Landmark Law Solicitors

RESIDENTIAL PROPERTY FEES

WHO UNDERTAKE WORK

Service provided by Syed Kamal Hossain solicitor with 10 years PQE. Client can access to Mr Hossain Directly and discuss the matter as it is progress.

WORK COVERED BY THE OUR FEE:

Subject to the service provision as above and our fee assumption below our fees cover all the work required to complete the purchase of your new home, including with registration at the Land Registry. Subject to the additional payment of £100 plus vat dealing with the payment of Stamp Duty Land Tax (Stamp Duty) for the property in England, or Land Transaction Tax (Land Tax) for the property in Wales.

SALE PRICE FREEHOLD LEASEHOLD NEW BUILD/SAHRED ONWNER
Up to £200,000 £1250 vat £250 = £1500 £1500 vat £300 = £1800 £300 plus vat
£201,000 -£400,000 £1750 vat £350 = £2100 £2000 vat £400 = £2400 £400 plus vat
£401,000 - £650,000 £2000 vat £400 = £2400 £2250 vat £450 = £2700 £500 plus vat
£651,000 - £750,000 £2500 vat £500 = £3000 £2750 vat £550 = £3300 £600 plus vat
Purchase Price
Up to £200,000 £1500 vat £300= £1800 £1800 vat £360 = £2160 £500 plus vat
£201,000 - £400,000 £2000 vat £400 = £2400 £2500 vat £500 = £3000 £600 plus vat
£401,000 - £650,000 £2500 vat £500 = £3000 £2750 vat £550 = £3300 £700 plus vat
£651,000 - £750,000 £2750 vat £550 = £3300 £2750 vat £550 = £3300 £3000 vat £600 = £3600
Re-mortgage
Up to £200,000 £1500 vat £300 = £1800 £1800 vat £360 = £2160 £300 plus vat
£201,000 - £400,000 £1800 vat £360 = £2160 £2000 vat £400 = £2400 £400 plus vat
£401,000 – £650,000 £2000 vat £400 = £2400 £2250 vat £450 = £2700 £500 plus vat
£651,000 - £750,000 £2500 vat £500 = £00 ££2750 vat £550 = £3300 £600 plus vat
Over £750,000 please call Over £750,000 please call Over £750,000 please call Over £750,000 please call
OUR FEES ARE FIXED AND PAYABLE WHTHER THE MATTER COMPLETE OR NOT
SERVICE PROVISIONS

We do not act for lender. Please allocate lender solicitors’ fee between £350-£500 plus vat.
Price does not include Disbursements.
For SDLT form completion and submission to HMRC our fee is £100 plus vat Electronic money transfer £40 per transfer plus vat.
To negotiate Notice of Assignment/Charge/ Deed of Covenant £150 plus vat per item New build and shared ownership additional fee as shown in the chart.

DISBURSEMENTS

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees, Indemnity insurance if require. Property survey fee or valuation fee, SDLT Tax and Registration fee, AML costs, property search fee, land registry checks and documents costs, etc.

We handle the payment of the disbursements on your behalf to ensure a smoother process.

In respect of leasehold property 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.

OUR FEE ASSUMES THAT:
  • The buyer is an individual not a commercial client such buy to let or company.
  • The transaction is standard, and no unforeseen issues arises which require extensive correspondence with client or anyone else and there is not negotiation and preparation of additional documents ancillary to the main transaction.
  • Sale of an existing lease and not the grant of a new lease.
  • 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 fee and disbursements may apply if indemnity policies are required.
  • Legal title is not defective or whole/part of the property is not unregistered.
  • No issue with building regulations or planning permission has not been obtained.

All these situations additional fee will have to be agreed otherwise an hourly rate £282 plus vat per hour will be applicable.


COST EXAMPLE

Estimated total in the example does not include costs if there is any indemnity insurance require or fees for assignment notice, charge or deed of covenant or any other anticipated Disbursement. Nor does it include stamp duty or land tax. In these example lender solicitors fee is not included which should be added to estimated fee.


EXAMPLE 1 PURCHASE OF A FREEHOLD RESIDENTIAL PROPERTY PRICE £200,000.00. (AVERAGE £2750 VAT INCLUDED)
Solicitors’ fees
Legal fee £1500
Electronic money transfer fee per transaction £40
SDLT completion and submission £100
VAT £428
Subtotal £1968
Disbursements (estimated)
Property Search fees £500
HM Land Registry fee £100
Official priority fee £3
Bankruptcy fee £2
AML search fee per person £7.20
Seller solicitors and their account check £15
VAT £125.44
Subtotal £752.64
Estimated Total: £2720.64

EXAMPLE 2 SALE OF FREEHOLD PROPERTY VALUE £200,000.00 (AVERAGE £1600 VAT INCLUDED)
Solicitors’ fee
Our fee £1250
Electronic money transfer fee per transaction £40
Vat £258
Subtotal £1548
Disbursements (estimated)
Office Copy Title Register and plan £6
Additional Land Registry Filed Documents per entry £3
Bankruptcy search fee per person £2
AML Check per person £7.20
Lawyer check £15
Vat £6.64
Subtotal £39.84
Estimated Total £1587.84

EXAMPLE 3 PURCHASE OF A LEASEHOLD RESIDENTIAL PROPERTY VALUE UP TO £200,000.00 (AVERAGE £2500 VAT INCLUDED)
Solicitor's fees
Legal fee £1800
SDLT completion and submission fee per transaction £100
Electronic money transfer fee £40
VAT £388
Subtotal £2328
Disbursements
Property Search fees £500
HM Land Registry fee £100
Official priority fee £3
Bankruptcy fee £2
AML fee per person £7.20
Seller solicitors and their account check £15
VAT £125.44
Subtotal: £752.64
Estimated Total £2453.44

Anticipated Disbursements*
  • Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £150 - £250.
  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £100 and £150.
  • 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 £250 and £350.
  • Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £150 – £250.

