Muscatt Walker Hayim,
Speen House,
Porter Street,
London,
W1U 6WH
Introduction:
Our Legal Fees encompass all the necessary work needed to finalize the purchase of your new home. This includes managing the registration process at the Land Registry and handling payment of Stamp Duty Land Tax (Stamp Duty) for properties located in England or Land Transaction Tax (Land Tax) for properties situated in Wales.
Legal Fees:
The legal fees refer to the total amount you are obligated to pay for all the work we perform in carrying out your instructions, starting from the beginning of your case until its conclusion.
Please note that the following fees are an estimate and may vary depending on the specific details of your case. Additionally, all fees are subject to a 20% VAT charge.
Our standard legal fees for a residential freehold property purchase typically range from
£1,800 to £7,200 + VAT. For a residential leasehold property purchase, the standard fee ranges from £1,800 to £7,200 + VAT.
In terms of hourly rates, our fees for handling a residential property purchase matter range from £360 to £540 + VAT per hour. The final rate charged will depend on the experience and qualifications of the case handler assigned to your matter.
Please note that we strive to provide transparent and competitive pricing for all of our legal services, and we will always provide you with a clear breakdown of all fees and charges before commencing work on your case. If you have any questions or would like to discuss pricing further, please do not hesitate to contact us.
Below we detail what services are covered in our standard fee.
Our average standard Search fee is $305 - $488 + VAT. However, Search fees may vary from case to case. We will advise you which searches you need for your transaction and the cost of each search, which will be added to the final bill.
The Internal Revenue Service (IRS*) applies to most property purchase transactions. We will advise you of the applicable taxes to your matter and you can visit the IRS website for more information.
We will charge the sum of $19.52 + VAT for CHAPS Electronic Money Transfer and an additional $4.08 + VAT for same-day transfer.
VAT will be payable on our fees and most disbursements and we will clearly confirm which disbursements carry VAT in our formal quotation or as we advise you to incur. Please note that additional taxes may apply depending on your location and the type of transaction.them.
If there are any changes to our fees at any point, we will inform you beforehand and discuss the reason for any modifications. These adjustments may occur if there are changes to your instructions or if your case involves unanticipated complexities.
Our Fee Assumes That:
We would like to bring to your attention that in the event that unforeseen matters arise during the course of this standard transaction, such as a defect in title that requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction, additional fees may be incurred.
For Leasehold matters, we would like to clarify that this pertains to the assignment of an existing lease and not the grant of a new lease.
Our aim is to ensure that the transaction is concluded in a timely manner and without any unforeseen complications. We will require all parties to the transaction to be cooperative and to provide any required documentation without unreasonable delay.
Please note that no indemnity policies are required, however, additional disbursements may apply if indemnity policies become necessary. We will clearly communicate any disbursements carrying VAT in our formal quotation or as we advise you to incur them.
Disbursements:
Disbursements refer to expenses associated with your case that must be paid to third-party entities, such as Land Registry fees. To ensure a seamless process, we will manage the disbursement payments on your behalf.
A comprehensive breakdown of all disbursements will be included in our formal quotation. If any additional disbursements are necessary during the course of your case, we will notify you in advance of the reason and the anticipated cost.
Typical disbursements will include
For leasehold matters, in addition to our legal fees, there may be additional disbursements such as ground rent, service charges, and administration charges which will vary depending on the terms of the lease. We will advise you of any such fees as soon as we receive the relevant information.
HM Land Registry fees vary depending on the value and type of the property being registered. We will provide you with a breakdown of these fees as part of our quote.
Search fees are payable to third parties such as local authorities and environmental agencies. The cost of these fees will vary depending on the search required and the location of the property.
VAT will be payable on our legal fees and on some disbursements such as search fees. We will advise you of the applicable VAT rate as part of our quote.
We charge a fee for electronic money transfers such as CHAPS. This fee will be clearly outlined in our quote and is payable in addition to our legal fees
Stamp Duty or Land Tax (on purchase)
This amount payable 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 here
How long will my house purchase take?
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 speed of your transaction can vary depending on multiple factors. If we anticipate that your transaction may take longer than usual or if any unforeseen circumstances arise that may delay the process, we will notify you promptly.
Please note that if you are purchasing a leasehold property that requires a lease extension, the process may take longer than usual. In this case, additional charges will apply, and we will provide you with an estimate of the time required and the extra costs once we have contacted the landlord to discuss the lease extension.
Stages of the Process
The precise stages involved in the purchase of a residential property vary according to the circumstances. We have set out the key stages of a standard transaction:
We will start by taking your instructions and providing you with initial advice, ensuring that we fully understand your needs and objectives for the transaction.
As part of our regulatory obligations, we will undertake all necessary checks to ensure compliance with anti-money laundering regulations and other legal requirements.
We will check that your finances are in place to fund the purchase and will contact your lender's solicitors if needed to ensure a smooth transaction.
We will carefully review all contract documents and provide you with comprehensive advice to ensure that you fully understand the terms of the agreement.
Our team will conduct all necessary searches and advise you on any potential issues that may arise, ensuring that there are no surprises later in the process.
If required, we will obtain further planning documentation to ensure that you have a complete picture of the property and its potential limitations.
We will make any necessary enquiries of the seller's solicitor to ensure that we have all relevant information and documentation.
Our team will provide you with expert advice on all documents and information received, answering any questions you may have and guiding you through the process.
For leasehold properties, we will obtain and advise you on the Management Pack, the Lease and any associated transfer fees to ensure that you are fully informed.
We will advise you on joint or shared ownership arrangements and ensure that all parties are clear on their responsibilities and obligations.
We will carefully review any mortgage offer and explain all relevant conditions to you to ensure that you fully understand the terms of the agreement.
Once all details have been agreed, we will send you the final contract for signature and agree on a completion date, which is the date from which you will own the property.
We will then exchange contracts and notify you of this important step in the process.
Our team will arrange for all monies needed to be received from your lender (if applicable) and from you, ensuring that all parties are aware of their financial obligations.
We will complete the purchase and notify all relevant parties of the successful completion of the transaction.
Our team will also deal with the payment of Stamp Duty/Land Tax and the application for registration at Land Registry, ensuring that all legal requirements are met and the transaction is fully compliant
Other Factors:
Other Factors to consider which may affect your Legal Fees and disbursements are:
New build – Purchasing a new build property can involve additional considerations, such as warranties and developer incentives.
Please note that ground rent and service charges are likely to apply throughout your ownership of the property. We will confirm the ground rent and anticipated service charge as soon as we receive this information.
Questions
If you have any questions relating to our services and our fees, please contact us at info@templecorporate.com
Legal Team
The following team members handle all Residential Property matters: