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Buying Costs Reference

We recommend that you print this help screen as it contains important information relevant to your purchase.

Local Search Fee

If you have selected a specific local authority we believe the fee shown is correct. If none has been selected we have shown what we believe to be the maximum and will advise you of the exact amount as soon as possible. This search will identify any local issues or planned development and may influence your decision to proceed.

Stamp Duty and Land Registry Fees

These are no more than indirect taxation by the Government and are payable whoever deals with your transaction. They are calculated as shown at the end of this screen.

Other Searches

Land Registry and Land Charges searches are done prior to completion to protect your position. A Water search can be undertaken with the relevant Water Authority serving the property as such information is no longer included in the Local Authority search. It is optional but whilst most of the information may be clear from actual inspection, e.g. whether the property has mains draingage, it may also show matters which you should be aware of before you decide to buy, such as the route of the main water supply for the whole area. Please read "Other Costs" in relation to environmental searches. Mining searches are obviously only relevant in areas with a known history of mining.

Other Costs

We will send the completion monies to your Seller by telegraphic transfer on the day of completion. A bank charge of £35 plus VAT is levied for this facility. A charge of £24.95 plus VAT is also included to cover minor costs and disbursements.

An Environmental search fee has not been included in this item. Some lenders are beginning to insist on such a search. If yours is one we will advise you separately.

Irrespective, you may wish us to undertake such a search. The likely cost would be between £30 - £60. An environmental search would disclose such matters as abnormally high rist of subsidence or if the property was constructed on a "landfill" site. We are happy to discuss this with you if needed.

Solicitor's Costs

The costs shown are an ESTIMATE although only in unusual circumstances would we expect them to be higher. We will advise you if such circumstances should arise and do our best to let you know what the costs may be. Should the transaction not complete for any reason we reserve our right to charge for the abortive work undertaken. At completion we will require you to put us in funds for the balance of completion monies, all stamp duty and Land Registry fees and our own costs and VAT. We reserve our right not to complete if any remain unpaid prior to completion.

We strongly recommend you make a will after completion and will contact you in the months following to discuss this with you.

Leasehold Only

If you are purchasing a leasehold property the Landlord may make certain charges over and above those shown. These would be a fee for receiving the Notice of Assignment and, if such provision is within the lease, a fee for dealing with a Deed of Covenant between yourself and the Landlord. If there is a Management Company in place there may be a fee for the issue of a share certificate in your name. We can advise you on the telephone if these are relevant considerations. As these are charges levied by a third party no estimate can be given for them at this time.

We would also wish to see a copy of the freehold title from the Land Registry to ensure that title is also in order and this may involve a Land Registry fee of £8.00.

If a new lease is being granted to you there will be a small additional amount of Stamp Duty payable based on the ground rent and possibly also additional Land Registry fees.

Stamp Duty

 Property Value   Fee Payable to Inland Revenue
   
  Under £60,000   Nothing
  £60 - £250,000   1% of the total price
  £250 - £500,000   3% of the total price
  £500,000 +   4% of the total price

Land Registry Fee

 Property Value   Fee payable to HM Land Registry
     
 Under £40,000   £40
  £40-£70,000   £70
  £70-£100,000   £100
  £100-£200,000   £200
  £200-£500,000   £300
  £500-£1,000,000   £500
  £1,000,001 +   £800

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