Purchase of a residential property
The fees charged by Jury O’Shea LLP cover all the work required to complete the purchase of property, including dealing with registration at the Land Registry and dealing with payment of Stamp Duty Land Tax.
Our minimum fee for a simple purchase with no mortgage financing is £950 plus VAT and disbursements. The following factors would influence the fee, but this list is not exhaustive:
- leasehold or freehold
- new build or off-plan or second hand
- conditionality in contract
- listed building
- unregistered land
- title defects
- mortgage financing
- lease extension
- tax or structuring advice
- declaration of trust.
Our average fee for a leasehold purchase for £500,000 is £1,250 plus VAT and disbursements.
Disbursements are costs related to your transaction 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. Approximate costs for the standard disbursements are set out below:
Search fees: approximately £500 plus VAT
Land Registry fee: £40 – £910 no VAT
Bank transfer fee: £50 plus VAT
Stamp Duty Land Tax (SDLT)
This depends on the purchase price of your property and if you already own a 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.
The length of time between your offer being accepted and legal completion depends on a number of factors. We would estimate between 6-8 weeks although some transactions can be considerably quicker.
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. We have set out below the key stages:
- carry out the anti-money laundering checks as required by law
- engage you as a client
- take your instructions and give you initial advice
- take initial funds on account for searches and disbursements
- receive contract documents and title pack to include a management pack
- order a set of searches
- obtain further planning documentation if required
- make any necessary enquiries of seller’s solicitor
- draft the transfer
- go through conditions of mortgage offer, searches, management pack protocol forms and enquiries raised
- provide you with a report on title being a summary of title
- send final contract and transfer to you for signature
- agree completion date (date from which you own the property)
- advise you on joint ownership
- exchange contracts and notify you that this has happened
- arrange for all monies needed to be received from lender and you
- obtain pre-completion searches
- complete purchase
- deal with payment of Stamp Duty Land Tax
- deal with application for registration at the Land Registry.
JURY O’SHEA LLP