Our fees cover all of the work required to complete the purchase of your new 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.
Our fees and disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees and searches. We handle the payment of the disbursements on your behalf to ensure a smoother process.
|£0- £200,000||£745 + vat||Local Search about||£128|
|£200,001 – £300,000||£845 + vat||Drainage Search about||£65|
|£300,001 – £500,000||£945 + vat||Envirosearch||£62|
|£500,001 – £700,000||£1045 + vat||Land Registry search fees||£3 – £7.|
|£700,001 – £900,000||£1145 + vat||Land Registry fee registration (around)||£135 -£270|
|£900,001 – £1,000,000||£1245 + vat||Bank TT fee (each)||£36|
|£1 million+ Fee % of agreed price||0.15%||Anti-money laundering ID checks ( each)||£10|
|Extra costs where applicable|
|Leasehold purchase||Plus £200 + vat|
|New Build property||Plus £150 + vat|
|Help to Buy Equity Mortgage||Plus £150 + vat|
|Unregistered Property||Plus £150 + vat|
Example. For a freehold property in Buckingham costing £295,000, 2 purchasers, second purchase
- Legal fees £845
- VAT payable £169
- Search fees £254.60.
- HM Land Registry search fees £7
- HM Land Registry fee £135
- Electronic money transfer fee £36
- Anti-money laundering ID checks (2) £20
- Subtotal £1,466.60
Plus Stamp Duty Land Tax (not first time buyers) of £4,750
Stamp Duty or Land Tax (on purchase)
This depends on the purchase price of your property. (If you are a first time buyer paying less than £300,000 there will be no tax to pay) 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 here..
Leasehold Properties and Freehold Properties with Management Companies.
There may be further disbursements* for a Leasehold purchase or the purchase of a freehold property where there is a Management Company which if chargeable is set out in the Lease or Transfer and usually paid to the Landlord or Management Company. These can include:
Notice of Transfer fee. Often this is between £50-£120
Notice of Mortgage fee. Often this is between £50-£120
Deed of Covenant Fee Often this is between £80-£150
Certificate of Compliance fee between £35-£50
*These 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 sight of your specific documents.
If we found that the title was defective, or, if for example, there were planning permission or building regulations that had not been obtained by the Seller this would lead to increased costs.
Please do contact us on Reception@chandlerray.co,uk for information specific to you or your property.
How long will my house purchase take?
The time it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 10-14 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a finished new build property with a mortgage in principle, it could take 6-8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4-6 months. In such, a situation additional charges would apply.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are some key stages:
- 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
- Providing you with our property specific report
- 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
- Deal with payment of Stamp Duty/Land Tax
- Deal with the service of Notices the Deed of Covenant and Certificate of Compliance
- Deal with application for registration at Land Registry