Disbursements for Sale of Residential Property
In addition to our fees, the following disbursements are payable on the sale of a property:
Office copies and plan
Telegraphic transfer fee
£30 plus Vat
Disbursements for Purchase of Residential Property
In addition to our fees, the following disbursements are payable on the purchase of a property:
Depending on the purchase price of the property, the following is also payable:
|Search pack (includes Local Authority Search, Environmental Search and Drainage Search as charged||£260 (usual cost)|
|Telegraphic Transfer Fee||Dependent on charge to us|
|Preparation of Stamp Duty Land Tax Form||£30 plus VAT|
|Purchase Price of Property||Land Registry Fee|
|£0 – £80,000||£20|
|£80,001 – £100,000||£40|
|£100,001 – £200,000||£95|
|£200,001 – £500,000||£135|
|£500,000 – £1,000,000||£270|
|Above £1,000,001||To be advised.|
Stamp Duty Land Tax (SDLT) is payable on increasing portions of the property price above £125,000 for residential properties.
If you are buying your first home, you get a discount (relief) so that you do not pay any tax up to £300,000 and 5% on the portion from £300,001 – £500,000. You are eligible if:
The SDLT for the purchase price of a lease (the ‘lease premium’).
Property or lease premium or transfer value
Up to £125,000. SDLT rate – Zero
The next £125,000 (the portion from £125,001 to £250,000) SDLT rate – 2%
The next £675,000 (the portion from £250,001 to £925,000) SDLT rate – 5%
The next £575,000 (the portion from £925,001 to £1.5 million) SDLT rate – 10%
The remaining amount (the portion above £1.5 million) SDLT rate – 12%
|Higher rates for additional properties|
You’ll usually have to pay 3% on top of the normal SDLT rates if buying a new residential property means you’ll own more than one.
Additional Disbursements for Leasehold Properties
On a retirement property Transfer fee or contingency fee payable to the Landlord
Approximately 1% of the purchase price
|Cost of purchase/sale of property:||Fee||Vat||Total|
If you buy a house for £275,000, the SDLT you owe is calculated as follows:
0% on the first £125,000 = £0
2% on the next £125,000 = £2,500
5% on the final £25,000 = £1,250
Total SDLT = £3,750
The legal work will be carried out by Anthony Wade and his legal assistants.
Anthony Wade is a solicitor and has been qualified for over 50 years.
What work is included
The legal fees set out above include dealing with a purchase or sale of a property from taking initial instructions to completion of purchase or sale of property and dealing with any relevant bodies such as the Land Registry.
Valid as at 6th December 2018