Purchase of a Residential Property

Purchase of a Residential Property

Not all firms offer the same level of service. At Rohan Solicitors we will give your purchase the care and attention it needs to ensure that it is completed as smoothly and quickly as possible, providing you with peace of mind every step of the way. We offer a clear pricing structure with no hidden charges, covering all of the work required to complete the purchase of your home, including the following: 

  1. Registration of your purchase and mortgage (if applicable) at the Land Registry.
  2. Submitting and paying the Stamp Duty Land Tax Return (in England) or Land Transaction Return (in Wales).

Fees & 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 smooth process.

Our legal fees: 

The hourly rates that our Property Team charge are between £135.00 per hour plus VAT at 20% and £250.00 per hour plus VAT at 20% and this is the basis on which we calculate the below fees.

Property Prices up to £999,999:

Freehold:      £1,250.00 (+ VAT at 20%) to £1,750.00 (+ VAT at 20%)

Leasehold:    £1,750.00 (+ VAT at 20%) to £2,250.00 (+ VAT at 20%) 

Property Prices from £1,000,000 – £1,499,999:

Freehold: £2,000 plus VAT at 20%

Leasehold: £2,500 plus VAT at 20%

Property Prices over £1,500,000

Freehold: 0.25% of the final buying/selling price plus VAT at 20%

Leasehold: 0.25% of the final buying/selling price plus £500 plus VAT at 20%

Help to Buy:  Normal purchase rate plus £500.00

New Build:  Normal purchase rate plus £500.00

Shared Ownership: Normal purchase rate at full value plus £500.00.

Bank telegraphic transfer fee:  

  • £30.00 + VAT at 20% per CHAPS
  • £10.00 + VAT at 20% per Faster Payment

Priority search: £3.75 + VAT at 20%

Bankruptcy search: £2.75 + VAT at 20% per name searched

Electronic AML Check: £6.00 + VAT at 20% per name searched

Lawyer Checker: £15.00 + VAT at 20%

Local Search and other associated searches: £350.00 (approx.)

Stamp Duty Land Tax: see https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro for property located in England and https://beta.gov.wales/land-transaction-tax-calculator for property located in Wales.

Land Registry registration fee: see http://landregistry.data.gov.uk/fees-calculator.html

Kindly note that VAT is currently payable at 20%.

Leasehold Properties & Managed Freehold Properties

Should you be purchasing a leasehold property, or a freehold property with a management company, there are additional disbursements which may be applicable. These fees vary for each property and are determined by the landlord or management company. We would not be able to confirm the exact costs until appropriate documentation has been received from the landlord/management company. However, the fees payable usually are:

Notice of Transfer Fee: This is set out in the lease/transfer. Often the fee is between £50.00 – £100.00.

Notice of Charge Fee: This is set out in the lease/transfer and is payable where the property is subject to a mortgage. Often the fee is between £50.00 – £100.00.

Deed of Covenant Fee: This fee is set by the management company and can range between £150.00 – £300.00.

Certificate of Compliance Fee: This fee is payable to the landlord or management company for them to provide the appropriate Land Registry certificate to allow the purchaser to be named as the new owner of the property. This fee can again be anything from £150.00 – £300.00.

You should also be aware that ground rent and/or services charges are likely to apply throughout your ownership of the property. When reporting to you we will advise you as to the cost of these.

The Purchase Process

 In brief, the purchase process unfolds as follows: 

  1. Once your offer is accepted, the Estate Agent circulates the memorandum of sale with all relevant parties contact details.
  2. Upon receipt we issue our client care letter to you and request funds on account to cover the searches and money laundering documentation etc.
  3. The Seller’s solicitors issue a draft contract and supporting documentation.
  4. We will consider with you whether you require a survey of the property.
  5. We review the documentation provided, put in hand searches and raise enquiries with the seller’s solicitors.
  6. Once all the required information is in and our enquiries have been dealt with satisfactorily we will provide you with our Property Purchase Report highlighting any significant areas, but otherwise confirming that we are satisfied with regards to the legal side of the transaction.
  7. Once you have been through our Report and are happy with its contents you will need to sign the contract and put us in funds for the deposit payable on exchange of contracts (usually 10% of the purchase price).
  8. We will then proceed to exchange contracts (after which both sides are contractually committed to the transaction). At this stage the completion date is set.
  9. We will request funds from you to enable us to complete on the nominated completion date.
  10. After completion we submit the Stamp Duty Land Tax Return on your behalf and register the property at the Land Registry in your name.

We are commonly asked how long it will take from your offer being accepted until you can move in to your house. This will depend on several factors with the average process takes between 8-16 weeks. It can be quicker or slower, usually depending on number of parties in the chain.

For more specific information please contact our Residential Conveyancing team. They would be happy to answer your questions and provide you with a specific quote for your purchase.

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