Contact us

Purchase of a residential property (Leasehold)

William Bailey Solicitors have secured accreditation to the Law Society’s Conveyancing Quality Scheme which is the mark of conveyancing excellence for the home buying and selling process.

Our aim is always to provide to a high-quality personal service.

Our fee on the purchase of a property will cover all of the work required to complete the purchase of your property, 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 is in Wales.

Our fee will be dependent on the type and value of property being purchased. Therefore, once you have found a property to buy then please telephone/email our office supplying full details of the property in question and we will provide a full breakdown of all the legal fees and expenses involved in your transaction thus allowing you to budget to the very last penny from the very beginning of the transaction.  This service is offered without any obligation

Please note that we do offer service whereby you are able to attend our office to discuss our fees and expenses payable in relation to your particular transaction. This is a free service, and should you wish to take advantage of this service then please contact our office and we will make the necessary arrangements.

Conveyancer’s fees and disbursements

  • Legal fee from £1,100 plus VAT*
  • Electronic money transfer fee £14.40 including VAT
  • HM Land Registry Search fees from £3 – £ 20
  • Local Authority Search fee (variable depending on the Local Authority)

Water Authority Search fee (variable depending on the Water Authority)

*VAT payable at the prevailing rate

In addition to the compulsory local and water authority searches there are several additional optional searches. These additional searches include (but are not limited to) an environmental search, a chancel repair report and a planning search.

We will let you know what searches we believe should be carried out and we will let you know their cost.

The cost of all pre-completion property searches should not exceed £500.

It is our usual practice to carry out searches and enquiries at the earliest opportunity which means we would then be in a position to exchange contracts once you are happy to do so. This will save you a significant amount of time.

Disbursements are costs related to your transaction that are payable to third parties, such as Land Registry fees and the search fees referred to above. We handle the payment of the disbursements on your behalf to ensure a smoother process. Disbursements are not included in our fee range, however, these typically include:

HM Land Registry Registration fee £20 – £910 depending on the transaction.

Notice fees which you may be required to pay to the Landlord/Freeholder under the terms of the lease.

Stamp Duty Land Tax or Land Transaction Tax

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using the HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.

 

Our fee that we quote to you assumes that:

  1. It 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
  2. The purchase does not include a transfer of the freehold title. If a transfer of the freehold title is required, then an additional charge may be made.
  3. The transaction is concluded in a timely manner and no unforeseen complications arise
  4. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  5. No indemnity policies are required. Additional disbursements may apply if indemnity policies are required

 

How long will my purchase take?

This will depend on a number of factors. The average process takes between 6 to 10 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 property from a seller with no related purchase, and a mortgage agreed in principle, it could take 6 weeks. However, if you are buying a property in a long chain this can take significantly longer.

Provided the circumstances allow William Bailey Solicitors can tailor make the service to suit your particular circumstances.

 

Stages of the Process

  • Obtain details of the purchase from you and the estate agents 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
  • Make any necessary enquiries of seller’s solicitor

 

  • Make enquiries of the freeholder; management company or managing agents
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer with you
  • Arrange for you to sign the contract
  • Draft Transfer Deed
  • Advise you on joint ownership
  • Obtain pre-completion Land Registry searches
  • Agree completion date (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 yourself
  • Complete purchase
  • Deal with payment of Stamp Duty Land Tax or Land Transaction Tax
  • Deal with application for registration at Land Registry
  • Forward you completed registered title documents so that you are aware that everything has been finalised

We hope the above is clear. We do encourage contact between ourselves and our clients and therefore if you have any questions or queries regarding any of the above information then please telephone our office on 0208 693 9615 and we shall be only too pleased to assist.