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email: info@seymourluke.com

 

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Seymour Luke Licensed Conveyancers

Legal Costs

We have set out below what our typical legal costs would be for a freehold sale, a freehold purchase, a leasehold sale and a leasehold purchase. We have also detailed below any additional costs and payments applicable to a conveyancing transaction with an explanation of the cost incurred.

Please note that all conveyancing transactions are different and the costs applicable may vary depending on the nature of the transaction and the sale or purchase price. Please contact us for a fully detailed and no obligation formal estimate of costs in relation to your specific transaction.

The costs and disbursements (costs payable to third parties) are different in relation to the purchase of new-build (off-plan) property. Please feel free to contact us for a formal estimate of costs based on your specific purchase or if you would like to discuss your purchase with us and simply require some advice.

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Typical Legal Costs

Freehold Sale at £250,000

Legal Costs
Bank Transfer Admin Fee
E-Conveyancing Fee
E-Identification Check
Digital Archive Fee
Office copy entries
Land Registry Filed Plan
Vat on Legal Costs

Total Cost

 

£650
£40
£25
£10
£20
£3
£3
£149

£900

Freehold Purchase at £250,000

Legal Costs
Bank Transfer Admin Fee
SDLT Compliance Costs
E-Conveyancing Fee
E-Identification Check
Digital Archive Fee
Local Authority Search
Environmental & Drainage
Lawyer Checker admin
LR Registration fee
Vat on Legal Costs

Total Cost

 

£750
£40
£75
£25
£10
£20
£84
£69
£15
£135
£187

£1410

HMRC Stamp Duty Land Tax Calculator
Your purchase will in all probability incur the requirement to pay Stamp Duty Land Tax (SDLT). This is based on the purchase price as well as your personal circumstances. If you have never owned a property anywhere in the world (either jointly or in your sole name) you can claim First Time Buyer Relief. If you are able to claim First Time Buyer relief then you would pay no stamp duty land tax on a purchase price up to £300,000. If the purchase exceeds £300,000 then you would only pay stamp duty land tax on the part of the purchase price in excess of £300,000.

You will pay a higher rate of stamp duty land tax if you are purchasing the property but own other property unless you are simultaneously replacing your ‘main residence’. There are rules in place where you will be able to pay the lower rate if you have recently sold your ‘main residence’. There is also the availability to claim the difference between the lower rate and the higher rate if you purchase the property and pay the higher rate but then within a defined period subsequently sell your previous ‘main residence’. Please feel free to contact us and we will be happy to discuss the issue of stamp duty land tax with you and to provide you with a formal estimate of costs based on your specific purchase and circumstances. Please log on from here to the HMRC stamp duty land tax calculator: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
 

Leasehold Sale at £250,000

Legal Costs
Bank Transfer Admin Fee
E-Conveyancing Fee
E-Identification Check
Digital Archive Fee
Office copy entries
Land Registry Filed Plan
Vat on Legal Costs

Total Cost

 

£750
£40
£25
£10
£20
£3
£3
£169

£1,020

In addition to the above you will all in likelihood be required to provide a leasehold sellers pack from the Management Company or Managing Agents. The pack will provide a completed LPE1 (pre-printed leasehold enquiries), service charge accounts from previous years, service charge budgets, details of the Buildings insurance and details of any planned maintenance works. The costs for providing this pack can vary between Management companies and Managing agents but range from £150 to £300. If you obtain a formal estimate of costs from us then we may be able to confirm the cost of the pack at the outset if it is a development that we are familiar with.

Leasehold Purchase at £250,000

Legal Costs
Bank Transfer Admin Fee
SDLT Compliance Costs
E-Conveyancing Fee
E-Identification Check
Digital Archive Fee
Local Authority Search
Environmental & Drainage
Lawyer Checker admin
LR Registration fee
Vat on Legal Costs

Total Cost

 

£850
£40
£75
£25
£10
£20
£84
£69
£15
£135
£207

£1,530

In addition to the above there will be various requirements detailed within the lease which must be complied with. These include serving notice on the Management Company or Managing Agents for the leasehold company and notices on the Freeholders Managing Agents. There will be a fee payable to the Management Company / Managing Agents which must be provided with the notices.

The lease may also require that you (as the new buyer) enter in to a deed of covenant (your legal agreement to be bound by the terms of the lease). If required the deed of covenant will need to be served on the Management Company or Managing Agents with their fee for dealing with the same.

The lease may state that the property cannot be registered without a certificate of compliance from the Management Company / Managing Agents confirming that you (as the new buyer) have complied with certain clauses within the lease. This is usually that you have entered in to a deed of covenant. Again, there are fees charged by the Management Company / Managing Agents for providing the certificate of compliance.

