Freehold Purchase
| Property Price | Costs ** | VAT @ 20% | Total |
| Up to £200,000 | £1200.00 | £240.00 | £1,440.00 |
| £200,001 to £300,000 | £1,450.00 | £290.00 | £1,740.00 |
| £300,001 to £400,000 | £1,750.00 | £350.00 | £2,100.00 |
| £400,001 | Estimates available on request | ||
Additional costs may be involved if the title is unregistered up to £200 plus VAT
Leasehold Purchase
| Property Price | Costs ** | VAT @ 20% | Total |
| Up to £200,000 | £1,400.00 | £280.00 | £1,680.00 |
| £200,001 to £300,000 | £1,700.00 | £340.00 | £2,040.00 |
| £300,001 to £400,000 | £2,200.00 | £440.00 | £2,640.00 |
| £400,001 upwards | Estimates available on request | ||
| Additional costs may be involved if the title is unregistered up to £200 plus VAT | |||
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees, the Land Registry fee shown is the fee charged when the the application is submitted electronically. The fee will double if we have no choice but to submit the application by post. This will occur, generally, if the property is unregistered. We handle the payment of disbursements on your behalf to ensure a smoother process.
| Disbursement | Cost |
| Identification Verification fee (including VAT (£2)) (per person) | £12.00 |
| Search fees (depending on local authority area) in the region of |
£285.00 |
| Land Registry Pre-Completion Search fee | £5.00 |
| Electronic Money Transfer fee (including VAT) | £36.00 |
| Land Registry fee (up to £200,000) | £100.00 |
| Land Registry fee ( £200,001 to £500,000) | £150.00 |
For a Leasehold Purchase, additional disbursements may be included, such as:
- Notice of Transfer fee – if chargeable is set out in the Lease. Often the fee is between £50 and £200 and may include VAT (currently at 20%)
- Notice of Charge fee (if the property is to be mortgaged) – this fee will be set out in the Lease. Often the fee is between £50 and £200 and may include VAT (currently at 20%).
- Deed of Covenant fee – this fee is provided by the Management Company for the property and can be difficult to estimate. Often it is between £150 and £350 and may include VAT (currently at 20%).
These disbursements vary significantly from property to property and can on occasion be significantly more than the ranges given above. We can give you a more accurate figure once we have sight of your specific documents.
You should also be aware that Ground Rent and Service Charges are likely to apply throughout your ownership of the property. We will confirm the Ground Rent and anticipated Service Charge when we receive this information.
Stamp Duty or Land Tax
This depends on the purchase price of your property. 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.
Who will deal with my matter?
Your matter will be dealt with by either Caroline Thompson who is a Solicitor and the Senior Partner of the practice, or another member of the team. Caroline has over 20 years post qualification experience within this area of the law and heads and supervises the Department.
How long will my property 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 six to eight weeks.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. We will undertake the following services which are included in the fee and include some key stages:
- Take your instructions and give you initial advice
- Receive and advise on contract documents
- Carry out searches (to reach this stage will take between one and three weeks from initial instruction)
- Make any necessary enquiries of seller’s solicitor
- Report to you on all documents and information received and send the contract to you for signature (it can take up to five weeks from initial instruction to reach this stage)
- Agree completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened (it can take between six to seven weeks from initial instruction to reach this stage)
- 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 fixed fee assumes that:
- This is a purchase by one client of a property where the property is based in Torbay
- 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.
- If Leasehold, that this is the assignment of an existing Lease and not the grant of a new Lease
- The transaction is concluded in a timely manner and no unforeseen complications 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
- Registration of your purchase with HM Land Registry will be completed electronically through the secure Land Registry Portal
