Purchase of a Leasehold Residential Property (Price £250,000)
The following prices are exclusive of VAT which will be charged in addition, at the prevailing rate, where applicable:-
| Rowberry Morris Legal Fees | £1,095.00 (plus VAT) |
| Search pack fees (approximately) | £280.00 (including VAT) |
| HM Land Registry fee | £135.00 (no VAT) |
| Stamp Duty Land Tax | see below |
| Rowberry Morris Bank Transfer Fee | £40.00 plus VAT |
| Stamp Duty Land Tax Return Fee | £100.00 plus VAT |
| Online ID check (per name) | £10.00 plus VAT |
| Notice of Transfer (and Charge) to Landlord | see below |
| Estimated total (excluding Stamp Duty Land Tax and any Landlord Notice fees) | £1,660.00 plus £249.00 VAT |
| (If we also deal with a sale for you there will only be one charge for ID verification) | |
Stamp Duty Land Tax
The Stamp Duty Land Tax payable on your purchase will depend upon the actual purchase price being paid for the property and also a number of other factors, including whether you already own or have an interest in another property, or if you are a first-time Buyer.
To calculate the Stamp Duty Land Tax payable for your property transaction, the following link can be used :-
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
or for welsh properties, https://beta.gov.wales/land-transaction-tax-calculator
Alternatively, call us to discuss your transaction and we will let you have our assessment of any Stamp Duty liability.
Search Fees
The search fee figure quoted above includes an official Local Authority Search (not a lesser “personal” Search used by some conveyancers), a Water/Drainage Search, an Environmental Search and Chancel Insurance. Local Authority charges for “Local Searches” do vary significantly from area to area, so we will need to confirm the exact search cost when we know which area you are buying in. Sometimes, depending upon area, some other searches can be advisable – if so, we will let you know.
Land Registry Fees
The Land Registry fee to be paid on a transaction will be based on the actual price paid for the property. The fee estimated above is based on the assumption that we can submit the application to Land Registry electronically (as we do in the great majority of cases). Sometimes this is not possible, when the fee charged by Land Registry will double).
For access to the Land Registry fee scale to calculate the fee which would apply to your transaction, please use the following link:-
https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
or just call us and we can confirm the costs.
Notice of Transfer (and Charge) to Landlord
There would normally be a charge made by the Landlord/management company to register you as the new owner of the property and also to register any new mortgage lender. Typically, this can be in the region of around £150.00, but can vary very significantly. We would be able to confirm the precise amount upon receipt of such information from the Landlord/managing agent.
How long will my flat purchase take?
The period of time between your offer being accepted on the property you are looking to purchase and the point at which you can move into your new house will depend on many factors. The average process can take between 6 to 10 weeks.
It can be significantly quicker or slower depending on the parties in “the chain”. For example, if you are a first time buyer, purchasing a vacant property with no title defects, and with your mortgage agreed (if required) it may take 6-8 weeks. But, if you are buying from someone, who is in turn buying on. You will only move as fast as the slowest person in “the chain”. The estate agent should advise you of all ‘linked’ transactions at the outset.
Stages of the Process
We have listed below some of the key stages which will appear in most transactions :-
- Take your initial instructions (including your financial arrangements) and deal with regulatory requirements.
- Receive and check on Contract documents (contract, lease, freehold title and other relevant documents).
- Apply for usual Searches, (plus others as appropriate).
- Check planning and building regulation documentation if required.
- Make all necessary enquiries of the Seller’s Solicitors on the title and other aspects of the transaction.
- Request the Sellers and their Solicitors to obtain the standard information packs provided by the Freeholder and/or Management Company/Managing Agents and check.
- Provide you with a report on all documents and information received.
- Either arrange to see you to sign the Contract and discuss the transaction or post to you (your preference).
- Agree a completion date (the date on which you take ownership and possession of the property).
- Ensure that we have cleared deposit funds in place for exchange of Contracts.
- Exchange Contracts and deal with pre completion matters.
- Arrange for all monies needed for completion to be received from the mortgage lender and you.
- Carry out pre completion Searches.
- Complete the purchase.
- Send notices under the Lease to the Freeholder/Management Company/Managing Agents confirming your purchase and mortgage secured against the property.
- Payment of Stamp Duty Land Tax.
- Application for registration at Land Registry.