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Buying a Property?

Our friendly and highly experienced conveyancing team in Colchester, always take a very proactive approach ensuring completion and registration take place effectively and swiftly.

Here at GoodyBurrett LLP we understand just how important dealing in property is for you. It is the most expensive purchase you will ever make and it is your home.

Whether you’re a first time buyer or building up a portfolio your purchase is important.

We deal with a variety of matters including the following:

  • Freehold;
  • Leasehold;
  • Joint Ownership;
  • Unregistered;
  • Probate sales.

We are approved to work with a wide range of lenders and are CQS accredited, which is a the Conveyancing Quality Scheme run by the Law Society.

In April 2016 the Stamp Duty Land Tax (SDLT) scheme rues changed.  This means that anyone who is buying additional property (i.e. in addition to their main residence) must pay a higher rate of tax.  Click here for the Stamp Duty Calculator https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

The scheme rules are still fairly new and incredibly complex so please be on notice of this additional fee (3% above the previous threshold) if you own property, including houses abroad.

How long will my house purchase take?

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 8-12 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 8-10 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. Additionally, please note that, in such a situation additional charges would apply.

Costs

Registered Freehold Purchase:

Our fees cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

Conveyancer’s fees and disbursements for a Registered, Freehold Purchase

  • Legal fee – typically £600 – £1,000 + VAT

Our fees are based on the purchase price of the property and whether it is a new build, whether you are using a lender and/or whether you are utilising a  Help to Buy Scheme (we increase our fees by a small additional sum [IRO £100-£250 + VAT each] for transactions involving these additional items as they involve a significant amount of additional work)

  • Search fees – typically in the region of £275 (inclusive of VAT)
  • HM Land Registry fee – £135 for a £250,000 property. These fees are based on purchase price and no VAT is payable on this fee.
  • Electronic money transfer fee £35 + VAT
  • Collation and submission of SDLT Form £60+VAT
  • Land Registry Search Fees – in the region of £7 no VAT is payable on this fee.

Estimated total: £1,216

Disbursements 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.

Stamp Duty or Land Tax (applicable on purchase only)

This 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.

Estimated total on a freehold purchase of £350,000 where:

  • The purchasers are married;
  • No one owns any other property;
  • Neither is a first time buyer; and
  • The house will be the main residence of the purchasers

Estimated total £7,500

When you’re buying or selling a property we understand that costs can mount up quickly. We appreciate you want a good price for the service you’re given with all the extras included. We try and provide a quote which is “all in”. You’ll be given the overall cost and how it breaks down.

However, sometimes there will be further work to attend to which couldn’t have been foreseen. If this happens we will let you know straight away.

Registered Leasehold Purchase:

Including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

Conveyancer’s fees and disbursements for a Registered, Leasehold Purchase

  • Legal fee – typically £900 – £1,000 + VAT

Our fees are based on the purchase price of the property and whether it is a new build, whether you are using a lender and/or whether you are utilising a Help to Buy Scheme (we increase our fees by a small additional sum [IRO £100-£250 + VAT each] for transactions involving these additional items as they involve a significant amount of additional work)

  • Search fees – typically in the region of £275 (inclusive of VAT)
  • HM Land Registry fee – £135 for a £250,000 property. These fees are based on purchase price and no VAT is payable on this fee.
  • Electronic money transfer fee £35 + VAT
  • Collation and submission of SDLT Form £60+VAT
  • Land Registry Search Fees – in the region of £7 no VAT is payable on this fee.
  • Notice fees post completion – These depend on the development you are buying into but are typically in the region of £350

 Estimated total: £2,021

Disbursements 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.

Stamp Duty or Land Tax (applicable on purchase only)

This 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.

Estimated total on a leasehold purchase of £350,000 where:

  • The purchasers are married;
  • No one owns any other property;
  • Neither is a first time buyer;
  • The house will be the main residence of the purchasers; and
  • The ground rent is £250 per annum

Estimated total £7,500

Alice Brett Solicitor in Essex

Alice Brett

Solicitor and Managing Partner, Property Department, Colchester

Alice qualified as a Solicitor into the Civil Litigation Department in September 2012. She joined the Partnership in April 2015 and now specialises in residential property. Alongside the law, Alice is also a trustee for Grassroots, a charity which helps small groups in Colchester and Tendring.

Email: [email protected]

“I would like to thank you once again, for your efficient service“

Matters related to buying a property

Depending on your circumstances you may need advice for various reasons, click the below links for more information:

If you would like more information on buying a property

Please complete our contact us form at the top of this page, email [email protected] or feel free to call us on 01206 577676.