Cost of Buying Your Property

We offer fixed fees depending on the value of the property. Our fees cover all of the legal work* required to complete the purchase of your new home. You will also have to cover any disbursements we pay on your behalf. Disbursements are costs related to your transaction that are payable to third parties in the course of your purchase.  Typical disbursements are listed under a separate heading below.

This work includes dealing with the procurement, review and basic reporting of title information, co-ordinating standard pre-contract and reasonable additional enquiries, negotiating and agreeing contract and transfer documents, procurement of Land Registry Official Copy Entries and title plan, dealing with registration of your purchase at the Land Registry and the payment of Stamp Duty Land Tax (Stamp Duty) if the property you buy is in England, or Land Transaction Tax (Land Tax) if the property you buy is in Wales.

fees (including supplemental fees applicable to some purchases)

Please note that this is not an exhaustive list, and other fees may be applicable to the purchase of your property, depending on circumstances.

Item Fee
Legal fees, depending on the value of the property All including VAT at current rate of 20%
Up to £300,000 £750 – £1,608
£300,000 – £400,000 £1,020 – £1,674
£400,000 – £500,000 £1,110 – £1,770
£500,000 – £600,000 £1,500 – £1,914
£600,000 – £800.000 £1,830 – £2,034
Over £800,000 Price on application
Leasehold purchase supplemental fee £300
‘Help to Buy charge’ supplemental fee £270
 ‘Help to Buy ISA’ supplemental fee £60
Unregistered property supplemental fee £240
New build property supplemental fee £444
Acting on behalf the mortgage lender £216
SDLT/LTT submission fee to HMRC/WRA £90
Anti-Money Laundering / ID checking fee, per person £24
Bankruptcy search fee, per person £2.40
Electronic money transfer fee within the UK (including bank charges) £42

 

Non-standard / Additional work – HOURLY RATES

Depending on the complexity of the transaction or documentation, additional fees may apply at the fee earner’s hourly rate on all types of transaction, at the following indicative rates:

Partner £330-£360 including VAT at current rate of 20%
Solicitor £252-£330 including VAT at current rate of 20%
Conveyancer £180-£252 including VAT at current rate of 20%

Please refer to individual staff profiles Our People – Redkite Solicitors for details of individual qualifications and experience.

 

SUPERVISION

In addition to the lawyer handling the purchase, conveyancing transactions are further supervised by a senior member of the team or Head of Department, who has ultimate responsibility for the matter. The supervisor for each transaction is named in the engagement letter that is sent out to clients at the start of the process.

 

Disbursements

We handle the payment of the disbursements on your behalf to ensure a smoother process. Please note that this is not an exhaustive list, and other disbursements may be applicable to the purchase of your property, depending on circumstances.

 

Item Fee (including VAT at current rate of 20%)
Land Registry Search (per title) £3.60
Search of Index Map (for unregistered properties) £5
Official Search £4.50
Local Search Variable (depending on location of property)
Drainage and Water Search Variable (depending on location of property)
Environmental Search £50-£84 (depending on location of property)
Mining Search (where required) £48 – £60 (depending on location of property)

 

 

Stamp Duty or Land Tax

This depends on the purchase price of your 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 here.

 

How long will my freehold house purchase take?

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 10-12 weeks.

It can be quicker or slower, 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 10 weeks. However, if you are in a chain, or there are unforeseen complications with any aspect of the property or transaction, the process can take considerably longer.

 

Stages of the process (FREEHOLD PROPERTY)

The precise stages involved in the purchase of a freehold residential property vary according to the property and the circumstances. However, the main stages are summarised below:

  • Take your instructions and give you initial advice
  • Verify your identification and address
  • Check finances are in place to fund purchase and contact lender’s solicitors if needed
  • Clarify source of funds and source of wealth to be used to fund the purchase
  • Receive and advise on contract documents
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of seller’s solicitor
  • Report on the property and give you advice on all documents and information received
  • Go through conditions of mortgage offer with you and send you Mortgage Deed for signature
  • Send final contract and Transfer Deed to you for signature
  • Agree completion date (date on which funds will change hands)
  • 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

 

ADDITIONAL DISBURSEMENTS – PURCHASE OF A LEASEHOLD PROPERTY

Item Fee (including VAT at current rate of 20%)
Notice of Transfer fee This fee is set out in the lease. Often the fee is between £60 – £240
Notice of Charge fee (if the property is to be mortgaged) This fee is set out in the lease. Often the fee is between £60 – £240
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 £120 – £420
Certificate of Compliance fee Confirmed upon receipt of the lease, and can range between £60 and £600

 

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.

 

STAGES OF THE PROCESS (LEASEHOLD PROPERTY)

The precise stages involved in the purchase of a leasehold residential property vary according to the property and the circumstances. However, the main stages are summarised below:

  • Take your instructions and give you initial advice
  • Verify your identification and address
  • Check finances are in place to fund purchase and contact lender’s solicitors if needed
  • Clarify source of funds and source of wealth to be used to fund the purchase
  • Receive and advise on contract documents and leasehold documents
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of seller’s solicitor
  • Report on the property and give you advice on all documents and information received
  • Go through conditions of mortgage offer with you and send you Mortgage Deed for signature
  • Send final contract and Transfer Deed to you for signature
  • Agree completion date (date on which funds will change hands)
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from lender and you
  • Complete purchase
  • Serve notice of transfer and mortgage on freeholder and management company (if there is one)
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry

 

How long will my leasehold house purchase take?

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors.

The average process takes between 16 – 24 weeks. It can be quicker or slower, 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 16 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 6 months and additional charges will apply.

 

* Our fee assumes that:

  • This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction;
  • In the case of a leasehold property, it involves the assignment 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 disbursements may apply if indemnity policies are required.