Costs of Purchase of a freehold residential property
Moving to a new house can be a stressful process, we aim to make your home buying experience as stress free as possible. A named solicitor will be allocated to your purchase from start to finish so that you will always know who to ask for in the event of any queries.
How much does this service cost?
The below is for example purposes only and a full individual quote will be given as part of the instruction.
For example, if you are buying a property in York with a value £250,000 the fee will be £1,250.00 plus VAT (20%) and Disbursements *
|Item||Cost||VAT Amount (20%)||Total|
|Legal Fee||£1,250.00 + VAT||£250.00||£1,500.00|
|SDLT Completion Fee||£50.00 + VAT||£10.00||£60.00|
|Electronic money transfer fee (per transaction)||£40.00 + VAT||£8.00||£48.00|
|Search Fee – via our search provider NYLS* Example pricing: which searches you require are dependent on the area|
|City of York Council (Combined Pack with Homebuyers)||£170.83 + VAT||£34.17||£205.00|
|City of York Council (combined with Avista)||£210.83 + VAT||£42.17||£253.00|
|NLIS Admin Fee||£5.00 + VAT||£1.00||£6.00|
|Anti-Money Laundering search (per name)||£5.00 + VAT||£1.00||£6.00|
|*Please note above prices are subject to change depending on area of local authority.|
|HM Land Registry Fee||£150.00||N/A||£150.00|
|HM Land Registry Fee (Unregistered Or New Build)||£330.00 (No VAT)||N/A||£330.00|
|Land Registry Search fees||£3.00||N/A||£3.00|
|Land Registry Bankruptcy Search (per name)||£2.00||N/A||£2.00|
|HSBC Bank Transfer fee (per transaction)||£8.00 + VAT||£1.60||£9.60|
|SDLT (based on no extra properties, having owned a property in the past)||£0.00 (No VAT)||N/A||£0.00|
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.
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.
Stamp Duty or 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 here.
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 several factors, including how quickly your mortgage offer is obtained, length of time to obtain search results, surveys, the number of other people in the ‘chain’ and the type of property you are buying. The average process takes between 10 – 16 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 10 – 16 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, up to 6 months. In such a situation, additional charges would apply.
Abortive Purchase Transactions
If you change your mind before exchange of Contracts, you will not have to pay anything to your seller/buyer. However, dependent upon the stage that the transaction reached you may lose your survey fees, search fees and other fees paid out. We may have to charge you to cover the work we have carried out on your behalf and the charge will depend upon the stage the transaction has reached and is entirely at our discretion.
If you have already exchanged Contracts and you change your mind you are likely to incur heavy financial penalties for breach of Contract. You should contact us immediately to enable us to fully advise you of your options.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are some of the key stages for your information
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller’s solicitor
- 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 the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
- 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
- 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.