Lambert Pugh LLP are a specialist conveyancing law firm and believe it is important for clients to be aware of all conveyancing expenses as early as possible.
We have a vast amount of experience dealing with thousands of transactions just like yours every year.
In addition to your solicitor’s fees there are various other conveyancing expenses (often called disbursements). These expenses will normally be the same regardless of which solicitor or conveyancer you instruct but some, such as searches, can differ depending on which search provider a firm uses.
This is a government tax on the transfer of property and is usually the largest of the conveyancing expenses. The rates for residential property are as follows:-
Properties up to and including £125,000 are exempt. The current scales for residential properties are:
- Stamp duty Property or lease premium or transfer value SDLT rate up to £125,000 – Zero
- The next £125,000 (the portion from £125,001 to £250,000) – 2%
- The next £675,000 (the portion from £250,001 to £925,000) – 5%
- The next £575,000 (the portion from £925,001 to £1.5 million) – 10%
- The remaining amount (the portion above £1.5 million) – 12%
However, if the property you are buying is a Buy to Let property, or will not be the only property you own after completion, there will be an additional 3% payable on the purchase price over £40,000.
For more information on Stamp Duty Land Tax, please click the link: https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
Land Registry Fees
These are fees payable on the registration of your title with HM Land Registry. The Fee depends on the purchase price and whether we are able to register the title on-line (some transactions such as new builds cannot be registered on-line).
It is wise (and the requirement of any mortgage lender) that a Local Search is carried out on any property you buy. The cost of this search is normally £64.80.
In some cases it is possible to effect Search Insurance which is considerably cheaper and has the added advantages that it is both quick and only needs to be effected on the point of exchange of contracts or completion. This is particularly advantageous in re-mortgage cases.
It is also usual to commission a Water and Drainage Search. This search provides details of the route of the mains water and sewers and whether the property is connected to the same. This search normally costs £26.40.
Other searches which you can have carried out include.:-
- Environmental Search – This gives advice on any likely adverse environmental factors including contaminated land and flooding.
- Planning Report – This gives details of planning applications near the property.
- Coal Mining Search – This provides details of the past, present and future mining activity in the area. It is usual to carry out such a search if the property is located within a coal mining area.
We can advise you as to the advisability of have such searches carried out.
Land Registry and Land Charges searches normally cost £7.
Normally the only conveyancing expenses which will be added to your bill are the identity checks (if you’re not purchasing as well) and the fee of £6 to obtain the copies of the entries at the Land Registry – known as office copy entries. Sometimes we have to pay for copies of documents from the Land Registry or Local Authority.
Often your Mortgage Company will ask that the mortgage monies are telegraphed to them to pay off the mortgage for which we charge a Telegraphic Transfer Fee of £35 plus VAT although it will normally save you more than this amount in interest charges.
Please note that some Mortgage Companies charge you redemption penalties or fees especially if you have had the mortgage for only a short time. This will depend on the arrangements made when you took up the loan. Most major lenders now charge an administration fee when your loan is repaid.
You will also need to commission an Energy Performance Certificate prior to exchange of contracts. Your Estate Agent will usually organize the same prior to the property being marketed.
Anti-Money Laundering Requirements
In order to comply with the Anti-Money Laundering Regulations, we are required to undertake an online Identity Check on every client at the beginning of every transaction. The cost of this search is £3.60 per person.
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“I found Hakim to be polite, sometimes amusing and extremely efficient, I would certainly use him again. Thanks for a smooth transaction”
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“It was a very good experience from the team that took care of our purchase. We were kept up to date and had all our questions replied to in good time. I would have no hesitation to use Lambert Pugh again!”
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