We do not charge any extra for drafting, dealing with or serving these documents as the costs are built in to our legal costs but the fees payable to the Management Company / Managing Agents cannot be avoided. The costs will be detailed within the LPE1 provided with the leasehold sellers pack provided during the conveyancing process. We may be able to give you an indication on the likely costs at the outset of the transaction if we are familiar with the development in which you are purchasing.

Stamp Duty Land Tax – please see the notes above which are also applicable for leasehold purchases.

The Legal Jargon

Bank Transfer Administration Fee

We charge an administration charge to deal with the recording off the funds received and to be transferred and the costs incurred by our own bank for sending payments. 

E-Conveyancing Fee

This is an administration charge in relation to the utilisation and availability of our case management system provided by Redbrick Solutions. This includes the costs we incur for each transaction input on to the system. This provides on-line access which allows you to access the details and updates of your transaction from anywhere in the world at any time but also provides you with updates at each milestone of the process and lets you know instantly when searches have been received and reviewed, when you mortgage offer is received and when contracts are ready for your signature.

E-Identification Check

We undertake electronic identification checks to ensure that our clients who instruct us are who they purport to be. We consider this to be extremely important and essential in these times of growing fraudulent and criminal activity, particularly in relation to the risk associated with identity fraud and money laundering.

Digital Archive Fee

This is an administration charge so we can indefinitely store important deeds and documents which may be required at some future date.

Office Copy Entries.

These are publicly held documents held by The Land Registry and detail the address of the property, any mortgages registered against the property and all legal title matters including any rights granted for the benefit of the property or rights reserved over the property for the benefit of others, such as neighbouring property owners or occupiers. These need to be provided to the buyers solicitors at the outset of the transaction to provide that you own the property and to disclose any matters that affect the property being sold.

The Filed plan

This is the plan recorded and held at The Land Registry as being the official plan to the property showing the property and up to the boundaries of the property. We are required to obtain these as updated documents from The Land registry at the outset of a sale.

Local Authority Search

This search is compulsory if you are purchasing a property with the benefit of a mortgage. The search will confirm the planning and Building Regulations history of the property being purchase, detail any financial charges or enforcement notices, whether the property is a Listed Building or located within a Conservation Area and many other matters.

Environmental Search

This search is compulsory if you are purchasing a property with the benefit of a mortgage. The search will confirm whether the land is deemed to be free from contaminated land issues, the minimum requirement for lending purposes. The search will also reveal for information such matters as flooding, air quality, nearby contaminated or industrial land, nearly phone masts, ground stability and nearly energy and infrastructure.

Water & Drainage Search

This search is compulsory if you are purchasing a property with the benefit of a mortgage. The search confirms amongst other things that foul drainage and surface water are connected to adopted sewers, whether there are any drainage within the boundaries of the property, whether water supply is charged by measurement of usage (meter) or ratable value and the location of the nearest treatment Centre.

Lawyer Checker

We always undertake a lawyer checker search against the bank details given by the sellers solicitors before we send any client money. The search verifies the sellers solicitors bank details and confirms that other firms have used the lawyer checker search report previously and on what dates. This enables us to ensure that the bank details are legitimate before sending client money. This is extremely important in ensuring the safety of client money in these increased times of fraud and criminal activity.

Land registry Registration Fee

This is the fee charged by The Land Registry for registering the transfer of the property in to the new buyers names. The fee is based on a sliding scale dependent on the purchase price of the property. Please feel free to contact us for a formal estimate of costs based on the property you are planning to purchase.

Stamp Duty Land Tax Compliance Costs

Even if a purchase does not result in the requirement for the payment of stamp duty land tax (because of first time buyer relief for example) there is still a requirement to submit a Stamp Duty Land Tax Transaction Return to HMRC. The form must accurately reflect the details of the parties, the property and the purchase price along with details from the lease if leasehold property. The return must be submitted on-line and the appropriate stamp duty land tax paid within 14 days of completion otherwise HMRC will issue a fine for late submission and payment. We will submit the return on-line on your behalf and make the payment within the required timescale provided you authorize us to do so and make the payment of the stamp duty land due with the balance completion monies.
 

 

OUR COMMITMENT

Seymour Luke are committed to providing excellent levels of service and communication with a friendly approach

CLC Recognised body number - 505693.


VAT Number - 116 503 152
Company Registration Number - 6848916
Director(s) - Philip Luke - Solicitor & licensed conveyancer

 

Seymour Luke Licensed Conveyancers