Costs Information Property

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Costs Information Property

Prior to any work undertaken on your behalf by Belmont & Lowe, we are required to carry out Customer Due Diligence (CDD) on all of our clients. This forms part of our onboarding process, our professional fees are between £10.00 to £20.00 plus VAT.

Freehold purchase

The fees set out in the below table outline the usual fees that a client can expect to incur on a freehold purchase transaction.  The below indicates our fee range for freehold purchases between £300,000.00 – £2,000,000.00.  For anything over £2,000,000.00, our fees will be on a case by case basis and we will provide an estimated fixed fee price in such instances.

The basis of our charges are on a fixed fee and a quotation will be provided to you at the outset of the transaction.

Professional Fees  
Belmont & Lowe Legal Fees:Our fees for a purchase of a freehold property range from £2,000-£6,000 plus VAT at 20% and disbursements
Our bank transfer fees are:

– CHAPS (guaranteed same day funds transfer including our legal fee:

– BACS (transfer funds within 3 working days) including our legal fee:

– Faster Payment (2 hour transfer of funds, not guaranteed, for funds up to £250,000.00) including our legal fee:
– £40.00 plus VAT at 20%  

– Free  

– £10 plus VAT at 20%
Expedition fee (if applicable, where exchange and completion are less than 7 working days apart):£350.00 plus VAT at 20%
Gifted Deposit fee:£350.00 plus VAT at 20%
Simultaneous Exchange and Completion fee:£350.00 plus VAT at 20%
Mortgage fee£500.00 plus VAT at 20%
Report on Indemnity Policies:£250.00 plus VAT at 20%
Disbursements*
Land Registry document fee (if required):£10.00 plus VAT at 20%
Bankruptcy search (if required):£10.00 plus VAT at 20%
Land Registry Priority Search:£10.00 plus VAT at 20%
Land Registry Registration fee**:£20.00 – £1,105.00 (no VAT due on fee)
Lender Monitor search fee (if required):£4.80 plus VAT at 20%
Lender Portal CHAPS fee:From £30.00 plus VAT at 20%
Stamp Duty Land Tax (SDLT) and Land Transaction Tax (LTT)The actual cost of Stamp Duty Land Tax/LTT depends on the purchase price of your property. At the outset, we will send you a Stamp Duty Questionnaire and, based on your replies, a calculation of the SDLT/LTT payable.
Property Searches (including the Local Search, Water and Drainage Search, Environmental Search, Index Map search and Chancel Search Indemnity)  Approximately £400.00 – £600.00 (inclusive of VAT at 20%)    

* Disbursements are monies paid to suppliers/third parties on your behalf, which is then reclaimed from you at the point of completion (or sometimes sooner).
** In respect of current registration fees, please see below current Land Registry fees being charged:

Value or amountApply by postApply using the portal or Business Gateway, for transfers or surrenders which affect the whole of a registered titleApply using the portal or Business Gateway, for registration of all leases and transfers or surrenders which affect part of a registered titleVoluntary first registration (reduced fee)
0 to £80,000£45.00£20.00£45.00£30.00
£80,001 to £100,000£95.00£40.00£95.00£70.00
£100,001 to £200,000£230.00£100.00£230.00£170.00
£200,001 to £500,000£330.00£150.00£330.00£250.00
£500,001 to £1,000,000£655.00£295.00£655.00£495.00
£1,000,001 and over£1,105.00£500.00£1,105.00£830.00

Leasehold Purchase

The fees set out in the below table outline the usual fees that a client can expect to incur on a leasehold purchase transaction. The below indicates our fee range for leasehold purchases between £300,000.00 – £2,000,000.00. For anything over £2,000,000.00, this will be on a case-by case basis and we will provide an estimated fixed fee price in such instances.

The basis of our charges are on a fixed fee and an estimate of our charges will be sent to you at the outset of our transaction.

