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.
No two property purchases are the same. Our fees for dealing with the purchase of your property will reflect the type of property you are buying. For example, if you were to purchase a new build property this will usually cost you more than if you were buying a house that was built 20 years ago. This is because we need to carry out extra work to ensure that all roads will be adopted, that planning obligations are complied with and investigating whether a satisfactory warranty is available for your new home. Because of this, we will be able to provide you with a precise estimate of the cost of us helping you with your purchase when we receive the contract pack from the Seller’s Solicitors which will give us more details of your intended purchase property.
We charge fees in bands based on the value of the property being purchased and our fees for a residential freehold conveyancing purchase start from £800 plus VAT (at 20% this is £160) making a total of £960.
Our average charge for a freehold house purchase that does not have unexpected complications is around £900 plus VAT (at 20% this is £180) making a total of £1,080. However, should your purchase have unexpected complications we will let you know as soon as we become aware of this and inform you of the potential consequences of that with you before incurring any extra charges.
Bryan & Armstrong’s fees for the purchase of a freehold/leasehold* registered property at £300,000.00.
Estimated Legal Fees £1,000.00*
VAT on our Legal Fees @ 20% £ 200.00
Legal fees and VAT £1,200.00
Electronic Transfer Fee* * £ 30.00
VAT on Electronic Transfer Fee @20% £ 6.00
Electronic Transfer fee and VAT £ 36.00
Total for legal fees plus VAT £1,236.00
In addition to our legal fees above we have to pay fees to others on your behalf. These are commonly referred to as “disbursements” and we detail below the average disbursements you can expect to pay on a residential purchase at £300,000.00.
*The purchase of a leasehold registered property is more complex and requires us to undertake additional work so we charge more for this. Our additional fees for dealing with a leasehold registered property are charged at an additional rate of £350.00 plus VAT @20% which is £70.00 and makes a total of £420.00
** This is an administration charge to send the purchase monies to the Seller’s solicitors.
Disbursements we pay to others on your behalf.
Search pack including local, mining, environmental and drainage searches* £190.20
*The searches we need to undertake will depend upon the area where the Property is based. For example, if the property is in the Mansfield area we would usually carry out a mining search.
HM Land Registry fee* which is based on the purchase price of the property £150.00
*HM Land Registry fees are calculated on a sliding scale depending on the price of the house.
VAT is not payable on Land Registry fees. If the property you are buying is not registered with the Land Registry then we will need to apply for a first registration of the legal title in your name and the Land Registry fee increases to £330.00
Stamp Duty Land Tax (SDLT)* which is based on the purchase price of the property £2,500.00
and is calculated at 0% up to £250,000 and 5% over £250,000.
*If you own another property or are buying in a company name higher rate tax is payable. Reliefs may also be available to you, for example first time buyer or multiple dwelling relief and we would recommend that you look on the HMRC website at their calculator which
can be accessed here Stamp Duty Land Tax Calculator.
Completion Searches £ 6.00
Total for Disbursements £2,846.20
WHAT OUR FEE INCLUDES
- We will carry out Money Laundering ID checking
- We will undertake source of funds compliance work
- We will receive the contract papers and investigate the
legal title on your behalf
- Raising enquiries with your seller’s solicitor
- We will issue you with a report on the legal title to the property
- Confirm to you the terms of your mortgage offer (if appropriate)
- We will undertake the appropriate searches and report to you
the result of our pre-contract searches
- Advising on the issues relating to jointly owned property (if appropriate)
- Preparing the documents to transfer the property to your name
- Obtain and review your mortgage offer and ensure the house meets the requirements of your lender (if appropriate)
- We will also act for and attend to the legal documentary requirements of your mortgage lender (if appropriate)
- Arrange to you to sign the contract and transfer documents
- Liaise with you and the Seller’s Solicitors regarding exchange of contracts and setting a completion date
- Exchange contracts
- Accounting to you
- Dealing with completion arrangements such as registration of the property into your name with H M Land Registry
- We will keep you and where appropriate the estate agent reasonably informed of progress
- We will, unless you ask us not to, complete the SDLT Return and making payment of SDLT due
In acting for you we are specifically excluded from providing you with the following advice:
- Financial Advice
- Specialist tax advice which includes Stamp Duty Land tax advice
- Remedying defects in the legal title
- Identifying the routes of private drains or services to the property
- Providing any structural advice on the property
How long will my freehold/leasehold 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 10-12 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 new build property (which is already built and ready to occupy) with a mortgage in principle, it could take 8-10 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months. In such a situation additional charges would apply.
Assumptions for Leasehold Purchases
- This is the assignment of an existing lease and is not the grant of a new lease
- That the transaction is concluded in a timely manner and no unforeseen complication arise
- That am indemnity policy is not required. Additional fees and disbursements may apply if indemnity policies are required.
In leasehold transactions there will also be additional fees charged directly by the management company and/or landlord. These can include but are not limited to fees for;
Deeds of Covenant;
Notices of Transfer/Charge;
Certificates of Compliance
These fees will be unknown to us until we receive the leasehold information pack from the sellers landlords and/or managing agents. The range of costs can vary but on average these are between £250.00 plus VAT @ 20% which is £50.00 making a total of £300.00 and £500.00 plus VAT @20% which is £100.00 making a total of £600.00. We would of course advise as to what these fees are as soon as we are aware of the same.
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.
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.
The work we will undertake on a Residential Leasehold Purchase
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have set out some key stages:
- Take your instructions and give you initial advice
- Check finances are in place to fund the purchase
- Receive and advise on contract documents including the lease
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller’s solicitor ensuring that all information is provided by the landlords and/or managing agents
- Give you advice on all documents and information received
- Go through conditions of mortgage offer and send you written information regarding the same
- Arrange for you to sign the contract and mortgage paperwork
- Draft the documents to Transfer the property to your name
- Advise you on joint ownership (if relevant)
- 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 your purchase
- Deal with payment of Stamp Duty Land Tax
- Deal with application for registration at Land Registry
- Deal with serving notices on the landlord and/or managing agents in accordance with the terms of the lease