Residential Purchases

FREEHOLD PURCHASES

Our fees for the purchase of a residential freehold house for up to £500,000 without a mortgage are usually £595 plus VAT (£714) and £690 plus VAT (£828) with a mortgage.

We charge an additional £100 plus VAT (£120) for every £250,000 by which the price exceeds £500,000. e.g. without a mortgage £500,001-£750,000 = £695 plus VAT (£834).

LEASEHOLD PURCHASES

Our fees for the purchase of a residential leasehold property for up to £500,000 without a mortgage are usually £995 plus VAT (£1,194) and £1,090 plus VAT (£1,308) with a mortgage.

We charge an additional £100 plus VAT (£120) for every £250,000 by which the price exceeds £500,000. e.g. without a mortgage £500,001-£750,000 = £1,095 plus VAT (£1,314).

YOU MAY ALSO HAVE TO PAY THE FOLLOWING DISBURSEMENTS

NOTE 1. WE DO NOT MAKE ADDITIONAL CHARGES FOR OFFICIAL COPIES OF TITLES, POSTAGE AND STATIONERY OR IDENTITY CHECKS 2. WE DO NOT CHARGE FOR PROFESSIONAL INDEMNITY INSURANCE ALTHOUGH WE ARE COVERED UP £2M.

You will need to let us have details of the location of the property to confirm the search fees (please check the “Land Charges fees” section of the website of the local authority in which the property is situated) and the price to confirm the Land Registry fees (see http://landregistry.data.gov.uk/fees-calculator.html for Land Registry fees information) and Stamp Duty (see https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro for Stamp Duty information).

 

For purchases, please phone or email us for an estimate. Whether our price exceeds the above amounts will depend on several factors such as

(a) whether you are buying a new build, off plan property or a shared ownership property, expect to pay an additional £900 plus VAT (£1,080),

(b) if there are restrictions that require third party consents, e.g. where there is an estate with private roads and service charges, the management company needs to certify the charges are paid up-to date and any shares in the management company are transferred to you before the certificate is given, expect to pay an additional £495 plus VAT (£594) and

(c) If you are buying through a company we will not make an additional charge if you are buying without a mortgage but if you are purchasing through a company with the assistance of a mortgage we will charge a higher rate (£300 plus VAT (£360) in addition),  than for individuals buying with a mortgage as more work is required such arranging directors’ guarantees (which will require the directors to instruct another firm), dealing with more complicated instructions from the mortgagees and having to register the mortgage at Companies House as well as the Land Registry.

  

We will accept instructions without receiving any payment on account but on a purchase we will require payment on account of our fees before we start going through any of the documentation involved, usually £500 if we need to advise on a lease or newbuild property or £200 for freehold purchases. We will also need payment in respect of disbursements such as the search fee to be paid on account if a local search is required.

 

We will normally stick to our estimate although the work may be more than we expected. We will normally advise you well in advance if our estimate is likely to be exceeded to give you a chance to obtain prices for the work to be carried out elsewhere.

Most of the work will be carried out by Douglas Narayan and James Coulson who are solicitors.

© 2019 by Ferns Solicitors 

Ferns is authorised and regulated by the Solicitors Regulation Authority (number 79274).

Nothing on this site should be treated as legal or practical advice. The information should be treated as a guideline requiring specific legal advice.