Our fee covers the work required to complete the purchase of a residential property, including handling the payment of your Stamp Duty Land Tax (SDLT) and dealing with registration of your purchase at HM Land Registry.
Our fee will depend on the price you are paying for the property, whether the property is a leasehold or a freehold property and the complexity of your particular transaction.
||Basic fee for a purchase
|Up to £250,000
||£750 – 875
|£250,001 to £350,000
||£795 – 975
|£350,001 to £500,000
||£975 – 1,400
|£500,001 to £650,000
||£1,295 – 1,800
|£650,001 to £850,000
||£1,500 – 2,000
|£850,001 to £1,000,000
||£2,000 – 2,500
|£1,000,001 to £1,250,000
||£2,500 – 3,000
|If you are buying a leasehold property the minimum charge is £1,250 but will depend on the purchase price.
All figures are exclusive of VAT.
What may impact on the level of fees?
Factors which could affect the overall costs include:
- You are obtaining a mortgage to fund your purchase
- The property you are buying is a new build property or newly converted
- You are purchasing a property subject to a tenancy agreement as an investment property
- The property you are buying is part only of the seller’s property and we need to draft or approve a Transfer of Part
- You are buying a leasehold property
There are some factors which will not be known until after the transaction commences which means that extra work is required. We will advise you about any additional fees if and when such issues arise. However, the matters listed below are some of the situations that may arise for which additional fees will apply:
- The title of the property you are buying is not already registered at HM Land Registry: £250 plus VAT
- Your mortgage involves a ‘Help to Buy’ ISA: £50 plus VAT
- There is more than one buyer and the way in which you wish the property to be owned requires a separate Declaration of Trust: £250 plus VAT
- The lease or other provision in the title documents requires you to enter into a Deed of Covenant, the form of which is not provided: £100 plus VAT
- There is a defect in title, for example, the whole or part of the title has a possessory title or a title based on adverse possession, or the title does not have necessary rights of way, and requires us to prepare a statutory declaration (it is also likely that indemnity insurance will be required which you may have to pay if the seller will not meet the cost): £150 plus VAT
We will provide you with a fee depending on the type of work to be undertaken. Our hourly rates range from £105 – £175 (plus VAT) based on the level of qualification and experience. Your work will be allocated to the most cost effective team member with the appropriate experience.
Disbursements are costs related to your transaction that are payable to third parties. We handle the payment of the disbursements on your behalf. Disbursements may include the following:
- Search fees: £300 to £350 (inclusive of VAT). We will ask you to pay £350 to us on account of searches at the start of the transaction
- HM Land Registry registration fee: this is charged on the HM Land Registry fee scales https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
- If the property is leasehold, there are likely to be fees payable to the Landlord/Management Company to register your purchase with them and to comply with any requirements in the lease, for example, entering into a deed of covenant. These fees will not be known until the transaction progresses but can range from £50 to £300 plus VAT
- If applicable, lenders’ panel administration fee: £10 plus VAT
- Electronic money transfer fee: £25 plus VAT for each transfer
Stamp Duty Land Tax (SDLT)
SDLT is paid on the purchase of a property. The amount payable is calculated as a percentage of the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website: https://www.gov.uk/government/publications/stamp-duty-land-tax-calculator-service-availability-and-issues/stamp-duty-land-tax-calculator-service-availability-and-issues
Key stages – what will Raworths do for you?
Our charges are designed to reflect the average conveyancing transaction and do not take account of unexpected difficulties or more complex issues which may arise. Conveyancing is not always straightforward, but in general, this is what we will do during a typical purchase of a residential property:
- Take your detailed instructions and provide initial advice
- Verify your identity to comply with money laundering requirements and check finances in place to make up any shortfall in mortgage funds
- Review the title documentation and other property information provided to ensure that everything is satisfactory. If a leasehold property, this should include service charge accounts and other estate management information
- If the property is leasehold, review the lease under which the property is held
- Review and amend the sale contract
- Carry out searches
- Obtain further planning documentation, if required
- Raise enquiries with the seller’s solicitors about anything which requires clarification or any information or documents which are missing or incomplete
- Report on, and advise you about, all documentation received, replies to enquiries and search results
- Review your mortgage offer, check any conditions with you and ensure lender’s requirements can be carried out
- Send the contract to you for signature and obtain from you the deposit payable on exchange of contracts
- Liaise with your seller’s solicitors to agree the completion date
- Exchange contracts
- Draft the Transfer Deed to transfer the property to you
- Obtain undertakings from the seller’s solicitors to discharge any mortgages affecting the property
- Prepare a Stamp Duty Land Tax (SDLT) Return
- Send you the Transfer deed, (if applicable) the Mortgage Deed and the SDLT return for you to sign
- Prepare a completion statement and obtain from you any additional money needed to complete your purchase, pay SDLT and Land Registry fees
- If applicable, provide a certificate of title in respect of the property to your lender and request your mortgage advance
- Carry out pre-completion searches at HM Land Registry and, if applicable, at HM Land Charges Department
- Deal with completion of the purchase
- Submit the SDLT return to HMRC with the payment of SDLT
- Apply to register your purchase at HM Land Registry
- If a leasehold property, comply with registration requirements contained in the lease which might include serving Notice of Transfer/Mortgage on the Landlord/Management Company and/or completing a Deed of Covenant
- Report to you and, if applicable, your lender, once registration has been completed
How long will my house purchase take?
The time taken from your offer being accepted until completion will depend on a number of factors. The average transaction takes between 6-8 weeks. It can be quicker or slower, depending on other parties in the chain and the particular circumstances of your transaction. For example, if you are buying a new build property that is not yet built or you are buying from somebody who has not yet found a property to buy or there are delays in you receiving your mortgage offer.
Please click here to see The Law Society’s guide on buying a home