Congleton Office : 01260 279414

Macclesfield Office : 01625 429511

Purchase of a Residential Property

Fees charged by Wains Solicitors

Property Value
Purchase Fees
VAT on fees
If Leasehold additional purchase fee
Additional VAT if leasehold
Up to £150,000
£550.00
£110.00
£150.00
£30.00
£150,001 to £250,000
£600.00
£120.00
£150.00
£30.00
£250,001 to £500,000
£650.00
£130.00
£150.00
£30.00
£500,001 and above
0.1% of purchase price from £750.00
20% dependent upon purchase fee
£150.00
£30.00
Miscellaneous additional fees
 
 
 
 
Unregistered property
£150.00
£30.00
 
 
Shared Equity Purchase
£350.00
£70.00
 
 
Help to Buy Equity Loan
£350.00
£70.00
 
 
Request for Help to Buy ISA (per request)
£50.00
£10.00
 
 
Redemption of second charge (price per charge)
£50.00
£10.00
 
 

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 you wish to buy is in Wales.
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. A summary of likely disbursements are as follows-:

Search pack
£223.98
(breakdown of search pack)
 
Local Search
£95.00
Personal Drainage Search
£29.90
Groundsure Homebuyers     
£58.80
Coal Search  
£40.28 (if required)
 
 
OS1 priority search         
£3.00       
Bankruptcy search
£2.00 per name        
   
Land Registry fee  
Based on the property value
£0.00 - £80,000.00
£20.00    
£80,001.00 - £100,000.00  
£40.00  
£100,001.00 - £200,000.00
£95.00     
£200,001.00 - £500,000.00
£135.00    
£500,001.00 - £1,000,000.00 
£270.00 
£1,000,001.00 and over  
£455.00
 
 
Bank Transfer fee  
£30.00 plus £6.00 VAT
Electronic ID check  
£4.80 per name   

NB Please note that we always try and file the Land Registry documents electronically which attracts a 50% reduction in the fee. If it is not possible to file electronically, the fee is double that shown above, but we will notify you in writing if this is to be the case.


Stamp Duty or Land Tax (on purchase)

This depends on the purchase price of your property. 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 here..


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 several factors. The average process takes between 8-12 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 new build property with a mortgage in principle, it could take X weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between X and X 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 we have suggested some key stages that you may wish to include:

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender's solicitors if needed
  • 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
  • Go through conditions of mortgage offer with you
  • 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


Purchase of a leasehold residential property

Our fees cover all 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.


Anticipated Disbursements

In addition to the disbursements listed above, where you are buying a Leasehold property, the following additional disbursements may arise. Please note that these are not Wains fees but fees payable to the management company/freeholder-:

  • Notice of Transfer fee – This fee if chargeable as set out in the lease. Often the fee is between £50.00 and £250.00 plus VAT
  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50.00 and £250.00 plus VAT
  • Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £100.00 and £250.00
  • Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £100.00 and £250.00

* These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.


* Our fee assumes that:

  1. 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
  2. this is the assignment of an existing lease and is not the grant of a new lease
  3. the transaction is concluded in a timely manner and no unforeseen complication arise
  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

 

 

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We are authorised and regulated by the Solicitors Regulation Authority No. 78231