email: enquiries@parchmentlawgroup.co.uk
Tel: 01753 890023


Residential Property Purchases

Our fees cover all work required to complete the purchase of your property, including dealing with registration at the Land Registry and submitting a Stamp Duty Land Tax return if needed.

Fees – Freehold Property Our fees range from £750.00 plus VAT to £3,000.00 plus VAT.
Fees – Leasehold Property Our fees range from £850.00 plus VAT to £3,000.00 plus VAT.
Property Search Fees Approximately £300.00 to £500.00 including VAT.
Electronic Money Transfer £30.00 plus VAT per payment.

Bankruptcy Search

£2.00 per person.

Electronic Identity Check

 

£5.00 plus VAT per person.

 

Land Registry Search

£3.00 per search.

Land Registry Fees

£20.00 to £910.00. The amount payable depends on the purchase price of your property. The actual amount payable can be checked by referring to the Land Registry’s website.

Stamp Duty

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC's website or if the property is located in Wales by using the Welsh Revenue Authority's website.

Leasehold Notice Fees

To be confirmed as these vary according to the freeholder / managing agent. These will be confirmed on each transaction.

Leasehold Compliance Fees (including transferring share in a company, deed of covenant and licence to assign)

To be confirmed as these vary according to the freeholder / managing agent. These will be confirmed on each transaction.

Our fee assumes that:

  1. 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.

  2. this is the assignment of an existing lease and is not the grant of a new lease.

  3. the transaction is concluded in a timely manner and no unforeseen complication arise.

  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.

  5. the property is purchased under the Help to Buy Scheme or you are funding the purchase through the Help to Buy Loan, then an additional fee of £50.00 to £250.00 plus VAT will be charged depending on the scheme used.

 

The range of our legal fees is based on a maximum purchase price of a property of £3 million. If the purchase price of the property exceeds £3 million our fees may be more, and a fixed fee estimate can be provided on request. Our fees and the disbursements vary from property to property. Please email enquiries@parchmentlawgroup.co.uk or call 01753 890023 so that you can contact one of our experienced solicitors. They will be able to obtain the relevant information from you to provide you with an accurate and tailored estimate of the costs at the start.

 

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.

With a leasehold property, there are certain disbursements which will be set out in the individual lease of the Property. We will update you on the specific fees upon receipt and review of the lease from the seller's solicitors. You should also be aware that ground rent and service charge are likely to apply throughout your ownership of a leasehold property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.

How long will my 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. On average the 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 with a mortgage in principle, it could longer. If you are buying a leasehold property and a leasehold information pack is required, the availability of this can affect the timing of your purchase.

Stages of the purchase process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, we set out some key stages below:

  • Take your instructions and give you initial advice.

  • Check your 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.

  • Advise you on joint ownership.

  • Send final contract to you for signing.

  • Agree completion date (date from which you own the property).

  • Exchange contracts and notify you that this has happened.

  • Draft transfer deed.

  • Arrange for all monies needed to be received from lender and you.

  • Obtain pre-completion searches.

  • Complete purchase.

  • Deal with payment of Stamp Duty Land Tax.

  • Deal with application for registration at Land Registry.