How long will it 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 6-10 weeks.
It 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, this will be as per the developer’s time scale. We will keep you informed of progress throughout, explain the reasons for any delays and advise you if any additional unforeseen work becomes necessary.
However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 5 months. In such, a situation additional charges would 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
- Draft Transfer
- Advise you on joint ownership
- Obtain pre-completion searches
- 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
How much will it cost?
Our fees cover all of the work required to complete the purchase of your new 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.
An example of our fees is given below based on a direct freehold purchase transaction, in Bridlington at a purchase price of £125,000 with no mortgage: -
Conveyancer's fees & Disbursements
- Legal fees: £599.00*
- Search fees: £300.00
- HM Land Registry fee – this is worked out based on the purchase price of the property you are purchasing. You can work out the amount you will have to pay by using the Land Registry website here https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees
- Electronic money transfer fee: £35.00*
- Identification Fee: £10.00*
- Stamp Duty Return Fee: £75.00*
- Case Management Fee: £25.00*
- Archive Fee: £30.00*
- Postage and Copying Fee: £10.00*
- Accounts and Entity Fee: £10.00*
- Final Searches: £10.00
- Subtotal: £1,104.00
VAT is payable on all of the figures quoted above marked with a *
Estimated total: £1,262.80 (inc VAT)
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. This is not an exhaustive list and more unusual or none standard transactions can attract further disbursements, we will update you on any additional disbursements upon receipt of all documents
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 https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if the property is located in Wales by using the Welsh Revenue Authority's website here https://lttcalculator.wra.gov.wales/ChargeableTransactionType.
Our fee assumes that:
- 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
- this is the assignment of an existing lease and is not the grant of a new lease
- the transaction is concluded in a timely manner and no unforeseen complication 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.
To Tom & all of the Murray Hills team, thank you for all of your efforts. You have all been great and made our move as smooth as possible. Many thanks
Mr & Mrs J
A thank you card received at our Bridlington office
We are highly satisfied with the service we received
Mr & Mrs F
Bridlington office clients