Our fees cover all of the work required to complete the purchase of the property. This including dealing with the payment of Stamp Duty Land Tax or Land Tax and dealing with registration at the Land Registry.
Our minimum fee for any transaction is £2,500 plus VAT at 20% and disbursements. For illustrative purposes only we have provided an approximate cost based on a property value of £2m.
Fees, Disbursements and VAT
| Freehold | Leasehold | |
|---|---|---|
| Legal fees | £3,500 - £5,000 plus VAT | £3,500 - £5,000 plus VAT |
| HM Land Registry Fee | £455 | £455 |
| Land Registry Searches (approximately) | £20 | £20 |
| Search Pack (including Local/Drainage and Water/ Environmental/ Chancel) | £510 plus VAT* | £510 plus VAT* |
| Notice fees (where applicable; approximate) | N/A | £100 plus VAT* |
| Certificate of Compliance Fee (where applicable; approximate) | N/A | £100 plus VAT* |
| Telegraphic Transfer Fee (deposit, completion funds and SDLT) | £40 plus VAT* | £40 plus VAT* |
| TOTAL (approximate including VAT and excluding SDLT) | £5,335 - £7,135 | £5,555 - £7,355 |
Please note the following:
- Stamp Duty Land Tax is payable on a purchase, and depends on the value of the property and your circumstances, such as ownership of the other property, whether the property is purchased as individual or company etc. If you require further information on the SDLT payable on your purchase, please visit the government website: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
- The Land Registry fee is based on the purchase sum of £2 million. For further information in relation to HM Land Registry fees applicable to your purchase, please visit https://www.gov.uk/guidance/hm-land-registry-registration-services-fees.
- Disbursements are costs related to your matter that are payable to third parties, Land Registry fees and Notice fees. We handle the payment of the disbursements on your behalf to ensure a smoother process but may require money to be paid to us in advance from you.
Included in the Costs
A broad outline of the work we undertake is as follows:
- Coordinating of matters between you and the seller (via the seller’s solicitors and also the selling agents).
- Reviewing of the draft contract and complete sales pack provided by the seller’s solicitors, as well as any valuation or survey reports you commission. We will raise additional queries on these with the seller’s solicitors
- Negotiating the terms of the contract;
- Raising pre-contract enquiries with the seller’s solicitors;
- Carrying out local authority searches and commissioning other relevant searches or third-party reports. Where third party reports are obtained, we will send these to you, highlighting any further areas of investigation;
- Advising in respect of mortgage offer (if applicable);
- Once all due diligence has been completed, reporting to you on title related matters;
- Completing land transaction/ stamp duty land tax for you to sign;
- Exchanging contracts;
- Drafting the transfer deed;
- Paying the Land Tax/SDLT; and
- Registering of the property at the Land Registry; all other post completion and registration requirements.
Not included in Costs
- Tax Advice
- Surveys
Assumptions
Please note that the fees quoted below are indicative only, and all transactions depend on their individual circumstances. The work undertaken by our firm is bespoke and usually complex, and our focus is more in providing a by-return service to our clients; building up personal connections and a long-term relationship.
The average fees below are based on transactions for a price of £2 million, which are straightforward with no onerous or unexpected complications.
Timescales
A number of factors can determine how long it will take from your offer being accepted to your prospective move in. The average process takes between 8-12 weeks. It can be quicker or slower, depending on the parties in the chain and the complexity of your purchase.