Whether you’re buying your first or dream home, for more information on the costs associated with buying or selling contact our Conveyancing team today on 01284 767 766
Buying a Property
When buying a home, the standard costs you can expect to incur are:
Your acting Conveyancer/Solicitor’s fees
We will provide you with a tailored breakdown of costs when you enquire with Atkins Dellow, which will be calculated based on your purchase price and particular circumstances. All fees charged by your Conveyancer/Solicitor will be subject to VAT.
Circumstances that may require additional fees include purchasing a new build or shared ownership property or requiring a Declaration of Trust to be drafted.
Expenses and Disbursements on your behalf
When buying a property, searches will need to be carried out on your behalf to ensure you are both able to buy the home, and that the home is suitable to be purchased. These are charged at standard rates by the relevant provider.
The most common searches include:
- Local Authority Search – this search provides information about the property you are intending to buy from the Local Authority’s records. The search will note any planning applications past and present, as well as provide information relating to local roads and council responsibilities.
- Water and Drainage Search – this search details the property’s drainage and mains water supply, as well as whether there are any sewers in the property boundaries.
- Environmental Search – this search will reveal any potential flood or subsidence risk to the property, as well as whether the property has been constructed on contaminated land.
- Bankruptcy Search – this search will be carried out on each buyer/individual contributing to the purchase price.
- Land Registry Search – this search is carried out prior to completion to ensure that no charges have been registered to the property title during the transaction that could affect your ownership.
Once the property is yours, your ownership will also have to registered with the Land Registry for a fee. This fee is based on whether (a) the property is already registered and (b) the price paid for the property. More information about Land Registry Fees can be found here: https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
Charges will also be incurred for bank transfers relating to your purchase e.g. sending purchase funds to your seller’s solicitors.
Where applicable, VAT may be charged on expenses and disbursements. We will always make you aware of these costs in advance where possible.
Stamp Duty Land Tax
Stamp Duty Land Tax is charged by the government when property is purchased. The amount of Stamp Duty depends on the purchase price, whether you own any other properties, and, where applicable, whether you are a first-time buyer.
Selling a Property
When selling a home, the standard costs you can expect to incur are:
Your acting Conveyancer/Solicitor’s fees
We’ll provide you with a tailored quote when you enquire with Atkins Dellow, which will be calculated based on your purchase price and particular circumstances. All fees charged by your Conveyancer/Solicitor will be subject to VAT.
Circumstances that may require additional fees include selling a leasehold property, attending to the registration of unregistered land prior to sale and drafting a Statutory Declaration of Truth.
Expenses and Disbursements on your behalf
When selling a property, the only disbursements and expenses you are likely to incur are the cost of attaining Official Copies of the Title Register and Plan for your property (along with any related documents), bank transfer fees, and, where applicable, putting an indemnity policy in place to protect your buyers e.g. when you have not attained planning permission for works done to the property.
If you are selling a leasehold property, we may have to apply for a Management Pack from your managing agent/landlord, which sets out information relating to service charges, insurance and, where applicable, the process for joining the Residents Management Company. The fees for Management Packs vary, but are usually around £200.00. VAT may also be charged on top of the fee.
Charges will also be incurred for bank transfers relating to your sale e.g. redeeming your mortgage and sending the sale proceeds to your nominated account.
Where applicable, VAT may be charged on expenses and disbursements. We will always make you aware of these costs in advance where possible.
Estate Agent’s Commission
Estate agents usually charge a fee for selling your home, based on a percentage of the sale price plus VAT. This fee should be agreed with the estate agent when you instruct them.
Initial Breakdown of Costs
When you enquire with Atkins Dellow, we will attain as much information from you as needed to enable us to give you a tailored prediction of the costs involved in buying or selling your home. Naturally, should circumstances change during the process of the transaction, we would make you aware of any change of costs as soon as possible. In the event that your sale or purchase does not proceed, you would be charged for costs incurred up until that point.
Our Conveyancing team are accredited by the Law Society, noted for our quality of service and legal advice. Our team have decades of experience with property transitions ranging from the hundreds of thousands to tens of millions. We provide residential legal advice and conveyancing to clients across Suffolk, Norfolk, Essex, Cambridgeshire, London. We have offices in Bury St Edmunds and Sudbury. Our team are happy to arrange a consultation with you wherever you are. Get in touch today to talk to one of our experienced conveyancers on 01284 767766.
