Costs

The precise costs will depend upon the sale or purchase price, the type of property and the area in which you are buying.

Our estimated fees for the legal work on a conveyancing transaction are as follows:-

SALES
Freehold from £800 plus VAT
Leasehold from £900 plus VAT

PURCHASES
Freehold from £850 plus VAT
Leasehold from £950 plus VAT

There are several other costs as follows:-

SALES As already stated

PURCHASES

Stamp Duty
Based on the purchase price of the property
Up to £125,000 : nil
£125-250,000 : 1%
£250-500,000 : 3%
£500-1,000,000 : 4%
£1m – 2m : 5%
£2m + : 7%

Land Registry Fees
£0-50,000 : £50
£50,001-80,000 : £70
£80,001-100,000 : £120
£100,001-200,000 : £190
£200,001-500,000 : £270
£500,001-1,000,000 : £540
£1m + : £910

Other searches:

We recommend a drainage search, an environmental search and a planning search with a total cost of approximately £100. If you are buying a property in a mining area it will be necessary to carry out additional searches with the appropriate authority.

We will advise you on the costs for these searches when you instruct us or we can provide a quotation if you telephone us and give us details of the property you are buying.

Mortgage work

There is a fee for dealing with the lender since we will need to report to them on the title to the property and deal with conditions in the mortgage offer. This may be straightforward, or may need a great deal of correspondence so we cannot quote a standard fee. This will be specified in the mortgage offer will usually be about £150 plus VAT.

Other Disbursements (costs we have to pay on your behalf)

There is a bank fee for a telegraphic transfer to the seller’s solicitors on completion day. The fee for this is £30 plus VAT.

There are also Land Registry searches and you should allow about £10 for these.

If you are buying a leasehold property you will need to pay a fee to the freeholder for registering you and your mortgage and the fee for this is usually between £20 and £50 but can be more. You may also need to allow for paying service charges in advance, if applicable.

Summary

We do not provide a fixed fee service but in the majority of transactions our final costs are as quoted. If any extra costs are incurred you will be notified at the time and given an explanation as to why these costs are necessary and if possible given advice on how to keep these fees to a minimum.

If you would like a full quotation please telephone us on 020 8943 4004 or send an email giving us the purchase price of the property and its full address.

Please email info@clayandco.co.uk for more information.