The conveyancing work is undertaken by Savvas Panayiodou, and you may call him throughout the transaction to discuss your case. Savvas Panayiodou has over 30 years’ experience of residential conveyancing both for freehold houses and leasehold flats forming part of a small converted house through to a flat in a high rise building consisting of twenty or more flats. Southgate & Co is accredited as part of the Law Society’s Conveyancing Quality Scheme. The scheme is designed to improve transparency of transactions, raise service levels and provide better communication and a more efficient process.
Purchase Residential Freehold Property Information FeesOur 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.
Our fees are as followsPurchase Price of
Residential Freehold House
Price up to £1,000,000.00The purchase of a residential freehold house at a price above £1,000,000.00 will be based at 0.15% of the purchase price plus VAT at 20%.
For Example,
Residential House
Search Fee (estimate) £500.00
HM Land Registry Fee
this depends on the urchase price of the property and can be between £20.00 through to £500.00
Assuming the purchase of a residential house for £900.000.00
The estimated total (excluding Stamp Duty or Land Tax) will be as follows
Our Legal fees £1,500.00
VAT £300.00
Disbursements Estimate £500.00
HM Land Registry fee £295.00
Total £2,595.00
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
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.
The Estimated Stamp Duty of a freehold house for £900,000.00 may be £32,500 but this will vary as the Government of the day introduces new threshold.
Estimated Total including Stamp Duty is ( £2595.00 plus £32,500) = £35,095.00
How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between eight to ten 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, it could take 20 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 5 and 7 months. In such, a situation additional charges would apply.
What legal work will you be doing for me?Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, typically in a property purchase the following stages will be applicable:
Our fees cover all 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 is in Wales.
Our fees are as followsPurchase Price of
Leasehold Property
Price up to £1000,000.00
The purchase of a residential leasehold property at a price above £1,000,000.00 will be based at 0.15% of the purchase price plus £300.00 plus VAT at 20%.
For Example,
Residential Leasehold Property
Purchase price £2,000,000.00
£2,000,000.00 x 0.15%
Estimated total: £1,100.00
DisbursementsDisbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller's solicitors.
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.
Grand total Estimate excluding Stamp Duty Land Tax £5,060.00
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below are some key stages that you may wish to include:
How long it will take from your offer being accepted until you can move in to your home will depend on a number of factors. The average process takes between 8 -10 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, it could take 12 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 4 months. In such, a situation additional charges would apply.
* Our fee assumes that:
Sale of Freehold Property
Price up to £1000,000.00
Sale of Leasehold Property
Price up to £1000,000.00
The sale whether freehold or leasehold is at a price above £1000,000.00 the fee will be based at 0.15% of the sale price plus VAT at 20%.
For Example,
Residential Sale Leasehold Property
Sale price £2,000,000.00
£2,000,000.00 x 0.15%
Copy Title Deeds £15.00
Enquiries of Landlord
Managing Agent (estimate)
(if Leasehold) £150.00 -£300.00
Licence to assign if leasehold £150.00 -£300.00
The precise stages involved in the sale of a residential property vary according to the circumstances. However, typically in a property sale the following stages will be applicable: