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Buying house - what legal costs can I expect to pay?
djleekee
Posts: 171 Forumite
I have just purchased a flat for in over £130k and have now had a quote through from the estate agents detailing what I have to pay out for all the legal stuff.
The quote they gave me over the phone sounded reasonable at £249 but then a longer list appeared with everything that I do actually have to pay. The £249 was just their fee!
Here is a list of what has been sent and could you tell me whether is it reasonable and correct?
Professional Fee £249.00
No move, no fee. Our standard fee of £399.00 has been discounted by £150.00
Leasehold Supplement £150.00
Additional cost associated with the legal work required for a leasehold property is applicable in the Professional Fee.
Disbursements
Professional Search Package (inclusive of V.A.T.) £249.00
Enquiries must be made with the Local Authority on planning permissions, planned roads etc. Additionally, searches must be made with respect of water, drainage and environmental matters. Additional specialist searches may be required depending on your property location (e.g. mining, brine, etc.) Your conveyancer will advise if these are applicable.
Bankruptcy Search Fee (V.A.T. Exempt) £6.00
The Bankruptcy Search is carried out by the conveyancer on behalf of the lender to check for bankruptcy against each individual.
Land Charges Search (V.A.T. Exempt) £6.00
Checks need to be made with the Land Registry to ensure there are no outstanding charges on the property.
Other Fees
Acting for Lender £115.00
Fee applied if your conveyancer is acting for your mortgage lender - only applicable if you are purchasing with a mortgage.
Telegraphic Transfer Fee £39.00
When funds are transferred to the vendors solicitors or to transfer any balance of proceeds to your bank, a telegraphic transfer fee is incurred for each transfer.
Stamp Duty Land Tax Return Preparation £75.00
Your conveyancer is required to submit a Stamp Duty Land Tax return form on your behalf.
Sub Total £889.00
Total VAT £109.92
Total (inclusive of professional fee, disbursements and other fees) £998.92
Government Charges
Charges will be made by the government in relation to you purchase. These are detailed below and should be included when you are budgeting for your move.
Land Registry Charges (V.A.T. Exempt) £150.00
The charge raised by the HM Land Registry to register the change of ownership. The fee varies with the purchase price.
Stamp Duty Land (V.A.T. Exempt) £1,335.00
Percentage of the purchase price. A Government purchase tax on most residential property over £125,000. Stamp duty may not be payable in the area where you are buying. Please visit https://www.inlandrevenue.gov.uk/so for a list of exempt regions or await clarification from your conveyancer.
Many Thanks
Lee
The quote they gave me over the phone sounded reasonable at £249 but then a longer list appeared with everything that I do actually have to pay. The £249 was just their fee!
Here is a list of what has been sent and could you tell me whether is it reasonable and correct?
Professional Fee £249.00
No move, no fee. Our standard fee of £399.00 has been discounted by £150.00
Leasehold Supplement £150.00
Additional cost associated with the legal work required for a leasehold property is applicable in the Professional Fee.
Disbursements
Professional Search Package (inclusive of V.A.T.) £249.00
Enquiries must be made with the Local Authority on planning permissions, planned roads etc. Additionally, searches must be made with respect of water, drainage and environmental matters. Additional specialist searches may be required depending on your property location (e.g. mining, brine, etc.) Your conveyancer will advise if these are applicable.
Bankruptcy Search Fee (V.A.T. Exempt) £6.00
The Bankruptcy Search is carried out by the conveyancer on behalf of the lender to check for bankruptcy against each individual.
Land Charges Search (V.A.T. Exempt) £6.00
Checks need to be made with the Land Registry to ensure there are no outstanding charges on the property.
Other Fees
Acting for Lender £115.00
Fee applied if your conveyancer is acting for your mortgage lender - only applicable if you are purchasing with a mortgage.
Telegraphic Transfer Fee £39.00
When funds are transferred to the vendors solicitors or to transfer any balance of proceeds to your bank, a telegraphic transfer fee is incurred for each transfer.
Stamp Duty Land Tax Return Preparation £75.00
Your conveyancer is required to submit a Stamp Duty Land Tax return form on your behalf.
Sub Total £889.00
Total VAT £109.92
Total (inclusive of professional fee, disbursements and other fees) £998.92
Government Charges
Charges will be made by the government in relation to you purchase. These are detailed below and should be included when you are budgeting for your move.
Land Registry Charges (V.A.T. Exempt) £150.00
The charge raised by the HM Land Registry to register the change of ownership. The fee varies with the purchase price.
Stamp Duty Land (V.A.T. Exempt) £1,335.00
Percentage of the purchase price. A Government purchase tax on most residential property over £125,000. Stamp duty may not be payable in the area where you are buying. Please visit https://www.inlandrevenue.gov.uk/so for a list of exempt regions or await clarification from your conveyancer.
Many Thanks
Lee
:: Lee ::
0
Comments
-
I take it you mean you got this from your solicitor not your estate agent? With regards to the prices, it all looks about right. If anything the solicitors fees are lower than average so you've got yourself a bargain!
That's certainly less than I am paying! 0 -
It doesn't look unreasonable to meAnnual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0
-
Looks like you've got a bargain there. I paid about double that, last time0
-
Ah cool - thanks for your comments. I feel a bit better now as I felt like it was quite expensive when I originally got the figures from the Estate Agents recommended Solicitors! (Sorry for the confusion)
Right I havent got a clue what happens next....I suppose I better start looking for a mortgage!:: Lee ::0
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