Residential Real Estate Transactions – Purchases
We will always send you a quotation so that you are aware of your proposed fees.
Fees are very much dependent upon the location and the value of the property and so it is not possible without further details to give you a total overall cost. All our fees mentioned are exclusive of VAT.
For the purchase of a residential property, this is the basic range of charges that we would seek to charge for a freehold and for a leasehold transaction. This will include all the work required to complete your purchase including the payment of any Stamp Duty Land Tax (“SDLT”) and registration of your ownership at the Land Registry.
This will also include all the work behalf of your Lender if you are taking a mortgage and we receive instruction from it too.
Our fees for a typical freehold purchase range from £1450 for a simple low value transaction to £5,350 for a high value complex transaction.
For leasehold transactions the range would normally be £1,575 to £5,600.
These may vary if there are additional factors to take into account – see below. That is why we will always give you an individual quotation before we start work for you.
In addition to our charges there will be additional payments that we will need to make to third parties. We can give you a better indication of what they are likely to be when we have details of the property.
There will usually be one or more searches to be carried out and this depends on the location of the property. The usual budget would be in the region of £400 to £500 plus VAT.
Further examples would be Landlord and/or Management Company charges which would typically be between £100 and £300 plus VAT.
Additionally there may be SDLT and Land Registry fees to pay. These depend on the value of the property so we cannot inform you what these will be without talking to you first.
More information about these and how they can be calculated is available at the following websites:
Additional work may be required such as:
- if the legal title is defective, or
- if there are problems with the planning or building regulations, or
- there are missing documents.
- you are taking a Help to Buy ISA mortgage.
It is not possible to accurately guess how long the purchase of your property will take as there are too many external factors. These include issues such as the return of search results, receiving information from third parties and obtaining an offer from your Lender. It will also depend on any other linked transactions in the chain. As a rough guide, on average, it usually takes 4 to 6 weeks to the point of exchange of contracts.
The precise stages involved in the purchase of a residential property vary according to the circumstances.
However, below we have suggested some key stages that you may wish to include:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- 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
- 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
- Complete SDLT return and deal with payment,
- Deal with application for registration at Land Registry
These are the members of our team dealing with residential property work – further details about them can be obtaining by clicking on their name
Melanie Carroll is the Team Leader and responsible for supervising the Team Members. Louise Dawson, the Managing Partner, is responsible for overall supervision of the Firm.
qualified as a Solicitor in 2014
qualified as a Licensed Conveyancer in 2020
qualified as a Solicitor in 2007
qualified as a Solicitor in 1999
qualified as a Licensed Conveyancer in 2008
qualified as a Solicitor in 2020
qualified as a Solicitor in 2019