Purchase of Freehold and Leasehold Property

Our fees cover all of the legal work required to complete the purchase of a

property, including registration at the Land Registry and payment of Stamp Duty

Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax

(Land Tax) if the property is in Wales.

 

The information is based on a number of assumptions and particular the fee

assumes that:

 

  • This is a standard transaction where 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 with co-operation from

all parties and no unforeseen delays arise

  • no indemnity policies are required. Additional disbursements may apply if

indemnity policies are required.


There may be circumstances when other costs may be incurred due to

particular circumstances of your particular transaction, but we will advise you if

this becomes the case and will tell you about any additional costs when the

arise: -

 

Property Value Fee and Disbursements

£0 to £150,000 -
•Legal fee £550 plus VAT of £110

•Electronic money transfer fee £30 Plus VAT of £6


£150,000 to £300,000 
•Legal fee £600 - £725 plus VAT (£120 - £145)

•Electronic money transfer fee £30 Plus VAT of £6


£300,000 to £500,000
•Legal fee £725 - £925 plus VAT (£145 - £185)

•Electronic money transfer fee £30 Plus VAT of £6


£500,000 to £1,000,000
•Legal fee £925 - £1200 plus VAT of £185 to £240

•Electronic money transfer fee £30 Plus VAT of £6


Additional Legal Fees

•Where you are getting a Mortgage - £100 plus VAT of £20

•Help to Buy ISA/Lifetime ISA - £50 plus VAT of £10 per ISA


Anticipated Disbursements

•Search fees £195.00

•Misc HM Land Registry fee £10 plus VAT of £2

•Registration Fee £20 - £275.00

 

Stamp Duty or Land Tax


You will also have to pay Stamp Duty or Land Tax. The amount depends on the purchase price of your property and whether you own any other properties. You can calculate the amount you will need to pay by using HMRC's website: https://www.tax.service.gov.uk/calculate-stampduty-

land-tax/#/intro or if the property is located in Wales by using the Welsh Revenue Authority's

website https://beta.gov.wales/land-transaction-taxcalculator

 

What happens if the transaction does not complete:
 

ABORTIVE COSTS

STAGE % of our charge

Prior to draft documentation : 20%

Upon commencement of drafting documentation or documents being received : 70%

Upon finalising the draft documentation : 90%

 

Anticipated Leasehold Purchase Disbursements

Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the

fee is in the region of £50 - £100

Notice of Charge fee (if the property is to be mortgaged) – This fee is set out

in the lease. Often the fee is in the region of £50 - £100

Deed of Covenant fee – This fee is provided by the management company for

the property and can be difficult to estimate. Often it is in the region of £50 -

£100

Certificate of Compliance fee - To be confirmed upon receipt of the lease, as

can range between £100 and £200

Conveyancing Legal Fees and Disbursements:

Note: Disbursements are costs related to your matter that are payable to third

parties, such as Land Registry fees. We handle the payment of the

disbursements on your behalf to ensure a smoother process.

 

TIMINGS
 

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. On average the process takes about 8 - 10 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are purchasing property with a mortgage that is in a chain, it could take in excess of 10 weeks.


STAGES AND PROCESSES


The precise stages involved in the purchase of a residential property vary according to the circumstances but will typically include:

 

  • Obtain and check up-to-date ID
  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender's solicitors if needed
  • Receive and advise on contract documents
  • Carry out searches
  • Make any necessary enquiries of seller's solicitor
  • Give you advice on all documents and information received
  • Review mortgage offer
  • Send transfer and Contract documents to you for signature
  • Agree completion date (date from which you own the property)
  • Arrange for all monies needed to be received from lender and you
  • Exchange contracts and notify you that this has happened
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry
  • Provide you with updated Title documentation relating to your property

 

Sale of a Property (leasehold and freehold)
 

Our fees cover all of the legal work required to complete the sale of the property based in England & Wales. The information is based on a number of assumptions and particular the fee assumes that:

o This is a standard transaction where 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

o the transaction is concluded in a timely manner with co-operation from all parties and no unforeseen delays arise

o no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

There may be circumstances when other costs may be incurred due to particular circumstances of your particular transaction but we will advise you if this becomes the case and will tell you about any additional costs when the arise: -
 

Property Value
 

Fees

£0 to £150,000 •Legal fee £525 plus VAT £105

•If you have a mortgage - £50 plus VAT of £10

•Electronic money transfer fee £30 Plus VAT £6


£150,000 to £300,000 •Legal fee £575 to £700 plus VAT (£115 - £140)

•If you have a mortgage - £50 plus VAT of £10

•Electronic money transfer fee £30 Plus VAT £6


£300,000 to £500,000 •Legal fee £750 to £850 plus VAT (£150 - £170)

