Our fees cover all of the work* required to complete the sale/purchase of your 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.
We do not charge VAT. The legal fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have details of the property. Our hourly rates vary between £185 - 240, depending on the matter.
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. There are certain disbursements which will be set out in the individual lease relating to the Property and on the terms of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller's solicitors.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.
Our fee assumes that:
a. this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
b. this is the assignment of an existing lease and is not the grant of a new lease
c. the transaction is concluded in a timely manner and no unforeseen complication arise
d. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
e. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
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.
Land Registry Fees
This will depend upon the property value, for e.g., if the property value is between £200K & £500K, the fee will be between £135 to £270.
The average process takes between 9-12 weeks.
It can be quicker or slower, depending on the parties in the chain and getting a mortgage in place. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer. In such, a situation additional charges would apply.
Stages of the process
There are number of stages in buying and selling such as taking your instructions once you accept the quotation, check finances, contact lender's solicitors if needed, receive & advise on contract, do searches, raise enquiries, obtain further planning& other documentation if required, agree completion date, exchange contracts, arrange for all monies needed to be received from lender and you, complete transaction, deal with payment of Stamp Duty/Land Tax, apply to for registration at Land Registry. The precise stages involved in the leasehold property transactions vary according to the circumstances