Why Choose Saulet Townsend?
We offer a personal service from beginning to end. We have many years’ experience of buying and selling in Portsmouth. We are accredited to the Law Society’s Conveyancing Quality Scheme to ensure that you get the best experience.
Please note that any prices on this page are indicative costs only. A full quote will be given once we have understood the individual circumstances of the matter.
Purchase of a freehold residential property
There are three parts making up the fees payable for buying a freehold residential property
Our fees cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax if the property is in England, or Land Transaction Tax if the property you wish to buy is in Wales.
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Stamp Duty Land Tax (SDLT) (on purchase):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.
A link to HMRC’s SDLT calculator is here
|Postage, telephone and faxes||£25.00|
|Charges in relation to acting for your lender, if required||£150.00|
|Charges in completing the Government Land Tax Transaction Return||£80.00|
|Electronic money transfer fee||£35.00|
|Total Fees and VAT||£1260.00|
|Search Fee – Local Authority (Portsmouth for LLC1 and CON29R) VAT on CON29R included in above figure||92.00|
|Search Fee – Drainage and Water||£49.89|
|Search fee – Environmental (if needed)||£46.80|
|Land Charge search fee||£5.00|
|HM Land Registry fee||135.00|
|Stamp Duty Land Tax||See|
|Total disbursements, not including SDLT||416.80|
|Estimated total not including SDLT||£1676.80|
How long will my house purchase take?
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes around 8 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 6 weeks, if the property is available. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 5 months. In such a situation, additional charges would apply.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances, but will include:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller’s solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Send final contract to you for signature
- Agree completion date (the date from which you own the property)
- 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
The *fee paid may be affected by any or all of the following:
- 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.
- 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. This can take significantly longer and in such a situation additional charges would apply.
- The transaction is concluded in a timely manner and no unforeseen complication arise
- 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.