Buying and Selling Property Costs

Property matters are dealt with by Julian Stern, a solicitor who has been qualified since 2008. Julian oversees residential purchases and sales.

The conveyancing services offered deal with providing advice regarding leasehold and freehold properties. The costs vary according to the amount of work involved as well as the price of the property concerned. As more time is required to act in leasehold property matters, the fees charged will be higher than those charged for work undertaken dealing with freehold property.

When acting for a buyer of a flat, which has a leasehold element, we have to obtain a significant amount of information regarding the management, service charges ground rent etc of the flat or maisonette being purchased. In a typical leasehold matter, our firmís fees will be £900.00 plus VAT, plus additional expenses, whilst the fees for a freehold property will be £800.00 plus VAT plus additional expenses.

Our firmís hourly rate is £240.00 plus VAT. Should a matter attract additional time required that is not foreseen at the start of an instruction, the firm may charge additional costs, based upon our hourly rate for the extra time spent. If additional costs are envisaged, we speak to our clients first before such additional costs are incurred, to advise them and make them aware enabling our clients to plan accordingly.

Additional expenses you will need to pay when buying a property include
Search fees
(local authority, environmental, and water &drainage)
Approx: £250.00
Bankruptcy search£2.00
Priority search£3.00
HM Land Registry registration fee(usually around £135.00, but depends upon the purchase price)
Stamp Duty Land Tax(Dependent upon purchase price)
Telegraphic transfer fee£37.00 plus VAT for each transfer
Notice fees (when buying a flat / maisonette)Usually around £80.00 per notice
(a separate notice fee is incurred for a mortgage and a transfer of the property)

Additional expenses you will need to pay when selling a property include
Land Registry official copy entriesUsually between £6.00 and £12.00
Bankruptcy search£2.00
Telegraphic transfer fee£37.00 plus VAT for each transfer
Management sales pack on leasehold salesUsually between £240.00 to £400.00
Estate agent feesThe estate agent will agree†their fee with the Seller
before a buyer for the property is found