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 are buying is in Wales.
Although, in general, we provide our conveyancing services at a fixed fee, there may be some circumstances where the work required to progress a transaction falls outside of the standard fixed fee transaction. Should this be the case, we will always notify you of this in advance to undertaking the additional work and provide you with an estimated cost for it. You should also be aware that ground rent and service charges are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.
The following are an example of the anticipated costs involved in a standard fixed fee cost for one client purchasing a leasehold property at £250,000 in the TQ12 postcode area. Please note legal fees, search fees and stamp duty, will differ from this example depending on factors such as the purchase price of a property and whether it is freehold or leasehold. Our fee example assumes 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;
- 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; and
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required. We recommend you use our online quote tool or contact your local Dunn & Baker office for a tailored quote.
|Electronic Transfer Fee*||£30.00||£6.00||£36.00|
|Third Party Disbursements*||NET||VAT||GROSS|
|Land Charge Searches*||£2.00||£0.00||£2.00|
|Land Registry Search*||£3.00||£0.00||£3.00|
|Land Registry Fee (Electronic)*||£135.00||£0.00||£135.00|
|Stamp Duty Land Tax*||£2,500.00||£0.00||£2,500.00|
|Referral fee to third party if applicable*||£0.00||£0.00||£0.00|
|Notice of Transfer fee*||£100.00||£20.00||£120.00|
|Notice of Charge fee*||£100.00||£20.00||£120.00|
|Deed of Covenant fee*||£100.00||£20.00||£120.00|
|Certificate of Compliance fee*||£100.00||£20.00||£120.00|
- please see below for definitions of these terms
Please note, there are certain disbursements which will be set out in the individual lease relating to the property. The disbursements which we anticipate have been included in the above example, however this is not exhaustive and other disbursements, may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
Stages of the Process
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, these bullet points below give a general overview of the key stages within the conveyancing process:
- 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.
- Send final contract to you for signature.
- Draft Transfer.
- Advise you on joint ownership.
- Obtain pre-completion searches.
- 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.
How Long Will My Property Purchase 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 4 weeks to exchange with completion set for whenever the property is structurally complete. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3-9 months. In such a situation, additional charges would apply.
For further information on buying or selling your home please visit gov.uk https://www.gov.uk/buy-sell-your-home