Costs for sale/purchase of residential property

 

Costs quoted are excluding disbursements such as searches, official copies, Land Registry fees, Stamp Duty Land Tax, landlord’s charges and bank charges.

What is covered in that fee?

(As applicable) acting for you, acting for your new mortgage lender where we are so instructed by the lender, repayment of existing mortgages, checking the title, raising and replying to appropriate enquiries, correspondence (post, fax, email and telephone) with yourself and other parties, reporting to you, undertaking searches, dealing with your questions, preparation and issue of contracts, checking contracts on your behalf, exchange and completion of the transaction, paying the Stamp Duty Land Tax and registering the transaction.

What is not covered in that fee?

Standard Disbursements:

  1. Up to date copies of your title deeds from the land registry for sales.
    These vary with each property. The cost  for each document is usually £3 plus VAT, and the usual total cost is no more than £10. This can be more where the title consists of many separate deeds.
  2. Stamp Duty Land Tax for purchases.
    This varies according to many factors (purchase price, allowances for first time buyers, second properties etc) A calculator available here can give you an indication of the Stamp duty that will be payable for you matter.
  3. Land Registry Fee for purchases.
    This is a fee payable to the Government’s Land Registry to register the change of ownership and any mortgages. It is dependent on the price being paid and other matters such as whether the title deeds for the property are already registered, if it is a new build part of a larger estate, if it is a new lease etc).
  4. Search Fees for purchases.
    There are many searches undertaken and they can vary according to specific properties. Searches can include Local Authority enquires, flood reports, environmental reports (contaminated and etc.), mining reports, title searches and others. The costs for the searches also differ  according to the region and provider. For budgeting purposes, you should allow £360 to cover all of the searches. The cost can be lower but it can occasionally be greater.
  5. Telegraphic transfer fees and administration costs.
    Where funds are required to be sent by telegraphic transfer (CHAPS) there is a cost of £25 plus VAT for each transfer. Such transfers can be required for the repayment of existing mortgage, payment of purchase monies, payments that are time critical and sending large balances/proceeds to you. Wherever possible and practical we endeavour to use the BACS payment method for small sums, for which there is no charge.
  6. Charges by landlords/management companies.
    These charges may be levied on leasehold properties or freehold properties where the estate is managed by a management company/residents association. They are determined by the landlord or company.

Additional professional work, examples of which are:

  • Defective Title
  • Deed of Easement
  • Deed of Variation
  • Statutory Declaration
  • Indemnity Insurances
  • Planning Issues
  • Building regulation Issues
  • Excessive chasing required
  • Abortive matters (work and disbursements that cannot be used for a subsequent  matter)
  • Lease extension costs

How long will it take?

It depends on the actual circumstances and more often than not, it is not possible to predict a date at the outset and even if it were such dates cannot be relied upon.  Factors which will impact timing include:

  • The chain (other parties)
  • Deposit finance
  • Mortgage finance
  • Surveys
  • Enquiries and the responses
  • Searches

The national average for a home move from inception (after accepted) to completion is about 12 weeks.

Who will I be dealing with?

A conveyancer will be assigned to you.  They will see the matter through from start to finish.

What is the method of communication?

We use:

  • E-mail
  • Telephone
  • Letters
  • Face to face meetings

Our service is tailor-made so we adapt the methods according to client’s needs.

Wilkins Solicitors LLP - for legal advice that is friendly and professional