•If you have a mortgage - £50 plus VAT of £10

•Electronic money transfer fee £30 Plus VAT £6


£500,000 to £1,000,000 •Legal fee £850 to £1,200 plus VAT of £170 to £240

•If you have a mortgage - £50 plus VAT of £10

•Electronic money transfer fee £30 Plus VAT £6

 

Anticipated Disbursements

•Office copy entries per title of £10 plus VAT of £2

•Ground Rent Receipt (leasehold property only) –

£120

What happens if the transaction does not complete:

 

ABORTIVE COSTS

STAGE % of our charge:

Prior to draft documentation : 20%

Upon commencement of drafting documentation or documents being received : 70%

Upon finalising the draft documentation : 90%

 

Conveyancing Legal Fees and Disbursements:

Note: Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease.

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.

TIMINGS

How long it will take from the offer being accepted until you can move in to your house will depend on a number of factors. On average the process takes between 6-8 weeks.

It can be quicker or slower, depending on the parties in the chain.

STAGES AND PROCESSES

The precise stages involved in the purchase of a residential property vary according to the circumstances but will typically include:

• Obtain and check up-to-date ID

• Take your instructions and give you initial advice

• Review title documents

• Prepare contract documents

• Obtain the management pack where necessary

• Deal with enquiries raised by your buyer’s solicitors and liaise with you as

necessary in order to respond to them;

• Exchange contracts;

• Approve the transfer deed received from the buyer’s solicitors;

• Complete your sale;

• Deal with all post-completion matters, particularly repaying any outstanding

mortgages or loans;

• Accounting to you for the proceeds.

 

Mortgages and Remortgages

A mortgage or remortgage is either when a new mortgage is placed on a

property which has no mortgage in order to secure borrowing, or where you

redeem an existing mortgage and take out another mortgage with a new

lender. Our mortgage and remortgage price information applies only if you are

using a mainstream or High Street Lender. If you have a mortgage offer with a

non-mainstream or a niche lender, then our fees will be higher, as they will

have different requirements.

It is important to note that you cannot normally remortgage unless you have

owned the property for a period of six months. If you wish to remortgage within

the first six months period you must check with your lender as to whether this is

possible. The information is based on a number of assumptions and particular the fee

assumes that:

 

o This is a standard transaction where 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

o the transaction is concluded in a timely manner with co-operation from

all parties and no unforeseen delays arise

o no indemnity policies are required. Additional disbursements may apply if

indemnity policies are required.

There may be circumstances when other costs may be incurred due to

particular circumstances of your particular transaction, but we will advise you if

this becomes the case and will tell you about any additional costs when the

arise.

 

Mortgage Value Fees and Disbursements

£0 to £1,000,000+ 

  •  Legal fee £450 plus VAT of £105
  • Electronic money transfer (where an existing loan is being repaid) fee £30 plus VAT of £6


Anticipated Disbursements

 

  • Search fees £0 - £250 (depending on the lender’s requirements)
  • HM Land Registry fee £10 plus VAT of £2
  • Registration Fee £20 - £680 (depending on whether it’s a first registration and value of the property)

 

What happens if the transaction does not complete:

ABORTIVE COSTS

STAGE % of our charge:-

Prior to draft documentation : 20%

Upon commencement of drafting documentation or documents being received : 70%

Upon finalising the draft documentation : 90%

 

Conveyancing Legal Fees and Disbursements

Note: Disbursements are costs related to your matter that are payable to third

parties. We handle the payment of the disbursements on your behalf to ensure

a smoother process. There are certain disbursements which will be set out in

the individual lease relating to the Property. The disbursements which we

anticipate will apply are set out separately below. This list is not exhaustive and

other disbursements may apply depending on the term of the lease.

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.
 

TIMINGS

How long it will take from the offer being provided by your lender and confirmation of our instructrions to completion of the mortgage can depend on a number of factors. On average the process takes between 6-10 weeks.

It can be quicker or slower, depending on how quickly the documentation is turned around.

 

The experience of the people who may carry out the work for you:

The names of the firm’s specialist residential property lawyers are Lucille Cowell and James Richard Scott.  You can see more about the professional details, experience and qualifications on the “Solicitors” part of our website. All work is supervised by Lucille Cowell who is a Director and the Head of our Property team.

 

 

Contact us to arrange an appointment

Address

ROW & SCOTT LTD.
98 West Road
Newcastle upon Tyne NE4 9QA

Tel: 0191 2739929

E-mail: info@rowandscott.co.uk 

 

ROW & SCOTT LTD.

4 Church Street

Consett DH8 5QA

Tel: 01207 591810

E-mail: info@rowandscott.co.uk

 

ROW & SCOTT LTD.

2-4 Wellwood Street

Amble NE65 0EW

Tel: 0191 273 9929

E-mail: info@rowandscott.co.uk

 

 

Or use our contact form.

 

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