Fees & Disbursements – Residential Property

Purchase of a freehold residential property

rhw’s fees cover all the work required to complete the purchase of your 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. Please take into account the disbursements listed below when reviewing your budgetary requirements.

Please remember quality and experience matters! A house is normally the largest asset you will buy in your lifetime. Accuracy, an eye for detail and the ability to understand where potential risks or problems might lie are vital features in the provision of a high quality legal service. You need to know about potential problems. Read more about how rhw’s conveyancing services.

A Guide to rhw’s Legal Fees

£0 – £250,000

 

Freehold Sale – £1000.00

Freehold Purchase – £1050.00

Leasehold Sale – £1050.00

Leasehold Purchase – £1100.00

 

£250,001 – £500,000.00

 

Freehold Sale – £1,100.00

Freehold Purchase – £1200.00

Leasehold Sale – £1200.00

Leasehold Purchase – £1250.00

 

£500,001 – £750,000.00

 

Freehold Sale – £1,150.00

Freehold Purchase – £1250.00

Leasehold Sale – £1250.00

Leasehold Purchase – £1300.00

 

£750,001 – £1m

 

Freehold Sale – £1,250.00

Freehold Purchase – £1350.00

Leasehold Sale – £1350.00

Leasehold Purchase – £1450.00

 

£1m+

 

Sale – x 0.1% of sale price

Purchase – x 0.15% of purchase price

 

 

 

Please note that fees may vary depending on unique circumstances.

 

Disbursements

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.

  • Search fees £450.00
  • HM Land Registry Registration Fee (exclusive of VAT):-

Purchase Price                                           Fee

  • £0 – £80,000.00                                 £20.00
  • £80,001.00 – £100,000.00                 £40.00
  • £100,001.00 – £200,000.00               £95.00
  • £200,001.00 – £500,000.00               £135.00
  • £500,001.00 – £1,000,000.00            £270.00
  • £1,000,001.00 and above                  £455.00
  • Electronic money transfer fee £35.00 plus VAT
  • Administration fee £25.00 plus VAT

Purchase of a leasehold residential property

Our fees cover the same as set out above for a freehold purchase but we also deal with the Landlord / Freeholders requirements.

Disbursements

  • Search fees £450.00
  • HM Land Registry Registration Fee (exclusive of VAT):-

Purchase Price                                           Fee

  • £0 – £80,000.00 £20.00
  • £80,001.00 – £100,000.00             £40.00
  • £100,001.00 – £200,000.00           £95.00
  • £200,001.00 – £500,000.00           £135.00
  • £500,001.00 – £1,000,000.00        £270.00
  • £1,000,001.00 and above              £455.00

 

  • Electronic money transfer fee £35.00 plus VAT
  • Administration fee £25.00 plus VAT

In addition to the above, you will need to pay the Landlord’s / Freeholders administration fees for dealing with Notices of Assignments and Charges, Deeds of Covenants, Certificates of Compliance and Licence to Assign.  Though we can say that each of these would be £100.00 plus VAT on average.  These fees vary from property to property and can on occasion be significantly more or less than the average 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.

Search fees

We are not able to provide a specific amount until we know where the property is located as each Local Authority charge a different amount for the Local Search.

Stamp Duty or Land Tax (on purchase)

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. You may also be able to benefit from certain relief’s available depending on your circumstances.

How long will my house purchase take?

How long it will take from your offer being accepted until you can move in to your house will depend on several factors some of which are out of rhw’s direct control. The process, on average, takes between 4-6 weeks.

The process 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 with a mortgage in principle, it could take longer.  Similarly, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer. In such, a situation additional charges may apply.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:

  • 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
  • Obtain further planning documentation if required
  • Make any necessary enquiries of seller’s solicitor
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer with you
  • Send final contract to you for signature
  • 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 purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry
  • Deal with Landlord / Freeholder requirements (if leasehold)

Sale of a freehold Residential Property

Our fees cover all of the work required to complete the sale of your home, including dealing with enquiries raised by the buyers solicitor and redeeming any mortgages with a charge over the property.

Disbursements

  • Administration fee             £25.00 plus VAT
  • Electronic money transfer fee £35.00 plus VAT
  • Land Registry document fee £6.00 (£3.00 per document)

Sale of a leasehold Residential Property

Our fees cover all of the work required to complete the sale of your home, including dealing with enquiries raised by the buyer’s solicitor and redeeming any mortgages with a charge over the property.

Disbursements

  • Administration fee £25.00 plus VAT
  • Electronic money transfer fee £35.00 plus VAT
  • Land Registry document fee £6.00 (£3.00 per document)

You will also need to obtain a sales pack from the freeholder.  The average costs is around £200.00 plus VAT but these can be a lot more expensive or a lot cheaper depending on the individual property.

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.

How long will my house sale 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 4-6 weeks if the property is freehold and 6-8 weeks if the property is leasehold.

It can be quicker or slower, depending on the parties in the chain. For example, if you have a cash buyer, the transaction can be quicker.  If however, there is a long chain, the process can be longer.

Stages of the process

The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:

  • Take your instructions and give you initial advice
  • Obtain a redemption figure from any lender with a charge registered against the property
  • Send out contract documents
  • Obtain a Freeholders Sale Pack (if leasehold)
  • Respond to enquiries raised by the buyers solicitor
  • Send final contract to you for signature
  • Agree completion date (date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Prepare a completion statement to show monies available on completion. Also includes obtaining up to date accounts from the freeholder if the property is leasehold and calculating any necessary apportionments
  • Deal with redemption of mortgage and pay the estate agents fees

Please do contact rhw’s team for more information about how we can help you on 01483 302000 or email guildford@rhw.co.uk  Please also check the information with regard to our approach to client service which can be found here.  Finally, the following links will provide you with more information about Catherine Shacklady, Margaret McDonald and Laura Bentley.