Residential Freehold Purchase – example
The information below constitutes an example only of the costs and activities involved in a typical freehold property purchase transaction.
What we do:
Work required to complete the purchase of your new house will usually include but is not limited to:
- Taking your instructions and providing initial advice
- Undertake onboarding process, verify ID and source of funds
- consideration of the title
- approval/amendment of the contract
- consideration of law society protocol forms
- raising property searches (Local Authority, Environmental and Water Authority)
- raising enquiries as necessary
- preparation of the land registry transfer & mortgage deed (as appropriate and subject to further fee)
- reporting to you (and your lender) throughout
- exchange of contracts and completion
- submission of SDLT return and settlement of the liability (subject to further fee)
- registration at the land registry
- supply copy of registered title.
The example charges below are based on a freehold residential purchase in the sum of up to £300,000 and the assumption is that:
- this is a typical freehold purchase 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 such as a Declaration of Trust or Indemnity Insurance;
- the transaction is concluded in a timely manner and no unforeseen complications arise;
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
| ^Example fees for purchasing a typical registered freehold property valued at £300,000.00 | |||
| Fee | VAT | Total | |
| Legal Fee | £1450.00 | £290.00 | £1740.00 |
| Mortgage Fee | £200.00 | £40.00 | £240.00 |
| SDLT Return admin fee | £125.00 | £25.00 | £150.00 |
| Electronic Money Transfer admin fee | £35.00 | £7.00 | £42.00 |
| Electronic ID Verification fee x 1 | £15.00 | £3.00 | £18.00 |
| Disbursements (payments to third party agencies) | |||
| Search fees (approx.)* | £298.08 | £51.42 | £349.50 |
| Bankruptcy Search per person | £3.00 | £0.60 | £3.60 |
| Land Registry Priority Search (OS1) | £4.00 | £0.80 | £4.80 |
| Land Registry Registration Fee (electronic)** | £150.00 | £0.00 | £150.00 |
| Stamp Duty Land Tax | £2500.00 | £0.00 | £2500.00 |
| TOTAL | £4780.08 | £414.82 | £5197.90 |
* Search fees include Local Authority Search, Water Authority Search & Environmental Search and are subject to variation of fees based on locality.
**If the title is unregistered or a new title is being created as may be the case with new build properties or new apartment buildings, the Land Registry Registration fee will increase. The Land Registry charges Registration Fees based on a scale of property value and transaction type. You can find more information on Land Registry fees here: Land registration: Searches, fees and forms – GOV.UK
^The above is an indication of charges on the basis of a standard transaction and on the assumption that the transaction will not prove to be substantially more complex or time-consuming than expected. If the matter does not proceed to completion, work done and payments made up to that point will remain chargeable.
How long does the purchase of a freehold property take?
As no two transactions are the same it is very difficult to give a “one size fits all” timescale estimate. Much will depend on factors beyond our control such as property chains, mortgage offers, choice of solicitors, location of buyers etc etc
A best guess of a typical conveyancing transaction timescales would be 6-8 weeks to exchange of contracts and completion 2-3 weeks thereafter. We will keep you regularly updated throughout and seek to achieve your desired completion date as best we are able to.
See our Purchase Guide for more information available here.