Borlase & Co Solicitors
Provider of legal services in Helston, Cornwall
Residential
Our team has over 200 years’ combined experience in assisting clients with all types of residential property transactions
Fees – Purchase of freehold residential property
Our fees cover all of the work* required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.
Conveyancer’s fees and disbursements
| Property Price Range | Estimated Fee | VAT | Total |
|---|---|---|---|
| Up to £100,000 | £850 | £170 | £1020 |
| £100,001 to £150,000 | £950 | £190 | £1140 |
| £150,001 to £200,000 | £1050 | £210 | £1260 |
| £200,001 to £250,000 | £1100 | £220 | £1320 |
| £250,001 to £300,000 | £1200 | £240 | £1440 |
| £300,001 to £350,000 | £1300 | £260 | £1560 |
| £350,001 to £400,000 | £1325 | £265 | £1590 |
| £400,001 to £450,000 | £1450 | £290 | £1740 |
| £450,001 to £500,000 | £1550 | £310 | £1860 |
| £500,001 to £600,000 | £1650 | £310 | £2100 |
| £600,001 to £700,000 | £1750 | £350 | £2100 |
| £700,001 to £800,000 | £11900 | £380 | £2280 |
| £800,001 to £900,000 | £2100 | £420 | £2520 |
| £900,001 to £1,000,000 | £2500 | £500 | £3000 |
| Over £1,000,000 | Price on Application |
There will be an additional charge of £200 plus VAT if you are purchasing a property with the assistance of a residential mortgage
There will be an additional charge of £350 plus VAT where you are purchasing a property with an Equity Loan supporting a Government Help to Buy Equity Loan or £50 for an Armed Forces Loan.
Disbursements
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. The usual disbursements incurred in a purchase are:
- Search Fees £450 approx (including VAT)
- HM Land Registry Fee £150 (this is based on the price paid at the time of completion of the purchase) see https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees
- Electronic Money Transfer Fee £48 (including VAT)
Total Estimated Disbursements: £648
Here is an example of the costs of a purchase at £250,000 with no mortgage:
- Legal Fee £1320 (including VAT)
- Search Fees £450 approx (including VAT)
- HM Land Registry Fee £150 (this is based on the price paid at the time of completion of the purchase) see https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees
- Electronic Money Transfer Fee £48 (including VAT)
Estimated total fees and disbursements: £1968 including VAT
Stamp Duty Land Tax (on purchase)
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if the property is located in Wales by using the Welsh Revenue Authority’s website https://beta.gov.wales/land-transaction-tax-calculator
How long will my house purchase take?
How long it will take from your offer for the house being accepted until you can move into it will depend on a number of factors. The average process takes between 14 and 16 weeks. It can be quicker or slower, depending on the number and approach of the parties in the chain. For example, if you are a first time buyer, purchasing a vacant property with a mortgage in principle, it could take 6 – 8 weeks.
However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 5 months. In such a situation, additional charges would apply.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
- Take your instructions and give you initial advice
- Check 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 the seller’s solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Send final contract to you for signature
- Agree completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from the lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
* Our fee assumes that:
- 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.
- 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.
- no indemnity policies are required.Additional disbursements may apply if indemnity policies are required.
- the seller’s title is already registered at the Land Registry.If not, then there will be additional costs.
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