Our costs – Residential Property Purchase

What does our service include?

What does our service include?

Our services cover all of 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 (SDLT) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

The precise stages involved in a residential property purchase vary according to the circumstances. For example our service typically includes:

  • Take your instructions and give you initial advice
  • Check finances are in place to fund the purchase
  • Receive and advise on contract documents
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of the seller’s Solicitor
  • Give you advice on all documents and information received
  • Go through conditions of your mortgage offer with you
  • Send final contract to you for signature
  • Agree completion date (date from which you own the property)
  • Exchange contracts
  • Arrange for all monies needed to be received from lender and you
  • Complete purchase
  • Deal with payment of SDLT
  • Deal with application for registration at the Land Registry

How long will your purchase take?

How long it will take from your offer being accepted until you can move in to your new house will depend on a number of factors. The average standard transaction takes between 10 and 12 weeks. Examples of a non standard transaction may include:

  • New build properties
  • Leasehold properties
  • Unregistered properties

Other factors which may delay your purchase may include other people in your chain and the lender.

 

Who will act on your behalf?

Your matter will be undertaken by a member of our Residential Conveyancing team. You can view their profile pages by visiting our Meet the Team page. We welcome your request for a specific member of the Residential Conveyancing team to act on your behalf but please note this may not always be possible i.e. we may decide another Solicitor has more appropriate skills for your matter.

 

How will your matter be supervised?

All of our Residential Conveyancing matters are supervised by Karmen Waldron who is our Residential Conveyancing Director. View Karmen’s profile page.

 

How much will we charge you?

We will charge you a fixed fee based upon your transaction. We will assess this with you at the beginning of the matter based upon the below guidance:

Our Legal Fees

Our Fee is based on the Property Value:

Up to £150,000  Our total fee inc. VAT: £600 to £720 Total ex. VAT: £500-£600

£150,001 to £375,000  Our total fee inc. VAT: £690 to £870 Total ex. VAT: £575-£725

£375,001 to £500,000  Our total fee inc. VAT: £780 to £990 Total ex. VAT: £650-£825

£500,000 to £600,000  Our total fee inc. VAT: £990 to £1,230 Total ex. VAT: £825-£1025

£600,001 to £750,000  Our total fee inc. VAT: £1,050 to £1,320 Total ex. VAT: £875-£1100

£750,001 to £1,000,000  Our total fee inc. VAT: £1,290 to £1,590 Total ex. VAT: £1075-£1325

Over £1,000,000  Our total fee inc. VAT: By agreement

 

You will also be required to pay Fees for the following:

ID administration fee, if you are not already an existing client  Total inc. VAT: £12 Total ex. VAT: £10

SDLT administration fee if we are undertaking your SDLT return on your behalf Total inc. VAT: £90 Total ex. VAT: £75

Bank transfer fee for a three day payment using BACs Total inc. VAT: £24 Total ex. VAT: £20

Bank transfer fee for a same day payment using CHAPs Total inc. VAT: £48 Total ex. VAT: £40

 

Additional fees may be charged if your matter involves:

A Leasehold Property Total inc. VAT: £300 Total ex. VAT: £250

A Shared Ownership Leasehold Fee Total inc. VAT: £450 Total ex. VAT: £375

Help to Buy Shared Equity Total inc. VAT: £300 Total ex. VAT: £250

Help to Buy ISA Total inc. VAT: £60 Total ex. VAT: £50

Us liaising with your lender Total inc. VAT: £24 to £180 Total ex. VAT: £20-£150

Us organising Indemnity Insurance Policy Total inc. VAT: £36 Total ex. VAT: £30

Lawyer Check Total inc. VAT:  £12 Total ex. VAT: £10

Drafting additional deeds or other documents required e.g. a Deed of Variation  By agreement 

What will we pay to third parties on your behalf?

In the majority of purchases we expect to pay the below third party expenses on your behalf. It is important you note we do not make any money from these payments.

Third Party Payments

SDLT can be calculated here  Dependent VAT FREE

Search fees to check legal elements of the property you are purchasing e.g. if the property is connected to a highway  Approximately £360

Land Registry fee to register the property in your name  £95 VAT FREE

Legal Marketing Services if used by your chosen bank  £10 VAT FREE

Will we pay referral fees for you instructing us?

Certain work introducers, such as Estate Agents, have agreed a referral fee with the firm. This means we make a payment to the referrer, the amounts by referrer are outlined below. It is important to note you only pay our Legal Fees and we in turn pay the below amounts from our Legal Fees.

Referrer Fee

We pay the following fees if they introduce you to us:

Adkins  Total ex. VAT: £175

Andrews Fine and Country Total ex. VAT: £175

Besley Hill Total ex. VAT: £100

Hunters Total ex. VAT: £100

Move with Us Total ex. VAT: £200 to £425

Parkers Total ex. VAT: £150

Peter Joy Total ex. VAT: £100

Naylor Powell Total ex. VAT: £150

What happens if your matter becomes abortive?

We charge all clients an abortive fee dependent on the percentage of the work we have completed (i.e. we will charge 75% of the fee if we have completed 75% of the work) plus any third party payments incurred on your behalf.

Meet the WSP team

Meet the team

Sarah Ely Residential Conveyancer Gloucester

Sarah Ely

Conveyancer

Gloucester Office

Jessica Inkpen Conveyancer Stroud

Jessica Inkpen

Conveyancer

Stroud Office

Lucy McCallum Residential Property Associate Solicitor Stroud

Lucy McCallum

Associate Solicitor | Deputy Head of Residential Conveyancing

Stroud Office

Sue Taylor, Associate Conveyancer and Conveyancing Manager at WSP Solicitors Stroud

Sue Taylor

Associate Conveyancing Manager

Stroud Office

Karmen Waldron Residential Conveyancing Director Gloucester

Karmen Waldron

Director | Head of Residential Conveyancing

Gloucester Office

Amanda Ward, Dursley Conveyancer at WSP Solicitors

Amanda Ward

Conveyancer

Dursley Office

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