Purchase of Property - Clear Pricing

What is involved?

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.

Timescale

The average process takes between 8-12 weeks to reach completion. 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 12-16 weeks to complete, on the basis of the property being built. However, if you are buying a leasehold property that requires an extension of the lease, this can also take significantly longer, between 3-5 months. In such, a situational additional charge may apply.

How much does this service cost?

The price will depend upon the level of experience of the relevant fee earner, the price the property is being purchased for, the capacity of the fee earner and the complexity of the transaction, but our fees typically start from:
Legal fees £750.00* + VAT at 20% on legal fees (£150.00)
SDLT return £75.00 + VAT at 20% on SDLT Fee (£15.00)
Subtotal £990.00

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*Please note that there are variations to these matters. Further fees can be charged where you are instead purchasing a Leasehold property, a Right to Buy Property, New Build Property, or with the aid of a Mortgage, Help to Buy Mortgage or Help to Buy ISA.

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. This normally is part of the monies we ask for on deposit so that we can begin the required searches.

On a residential freehold purchase, the standard disbursements would be as indicated below. Please keep in mind that, as with the legal fees, the disbursements will vary depending on the type of matter. Land Tax / Stamp Duty depend on the purchase price of your property.

You can calculate the amount you will need to pay by using HMRC's online calculator https://www.gov.uk/stamp-duty-land-tax or if the property is located in Wales by using the Welsh Revenue Authority's website Welsh Revenue Authority's website.

This will also vary depending on whether you are a First Time Buyer or purchasing a second property and not replacing your first, in which case different fees will apply.

Disbursements

Land charges search £2.00 per person
Electronic ID check £15.00 + VAT at 20% per person (£3.00)
Bank transfer fee £35.00 + VAT at 20% per transfer (£7.00)
Land Tax - Charge is Based on property value
Stamp duty - Charge is Based on property value
Estimated total (excluding Stamp Duty or Land Tax - see above): £871.00

Stages of the process

The precise stages involved in the purchase 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
• 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

If you would like further information or to discuss your legal needs, please do not hesitate to get in touch. Our team is here to help; please select 'Meet the Team' for information on the team who will be carrying out the work.

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Premier Solicitors (Bedford) Ltd
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Bedford
Bedfordshire
MK40 3HU

01234 358 080

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