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Conveyancing Legal Costs2018-11-26T13:07:29+00:00

Legal Costs

We will provide you with a personalised quotation upon request. This is a fixed quote and there are no hidden extras.  As our service is personalised there is no one set fee for a sale or purchase just as no two transactions are the same. The details below give an indication of the range of our prices.

  • Our legal costs for a Sale of a Freehold Property up to £1million sale price range from £900 – £2000
  • Our legal costs for a Purchase of Freehold Property up to £1million purchase price range from £945- £2500
  • Our legal costs for a Re-mortgage range from £550- £800
  • Our legal costs for an Equity Release Mortgage are £850
  • Our legal costs for Shared Ownerships and Help to Buy Purchases range from £995-£1200

These legal costs are all subject to VAT charged at 20% of the above fees. The figures shown above are net of VAT.

The most important thing to THP is that you are clear following receipt of our personalised quotation of the individual costs which your transaction will attract. We would encourage you to phone and have a no obligation chat with one of our team who can provide a personalised quote and also some advice on the process and how we can make it as smooth as possible for you which will help you decide whether we are the right firm for you.

Disbursements

Disbursements are costs related to your matter that are payable to third parties for example Land Registry Fees and SDLT.  We handle the payment of the disbursements on your behalf in order to ensure a smoother process.

Searches

The standard searches which we undertake on behalf of you and your lender are the Local Authority Search, Environmental Search and Drainage Search. The cost of these does depend upon the Local Authority but they tend to range from £350 – £400. We can give you an accurate figure once we know your post code.  Please click here for a link to our searches and survey information sheet.  These searches are subject to the addition of VAT as they are obtained electronically.

There are also Pre-Completion Searches which are carried out with the Land Registry and Land Charges between exchange and completion in order to protect both you and your lender:

Land Registry Priority Search (per title) £3.00 plus VAT
Bankruptcy Searches (per name) £2.00 plus VAT

 

Land Registry Fees

We will in all cases possible lodge the application for registration electronically thus attracting the lower fee. In cases of some new build purchases or purchases of part of a title where a new title number is being created by the Land Registry for the property then this will not be possible and the higher sum will be payable. We will advise you on this when we have all the details of the transaction.

Property Price Electronic Postal
£0-£80,000 £20.00 £40.00
£80,001 – £100,000 £40.00 £80.00
£100,001 – £200,000 £95.00 £190.00
£200,001 – £500,000 £135.00 £270.00
£500,001 – £1,000,000 £270.00 £540.00
£1,000,001 and over £455.00 £910.00

 

Stamp Duty Land Tax (SDLT)

Stamp Duty Land Tax is payable on the consideration i.e. the purchase price or other value given directly or indirectly for the property.

The standard rates which are apply are currently:

Property or lease premium or transfer value SDLT rate
Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%

 

If the property you are buying is a new lease i.e. you are being granted the lease then you will pay SDLT on the purchase price of the lease using the rates above and if the total rent over the life of the lease is more than £125,000 you will also pay SDLT of 1% on the portion over £125,000.00.

If you or a spouse owns another property then you may be subject to the higher rate which is an additional 3% unless you are replacing your main residence. If all purchasers meet the requirements for first time buyers then you may be eligible for first time buyer relief.

If you are purchasing in a Company name you will be subject to the higher rate even if it is the Company’s only property and if the purchase price is over £500,000.00 then you may be subject to the 15% rate of tax and also may be subject to an annual tax on enveloped dwellings.

SDLT is a self assessment tax i.e. the HMRC will not tell you how much you need to pay it is for you to calculate and assess.  It has become more complicated over the years and there are various reliefs which may apply and as such if you are at all unsure about the level of SDLT payable in your transaction we would recommend you take specialist advice.

Please click here to visit HMRC’s website on SDLT.

Leasehold Transactions

In Leasehold transactions you are likely to be required to pay a proportionate amount of any annual service charge or ground rent.

In addition often Landlords will charge administration fee for dealing with notice of your purchase and any other administrative facilities associated with your purchase. Again these will become clear once we have the paperwork from the Landlord/Management Company and we will advise you on these at the earliest opportunity.

How long will my house sale/purchase take

How long it will take from your offer being accepted until you can move into your property will depend upon a number of factors for example how many people are in the chain, whether any of those people have their own agenda as to timing i.e. a reason to need it done quickly or a desire to wait for an event in the future before completing.  The average process takes 6-8 weeks from when we receive the paperwork from the Sellers Solicitors or issue the paperwork to the Buyers Solicitors. It can be significantly quicker or longer if there are complicating factors in the title or if for example someone in the chain needs to remedy a defect in their title or extend their lease or it could simply be someone is not prepared to complete until after the expiry of their early repayment penalty or needs the timing to fit in with their tax affairs.

 

We are experts in legal services.  At THP all of our solicitors and legal executives are specialists in their chose area of law.  We can therefore provide you with the level of service that you require.