ VAT of £250)
£500,000.00 - £750,000.00 £1,495.00 (+ VAT of £299)
£750,000.00 + quoted on an individual basis
For an apartment purchase:
£0 - £125,000.00 £1,495.00 (+ VAT of £299)
£125,000.00 - £250,000.00 £1,795.00 (+ VAT of £359)
£250,000.00- £500,000.00 £1,995.00 (+ VAT of £399)
£500,000.00 + quoted on an individual basis
For a standard estate house sale:
£0 - £250,000.00 £950.00 (+ VAT of £190)
£250,000.00 - £500,000.00 £1,100.00 (+ VAT of £220)
£500,000.00 + quoted on an individual basis
Probate sale:
£0 - £250,000.00 £1,100.00 (+ VAT of £190)
£250,000.00 - £500, 000.00 £1,350.00 (+ VAT of £270)
£500,000.00 + quoted on an individual basis
For an apartment sale:
£0 - £250,000.00 £1,250.00 (+ VAT of £250)
£250,000.00 - £500,000.00 £1,500.00 (+ VAT of £300)
£500,000.00 + quoted on an individual basis
Freehold purchase:
£1,000.00 (+ VAT of £200)
Shared Ownership Purchase:
£1,995.00 (+ VAT of £399)
For a standard leasehold estate house purchase:
£0 - £125,000.00 £1,195.00 (+ VAT of £239)
£125,000.00 - £250,000.00 £1,295.00 (+ VAT of £259)
£250,000.00 - £500,000.00 £1,495.00 (+ VAT of £299)
£500,000.00 - £750,000.00 £1,750.00 (+ VAT of £350)
2. 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.
a) 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
b) Search fees
Our usual search fees assuming no mining or chancel searches are required are £200.00.
c) Electronic money transfer fee
£40.00
3. 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.
4. We do not pay referral fees to any third party referrer (e.g. estate agents or financial advisors).
5. 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.
6. Additional costs
Should the property require a defective title indemnity we will charge £50.00 (+ VAT of £10) to deal with this element of the purchase and if you are buying with a gifted deposit, we will charge an additional £50.00 (+ VAT of £10) to administer the gift. We will also charge an additional £100 for: septic tanks; private roads; and management companies.
7. 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 is 8 to 10 weeks.
It can be quicker or slower depending on the parties in the chain. 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.
8. 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
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
unusual features e.g. septic tank; management company
N.B. This is not intended to be exhaustive.
* 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 (+ VAT of £10) 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.