Pricing

Freehold Residential Purchase Pricing

The fees involved in any transaction are important and we review our fees on a regular basis, considering clients’ feedback so we can make sure we always offer the best value for your money.

Again, we typically work on a fixed fee basis, ensuring that you know what the fees will be for your transaction from the outset. If, during the transaction, there is a new development, we will discuss the change in fees with you and agree a way forward.

Our fees are set out as:

Freehold Residential Property

Our fees cover all 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 (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

To calculate the fees and likely disbursements for your specific property, please use our online Calculator found here:

https://www.mfgsolicitors.com/site/services-for-me/property/conveyancing-quote/

Our typical fee for the purchase of a freehold property valued at £350,000.00 would be £895.00 + VAT plus disbursements.

In addition a Bank Transfer Charge of £30.00 + VAT will be payable along with a case management fee of £15.00 + vat

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees (see below) . We handle the payment of the disbursements on your behalf to ensure a smoother process.

These fees may be subject to change if further information relating to your property becomes available.

Stamp Duty Land Tax

This will depend 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 here.

For further information relating to Land Registry fees go to :

https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees

As rough guide see the Table below

                

Purchase Price  

Fee

0 to £80,000

£20

£80,001 to £100,000

£40

£100,001 to £200,000

£95

£200,001 to £500,000

£135

£500,001 to £1,000,000

£270

£1,000,001 and over

£455

You will also incur Search fees, typically £250.00-£300.00 (but they could be more depending on the area).

Exclusions

The Conveyancing Department does not undertake tax advice.

Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.

Factors that may lead to an increase in cost include:

  • If a legal title is defective or part of the property is unregistered
  • If you discover building regulations or planning permission has not been obtained
  • If crucial documents, we have previously requested from you have not been provided to us
  • If the property is a new build
  • If you require to exchange within 6 weeks of instructing us
  • If you require completion within 6 weeks of instructing us
  • If you require simultaneous exchange and completion
  • If Indemnity Insurance policies are required

Time Scales

For any transaction, the timescales are subject to change depending on when your offer is accepted and factors involved such as:

  • Number of parties in the chain
  • Whether you have a mortgage in place
  • Whether you are buying a new build property
  • Whether you need a lease extension for a leasehold property

A typical transaction will take between 8-12 weeks. However, if any of the above apply, or there are other factors we need to take into consideration, it may increase the time by a further 4-6 weeks and additional charges may occur. We will discuss this with you at the earliest opportunity so you always have a clear picture of how long things are likely to take.

Key Stages

With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:

  • Taking your instructions and give initial advice based on the information you have provided
  • Checking finances are in place to fund the purchase and contacting the lender’s solicitors if needed
  • Receiving and advising on contract documents
  • Undertaking searches
  • Obtaining further planning documentation if required
  • Making any necessary enquiries of the seller’s solicitor
  • Providing advice on all documents and information received
  • Advising you of the mortgage offer conditions
  • Finalising contracts and sending to you for signature
  • Agreeing a completion date (the date from which you will legally own the property)
  • Exchanging contracts and notifying you that this has happened
  • Ensuring all monies have been received from you and the lender(s)
  • Completing the purchase
  • Dealing with payment of Stamp Duty/Land Tax
  • Completing and submitting an application for registration at the Land Registry