Residential Purchase
We understand this may be the biggest purchase of your life. We take the stress out of buying a residential property and guide you through the process. We’ll keep you up to date on your purchase and give you the latest information you need to make the right decisions for you. We work with trusted surveyors, mortgage brokers and property valuers who we can recommend if needed.
So that you know exactly what your costs will be, we charge a fixed fee that covers everything needed to complete the purchase of your property. When we discuss your purchase with you, we can give you a personalised estimate for your transaction.
Our professional fees range is £895 + VAT – £2950 + VAT
In addition, we charge:
- Drafting and submitting Stamp Duty Land Tax return: £100 + VAT
- Administrative Costs: £100 +VAT
- Transfer of monies on completion through the banking system: £30 + VAT
- Electronic ID checks: £10 + VAT per individual
Expenses
There are likely to also be other associated expenses and disbursements, which are costs payable to third parties. We handle the payment of disbursements on your behalf. To give you an idea of such costs, these are listed below:
Item | Amount | VAT |
Local Authority Search (varies but Royal Borough of Kingston upon Thames for example) | £ 108.00 | £ 21.60 |
Drainage and Water Search (varies but current cost for Thames Water for example) | £ 59.47 | £ 11.89 |
Ground Sure Home Buyers Report (Environmental Searches including flood data) | £ 59.00 | £ 11.80 |
Chancel Indemnity Policy | £ 12.22 | n/a |
Index Map Search | £ 4.00 | £ 0.80 |
Bankruptcy Search | £ 2.00 | n/a |
Land Registry Pre Completion Search | £ 3.00 | n/a |
HM Land Registry fee (ranges from £60 to £540 as this is based on property price) | As appropriate | n/a |
VAT payable | £ 44.82 | |
Subtotal | £ 236.36 | |
Estimate Total | £ 281.18 |
Stamp Duty Land Tax
Stamp Duty depends on the purchase price of your property. The HMRC’s website provides a calculator so you can work out the tax due for the property you’re buying. https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
Additional Costs
Our fees are fixed but there may be additional costs if, for example:
- A legal title is defective or part of the property is unregistered
- You discover building regulations or planning permission has not been obtained
- Necessary documents that we have requested from you have not been provided.
- The property is a new build
- The property is less than 10 years old
- You need to exchange within 6 weeks of instructing us
- You need to complete within 6 weeks of instructing us
- You need to exchange and complete simultaneously
- The house purchase process extends significantly beyond 14 weeks
Timescales
We’re often asked how long the purchase will take. This varies depending on the number of parties in the chain as everyone needs to be ready to exchange on the same day. It can also take longer for a new build property. A typical house purchase takes 10-14 weeks.
Key Milestones
To give you an idea of what is involved in your house purchase, these are the key steps we follow, although individual circumstances vary.
- Taking your instructions and giving initial advice based on the information you have provided
- Checking finances are in place to fund the purchase and contacting the seller’s solicitors if the seller is separately represented.
- Receiving and advising on contract documents
- Undertaking standard searches
- Raising any necessary enquiries you require of the Seller’s solicitor
- Providing advice on all documents and information received from the Seller’s solicitors or searches
- Advising you of the mortgage offer conditions
- Finalising contracts for your signature
- Agreeing a completion date (the date of your move)
- Exchanging contracts on your instructions and notifying you that this has happened
- Ensuring all monies have been received from you and the lender
- Completing the purchase
- Assisting you with the completion of the Stamp Duty Land Tax return and making payment of Stamp Duty Land Tax on your behalf
- Completing and submitting an application for registration at the Land Registry, where applicable
