Purchase of New Build Property

Our fees cover the work required to complete the purchase of a new build property, including dealing with any purchase registration at the Land Registry. We will also act for your lender/mortgage provider (if any) and with the administration involved to make payment  of Stamp Duty Land Tax (Stamp Duty) once you have provided us with the necessary funds to do so on your behalf.

Professional Fees*

  • Our New Build Purchase Legal Fees range between £495 and £2500 depending upon the property value and our knowledge of the development
  • Our Fee for acting on behalf of the mortgage lender, where the mortgage lender is a member of the Council of Mortgage Lenders or the Building Societies Association, ranges between  £95 and £350
  • Fee where the property is leasehold £150
  • Electronic money transfer fee £40
  • Electronic ID Verification fee £10 per person
  • Fee for dealing with Stamp duty Land Tax submission £75
  • Search Administration fee £10
  • VAT payable at current rate of 20% on each of the above amounts

Disbursements

These are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. On a new build purchase transaction typical disbursements include:

  • Local Search indemnity Insurance premium between £35 and £65 where the purchase price does not exceed £1M.
  • Local Search Fees (applicable where Local Search indemnity insurance is not preferred or appropriate) – vary between local authorities and range between £65 and £300
  • HM Land Registry fee for the registration of a new build property range between £190 – £680
  • Bankruptcy search fees £2 per person
  • Land Registry Priority Search fee £3 per application
  • Developers document fees range between £150-£300 inclusive of VAT

Stamp Duty or Land Tax (on purchase)

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website.

How long will my new build purchase take?

This can depend upon a number of factors including things like the length of the chain of transactions and how quickly parties in the chain conduct and complete any of their individual responsibilities. Most developers however will expect an exchange of contracts to be effected within 28 days of the issue of the contract papers. Completion will be once the property is build complete.

Stages of the process

We will carry out all the standard conveyancing procedures involved in a residential new build purchase. This will include:

  • Checking the freehold or leasehold title (ie proof of ownership)
  • Raising and checking pre-contract enquiries
  • Checking the contract and reporting to you
  • Checking your mortgage offer and ensuring that the mortgage conditions can be satisfied
  • Exchanging the contract on your behalf
  • Arranging completion to include receiving all monies from you and your lender
  • Registering the purchase with the Land Registry
  • Providing you with copies of the key title documents
  • All routine correspondence and communications
  • Regularly advising and reporting to you via email, phone or letter, whichever is the most appropriate

For the avoidance of doubt, our services to you do not include:

  • Providing investment advice in relation to the work or its practical implications
  • Capital Gains Tax advice relating to accounting matters
  • Organising property surveys
  • Arranging removals

* Our Professional fees assume that:

  1. this is a standard new homes purchase transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
  2. the transaction is concluded in a timely manner and no unforeseen complication arise
  3. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation

A list of our fees for Additional services in dealing with Non standard matters can be found here.


Sale or Part Exchange linked to a New Build Purchase

Our fees cover the work required to complete the sale or part exchange of your property where you are simultaneously purchasing a new build property from a developer.

Professional Fees*

  • Our sale legal fee ranges between £645 and £1145 depending on the property value and up to a purchase price of £1M. Property values of more than £1M will be charged based  upon the individual circumstances and property concerned and we will always discuss the further details with you before confirming our fee quote
  • Fee for acting on behalf of the mortgage lender on sale £95
  • Electronic money transfer fee £40
  • Electronic ID Verification fee £10 per person
  • VAT payable at current rate of 20% on each of the above amounts

Disbursements

These are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. On a sale transaction typical disbursements are usually restricted to the cost of obtaining relevant up to date copies of title documentation from the land registry and that is on average at a cost of £15.

Where your property is leasehold or subject to a freehold service charge then we will need to obtain a Management Pack from your landlord or management company. Typically the cost of a management pack is in the region of £250 inclusive of VAT where applicable.

How long will my sale take?

This can depend upon a number of factors including matters such as the length of the chain of transactions, how quickly the landlord or managing agent provide the Management Pack (if relevant) and how quickly the  parties in the chain conduct and complete any of their individual responsibilities. Most developers will however expect an exchange of contracts within 28 days of receipt by us of the related new build purchase contract documents.

Stages of the process

The precise stages involved in the sale or part exchange of a residential property can vary according to the individual circumstances.  We will carry out the standard conveyancing procedures involved in the sale or part exchange of a residential property to include:

  • Obtaining your title documents and key information in relation to your property
  • Preparing a complete contract pack and submitting to your buyer’s conveyancer.
  • Providing replies to pre contract enquiries
  • Exchanging contracts on your behalf
  • Routine communication with your estate agent and the buyer’s conveyancer
  • Managing the transfer of funds and preparing a completion statement
  • Arranging completion and communicating this to all parties
  • Paying off your mortgage (if applicable) and any estate agent’s fees
  • Handling all routine correspondence and communications
  • Regularly advising and reporting to you via email, phone or letter, whichever is most appropriate for you

For the avoidance of doubt, our services to you do not include:

  • Providing investment advice in relation to the work or its practical implications
  • Capital Gains Tax advice relating to accounting matters
  • Organising property surveys
  • Arranging removals
  • Assisting with the discharge of unsecured debts

* Our Professional fees assume that:

  1. this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
  2. the transaction is concluded in a timely manner and no unforeseen complication arise
  3. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  4. no indemnity policies are required.
  5. Where the property is leasehold this is the assignment of an existing lease and is not the grant of a new lease

A list of our fees for Additional services in dealing with Non standard matters can be found here.