Personal Law > Residential property > Freehold Purchase

Freehold Purchase

Our costs are dependent on the property value and the complexity of the transaction.

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Our fees cover all of the work* required to complete the purchase of your new home including dealing with the registration at the Land Registry, dealing with the Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales and acting for your mortgage lender if required and if we are on their panel. CLICK HERE to view our range of fees.

* Stamp Duty – Stamp Duty depends on the purchase price of the property.  Higher Rate Stamp duty is also payable on 2nd homes over the price of £40,000.00.  A calculator for stamp duty fees can be found at https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if the property is located in Wales by using the Welsh Revenue Authority’s website. 

* Land Registry – Our estimate is based on the property being registered and registration being available on the online portal.  A calculator for Land Registry fees can be found at http://landregistry.data.gov.uk/fees-calculator.html

DISBURSEMENTS – these are costs related to your matter that are payable to third parties such as Land Registry fees.  We will handle payment of these on your behalf to ensure a smoother process.   The most common disbursements are included in our quote. However, this is not an exhaustive list and will vary.  We will update you on specific fees once we become aware of them.

 

REFERAL FEES – on some transactions a referral fee will be payable to the party who has referred you to us.  This will be deducted from our fees and will be of no additional cost to you. 

*Our fees assume that:

  1. This is a standard transaction and no unforeseen matters arise including for example (but not limited to):

    1. a defect in title which requires remedying prior to completion 

    2. part of the property being unregistered

    3. building regulations or planning permissions having not been obtained; 

    4. crucial documents we have requested from you not being provided; or 

    5. a requirement for the preparation of additional documents ancillary to the main transaction. 

  2. The transaction is concluded in a timely manner and no unforeseen complications arise.

  3. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.

  4. No indemnity policies are required.  Additional disbursements may apply if indemnity policies are required. 

Stages of the Process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have listed some key stages that the fees quoted in the table below will include:

  • Take your instructions and give you initial advice

  • Check finances are in place to fund the purchase and contact the lenders solicitors if needed

  • We request a payment on account of £350.

  • Receive and advise on contract documentation

  • Carry out searches

  • Obtain further planning documentation if required

  • Make any necessary enquiries of the sellers solicitors

  • Give you advice on all documents and information received

  • Go through the conditions of your mortgage offer with you

  • Send final contract documentation to you for signing

  • Draft the Transfer

  • Advise you on joint ownership

  • Obtain pre-completion searches

  • Agree a 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 the lender and you

  • Complete the purchase

    After completion

  • Deal with the payment of Stamp Duty Land Tax

  • Deal with the application for registration at the Land Registry

The Legal Choices Webpage gives further information regarding the house buying and selling process 

https://www.legalchoices.org.uk/legal-choices/got-a-legal-issue/houses/im-buying-or-selling-a-house/

TESTIMONIAL

"Foys have been amazing yet again for our house move, they have helped us move 3 times in the last 3 years and I wouldn’t trust anyone else to do it for us. "

Birch

Frequently Asked Questions

How long it will take from your offer being accepted until you can move into your new house will depend on a number of factors. An average transaction of this type usually takes around 8-10 weeks to complete.  However, we must be satisfied with the title, any searches and replies to enquiries.  If there is a lender, we must also hold a mortgage offer and have satisfied all their requirements before we will proceed to exchange of Contracts.  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 14-16 weeks.   

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