Our quote for the legal work on your residential property purchase will be given on a fixed fee basis, subject to assumptions which are set out below. All legal fees and additional costs quoted on this page include VAT (at the current rate of 20%) where applicable.
The quote that we give you will be based on your individual circumstances and will depend on the specifics of your particular purchase. It will include all of the work needed to purchase your property whether freehold, leasehold, and if you are purchasing with the aid of a mortgage. We will let you know if there is anything that we will need paying for in advance. Once we are ready to complete on your purchase, we will send you a completion statement. If there is an outstanding balance to be paid on the statement this will need to be settled before we can complete your purchase.
TSP legal fees for your Residential Property Purchase: Between January 2023 and June 2023, our VAT inclusive fixed fees for a typical residential property purchase range from £1,106 for a simple transaction to around £2,402 for a more complex purchase. These figures may vary in cases with special complications. Our average VAT inclusive fee was £1,637. 48% of our enquiries received a quote between £1,500 and £1,800.
We are required by law to verify our client’s identity and also a number of other types of individual such as executors for example. We will charge £10 plus VAT (£12 in total) per individual / UK Company that we check. Where a company is located overseas the charge will be £35 plus VAT (£42 in total). More information on the types of individuals we are required to check can be found in our Terms of Business.
We will charge you a VAT inclusive Bank Telegraphic Transfer fee (TT), per transfer, of £36. For a purchase transaction there will usually be at least one charge when we send your purchase money to the seller’s solicitor. If you are purchasing a new build property with the aid of the Help to Buy Scheme we will quote an additional fee to complete the necessary administration of the scheme.
In addition to our fixed fee for the legal work you may also incur the costs shown in the table below. These additional costs are incurred by TSP when buying goods or services on your behalf. They are payable to third parties. We will pass this charge onto you, including VAT, where applicable. More detailed information on these costs can be found here and in the Glossary below.
|SDLT: Based on a property of £350,000||Freehold||Leasehold||Includes VAT?||£ to pay|
|If you are a first time property owner||Yes||Yes||N/A||£0.00|
|If you are not a first time property owner, but currently own no property||Yes||Yes||N/A||£5,000|
|If you are selling your current property to purchase another which will be your main and only residence||Yes||Yes||N/A||£5,000|
|If you already own another property or properties which you are not selling||Yes||Yes||N/A||£15,500|
The worked examples assume yours is a purchase by an individual rather than a Company and that you do not qualify as Non-Residents of the UK for the purposes of the Stamp Duty Land Tax Regulations.
In our FAQ section, which you can access by clicking the yellow FAQ tab above related people and related guides below, you will find important information on
- Key stages in your residential property purchase
- Key assumptions about the cost of your residential property purchase
- Key exclusions from the cost of your residential property purchase
- How long will your residential property purchase take?
Your case will be handled by Lawyers in our Residential Property team whose details can be found in related people below. Team Leader, Richard Broadhead, supervises the work of all of the lawyers in the Residential Property Team. Please read each profile for information on their experience and contact your preferred lawyer who will provide you with a quote tailored to your particular needs.