It can be quicker or slower than the average, depending on the chain involved. For example, if you are a first-time buyer with a mortgage in principle and there is no onward chain, or whether you are buying a new build property, as 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.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have listed some key stages of the process:
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:
Subtotal: £1,613.00 (before VAT)
Estimated total: £1,860.00 (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:
- 1this 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
- 2the transaction is concluded in a timely manner and no unforeseen complication arise
- 3all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- 4no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
