Purchase Illustration

Residential Conveyancing Costs Information:

We are here to help you with all types of residential property transactions: to include buying and selling your home, buying and selling of an investment property, selling or transferring of a probate property, transferring the whole of your property or a part share, obtaining a new mortgage or the remortgage of your home or investment property.

 

How much does it cost?

Our Fees for residential conveyancing services are charged on a fixed fee basis. Please see below for an illustration of fees for a Purchase.

 

Purchase

 

Illustration: Cash purchase of a freehold property at a price of approximately £125,000.00

 

This illustration is based upon the following assumptions:

  • There are no defects in title;
  • The title to the property is fully registered at HM Land Registry;
  • There is no issue concerning lack of planning consents or building regulations approval.
  • There is no requirement for indemnity insurances to be provided;
  • The property is not subject to a Rent Charge;
  • You are not receiving a gift or loan (for example from family or friends);
  • You are not purchasing with a mortgage;
  • You are not utilising funds from a Help to Buy ISA;
  • You are purchasing your first home or replacing your main residence in accordance with HMRC stamp duty land tax requirements.

 

Purchase Price – £125,000.00

 

Legal Fees

 

Purchase Legal Fee £475.00
Stamp Duty Land Tax Return Fee £50.00
Bank Electronic Transfer Fee £25.00
VAT will be charged at the prevailling rate, currently 20% £110.00
TOTAL FEES £660.00

 

In addition, there may be expenses which have to be paid to third parties to enable us to complete your matter. These charges must also be paid by you.

These other likely expenses (commonly referred to as ‘disbursements’) are:

 

Search Package – Local/Water/Environmental £180.00
Mining Search (dependent upon location) £38.00
Official Land Registry Search £3.00
Bankruptcy Check (per person) £2.00
HM Land Registry Fee £95.00
Electronic Identification Check (per person) £9.00

 

Please note that the above illustration is based upon a freehold registered title. Additional fees may apply if for example, the property is leasehold, shared ownership or a new build property or if you are cashing in a Help to Buy ISA or receiving a gift to assist with your purchase.

 

Additionally, if this is the purchase of a second home or investment property then Stamp Duty Land Tax will apply to the transaction in accordance with the prevailing rates of HMRC.

The Work We Do

 

In acting for you on your purchase, our work comprises, inter alia:

  • Taking your instructions
  • Requesting the Contract Package from the Sellers Solicitor
  • Reviewing the Contract Package on your behalf
  • Raising Title enquiries of the Sellers Solicitor
  • Obtaining searches on your behalf
  • Reviewing your mortgage offer and reporting to you (if necessary)
  • Reporting to you on the results of your searches
  • Reporting to you on the title documents
  • Arranging your signature to Contract papers
  • Attending to exchange of Contracts
  • Attending to draw down of your mortgage funds in readiness for completion
  • Arranging and attending to the Completion
  • Attending to payment of Stamp Duty Land Tax (if applicable)
  • Attending to registration of your title to the property
  • Arranging file closure procedures

 

Timescales

 

As far as timescales are concerned, based on average timescales for completion of a purchase, we would advise that such matter’s will generally complete within 4-10 of receipt of contract papers being issued to your buyer’s solicitor.  Progress can be dependent on the efficiency of third parties such as mortgage lenders, but we will do our best to prompt them for the responses we need.  We will keep you informed of progress throughout, explain the reasons for any delays and advise you if any unforeseen work becomes necessary.

Please note the above illustrations are intended for information purposes only and you should contact our offices on 0151 428 2472 or enquiries@chigginslaw.co.uk to obtain an estimate tailored to your specific requirements.