Residential Property Purchase
Conveyancing costs and service information for property purchases
Residential Conveyancing Fee Structure For Purchasing A 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 is in Wales.
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 – 10 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a freehold property with a mortgage in principle, it could take 10 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 – 5 months or more. 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 listed the key stages:
- Take your instructions and give you initial advice
- Send out our client care pack to you
- Check finances are in place to fund the purchase
- Receive and advise on contract documents
- Carry out searches
- Raise enquiries with the sellers solicitors and request any missing documentation
- Review any management pack should the property be an apartment or subject to a service charge
- Make enquiries of a landlord should the property be leasehold and a ground rent payable
- Give you advice on all documents and information received
- Go through conditions of your mortgage offer and report to you
- Send final contract out to you for signature
- Draft a Transfer deed
- Advise you on joint ownership
- Agree a completion date
- Obtain your deposit funds
- Exchange contracts and notify you this has happened
- Obtain pre completion searches
- Prepare an invoice and completion statement
- Arrange for all monies needed to be received from the lender and you
- Complete the purchase
- Deal with payment of stamp duty/land tax
- Deal with application for registration at the Land Registry
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Search fees. We handle the payment of the disbursement on your behalf to ensure a smoother process. This list is not exhaustive and other disbursements may apply.
Anticipated Disbursements*
- Notice of Transfer fee – often between £100 plus VAT – £250
- Notice of Charge fee (if mortgaged) – often between £100 plus VAT – £250
- Deed of Covenant fee – often between £100 plus VAT – £250 plus VAT
- Certificate of Compliance fee – £100 plus VAT – £250 plus VAT
- Engrossment fees – £75 plus VAT to £150 plus VAT (new builds)
*These fees vary from property to property. We can give you an accurate figure once we have sight of your specific documents.
Stamp Duty Land Tax / Land Transaction Tax
This depends on the purchase price and your circumstances. Calculate via HMRC's website or the Welsh Revenue Authority's website.
Our fee assumes that:
- This is a standard transaction with no unforeseen matters
- This is the assignment of an existing lease and is not a grant of a new lease
- The transaction is concluded in a timely manner
- All parties are co-operative with no unreasonable delay
- No indemnity policies are required
- You do not require language assistance
Purchase Fees for Individual Clients (Registered Title)
| Property Value | Legal Fee | VAT | Land Reg Fee | Total | |
|---|---|---|---|---|---|
| £0 | £79,999 | £950 | £190 | £20 | £1,140 |
| £80,000 | £99,999 | £950 | £190 | £40 | £1,180 |
| £100,000 | £199,999 | £1,150 | £230 | £100 | £1,480 |
| £200,000 | £299,999 | £1,250 | £250 | £150 | £1,650 |
| £300,000 | £399,999 | £1,350 | £270 | £150 | £1,770 |
| £400,000 | £499,999 | £1,450 | £290 | £150 | £1,890 |
| £500,000 | £749,999 | £1,700 | £340 | £295 | £2,335 |
| £750,000 | £999,999 | £1,850 | £370 | £295 | £2,515 |
| £1,000,000 | £1,999,999 | £2,500 | £500 | £500 | £3,500 |
| £2,000,000 | £3,999,999 | £3,500 | £700 | £500 | £4,700 |
| £4,000,000 | £10,000,000 | £4,500 | £900 | £500 | £5,900 |
Purchase Fees for Individual Clients (Un-Registered Title)
| Property Value | Legal Fee | VAT | Land Reg Fee | Total | |
|---|---|---|---|---|---|
| £0 | £79,999 | £1,250 | £250 | £45 | £1,500 |
| £80,000 | £99,999 | £1,250 | £250 | £95 | £1,595 |
| £100,000 | £199,999 | £1,450 | £290 | £230 | £1,970 |
| £200,000 | £299,999 | £1,550 | £310 | £330 | £2,190 |
| £300,000 | £399,999 | £1,650 | £330 | £330 | £2,310 |
| £400,000 | £499,999 | £1,750 | £350 | £330 | £2,430 |
| £500,000 | £749,999 | £2,000 | £400 | £655 | £3,055 |
| £750,000 | £999,999 | £2,150 | £430 | £1,105 | £3,685 |
| £1,000,000 | £1,999,999 | £2,800 | £560 | £1,105 | £4,465 |
| £2,000,000 | £3,999,999 | £3,800 | £760 | £1,105 | £5,665 |
| £4,000,000 | £10,000,000 | £4,800 | £960 | £1,105 | £6,865 |
Standard Additional Fees (Purchase)
| Additional Fee Name | Fee | VAT | Total |
|---|---|---|---|
| ID Checks (per client) | £30 | £6 | £36 |
| SDLT Return Fee | £75 | £15 | £90 |
| TT Fee (bank fee) per transfer | £30 | £6 | £36 |
| Land Registry OS1 (per search) | £7 | £0 | £7 |
| Bankruptcy Check (per search, only if mortgage) | £6 | £0 | £6 |
| Stamp Duty Land Tax (variable per case) | £0 | £0 | £0 |
| Search Pack | £356.00 | £0 | £356 |
| Totals | £504 | £27 | £531 |
Other Additional Fees (Potential Fees)
| Additional Fee Name | Fee | VAT | Total |
|---|---|---|---|
| Mortgage Fee (acting for lender) | £150 | £30 | £180 |
| HTB ISA or LISA | £50 | £10 | £60 |
| Gifted Deposit (per gift) | £100 | £20 | £120 |
| Leasehold Fee Purchase House | £120 | £24 | £144 |
| Leasehold Fee Purchase Flat | £320 | £64 | £384 |
| Solar Panel Fee | £200 | £40 | £240 |
| Additional Title Fee | £150 | £30 | £180 |
| Company Purchase (Additional Legal Fee) | £300 | £60 | £360 |
| Companies Check | £40 | £8 | £48 |
| Companies House Charge | £15 | £0 | £48 |
Regulatory Information
BJ McKenna & Co Solicitors is authorised and regulated by the Solicitors Regulation Authority (SRA No. 570089). We adhere to the SRA Standards and Regulations which can be viewed on the SRA website.
McHale Group Affiliation
Since joining the McHale Group in 2022, BJ McKenna & Co Solicitors has enhanced its service offerings while maintaining the personal touch and local expertise our clients value. This partnership allows us to provide expanded resources and expertise across a wider range of legal services.
If you have any questions about our Residential Property Purchase services or would like more information, please contact us.