The fee mentioned here covers all the work needed to purchase a property. It also includes dealing with the Land Registry for registration as well as handling the payment of Stamp Duty Land Tax.We do not have a standard fee since transactions can be complex and each property is different from the other. The minimum fee we charge for a simple property purchase with no mortgage financing is £1,500.
However, many factors such as these can affect the fee:
- Value and timescale
- Leasehold or Freehold
- New Build, Off-Plan, or Second Hand
- Conditionality in Contract
- Title Defects
- Mortgage Financing
- Lease Extension
- Listed Building
- Unregistered Land
- Tax or Structuring Advice
- Declaration of Trust
For a leasehold property worth £2 million with mortgage, our average fee is between £5,000 and £7,500. We will act in behalf of the lender as well.
For a simple sale, our fee starts at £950. For a simple remortgage, our fee starts at £750. If we are working on a purchase of different units in the same block, our fee starts at £950
The above fees do not include VAT and other disbursements. Disbursements refer to fees payable to third parties such as HM Land Registry fees. We can help you pay out all disbursements related to your matter.
Some of the common disbursements are mentioned below:
For purchase of a Residential Home
- Search fees – about £120
- Land Registry fee – £20 to £145 (depending on property price)
- Notice of Charge/Transfer – £2 + VAT (Only applicable for leasehold property)
- Bankruptcy fee – £2 per purchaser
For Sale, Purchase, or Remortgage of Residential Home
- Bank Transfer fee – £35 + VAT
- Electronic ID Check – £2.90 + VAT
- Office Copies – £3/ copy (Only applicable for sale of property)
Stamp Duty Land Tax – It depends on the price of your property. The HMRC’s website can help you calculate the tax. If the property is located in Wales, you will need to use the Welsh Revenue Authority’s website.
How long will it take?
Generally, it takes 4 to 8 weeks to complete the purchase of a property. If its urgent, it can be completed in one or two days. On the other hand, some factors can cause the process to take many months.
Key stages of our work:
Although the work involved in completing the purchase of a residential property varies depending on the circumstances, here are the key stages of our work:
- Carrying out checks for money laundering
- Getting to know your requirements and giving you advice
- Checking if funds are ready
- Speaking with the lender’s solicitor whenever necessary
- Reviewing contract and mortgage documents
- Carrying out searches
- Obtaining documentation for further planning if necessary
- Exchanging contracts with the seller and notifying you about it
- Finalizing the completion date and sending you the final contract for signature
- Arranging for funds to be transferred between the parties involved
- Giving you advise on Joint Ownership
- Completing purchase
- Dealing with Land Registry for registration and handling payment of Stamp Duty Land
Contact Us
Name :Alnoor KassamEmail Id:alnoor.kassam@aristonesolicitors.co.uk
Name :Kuljit lally
Email Id:k.l@aristonesolicitors.co.uk