Professional Fees
Belmont & Lowe Legal FeesOur fees for a purchase of a leasehold property range from £2,500 – £6,950.00 plus VAT at 20% and disbursements
Our fees for bank transfer fees are:

– CHAPS (guaranteed same day funds transfer including our legal fee:

– BACS (transfer funds within 3 working days) including our legal fee:

– Faster Payment (2 hour transfer of funds, not guaranteed, for funds up to £250,000.00) including our legal fee:
– £40.00 plus VAT at 20%  

– Free  

– £10 plus VAT at 20%
Expedition fee (if applicable, where exchange and completion are less than 7 working days apart):£350.00 plus VAT at 20%
Gifted Deposit fee:£350.00 plus VAT at 20%
Simultaneous Exchange and Completion fee:£350.00 plus VAT at 20%
Mortgage fee£500.00 plus VAT at 20%
Report on Indemnity Policies:£250.00 plus VAT at 20%
Disbursements
Property Searches (including the Local Search, Water and Drainage Search, Environmental Search, Index Map search and Chancel Search Indemnity)Approximately £400.00 – £600.00 (inclusive of VAT at 20%)    
Land Registry document fee (if required):£10.00 plus VAT at 20%
Bankruptcy search (if required):£10.00 plus VAT at 20%
Land Registry Priority Search:£10.00 plus VAT at 20%
Land Registry Registration fee**:£20.00 – £1,105.00 (no VAT due on fee)
Lender Monitor search fee (if required):£4.80 plus VAT at 20%
Lender Portal CHAPS fee:From £30.00 plus VAT at 20%

* Disbursements are monies paid to suppliers/third parties on your behalf, which is then reclaimed from you at the point of completion (or sometimes sooner).
** In respect of current registration fees, please see below current Land Registry fees being charged:

Value or amountApply by postApply using the portal or Business Gateway, for transfers or surrenders which affect the whole of a registered titleApply using the portal or Business Gateway, for registration of all leases and transfers or surrenders which affect part of a registered titleVoluntary first registration (reduced fee)
0 to £80,000£45.00£20.00£45.00£30.00
£80,001 to £100,000£95.00£40.00£95.00£70.00
£100,001 to £200,000£230.00£100.00£230.00£170.00
£200,001 to £500,000£330.00£150.00£330.00£250.00
£500,001 to £1,000,000£655.00£295.00£655.00£495.00
£1,000,001 and over£1,105.00£500.00£1,105.00£830.00
How long will the transaction take?
 
Subject to there being no unforeseen problems or issues that result in your instruction becoming protracted, we anticipate that this transaction will take between 8 – 20 weeks, from the time that you sign and date this letter, complete the initial forms sent with this letter and thereafter make payment on account.

Services Included

We envisage that our role will comprise:

  • Liaising with the seller’s solicitors and requesting the contract package;
  • Reviewing the contract package, raising enquiries before contract;
  • Submission of searches and reviewing the results;
  • If applicable, reviewing your mortgage offer and dealing with any requirements of your lender or your lender’s solicitors if separate solicitors are appointed by your lender;
  • Preparation of a detailed report on the legal title, replies to enquiries and search results;
  • Attendance upon you to go through the report on title and attendance upon you for signing of the documents in readiness for exchange;
  • Exchanging contracts and preparation for completion;
  • If applicable, dealing with requirements of your lender/lender’s solicitors between exchange and completion;
  • Forwarding to you our completion statement detailing the balance required to complete the matter;
  • If applicable, requesting mortgage funds from your lender/lender’s solicitors in good time for completion;
  • Completion of the purchase of the Property;
  • Submission of stamp duty land tax (SDLT)/land transaction tax (LTT) form and SDLT/LTT payment to HM Revenue & Customs (SDLT/Welsh Revenue Authority (WRA));
  • Registering your purchase of the Property at HM Land Registry; and
  • Confirmation of completion and registration of your title to you and, if applicable, your lender/lender’s solicitors.

And, for a Leasehold transaction, additional services to the above will include:

  • Reviewing the transaction at the outset to see if the Flat falls under the definition of a relevant building under the Building Safety Act (BSA) 2022;
  • Liaising with the Landlord/management company/managing agents;
  • To review the Lease in detail;
  • To review the Landlord Property Enquiries Form, which provides information such as service charges, ground rent, buildings insurance, etc. Please note this list is not exhaustive;
  • To deal with leasehold post-completion formalities, to include notice of transfer/charge (if applicable), issuance of Share Certificate (if applicable), obtaining a Certificate of Compliance (if applicable) and any other specific requirements of the Lease;
  • If there is mortgage finance, then to deal with any specific leasehold requirements of your lender.

