Area of Law: Property
Sub Area of Law: New Build Purchase
Charge: Fixed – sliding scale
We are accredited as part of the Law Society’s Conveyancing Quality Scheme (CQS). The scheme is designed to improve transparency of transactions, raise service levels and provide better communication and a more efficient process.
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.
Our fees are based on a sliding scale determined by a number of factors including the value of the property and whether the property is freehold or leasehold or registered land or any other factors unique to that property or area.
The conveyancing process includes:
- Obtaining the Contract documentation from the sellers solicitors;
- Submitting the pre-exchange searches;
- Investigating title and raising enquiries;
- Agreeing the terms of the Contract;
- Advising you in respect of your mortgage offer (if applicable);
- Dealing with your lenders requirements;
- Preparing a legal report;
- Proceeding to exchange of Contracts and subsequent completion of your purchase;
- Preparing and submitting to HM Revenue and Customs the appropriate SDLT return;
- Registering your purchase and the mortgage (if applicable) with the Lane Registry;
- Providing you with a copy of the Land Registry Title documents and any indemnity insurance documents;
- Forwarding to you any guarantees or other documents relating to the property
If anything outside the agreed scope of work arises this will be discussed with you and a fee agreed for undertaking the extra work required.
A personal quote will be given at the outset for your individual purchase
Fixed Fee Example
The following example is based on the purchase of a New Build freehold residential property in the Taunton area for £250,000:
|Costs & Expenses||Charge|
|VAT thereon at 20%||120.00|
|Bank telegraphic transfer fee to include additional costs and bank charge||35.00|
|VAT thereon at 20%||7.00|
|Electronic ID check per person||12.50|
|VAT thereon at 20%||2.50|
|Disbursements: Stamp Duty Land Tax (presuming not first time buyers or purchasing a second property – see below)||2,500.00|
|Land Registry registration fee (if submitted electronically)||270.00|
|Land Registry search fee||3.00|
|Land Charges search fee||4.00|
|Total: (including costs, expenses, VAT, disbursements & Stamp Duty)||3,604.00|
Stamp Duty First Time Buyer Relief
If you are a first time buyer and the purchase is under £300,000 no Stamp Duty will be payable on the transactions. However, a Return must still be submitted to HM Revenue and Customs on completion of the transaction.
Higher Rate of Stamp Duty
Higher rates of Stamp Duty Land Tax for purchases of additional residential properties, such as second homes and buy-to-let will apply. The higher rate is 3% above the current SDLT rates payable on the total price paid for the property. The higher rates will not apply to the replacement of a main residence. With all purchases we provide a Stamp Duty Guide and you can also calculate the amount you will need to pay using HMRC’s website https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
We anticipate being able to complete the legal formalities within 4-6 weeks subject to the information provided although this may change as the matter proceeds, particularly if there are other parties on the conveyancing chain.
Professionals working in our conveyancing team over our four offices are:
|Name & Position||Qualifications||Areas of Law Practiced||Years of Experience|
Chartered Legal Executive
|FCILEx||New Build Property||25|
|Assistant||New Build Property||8|
|FCILEx||New Build Property||14|