You can use our Conveyancing Costs Calculators to see the charges you can expect to be levied on purchase, sale and re-mortgaging of residential property. Select the calculator required.
These are the main legal disbursements which are payable on standard purchases of residential property in England and Wales. These are in addition to your solicitors fees.
Stamp Duty Land Tax
Stamp Duty Land Tax is payable in respect of a purchase only where the price exceeds £125,000. This is calculated at a rate dependent on the price of the property and only on any amount over £125,000:
|Value - £||SDLT Rate|
|0 – 125,000||0%|
|125,001 – 250,000||2%|
|250,001 – 925,000||5%|
|925,001 – 1,500,000||10%|
Additionally if the property is purchased by a company and the purchase price is over £500,000 the Stamp Duty Land Tax will be calculated at a rate of 15%.
NB If the purchase involves the grant of a new lease, additional duty may be payable on rent reserved.
Land Registry Fees
Almost all transactions are subject to registration at the Land Registry.
The latest Land Registry Fee scale is as follows:
|VALUE - £||LAND REGISTRY|
|0 - 80,000||£40|
|80,001 - 100,000||£80|
|200,001 - 500,000||£270|
|500,001 - 1,000,000||£540|
Where the transaction is not a simple purchase e.g. a transfer of equity a separate scale of fees applies.
Local Authority Searches
This is a search of the records of the local authority relating to the property. The cost depends on the council concerned but is typically around £250. On average it takes about 2-3 weeks to obtain the results of a search but some take much longer and some buyers find it necessary to obtain a personal search which costs around £200.
It is becoming increasingly more common to obtain a drainage search from the water authority and many lenders now require this. The cost depends on the authority e.g. Thames Water charge £63.30.
Environmental searches if required cost £55.08.
Other searches may be necessary depending on the location of the property e.g. Commons Registration Search in rural areas.
|On Land Charges Bankruptcy searches per name||£2|
|Land Registry Search Fee (per title)||£3|
In leasehold purchases there is usually a requirement to pay a fee to the landlord/managing agent to register the change of ownership of the buyer and details of any new mortgage with them. The fee payable can vary considerably as it depends on the particular Lease (or charging policy of landlord) and can be between £60 to £75 per notice.
There may be other minor disbursements depending on the particular transaction.