HOW LONG WILL MY HOUSE PURCHASE/SALE 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 8-10 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 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.
STAGES OF THE PROCESSThe precise stages involved in the purchase/sale of a residential property vary according to the circumstances.
However, below we have suggested some key stages that you may wish to include:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender's solicitors if needed
- Obtain details about any existing mortgage or loan you may have on a property which is being sold
- Draft/Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- For a purchase make any necessary enquiries of seller's solicitor
- For a sale provide you with the appropriate forms to complete about what is and is not included in the sale
- 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 completion date (date from which you own/sell the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from lender and you
- Arrange for redemoption figures on any loans secured on property you are selling
- On a purchase draft transfer for vendor's solicitors
- Advise on joint owenship on purchase
- Carry our pre-completion searches
- Complete purchase/sale
- Deal with payment of Stamp Duty/Land Tax as appropriate
- Deal with application for registration at Land Registry
As all conveyancing matters differ your quote will need to be tailored to your instructions.
Our workWe always provide a written estimate at the outset of a transaction. This will be based on the information provided by you to us at that time. This reflects the fact that we know that you need to budget and also to ensure that there's no misunderstanding between us at a later time. We hope you will be delighted with our services and will use us again and appreciate that will not be the case if you feel that we have let you down over costs. We can write to you with the fee estimate or email it to you.
In the case of residential conveyancing, we usually offer a fixed fee.
We quote a fixed fee for the work normally undertaken in a standard case and will provide you with a list of additional fixed fees that we would charge if you require additional work to be undertaken.
If there is more work for us to carry out than we envisaged at the outset based on the information you provided we may have to revise our estimate. However, if that proves to be the case we would advise you before the additional work is undertaken so that you can decide whether to incur that cost. An example would be if your ownership has a major defect or if you omit to tell us that your property is a leasehold flat or a shared ownership property.
We will always honour the fixed fee quoted unless the information relied upon by us at the time of the estimate was incorrect or it subsequently becomes apparent that there's an aspect of the transaction that will significantly affect the amount of time that has to be spent by us.
In either case we will notify you of any such development before we proceed further so that you can decide whether to incur additional expense. Examples of circumstances that might change the cost would be if the property is a flat, not a house as you initially informed us, if a lease extension is required or if the ownership is defective and remedial action is needed.
For a free quote and breakdown of related Disbursements known at this time, please use our quote enquiry form on our website.
However, our basic
fixed fees for all new work instructed after 1 April 2024 are as follows :
Sale ChargesUnder £120,000 - £600 plus VAT (20%)
£120,001 - 250,000 - £700 plus VAT (20%)
£250,001 - 500,000 - £800 plus VAT (20%)
£500,00 - £700,000- £1050 plus VAT (20%)
£700,0001 to £1,000,000 £1,550 plus VAT (20%)
£1,000,001 upwards £1,850 plus VAT (20%)
Supplemental Fees which maybe payable:
If title is leasehold £225 plus VAT (20%)
If title is unregistered £150 plus VAT (20%)
If title is shared ownership £200 plus VAT (20%)
Management Pack £120 plus vat (20%)
Charge for redeeming any Help to Buy Mortgage £220 plus VAT (20%)
Charge for redeeming each mortgage/loan £60 plus VAT (20%)
Telegraphic transfer fee £29.17 plus VAT (20%)
Office Copy Entries £4.20 a document
Transfer without any mortgage work £350 plus VAT (20%)
Transfer subject to remortgage Charges £600 plus VAT (20%)
Re-mortgage only £500 plus VAT (20%)
Equity Release mortgage £600 plus VAT (20%)
Declaration of Trust deed £200 plus VAT (20%)
We charge extra for arranging for insurance should there be any issues with your ownership.
We reserve the right to ask you for a payment of £50 at the outset to cover the cost of ID verification and land registry documentation fees. This is part of our total fee and not an extra charge.
Please note that we charge more for dealing with a flat than a house as transactions involving flats are more complex and time consuming. Any additional fees will be advised prior to instructing us.
PurchaseUnder £120,000 - £700 plus VAT (20%)
£120,001 - 250,000 - £750 plus VAT (20%)
£250,001 - 500,000 - £900 plus VAT (20%)
£500,001 to £700,00 - £1,250 plus VAT (20%)
£700,001 to £1,000,000 - £1,800 plus VAT (20%)
£1,000,001 uplwards - £2,000 plus VAT (20%)
If title is leasehold £225 plus VAT (20%)
If title is unregistered £150 plus VAT (20%)
If title is shared ownership £200 plus VAT(20%)
If New Build property £225 plus VAT (20%)
Acting on behalf of your lender £100 plus VAT (20%)
Management Pack Amin Fee £180 plus vat (20%) per pack
Dealing with Registration £60 plus vat (20%)
Dealing with Company's House Registration £60 plus vat (20%)
Stamp Duty Transaction Form £60 plus VAT (20%)
Gifted deposited £60 plus VAT (20%) per person
HTB ISA each £60 plus VAT (20%)
LIFETIME ISA each £60 plus vat (20%)
Charge for redeeming each mortgage/loan £50 plus vat (20%)
Help to Buy Scheme £150 plus VAT (20%)
Anticpated Disbursements on PurchaseBankruptcy Search (per name) £3.20 (no VAT)
Local Search Fees (third party) £170.70 (no VAT)
Land Registry Priorty Search £4.20 (no VAT)
HM Land Fegistry Fee-depends on purchase price but is typically between £100 and £295 (no VAT)
Lawyer Checker £15
Telegraphic Transfer £29.17 plus VAT
Mortgage Portal Fee (Third party) £42
Stamp Duty online fee (Third party) £6
Company's House Fee (Third party) £15
We charge extra for arranging for insurance should there be any issues with your proposed ownership.
We reserve the right to ask you for a payment of £50 at the outset to cover the cost of ID verification and land registry documentation fees. But this is part of our total fee and not an extra charge.
Please note that we charge more for dealing with a flat than a house as transactions involving flats are more complex and time consuming.
If there is more work for us to carry out than we envisaged at the outset based on the information you provided we may have to revise our estimate. However, if that proves to be the case we would advise you before the additional work is undertaken so that you can decide whether to incur that cost. An example would be if the property you are intending to buy has a major defect or if you omit to tell us that the property is a leasehold flat or a shared ownership property.
Stamp Duty or Land Tax on PurchaseThis depends on the purchase price of your property. You can calcuate this yourself using either via
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if the property is in Wales via
https://gov.wales/land-transaction-tax-calculatorOur fees assume 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
- in a leasheold 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 detailed quote can be obtained on our website by completing the online quote form or alteratively contact Linda today for a quote based on your requirements.
All fees applicable for all new instructions from 23 September 2024.
ExclusionsWe do not undertake tax advice.