Conveyancing fees:
VAT is charged at 20% on all transactions unless otherwise specified.
For a freehold residential property sale or purchase
| Up to £100,000 | £695.00 + VAT |
| £100,001 – £200,000 | £795.00 + VAT |
| £200,001 – £300,000 | £995.00 + VAT |
| £300,001 – £400,000 | £1295.00 + VAT |
| £401,000 – £500,000 | £2250.00 + VAT |
| £501,000 – £1,000,000 | 0.5% of sale / purchase price + VAT |
| Over £1,000,001 | 1% of sale / purchase price + VAT |
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:
Disbursements associated with Sale of Property (disbursements are monies paid to third parties on your behalf):-
Land Registry Fees – £7.80
AML Search Fees – £4.50 per person
Bank Transfer Fees – £35.00 plus VAT
Cost estimate based on a single client. Add £4.50 for each additional client.
Disbursements associated with the Purchase of Property:- (disbursements are monies paid to third parties on your behalf):-
| Full Search package (varies according to local authority area – these prices are based on Merthyr Tydfil) | £235.70 (to include Local Authority, Water & Drainage, Coal Mining and Environmental) |
| Land Registry Searches | £3.90 |
| Bankruptcy Searches | £3.90 (per person) |
| AML Search Fees | £4.50 (per person) |
| HM Land Registration Fee | £ (this depends on the price of the property and whether the property is subject to first registration). The link below to the Land Registry confirms these fees: http://landregistry.data.gov.uk/fees-calculator.html |
| Stamp Duty Land Tax / Land Transaction Tax | This varies depending on the price of the property and whether you own more than one property. You can calculate the amount you will need to pay by using HMRC’s website (https://www.gov.uk/stamp-duty-land-tax) or if the property is located in Wales by using the Welsh Revenue Authority’s website (https://beta.gov.wales/land-transaction-tax-calculator) |
Please note if you are buying a leasehold property then the following additional fees and disbursements may also be payable:-
Our additional Legal Fees acting in a leasehold matter:-
Additional fee of £100-£350 plus VAT depending on whether there is a management company and/or managing agent
Disbursements:-
| Notice of Transfer fee | This fee if chargeable is set out in the lease. The fee varies but is likely to be between £50.00-£150.00 |
| Notice of Charge fee (if the property is to be mortgaged) | This fee is set out in the lease. The fee is usually between £50.00-£150.00 |
| Deed of Covenant fee | This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £150 and £300. |
| Certificate of Compliance fee | To be confirmed upon receipt of the lease, as can range between £100-£300. |
The fees payable on a leasehold transaction 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. 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.
* 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. It also assumes the transaction is concluded in a timely manner and no unforeseen complication arise and that all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation. In the unlikely event that the fixed fee is exhausted, whilst we will endeavour to absorb additional fees, there may come a point where it is no longer viable to do so. Should this situation arise, we will contact you to discuss additional costs, which will be levied at an hourly rate between £185-£255 depending on the seniority of the person acting in the matter.
SCHEDULE OF ADDITIONAL FEES THAT MAY ARISE
| Leasehold Properties | £175.00 – £350.00 Leasehold titles are more complex than freehold titles, and will require further investigation. There may also be administration charges payable to the Freeholder and/or the Management Company. These costs may vary, and we will advise you of these charges as soon as the costs are known. |
| Unregistered Title | £200.00 – £275.00 Unregistered titles can be more complex than registered titles and may require further investigation. |
| Transferring funds by Telegraphic Transfer | £ 35.00 per transaction This additional fee may be necessary if, for example, you require monies to be sent to more than one bank account e.g. three sellers with separate bank accounts will incur three separate telegraphic transfer fees |
| Dealing with a Second Charge (Sale) | £100.00-250.00 Our standard fee includes dealing with one Mortgage Lender. If there is a second mortgage to redeem this additional fee applies. |
| Dealing with a Second Charge (Purchase) | £200.00 – £250.00 Our standard fee includes dealing with one Mortgage Lender. If there is a second mortgage to register this will involve substantial additional work. |
| Help to Buy ISA Deposits | £50.00 per ISA |
| Preparation of a Declaration of Trust | £100.00 – £250.00 This document may be required by clients purchasing jointly, in unequal shares. This fee may increase depending on the detail required in the Trust Deed. |
| Preparation of a Statutory Declaration | £100.00 – £250.00 This may be necessary, for example, to support a defect in the title. |
| Obtaining Legal Indemnity Policies | Up to £50.00 This may also be in support of a defect in the title. |
| Completion within 7 days of Exchange of Contracts | £75.00 – £275.00 Some work can only be done once contracts are exchanged. If the period between exchange and completion is less than 7 days it may be necessary for us to charge this additional fee due to us having to expedite matters. |
| Dealing with a Family/Third Party Gifted Deposit | £150.00 – £350.00 Please ensure if you are having a mortgage, that your mortgage company are aware from the outset of any gifted deposit. This may involve a substantial amount of additional work, for example: further Money Laundering Checks, verifying source of funds and liaising with your mortgage lender. |
| Corresponding with any other Third Party | £150.00 – £350.00 If we have to liaise with a Third Party, e.g. another firm of Solicitors (other than those acting for the seller/buyer) this will naturally involve additional work. |
| Email and Telephone Correspondence | UP TO £150.00 As per our client care letter excessive telephone call and emails will incur further charges |
We will always endeavour to keep costs to a minimum and within the above fee bracket. If it becomes necessary due to the complexity of your matter or unforeseen circumstances, we will obtain you written consent before incurring any further costs, other than those referred to above.
The above fees are exclusive of VAT which is currently charged at 20%.
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 a number of factors. The average process takes between 6-12 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 which is ready to move into, with a mortgage in principle, it could take as little as 4 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.
Stages of the process of a purchase
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:
- Taking your initial instructions and providing you with initial advice such as obtaining a survey
- Liaising with your mortgage lender and/or broker to ensure finances are in place to fund your purchase
- Receiving and advising you on contract documents
- Carrying out searches
- Obtaining further planning documentation if required
- Making any necessary enquiries of seller’s solicitor
- Providing you with advice on all documents and information received
- Going through conditions of mortgage offer with you
- Advising you on joint ownership if there is more than one person buying
- Meeting with you to sign the final Contract documents
- Agreeing the completion date (date from which you own the property)
- Exchanging contracts (which makes the transaction legally binding) and notifying you when this has happened
- Arranging for all monies needed to be received from lender and you
- Completing your purchase
- Dealing with payment of Stamp Duty/Land Tax
- Dealing with application for registration at Land Registry
Who will deal with my case?
At GGP Law we have an exceptionally able and experienced team of conveyancers led by Karen Herbert (Director and Head of Department). The Conveyancers are assisted by an experienced team of Support Staff and Legal Clerks. Our firm is accredited by The Law Society under the Conveyancing Quality Scheme (CQS). Each conveyancer must undertake mandatory training annually to maintain their CQS registration. We are also Lexcel accredited. We are audited annually. We are approved panel members for all mainline lenders and many of those less well known.
For your information those carrying out conveyancing work are:
Karen Herbert, Judith Morris, Stefano Rabaiotti, Katherine Davies, Rhian Forward and Tom Davies.
You will find biographies for all our conveyancers on our “People” page -: – https://www.ggplaw.co.uk/our-people/
