Buying a Freehold Property

Understand the process of buying a freehold property with Tinn Criddle

Purchase of freehold residential property

Our fees cover the work necessary to complete the purchase of a residential freehold property on your behalf.

This includes acting jointly for your Lender if you are purchasing with a mortgage, dealing with the registration of the property post-completion at H.M. Land Registry and dealing with payment of the Stamp Duty Land Tax (SDLT) if the property is situated in England or Land Transaction Tax (LTT) if the property is situated in Wales.

For transactions of a routine nature

Our fees are based on hourly rates and further details are contained within our Client Information Booklet. A detailed fee quote based on your particular transaction can be provided upon request and will be provided at the outset of any transaction on which we are acting. In the event that we need to alter the original quotation provided, we would let you know, straightaway.

Purchase price	No Mortgage	With Mortgage
£0-£99,999	£899.00 (£1,078.80 inc. VAT)	£955.00 (£1,146 inc. VAT)
£100,000 – £124,999	£955.00 (£1,146 inc. VAT)	£1,040.00 (£1,248 inc. VAT)
£125,000 – £149,999	£1,012.00 (£1,214.40 inc. VAT)	£1,068.00 (£1,281.60 inc. VAT)
£150,000 – £199,999	£1,068.00 (£1,281.60 inc. VAT)	£1,152.00 (£1,382.40 inc. VAT)
£200,000 – £249,999	£1,152.00 (£1,382.40 inc. VAT)	£1,208.50 (£1,449.60 inc. VAT)
£250,000 – £299,999	£1,180.00 (£1,416 inc. VAT)	£1,265.00 (£1,518 inc. VAT)
£300,000 – £349,999	£1,237.00 (£1,484.80 inc. VAT)	£1,349.00 (£1,618.80 inc. VAT)
£350,000 – £399,999	£1,349.00 (£1,618.80 inc. VAT)	£1,405.00 (£1,686 inc. VAT)
£400,000+	On Enquiry	On Enquiry

All of the above costs are subject to VAT at a rate of 20%.

Disbursements are costs related to your matter that are payable to third parties, such as search fees which we handle on your behalf to ensure a smoother process will include:

Search fees: £300 (inclusive of VAT) approximately; this will vary for each individual property depending upon which precise searches are required. We will include such fees in our detailed fee quotation;
Telegraphic transfer fee: £15.00 (plus £3.00 VAT per transfer);
SDLT or LTT: This will depend on the purchase price of the property, and will also be dependent upon the individual circumstances of the buyer. (Please see the section on SDLT or LTT below for further information);
SDLT submission fee: £8.00 (plus £1.60 VAT);
Money Laundering search fee: £30 (plus VAT) per person
HM Land Registry fees:

Purchase price	On H.M. Land Registry	Not on H.M Land Registry
£0-£80,000	£20	£45
>£100,00	£40	£95
>£200,000	£100	£230
>£500,000	£150	£330
>£1,000,000	£295	£655
£1,000,000+	£500	£1105

SDLT in England or LTT in Wales (on a residential property purchase)

This depends on the purchase price of your property. In addition the level of Stamp Duty Land Tax will vary depending on whether you are a first time buyer, purchasing a single private residence, whether the purchase is the replacement of your current ‘main residence’, whether you own a share in another residential property and other factors.

On simple transactions you can calculate the amount that you will need to pay using HMRC’s website or if the property is in Wales by using the Welsh Revenue Authorities website. However, the rate of tax payable can be complex in some circumstances and different from the sum the calculator indicates (higher or lower) in some cases.

Our team will provide individual advice on such matters.

Here to Help

Stages of the freehold buying process

The precise stages involved in the sale of a residential property vary according to the individual circumstances. Below are some of the key stages which a transaction would usually include:

Obtaining details of the transaction and providing you with a detailed fee quotation;
Taking your instructions and giving you initial advice on the transaction;
Carrying out identity and finance checks (as required);
Providing you with the Protocol documents (i.e. Property Information and Fittings and Contents Forms) for completing and returning and obtaining any Title Deeds and documents you may hold;
Contacting your existing Lender to obtain indicative redemption figures;
Obtaining copies of your property Title from H.M. Land Registry (together with any ‘filed’ documents) in order to draft the Contract papers and submitting the same to the buyer’s solicitor;
Replying to enquiries raised by the buyer’s solicitor and agreeing the terms of the Contract;
Having you execute the engrossment Contract and Transfer Deed;
Agreeing the Completion Date;
Exchanging Contracts and notifying you that this has happened. This will create a binding Contract between you and the buyer and the completion date will be formally agreed; and
Completing the sale, redeeming any existing mortgage (if applicable), agreeing the Estate Agents’ fees with you and settling the same (if applicable) and transferring the net proceeds of sale due to you.

How long will the property purchase take?

The timescale from your offer being accepted until legal completion will depend on a number of factors. On average the process takes between 6 – 12 weeks.

It can be quicker or slower, depending on the position of other parties in the chain and whether, for example, the property is a new build property.