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Costs
The precise costs will depend upon the
sale or purchase price, the type of property and the area in which you are
buying.
Our estimated fees for the legal work on a conveyancing
transaction on a property with a purchase price of up to £400,000 are as
follows:
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Freehold sale or purchase
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£700 plus VAT
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Leasehold sale or purchase
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£800 plus VAT
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There are several other
costs, as follows:
Sale:
If you have a mortgage we will
need to liaise with the lender, obtain a redemption statement, give
undertakings to the buyer’s conveyancer and pay off the mortgage on
completion and our fee for this is £100 plus VAT.
There is one disbursement on a sale which is usually £8 for
obtaining Official Copy entries
from the Land Registry (£16 for a leasehold property).
Purchase:
Stamp duty:
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Property
price
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Stamp Duty
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up to
£125,000
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nil
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£125,001 to
£250,000
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1%
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£250,001 to
£500,000
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3%
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£500,000 to
£1,000,000
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4%
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Above £1,000,000
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5%
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Until 25th March 2012 first time buyers will not have
to pay stamp duty land tax on a property purchased for less than
£250,000. However certain conditions apply; for more details see www.hmrc.gov.uk/budget2010/sdlt.
Land
Registry Fees:
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Property
price
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Land Registry
Fee
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up to £50,000
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£50
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£50,001 to
£80,000
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£80
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£80,001 to
£100,000
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£130
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£100,001 to
£200,000
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£200
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£200,001 to
£500,000
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£280
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£500,001 to
£1,000,000
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£550
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above
£1,000,000
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£920
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Local
Authority Search:
This depends upon the location of the property but will
usually be about £200 in London and slightly less elsewhere.
Other searches:
We recommend a drainage search, an environmental search and a
planning search with a total cost of approximately £100. If you are buying a property in a mining
area it will be necessary to carry out additional searches with the
appropriate authority.
We will advise you on the costs for these searches when you
instruct us or we can provide a quotation if you telephone us and give us
details of the property you are buying.
Mortgage work
There is a fee for dealing with the lender since we will need
to report to them on the title to the property and deal with conditions in
the mortgage offer. This may be straightforward, or may need a great deal
of correspondence so we cannot quote a standard fee. This will be specified
in the mortgage offer will usually be about £150 plus VAT.
Other Disbursements (costs we have to pay on your behalf)
There is a bank fee for a telegraphic transfer to the seller’s
solicitors on completion day. The fee for this is £30 plus VAT.
There are also Land Registry searches and you should allow
about £10 for these.
If you are buying a leasehold property you will need to pay a
fee to the freeholder for registering you and your mortgage and the fee for
this is usually between £20 and £50 but can be more. You may also need to
allow for paying service charges in advance, if applicable.
Summary
We do not provide a fixed fee service but in the majority of
transactions our final costs are as quoted. If any extra costs are incurred
you will be notified at the time and given an explanation as to why
these costs are necessary and if possible given advice on how to keep these
fees to a minimum.
If you would like a full quotation please telephone us on 020
8943 4004 or freephone 0800
435 626 or send an email
giving us the purchase price of the property and its full address.
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