BUYING A PROPERTY: When you are buying a property there are a number of costs involved as follows:

Conveyancer’s / Solicitor’s Fee: Your conveyancer / solicitor will estimate a fee for carrying out the legal work necessary for you to be able to buy your new property. They will need to charge VAT (currently 20%) on top of the fee that they give you.

Stamp Duty Land Tax (SDLT): SDLT is a progressive tax on the purchase price of a property. More information on how this is calculated can be found here.

Expenses (or Disbursements): When you are buying a property there are a number of searches and checks that your conveyancer / solicitor must carry out on your behalf and following completion they will need to register your ownership at the Land Registry, for which the Land Registry will charge a fee. Your conveyancer / solicitor will charge you whatever they have to pay (these are usually called expenses or disbursements) to carry out these checks and to register your ownership, so these expenses will generally be the same whichever conveyancer / solicitor you choose to work with. We ask our clients to pay in advance for these expenses; this is standard practice. Click here for more detailed information on your purchase expenses.

Any Necessary Additional Work: Occasionally, additional work of a non routine nature may be required, such as:

  • Lease Extension
  • Attending to first registration
  • Drafting a deed of postponement
  • Drafting a declaration of trust
  • Drafting a statutory declaration

Should any of these items of work be needed we will advise you of the impact on costs and expenses.

SELLING A PROPERTY: When you are selling a property the costs involved include:

Estate Agent’s fee: These are usually charged at a percentage rate of the final sale price of your property. You will need to agree that rate with your estate agents at the outset.

Conveyancer’s / Solicitor’s fee: Your conveyancer / solicitor will estimate a fee for carrying out the legal work necessary for you to be able to sell your existing property. They will need to charge VAT (currently 20%) on top of the fee that they give you.

Expenses (or Disbursements): When you are selling a property there are a few expenses that may be incurred. For more information on these click here.

Any Necessary Additional Work: Occasionally, additional work of a non routine nature may be required such as:

  • Drafting a statutory declaration
  • Attending to removal of second legal charge
  • Attending to removal of further charges / cautions

Should any of these items of work be needed we will advise you of the impact on costs and expenses.

AN INITIAL ESTIMATE OF COSTS : We will give you an estimate of all your costs, including SDLT and Expenses, at the beginning of the process, so you will know what everything is likely to cost and what we will need paying for in advance. If a sale or purchase does not complete then the fee we will charge will depend on the amount of work which we have carried out at the time the transaction becomes abortive. We will discuss this with you.

We have put together a Guide to Moving Home, a PDF copy of which you can download by clicking here. The Guide covers everything you need to know about the buying and selling process. Alternatively contact us here or email movinghome@tsplegal.com to request your free, no obligation, quotation.