PURCHASE

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 figures are based upon a typical property valued at up to £650,000 and are based on the following assumptions:

  • The property is not a new build and no Help to Buy products or services are involved
  • There is no element of shared ownership
  • The title is clear and straightforward
  • All purchase funds are provided by a mainstream lender
  • Additional deposit monies are provided from the buyers own funds, and not by any third party (to include gifted deposits)
  • That the transaction does not fall through before completion
  • No indemnity polices or similar products are required
  • There is timely co-operation between all parties in any chain, including third-parties, and no unforeseen complications arise
  • No Declarations are required with regard to how the property is held

Conveyancer’s fees and disbursements

Legal fees between   £800- £1250 (excluding vat)

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)

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

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

or if the property is located in Wales by using the Welsh Revenue Authority’s website:
https://beta.gov.wales/land-transaction-tax-calculator

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:

  • 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 required 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

Other transactions

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.

SALE

Sale Freehold Residential Property

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 figures are based upon a typical property valued at up to £650,000 and are based on the following assumptions:

  • That the transaction does not fall through before completion
  • There is timely co-operation between all parties in any chain, including third-parties, and no unforeseen complications arise
  • No issues with the title which requires sorting before completion
  • No indemnity policies are required

Conveyancer’s fees and disbursements

Legal fees between   £800- £1250 (excluding vat)

Up to date copy of your legal title (office copy entries) is £6.00 per title and £3.00 for every document referred in the title for which you do not have a copy

Our fees cover all of the work required to complete the sale of your property

Disbursements


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.

How long will the transaction take?

How long will it take from you accepting an offer for it until completion depend upon a number of factors. The average process takes between 8-12 weeks. However, this can vary depending on the parties in the chain.

The precise stages involved in the sale of a residential property vary according to the circumstances. However, below are some key stages that are included in the transaction:

  • Take your instructions and give you initial advice
  • Contact lender’s solicitors if needed
  • Prepare and advise on contract documents
  • Carry out searches
  • Deal with any necessary enquiries of buyer’s solicitor
  • Give you advice on all documents and information received
  • 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
  • Complete Sale
  • Redeem any mortgage as appropriate

Other transactions

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.

REMORTGAGE

Remortgage of a Freehold Residential Property

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

Conveyancer’s fees and disbursements

Legal fee between £400- £850 (excluding vat)

Any other disbursements including search fees, HM Land Registry fees, Electronic money transfer fee and vat will form part of a detailed individual estimate to be sent to you once we have further information about the value and nature of the remortgage.

How long will it take to remortgage?

How long will it take to remortgage your property will depend upon 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 remortgaging a property it could take between 6 – 8 weeks.

Other transactions

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.