Legal costs
The cost of conveyancing will be influenced by several factors:- Not all solicitors charge the same
- Stamp Duty increases at different price breaks ( 0% if pruchase price is below £125,000, 1% of entire purchase price where that is £125,001 to £250,000, 3% of entire purchase price where that is £250,001 to £500,000 and 4% of the entire purchase price where that is £500,001 and over.
- Land Charges (Local Authority) Search - Varies according to the local authority. Typically £100 to £120 for a standard search.
- Land Registry All property transactions are now registered with the Land Registry. The cost of registering your transaction will vary according to the purchase price, which varies from £150 - £500.
- Mortgage Indemnity Guarantee Premium - Some lenders require an insurance policy to cover any amount borrowed in excess of 75% loan to value. The amount is either taken as a one-off payment, or sometimes it may be added to the monthly payments.
- Buying leasehold property can sometimes add to the costs
Tip: ask your solicitor for a breakdown of your estimated costs
We have established strong ties with a selection of local solicitors who have consistently provided our clients with excellent levels of service at reasonable prices. We would be happy to recommend them to you and arrange for you to have a free quotation and consultation of the services they provide. Please call us on 01992 637777.
