Solicitors fees for buying a house by the Manchester Conveyancing Solicitors | Ford Banks Irwin Solicitors - The Property Lawyers in Manchester
Solicitors fees for buying a house
Buying a house and calculating the Solicitors fees can be a difficult task. Ford Banks Irwin Solicitors will provide you with full itemised details of the Solicitors fees for buying a house at the outset. These will include all the disbursements and vat.
The Solicitors fees for buying a house usually consists of legal fees for the Solicitors time, Stamp Duty, Land Registry fees and Searches.
Solicitors fees
The Solicitors fees for buying a house will often be a fixed fee although in some circumstances an hourly rate may be payable.
The Solicitors fees are calculated taking into account the time required for:-
1. Examining all the Property Title Deeds and Documents;
2. Correspondence and communication with the Clients, Mortgage Lender, other Solicitors and any additional parties such as Estate Agents and Brokers
3. Attending and reporting to Clients at appointments and meetings;
4. Preparation of Documents such as the Contract, Transfer Deed and SDLT (Stamp Duty) Land Tax return.
5. Registration of the purchase at HM Land Registry.
Stamp Duty
Solicitors are required to complete a Stamp Duty Land Tax Return for most clients buying a house.
Stamp duty Land Tax is usually payable when clients buy or lease Property or Land. Its also sometimes payable on transfers of ownership of Property or Land. It all depends on the amount being paid and the current limits and thresholds. In addition most UK Property and Land transactions require a form to be completed and submitted to the Inland Revenue even if no tax is due.
Various rules apply for working how much, if any, stamp duty is payable. The calculation - which is based on the value called the 'chargeable consideration' - can vary depending on whether the Property is residential or Commercial, Freehold or Leasehold, or on other factors such as whether several transactions are linked.
The Solicitors will also look for various transactions that attract reliefs and exemptions.
Land Registry Fees
The Land Registry provide Solicitors with a fees Order. This sets out the fees paid by Clients via Solicitors when clients want to buy a house.
The fees are primarily based on the purchase price of the house.
Where clients are buying a house for up to £50 000 the fee is £50
between £50 001 - £80 000 the fee is £80
between £80 001 - £100 000 the fee is £130
between £100 001 - £200 000 the fee is £200
between £200 001 - £500 000 the fee is £280
between £500 001 - £1 000 000 the fee is £550
£1 000 001 and over the fee is £920.
Searches
The searches required by Mortgage Lenders and Clients and provided by Solicitors will usually depend on the location of the Property.
Local Authority Land Charges Search:
local authorities maintain a register of all Properties in the area. The Solicitors fees for buying a house will usually include the fee for the local authority search.
Other searches which may be required are:
Water and Drainage search;
Coal mining search;
Brine search;
Environmental search;
Tin mining search;
Chancel repair search.
. . . continued on page 2 (Solicitors fees for buying a house page 2)
Please telephone Paul on 0161 866 8999 if you require any further information.
Ford Banks Irwin Solicitors
50 Stothard Road
Stretford
Manchester
M32 9HB
Tel: 0161 866 8999
Fax: 0161 866 8333
E-mail: info@FordBanksIrwinSolicitors.co.uk
Or you can use the ENQUIRY FORM (click here).
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Please telephone 0161 866 8999 for a free quote.
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