Purchase

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.

Our Fees

We have a range of fees ranging between £650 plus VAT (presently 20%) and £1,500 plus VAT (at 20%) depending on the purchase price of your new home, the experience and seniority of the fee earner and whether the property is freehold or leasehold.

Disbursements

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. The likely disbursement would be as follows:

Freehold Purchase:

• Bankruptcy search – £2 (no vat)

• HMLR Final search – £3 (no vat)

• HM Land Registry Fee (varies depending on the purchase price of your new home) £20 to £680 (no vat)

• Search Pack (varies depending on the Local Authority in which the Property is situated). Our standard search pack would include the following: Local Authority Search, Drainage & Water Search, Environmental Search and Chancel Repair Search – £150 to £350 plus vat at 20%

Leasehold Purchase:

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

• Bankruptcy search £2 (no vat)

• HMLR Final search £3 (no vat)

• HM Land Registry Fee £20 to £680 (no vat)

• Search Pack (varies depending on the Local Authority in which the Property is situated). Our standard search pack would include the following: Local Authority Search, Drainage & Water Search, Environmental Search and Chancel Repair Search £150 to £350 plus vat at 20%

• Notice of Transfer fee – can be between £75 and £150 plus vat at 20%. The precise amount of the fee will depend upon what the lease says and the costs charged by the landlord, his managing agents and his solicitors. We will not know the precise amount until after we have seen the lease and any other relevant paperwork

• Notice of Charge fee – can be between £75 and £150 plus vat at 20%, again as above

• Deed of Covenant fee – can be between £75 and £200 plus vat at 20% , again as above

• Certificate of Compliance fee – can be between £75 and £200 plus vat at 20% , again as above

Stamp Duty 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

Additional Fees

We will make the following additional charges:

· £35 plus VAT at 20% for each bank transfer by CHAPS

· £15 plus VAT at 20% for each AML check

*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

b. for leasehold purchases – 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 complications 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

If any other work is required to ensure a successful conclusion to the transaction, we reserve the right to charge an additional fee based upon the additional time spent at the rate of between £200 plus VAT and £300 plus VAT (20%) per hour but we will advise you of the anticipated time frame and the likely cost prior to carrying out the extra work.

Likely timescale in completing your purchase

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 12-18 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.