The approximate costs listed below are intended as a guide only, please rely on your own enquiries for exact quotes and costs.
*Additional costs may be incurred for applying searches, stamp duty, land tax returns, acting for lenders and postage.
£0 – £250,000: £650 plus VAT
£250,001 – £500,000: £700 plus VAT
£500,001 – £750,000: £900 plus VAT
£1,000,000 and above: 0.1% of purchase/sale
From making an offer, to the welcome jangle of keys, here’s our plain English guide to
By the time your offer has been accepted, you and the vendor should have appointed a solicitor.
Both parties will be sent a Memorandum of Sale from the agent confirming the price, any special conditions negotiated and the names and addresses of both solicitors. The purchaser at this stage should have an approved mortgage in-principal.
The purchaser immediately informs their mortgage company to arrange for a mortgage valuations and home buyers survey / structural survey to be carried out. They will contact the agent to gain access.
The purchaser puts his solicitor in funds for local authority searches (approx £200). Vendor’s solicitor will send draft documentation, contract and deeds of the property to the purchaser’s solicitor. The purchaser’s solicitor will start localauthority searches and send preliminary enquiriesto the vendor’s solicitor. The mortgage offershould be sent to your solicitor within a week/10 days after the survey date.
When all the enquiries have been answered to the buyer’s solicitor’s satisfaction, the contract will be approved and sent to the purchaser for signature and return. At this stage the purchaser’s solicitors should be in cleared funds to exchange. This amount is generally 10% of the purchase price.BACS payment or banker’s draft is the preferred and quickest way. Sending a cheque takes too long to clear.
Once the solicitor has signed the contract, local authority search, mortgage offer and deposit money, they will be ready to exchange contracts.At this point the completion date will be set andthe deposit funds transferred.
Completion is when your mortgage company sends the remainder of funds across to the solicitors and is ‘move-in’ day. Funds tend to clear around lunch time so don’t organise to pick up the keys to your new home until then. Completion is generally a month after exchange or there after as agreed between the purchaser and vendor.
Property Purchase Price Stamp Duty Land Tax Rate
Up to £125,000 0%
£125,001 – £250,000 2%
£250,001 – £925,000 5%
£925,000 – £1,500,000 10%
Above £1,500,000 12%
(if purchased by certain persons including corporate bodies)
Flat: £750 - £950 inc VAT
House: £550 - £750 inc VAT
Flat: £750 - £1,000 inc VAT
House: £800 - £1,300 inc VAT
£1,000,000 and above: £1,000 upwards inc VAT