Residential property fees

..to complete the sale or purchase of your property

 

Residential property fees.

Our fees cover all of the work required to complete the sale or purchase of a property including:

  • Dealing with registration at the Land Registry
  • Dealing with the payment of Stamp Duty Land Tax if the property is in England.

Please note also that we do not act for lenders and therefore, if you are buying a property, we would not be able to act for the lender on your mortgage.  We generally therefore do not act for buyers who are buying a property with the aid of a mortgage.

We do not act on purchases under the Help to Buy scheme or under shared ownership or in respect of new-build properties.

We only act on the sale and purchase of residential properties in England.

We also do not provide tax advice other than in respect of completion of Stamp Duty Land Tax filing.

Our fees assume that:

  • Title the land is registered.
  • There are no missing documents which would require additional documentation to be prepared.
  • There are no other defects such as breaches of planning permission or Building Regulations consent.
  • No other unusual or complex matter arises during the transaction which would involve us in additional work.  This could include, for example, a defect in title such as a restrictive covenant or the presence of occupiers in the property whose occupation needs to be terminated.
  • The other party to the transaction is represented by a solicitor and we are not required to undertake work that would normally be carried out by that solicitor.
  • Your instructions to us do not materially change during the transaction.
  • The property is in England and there are no cross-border issues to consider.

Our fees quoted below are fixed fees and are subject to the assumptions above.  In the event that any of the above assumptions are not met and our fees increase as a result, we will notify you of this as soon as possible.

 

Fees Schedule for Sale or Purchase of Property

On a sale of property, our usual fixed fee is £1,250.

On a freehold purchase of property or the grant or acquisition of a lease, our usual fixed fee is £2,500.

For large or complex transactions, or transactions where any of the assumptions above are not met, we would discuss fees with you and they could be higher than the fixed fees stated above.

Where we are instructed on a series of transactions, we are willing to offer a discount on our usual fee.

We also act for voluntary organisations to undertake Stamp Duty Land Tax filings and lease registrations and our fee is £100 per property, subject to a minimum fee of £500.

The above fees are exclusive of VAT and disbursements.

Disbursements

Typical disbursements on a sale of property are obtaining office copy entries from the Land Registry and preparing a pack of searches (if required to be done by the seller). These disbursements are likely to total approximately £350-£450. Normal searches are a local authority search, water and environmental searches and where appropriate a chancel repair liability search. The actual cost depends mainly upon the cost of the local authority search which can vary between different local authorities. When we give you a bespoke estimate of our costs, we can give you details of the exact search fees based on the value and address of the property you are buying.

When acting on a purchase, we may be required to obtain office copy entries from the Land Registry. Office copy entry fees are £3 + VAT per document.

The amount payable to the Land Registry to register a property depends upon the value of the property and on whether the property is already registered or a first registration. You can calculate the amount you will need to pay by using https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

In addition, Stamp Duty Land Tax will be payable (the amount depends on the purchase price) and Land Registry fees will be payable on registration of the title (again, the amount will depend on the purchase price).

Stamp Duty Land Tax rates are as follows:

Rates from 8 July 2020 to 30 June 2021

Property or lease premium or transfer valueSDLT rate
Up to £500,000Zero
The next £425,000 (the portion from £500,001 to £925,000)5%
The next £575,000 (the portion from £925,001 to £1.5 million)10%
The remaining amount (the portion above £1.5 million)12%

 

Rates from 1 July 2021 to 30 September 2021

Property or lease premium or transfer valueSDLT rate
Up to £250,000Zero
The next £675,000 (the portion from £250,001 to £925,000)5%
The next £575,000 (the portion from £925,001 to £1.5 million)10%
The remaining amount (the portion above £1.5 million)12%

 

Rates from 1 October 2021

Property or lease premium or transfer valueSDLT rate
Up to £125,000Zero
The next £125,000 (the portion from £125,001 to £250,000)2%
The next £675,000 (the portion from £250,001 to £925,000)5%
The next £575,000 (the portion from £925,001 to £1.5 million)10%
The remaining amount (the portion above £1.5 million)12%

 

 

VAT

VAT is payable on our fees.  VAT will also be charged on the cost of disbursements.

Description of Process:

The conveyancing process typically takes around 3 months and consists of the following stages:

  • Preparation of contract for sale by seller and negotiation with buyer.
  • Provision of title information to the buyer and buyer will raise questions.
  • Buyer will carry out searches and undertake survey and other checks on the property.
  • When both parties are happy, contracts will be exchanged and a deposit paid (normally between 5-10% of the purchase price).
  • Buyer will carry out pre-completion searches.
  • The sale is completed.
  • Buyer will pay Stamp Duty Land Tax.
  • Buyer will register the transfer at the Land Registry.

Who will undertake the work?

The work will primarily be undertaken by Neil Budd.

Any questions? Please contact Budd Legal today for an initial discussion.