PRICE INFORMATION FOR SHARED OWNERSHIP OR NEW BUILD HOMES CONVEYANCING
Our New Build Home Team fees cover all of the work required to complete the sale of your property or 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. Below we set out the price information followed by the key stages involved in a sale and a purchase.
Please note the below applies to new build homes or shared ownership only. If you are buying or selling an existing property which is not shared ownership or not a new build property please see our Residential Conveyancing Fees at the following link: Residential Conveyancing
How long will it take?
How long it will take from an offer being accepted until you can complete on your sale and/or purchase will depend on a number of factors outside of our control (such as the length and progress of any chain). If you are buying a new build property you will generally be expected to exchange contracts within 28 days and completion will take place once the property is built and ready for occupation. For existing properties the average process takes between 8-12 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer.
SALE – PRICE AND SERVICES INFORMATION
| Our fee for Freehold or Leasehold irrespective of the sale price | £725.00 plus VAT |
Disbursements and Additional Fees
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.
| Leasehold Pack from your Landlord/Management Company – Estimated | Between £150-£350 plus VAT |
| Land Registry Official Copy Entries | £15.00 |
| Any additional Land Registry documents if required | £6.00 per document |
| Electronic Money Transfer Fee | £30.00 plus VAT |
| Archiving Fee | £10.00 plus VAT |
| Electronic ID Check (per name) | £5.00 pus VAT |
| Lawyer Checker | £10.00 plus VAT |
The Key Stages of a Sale:
The precise stages involved in the sale of a residential property vary according to the circumstances. However, the key stages we will need to carry out for your sale are:
- Take your instructions and give you initial advice
- Obtain copies of your title and check for any restrictions on the sale
- Draft and prepare contract papers for the buyer’s solicitor
- Receive and reply to any enquiries raised by the buyer’s solicitor (and advise you and take instructions from you accordingly)
- Obtain a settlement figure for any mortgages on the property
- Send final contract to you for signature
- Agree completion date (date you move out of the property)
- Exchange contracts and notify you that this has happened
- Complete sale
- Redeem any mortgages on the property
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
Please contact us for a personalised fee estimate at nbh@prince-evans.co.uk or on Tel: 020 8567 3477. However, by way of a an example of a fee estimate if you are a mortgage-free sole proprietor of a leasehold property (or a share of a leasehold property) in England selling at £250,000 your estimated total (as at December 2018) would be:
| Legal fee | £725 plus VAT of £145 |
| Leasehold Pack (estimate) | £250 plus VAT of £50 |
| Land Registry Official Copy Entries | £6.00 |
| Electronic Money Transfer Fee | £30.00 plus VAT of £6 |
| Archiving Fee | £10.00 plus VAT of £2 |
| Electronic ID check | £5.00 plus VAT of £1 |
| Total | £1,230.00 |
PURCHASE – PRICE AND SERVICES INFORMATION
|
£775 plus VAT |
Additional Fees and Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
| Search Fees (Estimated)
(includes Local Search, Drainage Search, Environmental Search and Chancel Repair Insurance) (inc. VAT) |
£200.00 |
| Stamp Duty Land Tax (SDLT) (*see note below*)
This depends on the purchase price of your property |
£x
|
| Land Registration Fees for a purchase of £80-£100k
Land Registration Fees for a purchase of £100-£200k Land Registration Fees for a purchase of £200-£500k Land Registration Fees for a purchase of £500k – £1 mil Land Registration Fees for a purchase over £1mil
|
£80.00
£190.00 £270.00 £540.00 £910.00 |
| Land Registry Search Fees (inc. VAT) | £3.00 plus VAT |
| Land Charges Search (inc. VAT) – per name | £2.00 plus VAT |
| If Leasehold Notice of Transfer/Charge on the Landlord – Estimated | £75-£200 plus VAT |
| Help to Buy Shared Equity Loan (if applicable) | £125.00 plus VAT |
| Help to Buy ISA (if applicable) | £50.00 plus VAT |
| Electronic Money Transfer Fee (per transfer) | £30.00 plus VAT |
| Archiving Fee | £10.00 plus VAT |
| Electronic ID Check (per name) | £5.00 plus VAT |
| Lawyer Checker | £10.00 plus VAT |
*SDLT:
- A 3% SDLT additional charge is payable if you are buying a second home (outright sale)
- First Time Buyers Relief may be claimed for purchases under £500k provided you meet the eligibility criteria
- SDLT is complicated for the purchase of a shared ownership property where you can pay either on the full market value or on the share and rent. We will explain the options to you once instructed
- 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.
The Key Stages of a Purchase
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, the key stages we will need to carry out for your purchase are:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller’s solicitor
- Give you advice on all documents and information received
- Report to you on the mortgage offer
- 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 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
- This is the assignment of an existing lease and is not the grant of a new lease
- 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
Please contact us for a personalised fee estimate at nbh@prince-evans.co.uk or on Tel: 020 8567 3477. However, by way of an example of a fee estimate if you are a sole purchaser of a leasehold property (or share of leasehold) in England priced at £250,000 your estimated total (as at December 2018) would be:
| Legal fee | £775.00 plus VAT of £155.00 |
| Search fee (estimated) | £200.00 |
| Land Registry Official Copy Entries | £6.00 |
| Land Registration Fee | £270.00 |
| Notice of Transfer (estimated) | £150.00 |
| Land Charges search | £2.00 plus VAT of £0.40 |
| Electronic Money Transfer Fee | £30.00 plus VAT of £6.00 |
| Archiving Fee | £10.00 plus VAT of £2.00 |
| Electronic ID check | £5.00 plus VAT of £1.00 |
| Total | £1,612.40 |
| Plus SDLT | £2,500.00 |
| Grand Total | £4,112.40 |
Please contact us at: Email: nbh@prince-evans.co.uk
Telephone: 020 8567 3477