Fee Guidlines
Price Range:
£750 plus £150 VAT
Prices vary along with client requirements.
On average our legal fees for a house sale at OJN Solicitors range from £750 plus £150 VAT for a simple transaction to £2,500 plus £500 VAT for a more complicated transaction.
We can also charge for the following as additional legal fees: ID verification £12 plus £2.40 VAT per name, File administration Fee £50 plus £10 VAT.
Our legal fees for a typical house purchase at an average house price * range from £855 plus £171 VAT (at 20%) for a simple transaction to £2,575 plus £515 VAT (at 20%) for a more complicated transaction such as, a new build shared ownership property.
We will also charge for the following as additional legal fees: SDLT application £75 plus £15 VAT (at 20%), Land Registry e-lodgement fee £25 plus £5 VAT (at 20%), Archive fee £29 plus £5.80 VAT (at 20%), ID verification £12 plus £2.40 VAT (at 20%) per name, Lawyer check £10 plus £2 VAT (at 20%), Telegraphic Transfer £45 plus £9 VAT (at 20%) for transfer of money to the seller’s conveyancer’, File Set up Fee £50 plus £10 VAT (at 20%)
Additional Fees :
The following examples of additional fees is based on indiviual requirements only.
Mortgage Administration Fee £90 plus £18 VAT
Telegraphic Transfer Fee £40 plus £8 VAT
Redemption of charges Fee £75 plus £15 VAT (for each individual charge)
The examples given above are examples however a higher or lower charge may apply.
We will charge the rate of VAT current at the time of providing you with an estimate.
Disbursements:
We will request payment of disbursements in advance, and fees and any duties must be paid on or before completion.
We will pay out several sums on your behalf, and these will be added to your account.
The cost of disbursements does vary. Sometimes not all are required, and sometimes additional ones are required.
Item
Bank Transfer (per item)
Local Search
HMLR Document, search fees
HMLR registration fees (see below)
Environmental Search
Purchase
Approximate cost
£30.00
£110.00-£140.00
£8.00
£40.00 (average £150.00)
from £35.00
Sale
£30.00
£8.00
Stamp Duty Land Tax:
On a purchase, you must complete an SDLT self assessment form and pay the tax. It is payable at 2% above £125,000, 5% above £250,000, 10% above £925,00 and 12% above £1.5M.
*NOTE - First time buyers purchasing their first home for £300,000 or less will pay no SDLT. Where the purchase price is over £300,000 but does not exceed £500,000 they will pay 5% on the amount above £300,000.
Visit here to calculate your stamp duty
What happens?
There are essentially four stages that are involved in the sale or purchase of land and property on behalf of a client.
The first stage is pre-contract enquiries, the second is exchange of contracts, the third is 'completion' and the fourth is 'post completion' :-
Pre- Contract Enquires:- Having agreed a price for the property, the buyer and seller will thereafter instruct solicitors to act on their behalf. The buyers solicitor will begin an investigation into the land or property which may include valuations and will include relevant searches in the records of various authorities.
Exchange of Contracts: - Once these procedures are complete and the buyers solicitor is satisfied with the enquiries made about the property then contracts will be exchanged with a 10% deposit usually being paid by the buyer, following which both buyer and seller are legally bound to complete the contract of sale. exchange of contracts
Completion: - After further investigations and after the remaining documentation has been dealt with the balance purchase money will be paid to the seller. At this stage the transaction is completed and the new owner of the property or land can assume the legal 'rights of ownership'.
Post Completion: -Thereafter all that remains to be done 'post completion' is for the solicitor to deal with the final aspects of registration of the new owners interest in the land or property.
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