Costs Information - Residential Freehold Purchase

 

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. An idea of the costs involved is set out below but please contact us for a detailed quotation specific to the property you are purchasing.

Conveyancer's fees and disbursements

  • Legal fees based on the hourly rate of the fee earner acting (hourly rates)
  • Search fees vary according to the property size and the local authority dealing with the search. Fees for a standard property with surrounding garden land are approximately £300.00 including VAT.
  • HM Land Registry fee varies according to the value of the property you are purchasing.
  • Electronic money transfer fee £36.00 including VAT

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 a number of factors. The average process where there are no unexpected complications takes between 8 and 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 12 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 6 and 8 months. In such, a situation additional charges would apply.

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:

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender's solicitors if the lender has instructed a separate firm of solicitor to represent them
  • 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 (if any)
  • 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

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CONTACT

 

NatWest Bank Chambers

The Homend

Ledbury

Herefordshire

HR8 1AB

 

T: 01531 632226

F: 01531 632481

E: enquiries@ormeandslade.co.uk

 

Company Number: 627 1967

VAT Number: 243 3527 50

 

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