Our fees cover all of the work required to complete the sale of your current home and 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.
We do not charge extra for Help to Buy ISAs, Stamp Duty online filing or Land Registry application online filing. Neither do we uplift our bank transfer fees and we only pass the fee charged by our bank onto our clients rather than add any extra. Our policy at Drew Property Law is to be clear on our fees and offer you value for money and a fast and reliable service.
The HM Land Registry fee will depend on the value of the property being purchased but the current scales for purchase of a single registered freehold title are:-
- 0 to £80,000 £45
- £80,001 to £100,000 £95
- £100,001 to £200,000 £230
- £200,001 to £500,000 £330
- £500,001 to £1,000,000 £655
- £1,000,001 and over £1,105
Stamp Duty or Land Tax (on purchase)
You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website. You should be able to calculate an estimated total based on your personal circumstances but we would be very happy to discuss your purchase with you should you have any questions or queries.
How long will my house purchase take?
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 8-12 weeks.
It can be quicker or slower, depending on the parties in the chain. If, for example, you are a first-time buyer purchasing a new-build property with a mortgage, the purchase may take 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 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 are the usual key stages:
· Take your instructions and give you initial advice
· Check finances are in place to fund your purchase
· Receive and advise on contract documents
· Carry out searches
· Make any necessary enquiries of seller’s solicitor
· Give you advice on all documents and information received
· Send final contract to you for signature
· Agree completion date
· Arrange for all monies needed to be received from lender and you
· Exchange contracts
· Complete purchase
· Deal with payment of Stamp Duty/Land Tax
· Deal with application for registration at Land Registry
Our fee is quoted on the basis of a standard freehold purchase and that no unforeseen complications arise.
