Property Process & Costs
These prices are a guide as of March 2024, when the page was last updated. For an individual cost estimate, please call 01628 533444 or email info@blacklaw.legal
Sale of a freehold residential property
Our fees cover all of the work* required to complete the purchase of your new home, including if applicable the redemption of any mortgages and charges.
Our legal fees and range of costs
Our costs depend on the property type you wish to sell, and every sale is unique. There are many types of sales, from simple to complex transactions - both of which we can assist with.
Depending upon the transaction value, our prices range from circa £1050 + VAT to circa £2500 + VAT (though it may be more). We therefore ask that you call the office where we can discuss your requirements whereon we will provide a written costs estimate which will detail our costs and any applicable disbursements. This breakdown will clearly set out our fees which if you are happy to accept will result in formal terms of business being sent out to you. All our fees are subject to VAT at 20%.
Disbursements
Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Land Registry – title and plan: £6
ID check £10 + VAT per person
How long will my house sale take?
How long it will take from your acceptance of an offer until you can move out 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 dealing with a first-time buyer who has a mortgage in principle, it could take 6-8 weeks. However, if there is a long chain, then timings tend to rely on the slowest member of the chain.
Stages of the process
Take instructions – completion of fittings and contents form and property information form(s)
Obtaining title and any other documents required by HM Land Registry
Confirm details of any mortgage(s) and charges.
Prepares the draft contract and supporting contract documentation
Pre-contract enquiries answered
Completion date agreed
Obtain a settlement figure for any mortgages/charges
Contracts formally exchanged
Receiving Transfer Deed
On completion, Seller vacates property – keys handed to buyer
Balance proceeds sent to Seller
Our fee assumes that:
This is a standard transaction and 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 cooperative 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
Sale of a leasehold residential property
Our fees cover all of the work* required to complete the sale of your new home, including if applicable the redemption of any mortgages and charges.
Our legal fees and range of costs
Our costs depend upon the property type you wish to sell and every sale is unique. There are many types of sales, from simple to complex transactions - both of which we can assist with.
Depending upon the transaction value, our prices range from circa £1450 + VAT to circa £2900 + VAT (though it may be more). We therefore ask that you call the office where we can discuss your requirements and then provide a written costs estimate which will detail our costs and any applicable disbursements. This breakdown will clearly set out our fees which if you are happy to accept will result in formal terms of business being sent out to you. All our fees are subject to VAT at 20%.
Disbursements
Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Land Registry – title and plan: £6
ID check £10 + VAT per person
Replies to Management Companies/Landlord; these fees are set by the Management Company or Landlord – normally circa £250 + VAT.
How long will my house sale take?
How long it will take from your acceptance of an offer until you can move out will depend on a number of 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 dealing with a first-time buyer who has a mortgage in principle, it could take 6-8 weeks. However, if there is a long chain, then timings tend to rely on the slowest member of the chain.
Stages of the process
Take instructions – completion of fittings and contents form and property information form(s)
Obtaining title and details of the lease, plus any other documents required by HM Land Registry
Confirm details of any mortgage(s) and charges
Prepare draft contract and supporting contract documentation
Write to landlord/ agents, sending LPE1 form along with any applicable fee, in order to obtain the send leasehold pack
Leasehold pack obtained and forwarded
Pre-contract enquiries answered
Completion date agreed
Obtain a settlement figure for any mortgages/charges
Calculate apportionment figures.
Contracts formally exchanged
Receiving Transfer Deed
On completion, Seller vacates property – keys handed to buyer
Balance proceeds sent to Seller
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 cooperative 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
Purchase of a freehold residential 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 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.
Our legal fees and range of costs
Our costs are dependent upon the type of property which you wish to purchase, and every purchase is unique. There are many types of purchases, from simple to more complex transactions. No matter whether it is a simple purchase, unregistered property or a new build, we can assist.
Depending upon the transaction value, our prices range from circa £1250 + VAT to circa £2600 + VAT (though it may be more). There is an additional fee of £250 + VAT if there is any management company involvement. We therefore ask that you call the office where we can discuss your requirements, whereon we will provide a written costs estimate that will detail our costs and any applicable disbursements. This breakdown will clearly set out our fees, which if you are happy to accept, will result in formal terms of business being sent out to you. All our fees are subject to VAT at 20%.
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees and search fees. We will handle the payment of disbursements on your behalf to ensure a smoother process.
