Residential Conveyancing – costs information

 

  • Residential Property Fees & Expenses ●

 

 

Band

 

 

Price

(sale or purchase)

 

Freehold *

(inc Mortgage)

 

Leasehold*

(inc Mortgage)

 

Remortgage

transaction only

 

1

 

Up to £110,000

 

£650

 

£820

 

£500

 

 

2

 

 

£110,001 to £170,000

 

£700

 

£850

 

£550

 

3

 

£170,001 to £280,000

 

£750

 

£875

 

£600

 

 

4

 

£280,001 to £350,000

 

 

£850

 

£1,000

 

£700

 

5

 

£350,001 to £500,000

 

£1,000

 

£1,300

 

£750

 

 

6

 

£500,001 to 750,000

 

£1,200

 

£1,650

 

£850

 

** All fees are subject to VAT at the prevailing rate **

(More than £750,000 – please ask us for a personal quotation)

This schedule of fees is effective from 16th May 2018 – it applies to established residential dwellings only. * For ‘Help to Buy’ or ‘Shared Ownership’ an additional fee applies of £150 + VAT to the above fees. We offer a bespoke service for the sale and purchase of land, building plots and other property including purchases at auction.  For a quote please contact us on 01553 692233 and ask for any member of the Property team

 

Why use Kenneth Bush Solicitors

·                   We will put everything to you in plain English and keep you informed throughout

·                   Whether you are a first-time buyer or are adding property to your portfolio, we provide advice and

support tailored to meet your needs

·                   With an unrivalled personal service and extensive legal experience, Kenneth Bush is here to help

visit our website to meet the Property Team :

www.kennethbush.com

 

 

 

S O L I C I T O R S   F O R    L I F E

Expenses

All figures given are accurate at the date of issue, but are subject to amendment without notice.

SEARCH FEE OR EXPENSE

COST

i  Note:  These are the minimum standard searches that will always be required when you are buying with the help of a mortgage.  Some mortgage lenders may require additional searches. Local Authority Search (Kings Lynn BC) (purchase only)* £67.10

 

Water/Drainage Search, and Environmental   Search (Anglian Water region) (purchase only)

 

Bankruptcy Search

(purchase only – mortgage involved)

 

AML Search

Lawyer Checker

Pre-completion Title Search

(purchase only)

 

 

£138.60

 

 

 

£2.00 (per name)

 

£4.20 (per name)

£12.00

£10.00 (approx.)

 

Electronic Money Transfer Fee (per transfer) £12.00
Official Copies(Sale only) £6.00
Referred to documents (purchase only) £3.00 (each)
Management Company Information Pack (leasehold sale only) £150 (minimum/variable)
Post-completion searches (purchase only) ** £20.00

*can vary – figures used assume purchase in the Borough Council of Kings Lynn & West Norfolk area. Additional searches/enquiries may be required depending on the nature/location of your chosen property and the requirements of any mortgage lender.

**   It may be necessary to renew pre-completion searches if there is a delay in completing the registration application with the Land Registry.  Such a delay is typical of the seller’s lender who can be slow in providing evidence of discharge of the mortgage or other unforeseen circumstances.  Please be assured that any overpayment will be immediately refunded following completion of registration.

Stamp Duty Land Tax (‘SDLT’)

 
(First time buyer * – purchase only)
If price is £125,000 or less no Stamp Duty is payable
With effect from 22 November 2017 first-time buyers of residential property will not be liable to pay stamp duty on the purchase of properties up to £300,000 and the first £300,000 of properties up to £500,000

Key points:

1.       The exemption only applies to individual first-time buyers

2.       The property must be residential.

3.       The property must be for use as the only or main residence of the buyer

4.       No duty is payable on the first £300,000.

5.       5% is payable on any remainder up to £500,000

6.       The exemption applies to freehold and leasehold properties provided that the lease is for more than 21 years.

2% of the price between £125,001 & £250,000
(e.g. £180,00.00 gives rise to £1,100 duty)
5% of the price between £250,001 & £925,000
(e.g. £300,000 price gives rise to £5,000 duty)
10% of the price between £925,001 & £1,500,000
(e.g. £950,000 price gives rise to £38,750 duty)
12%     of        the       price     £1,500,00     and     over
*Please note if you already own a property, and this purchase is not to be your main residence you may be liable for the higher rate of Stamp Duty.   Please refer to www.tax.service.gov.uk/calculate-st

 

Land Registry Fees
(Purchase only – no VAT)
Where the property is already registered
 
Where the property is not already registered or the property being sold is part of an existing property or development
Purchase Price
Fee
  Purchase Price
Fee
Nil to £80,000 £20 Nil to £80,000 £40
£80,001 to £100,000 £40 £80,001 to £100,000 £80
£100,001 to £200,000 £95 £100,001 to £200,000 £190
£200,001 to £500,000 £135 £200,001 to £500,000 £270
£500,001 to £1,000,000 £270 £500,001 to £1,000,000 £540