Search Fees
Search Fees depend on the searches which we carry out on your behalf and how much the relevant organisation charges for the search results. The basic searches for a purchase relate to local authorities, water and sewage and some environmental searches but all depend on the location of the house. The various suppliers charge different amounts in different parts of the country. It is impossible to advise about this without more information but we are happy to do so when we know the full facts. Usually we ask for a payment on account to cover search fees of £300.00. Different solicitors use different suppliers. We only carry out official Local Authority searches where some solicitors use cheaper personal search services. These fees are subject to VAT but sometimes only as to part of the fee.
HM Land Registry fees
Land Registry fees depend on (1) the price you pay for the house and (2) whether or not it is possible to register the transaction electronically, when the LR fee is reduced by half. It is impossible to tell you the fee without knowing the value of the house.
The fee is fixed by law and does not vary from solicitor to solicitor. You should check on the Land Registry website:
https://www.gov.uk/topic/land-registration/searches-fees-forms
(This URL may change from time to time and you should check carefully.)
It is impossible to tell the amount of this fee without more information but we are happy to do so when we know the full facts. This fee is not subject to VAT.
Stamp Duty Land Tax (SDLT.)
The amount is fixed by law and does not vary from solicitor to solicitor. This depends on the purchase price of your property and your circumstances including whether you are a first time buyer or own an interest in other property. It is complicated to calculate. You can calculate the amount you will need to pay by using HMRC's website here:
https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
(This URL may change from time to time and you should check carefully.)
It is impossible to tell amount of this tax without more information but we are happy to do so when we know the full facts.
Estimated total for our legal work including basic local authority and water searches and VAT at current rates is between £850 and £1200 plus the Land Registry fee and the Stamp Duty Land Tax.
You will have to pay us for all this work before we complete your purchase even though the Land Registry fees and Stamp Duty Land Tax are not payable until after completion.
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 a number of factors. The average process takes between 6 - 8 weeks but it can be less or more.
It can be quicker or slower, depending on the parties in the chain. For example, if your seller needs to find a property to buy you just have to wait for as long as it takes. It will take longer and costs will be higher if the legal title is defective or part of the property is unregistered; if building regulations or planning permission has not been obtained, or if there is a delay in receiving key documents. If the matter is delayed for a long time additional charges may apply as they will also if the work is done as a matter of urgency meaning that we have to give it special priority.
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
- 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 - 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 you - Complete purchase
- Deal with payment of Stamp Duty/Land Tax - Deal with application for registration at Land Registry
NB if the house you are buying is not already registered at the Land Registry there will be much extra work in checking the extra documents we receive and registering the property at the Land Registry. We estimate that the extra work involved will cost at least £160 plus VAT. It is impossible to advise about this without more information but we are happy to do so when we know the full facts.
As an illustrative example, the cost for doing the legal work in buying a freehold property at the price of £300,000 will be £660 including VAT. The basic searches will be about £250 plus VAT. The Land Registry fee will be £270 (or £135 if done electronically). The Stamp Duty Land Tax will be £5,000 if you have bought a house before and do not own an interest in any other property. The total might therefore be about £6,225. It is impossible to advise about this without more information but we are happy to do so when we know the full facts.