Purchase of a Residential or Commercial Property
Our fees cover all the work required to complete the purchase of your new property, including dealing with registration at the Land Registry and dealing with the Stamp Duty Land Tax Returns (Stamp Duty) if the property is in England and Wales. Please note our fee does not include any Land Registry fee or Stamp Duty due to the HMRC in a transaction.
Conveyancing Fees
| Property Value | Residential | Commercial |
|---|---|---|
| Purchase | ||
| £0 – £250,000 | £1,100 + £ 220 VAT (£1,320 total) | £1,250 + £250 VAT (£1,500 total) |
| £250,001 – £500,000 | £1,250 + £ 250 VAT (£1,500 total) | £1,500 + £300 VAT (£1,800 total) |
| £500,001 – £1,000,000 | £1,500 + £300 VAT (£1,800 total) | £1,800 + £360 VAT (£2,160 total) |
| Sale | ||
| £0 – £250,000 | £950 + £ 190 VAT (£ 1,140 total) | £1,250 + £250 VAT (£1,500 total) |
| £250,001 – £500,000 | £1,150 + £ 230 VAT (£1,380 total) | £1,500 + £300 VAT (£1,800 total) |
| £500,001 – £1,000,000 | £1,500.00 + VAT | £1,800.00 + VAT |
Any purchases or sales over the value of £1 million are subject to quotes by our conveyancing team. However, as a general guide we would usually charge a fee of around £ 2,500 plus £ 500 VAT (£ 3,000 in total) for a reasonably straight forward conveyance for properties between £ 1,000,000 and £ 2,000,000.
Please note that in addition to the above fees, we also charge the following fees depending on the nature of the transaction.
| Residential | Commercial | |
|---|---|---|
| Acting for Lender (each charge) | £175 + £35 VAT (£210 total) | £350 + £70 VAT (£420 total) |
| Leasehold Fee | £175 + £35 VAT (£210 total) | |
| Purchase subject to Leasehold Fee | £350 + £70 VAT (£420 total) | |
| Sale subject to Leasehold | £300 + £60 VAT (£360 total) | |
| Help to Buy/New Build | £250 + £50 VAT (£300 total) | |
| Bridging Loan Additional Work Fee | £550 + £110 VAT (£660 total) | £750 + £150 VAT (£900 total) |
| Acting Only For Lender | £950 + £190 VAT (£1,140 total) | £1,150 + £230 VAT (£1,380 total) |
| Redemption of Equity from HtB | £750 + £150 VAT (£900 total) | |
| Redemption of mortgage (per charge) | £175 + £35 VAT (£210 total) | |
| Redemption of existing mortgage | £300 + £60 VAT (£360 total) | |
| ISA Bonus request | £50 + £10 VAT (£60 total) | |
| Gift Deed | £75 + £15 VAT (£90 total) | |
| Unregistered Property | £300 - £500 + VAT (£360 - £600 total) | |
| Deed of Trust | £350 + £70 VAT (£420 total) | |
| Auction Fee | £450 + £ 90 VAT (£540 total) | |
| Auction Pack Review | £450 + £90 VAT (£540 total) | |
| Licence to Assign | £350 + £70 VAT (£420 total) | |
| Shared Ownership | £175 + £35 VAT (£210 total) |
NOTE: All VAT calculations are based on the current rate of 20%
Disbursements
Disbursements are costs related to your matter. We handle the payment of the disbursements on your behalf to ensure a smoother process. Disbursements may include some or all of the following, although this list is non-exhaustive:
- Land Registry fee: £45 – £500
- Stamp Duty * (please see below)
- Local Authority search: £350 – £450
- Bank transfer fee: £30 Plus £6 VAT ( £36 total)
- OS1 search: £4.20
- Bankruptcy check: £3.20
- Lawyer checker: £21.60
- Company house charge registration: £15
- Winding up search: £15
We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
* 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. This will be additional to the fees quoted above.
How Long Will My Purchase Take?
How long 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 8 – 12 weeks.
It can be quicker or slower, depending on factors such as for example: the number of parties in the chain, if you are a first-time buyer, purchasing a new build property with a mortgage in principle or if you are buying a leasehold property that requires an extension of the lease. In such situations additional charges would also apply that you can contact us to obtain a quote for.
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 of work that we are likely to undertake:
- Provide our initial advice and way forward
- Check that the correct finances are in place to fund your purchase
- Liaise with the lender’s solicitors if required
- Advise on contract documents
- Carry out relevant 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
- Send final contract to you for signature
- Draft Transfer
- Advise you on joint ownership
- Obtain pre-completion searches
- 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 application for registration at Land Registry
Our Estimated Fees Assume That:
- 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
- The transaction is concluded in a timely manner and no unforeseen complication arise
- All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- No indemnity policies are required. Additional disbursements may apply if indemnity policies are required
Other Conveyancing Work that We Do:
- Re-mortgages
- Lease extensions
- Transfer of Equity
- Deed of Trust
- Help to buy
- Redemptions
- Leasehold extensions
Please contact us on 02078704870 for quotations if you require help with any of the areas we have mentioned.
Disclaimer
Law Lane Solicitors Ltd has provided the materials on this website for informational purposes only which does not, and cannot, constitute a legal advice. The use of this site does not create a lawyer-client relationship. Additionally, email or other communication with our representatives through this site should not be considered confidential or privileged.