Purchasing a New Home
Our fees cover all the necessary work to complete the purchase of your new home, including registering it with the Land Registry and handling the payment of either Stamp Duty Land Tax (England) or Land Transaction Tax (Wales). Our fees range from £1,200.00 plus VAT to £5,000.00 plus VAT, depending on the purchase price of your home, the experience of the fee earner, and the type of property (freehold or leasehold). For transactions exceeding £1 million pounds, please request a personalised quote.
Disbursements
Disbursements are third-party costs related to your purchase. We will handle the payment of these disbursements to simplify the process. Here are the likely disbursements for freehold and leasehold purchases:
Freehold Purchase:
Bankruptcy Search: £2
HMLR Final Search: £3
HM Land Registry Fee (varies based on purchase price): £20 to £680
Search Pack (varies based on the Local Authority of the property): £150 to £350 (Local Authority Search, Drainage & Water Search, Environmental Search, and Chancel Repair Search)
Leasehold Purchase:
Bankruptcy Search: £2
HMLR Final Search: £3
HM Land Registry Fee: £20 to £680
Search Pack: £150 to £350 (Local Authority Search, Drainage & Water Search, Environmental Search, and Chancel Repair Search)
Notice of Transfer fee: £75 to £150
Notice of Charge fee: £75 to £150
Deed of Covenant fee: £75 to £200
Certificate of Compliance fee: £75 to £200
Stamp Duty Land Tax (on purchase)
The amount of Stamp Duty Land Tax you’ll need to pay depends on the purchase price of your property. You can calculate this using HMRC’s website (England) or the Welsh Revenue Authority’s website (Wales).
Additional Fees
We will charge the following additional fees:
CHAPS bank transfer fee: £35 plus VAT per transfer
AML check fee: £13.50 per check
Referral Fees:
In certain transactions, we may pay referral fees to third parties. The amount of any referral fee will be disclosed at the start of the transaction. Please note that these fees are paid by us and not by you.
Assumptions of Our Fees
Our fees assume:
A standard transaction without any unforeseen issues (such as a defect in title)
An assignment of an existing lease for leasehold purchases, not the grant of a new lease
A timely transaction with no complications and all parties are co-operative
No indemnity policies are required. Additional disbursements may apply if they are needed.
Additional Fees
If additional work is necessary, we reserve the right to charge an additional fee based on the time spent, at a rate of £295.00 plus VAT per hour. We will advise you of the estimated time frame and cost before proceeding.
Timeline for Completing Your Purchase
The time it takes from accepting an offer to moving into your new home varies and can take 12-18 weeks on average. However, it can take less or more time depending on the parties involved in the transaction. For example, a first-time buyer purchasing a new build property with a mortgage in principle may take only 8 weeks, while purchasing a leasehold property with a lease extension may take 3-6 months and incur additional charges.