Freehold Residential Purchase

How long will my house purchase take?

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 6 -12 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 new build property with a mortgage in principle, much will depend upon the developer.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:

• Take your instructions 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
• Obtain further planning documentation if required
• Make any necessary enquiries of seller's solicitor
• Give you advice on all documents and information received
• Go through conditions of mortgage offer with you
• Send final contract to you for signature
• 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 you
• Complete purchase
• Deal with payment of Stamp Duty/Land Tax
• Deal with application for registration at Land Registry

How much will it cost?

Our fees 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 (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.  The fee for preparing your Stamp Duty Land Tax Return Form is included.

Fees can vary from property to property and sometimes can be greater than the figures quoted below.  Once we have seen your property documents we can give you an accurate figure.

Our typical conveyancing fees range from £995.00 plus VAT at 20% (Total £1,194.00) where the purchase price is up to £200,000 and up to £1,650.00 plus VAT at 20% (Total £1,980.00) where the property is valued at under £1,000,000.  We do not accept instructions on properties valued at over £1,000,000.

In addition to the legal fees, you will also have additional costs to pay, known as “disbursements”. These are costs related to your purchase that are payable to third parties. Typically, they include, but are not limited to:

• Search fees £234.90* (based upon Local Authority Search, Drainage & Water Search and Environmental Search – price as at Sept 2024 for YO43 postcodes)
• HM Land Registry fee – based upon purchase price and the fee charged by HM Land Registry.  This figure can be obtained from the HM Land Registry website
• Electronic money transfer fee estimated at £17.00 per transaction
• Pre Completion Searches estimated at £10.00

If we assume a purchase price of £250,000.00 for one person our typical fees would be:

Legal Fees

• Solicitors Costs                         £1,100.00
• VAT on Solicitors Costs @ 20%   £220.00

Disbursements

• Pre-completion Searches               £3.00
• Land Registry fee                         £150.00
• CHAPS Bank Transfer                     £17.00
• Searches                                       £234.90*

 *Estimates can vary depending upon particular circumstances.

Please understand there may well be additional disbursements that we cannot predict.  If there are other fees to pay we will inform you. Disbursements are quoted inclusive of VAT if applicable.

All Residential Conveyancing matters at Wise Solicitors are handled by Simon Wise, Solicitor.  Simon qualified as a Solicitor in 2003.

Stamp Duty or Land Tax (on purchase)

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