*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.


EXAMPLE 4 SALE OF A LEASEHOLD RESIDENTIAL PROPERTY VALUE UP TO £200,000.00 (AVERAGE £2150 VAT INCLUDED)
Solicitor's fees
Legal fee £1500
Electronic money transfer fee per transaction £40
VAT £308
Subtotal £1848
Disbursements
Freehold and leasehold office copy £6
Freehold and leasehold plan £6
Bankruptcy fee £2
AML fee per person £7.20
Seller solicitors and their account check £15
Leasehold management packs (assumption) £350
VAT £77.24
Subtotal: 432 £463.44
Estimated Total £2111.44

If landlord consent is required to sale the lease landlord’s solicitor costs estimated to be £750-£1500 plus vat. our fee to negotiate and approve the consent or licence is £650 plus vat.


EXAMPLE 5 Remortgage of freehold value £200,000.00 (AVERAGE £2610 VAT INCLUDED)

Remortgage assumption are that the transaction is of Single owner and Single lender, Redemption of single mortgage or charge, not a shared ownership, not right to buy property where landlord consent is required, Tere is not other unusual or complex issues involve, the transaction does not require expedite. No indemnity is required. In case of leasehold there is no need for management pack or notice of charge or deed of covenant.

Solicitors’ fees
Legal fee £1500
Electronic money transfer fee per transaction £40
VAT £308
Subtotal £1848
Disbursements (estimated fee)
Property Search fees (if required by new lender) £500
HM Land Registry fee £100
Office copy title and plan £6
Official priority fee £3
Bankruptcy fee £2
AML search fee per person £7.20
Seller solicitors and their account check £15
VAT £126.64
Subtotal: £759.84
Estimated total: £2607.84

EXAMPLE 6 Remortgage of leasehold value £200,000.00 (AVERAGE £2975 VAT INCLUDED)
Solicitors’ fees
Legal fee £1800
• Electronic money transfer fee per transaction £40
VAT £368
Subtotal £2208
Disbursements (estimated fee)
Property Search fees (if required by new lender) £500
HM Land Registry fee £100
Freehold Office copy title and plan £6
Leasehold office copy title and plan £6
Official priority fee £3
Bankruptcy fee £2
AML search fee per person £7.20
Seller solicitors and their account check £15
VAT £127.84
Subtotal: £767.04
Estimated total: £2975.04

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 link provided above. SDLT to be assess on individual basis. please consult click:

England - https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

Wales - https://www.gov.wales/land-transaction-tax-calculator


LAND REGISTRATION FEE INFORMATION

For further details of the Registration fee please consult the link:

https://www.gov.uk/guidance/hm-land-registry-registration-services-fees


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 several factors. Average sale and purchase time: 12-16 weeks and Average remortgage time: 8-10 weeks

It can be quicker or slower, depending on the parties in the chain. For example, if you are a freehold property with cash in principle, it could take 12 weeks and with a mortgage 16 weeks.

However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 12 and 18 months. In such, a situation additional charges would apply.


KEY STAGES OF THE PROCESS

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below some of the 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.
  • 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. Please note that we do not act for lender, there will be different solicitors acting for lender.
  • 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. Registration time estimate will be available on submission of the application, and you will be notified.

(For sale transaction please consider reversal of above process)


REMORTGAGE KEY STAGE OF THE PROCESS
  • Take your instructions and give you initial advice.
  • Carrying out your id check and anti-money laundering check
  • Obtaining office copy title, plan and other document as require
  • Obtaining redemption statement from existing lender or legal chargor.
  • Sending the redemption statement to you and confirming the details with you.
  • Receive new mortgage offer from new lender solicitors.
  • Advising and explaining new mortgage to you and getting signed the mortgage deed.
  • Carry out searches as necessary and required by the new lender.
  • Agree completion date with you.
  • Obtain up to date redemption statement.
  • Prepare the completion statement getting your approval.
  • Requesting lender or its solicitors for the remortgage fund
  • Complete redemption of the charge or existing mortgage
  • Registering the new mortgage with land registry and updating you.
  • On registration at Land Registry, notifying you and lender of the same and closing the file.

POINTS TO NOTE:

Prospective purchaser should be mindful that they may require to pay mortgage application fee and mortgage broker fee and property valuation fee.

Surveyors Fee on a Purchase. We strongly recommend prospective buyer obtain full structural survey of the Property from a RICS surveyors at their own costs.

Estate Agents Fee on a Sale payable by the seller on your behalf unless you instruct otherwise at the outset of the instructions or prior to the exchange of contract.

Our Address

  • Bow Business Centre, 153-159 Bow Road, London E3 2SE