Purchase Freehold Residential Property
BBMW take pride in offering a bespoke service and aim to meet the requirements best suited to you.
The following information is given as a guide and the figures do not represent a quote or estimate. We pride ourselves in offering a bespoke service to our clients and If you would like a quote which is specific to you and your transaction please contact us for an accurate schedule of costs.
Where VAT is payable the charge will be at the current rate. For information about the current rate please check the HMRC website. https://www.gov.uk/vat-rates. The current rate of VAT is 20%.
The figures are based upon a typical property valued at up to £650,000 and are based on the following assumptions:
Conveyancer’s fees and disbursements
Legal fees between £800- £1250 (excluding VAT). A fixed fee will be agreed with you at the time of your instructions. If the fees will exceed the fixed fee, i.e. because additional work is required, this will be agreed with you at the time.
Search fees depending on location of the property and the searches you may decide need to be carried out on the property you are buying will be between £230- £400 (excluding VAT)
HM Land Registry fee depending on the value of the property and whether it is already registered at the Land Registry can be up to £540
Administration fee re: bank transfer £30 – £35 (excluding VAT)
Where searches and disbursements attract VAT this will be chargeable at the current VAT rate. At present the rate is 20%. We will confirm the search fees and VAT payable at the time of your instructions.
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 the 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.
Stamp Duty 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 the HMRC’s website:.
or if the property is located in Wales by using the Welsh Revenue Authority’s website:
How long will the transaction take?
How long will it take from your offer being accepted until you can move into your house will depend upon a number of factors. The average process takes between 6-8 weeks.
However, this can vary 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 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 6 months. In such a situation, additional charges would apply.
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are some key stages that are included in the transaction:
For any other property transactions, such as a Lease extension, Transfer of the legal title or Deed of Variation of a lease please contact one of our offices with details of the transaction and a quote will be provided.