Allen Langoth Solicitors

Price Transparency Conveyancing

What are the typical costs of buying or selling your property?


1. Our Legal fees
2. Disbursements


Disbursements are payments related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process. In many cases, the organisation concerned will only accept payment through a solicitor and will not deal with members of the public. Therefore, these costs are added on top of our legal fees. Some of these costs are fixed or calculated by reference to the purchase price.

The disbursements which you pay will depend upon whether you are buying or selling (or both), whether it is a freehold or leasehold property and also the location and type of property it is.

COSTS BREAKDOWN

We offer fixed fee prices dependent on the price of your property.

There are additional fees likely to be included in our quote if they apply to your transaction, such as:

DISBURSEMENTS

On a sale the main disbursements will be Official Copy Title Entries from Land Registry: £3.60 inc. VAT per document

OTHER COSTS TO REMEMBER

If the property is a Leasehold then there are other disbursements to consider, such as Leasehold Management Pack. This fee is payable when selling a leasehold and starts from £250 + VAT

The other costs to consider relate to paying off your mortgage and if you used an estate agent then their fees are also involved.

Furthermore, if your transaction warrants extra work to be undertaken such as the ones listed below, the following fees are incurred also:

TYPICAL EXAMPLE OF THE COSTS IN A SALE OF FREEHOLD AT £250,000

OTHER CHARGES:

There are additional fees likely to be included in our quote if they apply to your transaction, such as:

DISBURSEMENTS

If you are buying a freehold property, you will normally have to pay the following:

This is not an exhaustive list and other fees may be payable depending upon the type and location of the property. If you are getting a mortgage, the lender will dictate which searches are required. We will be able to explain exactly what is required so you are clear at each step which will avoid any nasty bills at the conclusion of your matter.

STAMP DUTY LAND TAX

When you buy a property, you are required to pay this tax. The amount you pay to the government will depend on the price of your property which can be calculated by going on HMRC’s website.

LEASEHOLD

If you are buying a Leasehold property, the anticipated disbursements may include the following:

How long will my transaction take if buying / selling? The average transaction takes between 8-12 weeks. The process can be quicker or slower, depending; for example, on the number of parties involved in any chain of transactions. If you are a first-time buyer purchasing a new build property in principle, it could take 12-15 weeks. However, if you are buying a leasehold property that requires an extension of the lease this can take significantly longer, between 3 and 6 months. On the other hand, a cash buyer of a vacant property might well be able to achieve completion in a much shorter time. What legal work are we doing for you? This depends on your transaction. In a Sale:
  1. Taking your instructions and giving you advice.
  2. Obtaining evidence of identity and address from you and carrying out Anti Money Laundering searches in accordance with statutory requirement.
  3. Obtaining title documentation from the Land Registry.
  4. Obtaining your instructions on standard form property enquiries.
  5. Preparing draft contract and supporting paperwork and submitting the same to the conveyancer acting for your buyer.
  6. Obtaining your instructions on and responding to supplemental enquires raised by the conveyancer for your buyer.
  7. Agree on completion date.
  8. Obtaining redemption figure from your lender.
  9. Exchanging contracts.
  10. Preparing a completion statement for you setting out the financial aspects of the sale.
  11. Dealing with the completion of the sale.
In a Purchase:
  1. Taking your instructions and giving you advice.
  2. Receiving and perusing title documentation, lease, draft contract and standard enquiry documentation from the conveyancer acting for your seller.
  3. Raising and receiving supplemental enquires arising from the paperwork received.
  4. Applying for standard searches (Local Authority, Water and Environmental) and checking the results.
  5. Receiving and checking a copy of your mortgage offer and complying with your lender’s requirements.
  6. Preparing Stamp Duty Land Tax Return, Transfer Deed and Mortgage Deed.
  7. Agree completion date.
  8. Exchanging contracts.
  9. Reporting to your mortgage lender on the property and obtaining your mortgage advance.
  10. Preparing a completion statement for you setting out the financial aspects of the sale.
  11. Completion purchase.
  12. Registering you purchase and mortgage at the Land Registry.
  13. Deal with payment of Stamp Duty Land Tax.
Who will handle my matter? Your matter will be handled by an experienced member of the conveyancing department. We work with qualified consultant solicitors as well as experienced paralegals. Regardless of who will be handling your case, the person with overall department supervision is Tolu Adeniyi, the Principal solicitor of the firm. Tolu has 10 years + post qualification experience and deals with sales, purchases, transfer of equity including leaseholds and shared ownership matters.
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