Raworths LLP
Our Charges – Purchase of a Residential Property Our Charges – Purchase of a Residential Property

Our Charges – Purchase of a Residential Property

Business

We act for businesses as well as the people who create, own and invest in them, building long term relationships with our clients to understand the unique challenges and opportunities they face. Our depth of experience and knowledge is focussed on providing practical advice designed to meet all our clients’ business needs.

Individuals & Families

We understand how important your case is, our experienced teams are on hand to provide practical and effective legal advice. With one of the largest teams of lawyers in North Yorkshire we work for wealthy individuals and their families, trusts and family businesses - your needs are at the heart of what we do.

Property

Our Commercial, Residential and Agricultural Property teams have the expertise to help you deal with the opportunities and challenges of the freehold and leasehold real estate market. We have substantial depth of experience of the property world and its demands which gives us the crucial ability to help you achieve your aims.

Resolving Disputes

Disputes are an unavoidable fact of life, but when they happen it is essential to find a quick, effective and practical solution to the situation. Whether your issues are commercial or business related, family or personal, we have the depth of experience, imagination and expertise to help you solve your problems.

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. 

 

Purchase Price Freehold Leasehold
Up to £125,000 £675 plus VAT (£810 in total) £850 plus VAT (£1,020 in total)
£125,001 – £250,000 £775 plus VAT (£930 in total) £950 plus VAT (£1,140 in total)
£250,001 – £350,000 £875 plus VAT (£1,050 in total) £1,075 plus VAT (£1,290 in total)
£350,001 – £500,000 £995 plus VAT (£1,194 in total) £1,195 plus VAT (£1,434 in total)
£500,001 – £650,000 £1,095 plus VAT (£1,314 in total) £1,295 plus VAT (£1,554 in total)
£650,001 – £850,000 £1,295 plus VAT (£1,554 in total) £1,495 plus VAT (£1,794 in total)
£850,001 – £1,000,000 £1,495 plus VAT (£1,794 in total) £1,695 plus VAT (£2,034 in total)
£1,000,001 – £1,250,000 £1,695 plus VAT (£2,034 in total) £1,895 plus VAT (£2,274 in total)
£1,250,001+ Please call us to discuss further

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
  • You are buying with a Help To Buy Equity Mortgage

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 (£300 in total)
  • Your mortgage involves a ‘Help to Buy’ ISA: £50 plus VAT (£60 in total)
  • 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 (£300 in total)
  • 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 (£120 in total)
  • 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 (£180 in total)

 

Hourly Rates

In the vast majority of cases we will provide you with a fixed fee based on the above ranges once we have spoken to you and gathered all necessary information.  Where we are unable to offer you a fixed fee we will provide you with a fee estimate based on the time we believe your purchase will take.  Our hourly rates range from £105 – £245 plus VAT (£126 – £294 in total), 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

 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 (£60 to £360 in total)
  • If applicable, lenders’ panel administration fee: £10 plus VAT (£12 in total)
  • Electronic money transfer fee: £25 plus VAT for each transfer (£30 in total)

 

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

 

Our Team

The Residential Property team is led by Ann Laverty and the team comprises Deborah Myerson and Rizzwana Bashir.   Click here to view their individual profiles.