Search fees circa £300 + VAT – dependent upon the required searches
HM Land Registry fee – dependent upon the purchase price
ID check £10 + VAT per person
Stamp duty or land tax
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. We can discuss the basis of the calculations with you once we know the details of you and your transaction, such as whether you own another property or are first-time buyers.
How long will my purchase take?
How long it will take from your offer being accepted until you can move into 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 property with a mortgage in principle, it could take 6-8 weeks. However, if you are buying a property in a chain that has variable factors arising from 3rd parties or complications, then this can be significantly longer, between 2-3+ months. In such a situation, additional charges may apply (and will be dealt with on a case-by-case basis).
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 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.
Our legal fees and range of costs
Our costs are dependent upon the type of property which you wish to purchase and every purchase is unique. Whether it is a new build leasehold flat or a leasehold retirement flat, we can assist.
Depending upon the transaction value, our prices range from circa £2200 + VAT to circa £3450 + VAT (though may be more). We therefore ask that you call the office where we can discuss your requirements and then provide a written costs estimate which will detail our costs and any applicable disbursements. This breakdown will clearly set out our fees which if you are happy to accept will result in formal terms of business being sent out to you. All our fees are subject to VAT at 20%.
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.
There are certain disbursements, which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
Search fees circa £300 + VAT – dependent upon the required searches
HM Land Registry fee – dependent upon the purchase price
ID check £10 + VAT per person
Anticipated Disbursements*
The Landlord/Management Companies require that certain matters are dealt with after you have completed your purchase such as fees for the Notice of Transfer, Deed of Covenant, and Certificate of Compliance. These fees if chargeable are either set out in the lease or upon receipt of the lease whereupon we can advise you of these amounts.
*These fees vary from property to property. 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 charges are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.
Stamp duty land tax
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. We can discuss the basis of the calculations with you once we know the details relating to you and your transaction such as whether you own another property, or you are a first-time buyer. Please note that the payment of SDLT is a personal liability so we advise you to check the HMRC online calculator to ascertain whether the sum stated is correct.
How long will my house purchase take?
How long it will take from your offer being accepted until you can move into your house will depend on a number of 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 property with a mortgage in principle, it could take 6-8 weeks. However, if you are buying a property in a chain that has variable factors arising from 3rd parties or complications, then this can be significantly longer, between 2-3+ months. In such a situation, additional charges may apply (and will be dealt with on a case-by-case basis).
* 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 cooperative 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
Stages of the process
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages:
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 & check terms of lease and management company/landlord’s paperwork
Make any necessary enquiries of seller’s solicitor
Give you advice on all documents and information received
Go through conditions of mortgage offer
Send final contract to you for signature
Draft Transfer
Advise you on joint ownership
Obtain pre-completion searches
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
Re-mortgaging your property
Our fees cover all the work* required to complete the re-mortgage of your property, including dealing directly with the mortgage provider and registering the charge with the Land Registry.
Our legal fees and range of costs
Our costs are dependent upon the type of mortgage required and the requirements of the lender. We are on most lender panels. Our prices are usually between £600 - £850 + VAT (though may be more). We ask that you call the office where we can discuss the requirements of your chosen lender and provide a written cost estimate detailing our costs and any applicable disbursements. This breakdown will clearly set out our fees which if you are happy to accept will result in formal terms of business being sent out to you. All our fees are subject to VAT at 20%.
Disbursements
Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Searches – circa £300 + VAT – these are dependent upon whether the lender requires full searches or whether search indemnity insurance is acceptable which is normally circa £25 - £50 + VAT. We can discuss the costs with you once we know the requirements of the lender.
Land Registry – title and plan £6
ID check £10 + VAT per person
Land Registry – dependent upon the purchase price
SDLT – payable in some circumstances
How long will the process take?
The average process from the receipt of your mortgage offer is between 4-8 weeks.
Stages of the process
Take instructions
Obtain Office copy Entry from the Land registry
Mortgage redemption statement obtained
Receipt of mortgage offer check the terms and any conditions
Searches undertaken or search insurance obtained
Mortgage report issued detailing the key points of your mortgage
Ascertain building insurance details
Mortgage Deed sent out for signature
Agree a completion date
Complete a certificate of Title to the Lender (COT)
Completion
Put the indemnity policy in place- if required
Register the Mortgage with 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 cooperative 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.