The key stages involved in a purchase vary according to the circumstances of the transaction and to provide you with guidance as to the approximate timescales for each stage, please see The Conveyancing Process Guide.

Services Not Included

There are various factors which might increase our fee total, including (but not limited to):

  • If the Property is unregistered;
  • If there is a title defect e.g. no adequate right of way;
  • If our instructions change from what was agreed at the outset;
  • Complex mortgage finance;
  • Dealing with flying freehold;
  • Third party gifts;
  • Dealing with ISAs (including Help to Buy ISAs) and LISAs;
  • A request to have the transaction expedited (see fee table for information on additional fee due);
  • Excessive delays (where this has not been at Belmont & Lowe’s expense);
  • Excessive communications;
  • Multiple mortgage offer reissues due to amendments;
  • Dealing with indemnity insurance policies;
  • Dealing with flats which fall under the definition of a ‘relevant building’ under BSA 2022;
  • Dealing with defective Leases or if a Deed of Variation is required;
  • The drafting of any Lease Variation.

If any unforeseen factors arise that will influence the costs, we will notify you of these in writing before continuing with any further work.

A full breakdown of costs is provided in our Client Care Letter (CCL).

Freehold Sale

The fees set out in the below table outline the usual fees that a client can expect to incur on a freehold sale transaction. The below indicates our fee range for freehold sales between £300,000.00 – £2,000,000.00. For anything over £2,000,000.00, this will be on a case-by case basis and we will provide an estimated fixed fee price in such instances.

The basis of our charges are on a fixed fee and a quotation will be provided to you at the outset of the transaction.

Professional Fees  
Belmont & Lowe Legal Fees:Our fees for a sale of a freehold property range from £1,950.00 – £5,750.00 plus VAT at 20% and disbursements
Our fees for bank transfer fees are:

– CHAPS (guaranteed same day funds transfer including our legal fee:

– BACS (transfer funds within 3 working days) including our legal fee:

– Faster Payment (2 hour transfer of funds, not guaranteed, for funds up to £250,000.00) including our legal fee:
– £40.00 plus VAT at 20%  

– Free  

– £10 plus VAT at 20%
Expedition fee (if applicable, where exchange and completion are less than 7 working days apart):£350.00 plus VAT at 20%
Simultaneous Exchange and Completion fee:£350.00 plus VAT at 20%
Disbursements*
Land Registry document fee (if required):£10.00 plus VAT at 20% per document
Other 
FME1 (Freehold Management pack)**£500.00 – £800.00 plus VAT at 20%

* Disbursements are monies paid to suppliers/third parties on your behalf, which is then reclaimed from you at the point of completion (or sometimes sooner).

** These are enquiries in relation to matters such as service charges, ground rent and buildings insurance (this list is not exhaustive). These enquiries are replied to by the Landlord/managing agent and carry a fee, which is unknown until the transaction commences.

Leasehold Sale

The fees set out in the below table outline the usual fees that a client can expect to incur on a leasehold sale transaction. The below indicates our fee range for leasehold sales between £300,000.00 – £2,000,000.00. For anything over £2,000,000.00, this will be on a case-by case basis and we will provide an estimated fixed fee price in such instances.

The basis of our charges are on a fixed fee and an estimate of our charges will be sent to you at the outset of our transaction.

Professional Fees
Belmont & Lowe Legal FeesOur fees for a sale of a leasehold property range from £1,950.00 – £5,750.00 plus VAT at 20% and disbursements
Our fees for bank transfer fees are:

– CHAPS (guaranteed same day funds transfer including our legal fee:

– BACS (transfer funds within 3 working days) including our legal fee:

– Faster Payment (2 hour transfer of funds, not guaranteed, for funds up to £250,000.00) including our legal fee:
– £40.00 plus VAT at 20%  

– Free  

– £10 plus VAT at 20%
Expedition fee (if applicable, where exchange and completion are less than 7 working days apart):£350.00 plus VAT at 20%
Simultaneous Exchange and Completion fee:£350.00 plus VAT at 20%
Disbursements*
Land Registry document fee (if required):£10.00 plus VAT at 20% per document
Other 
LPE1 (leasehold management pack)**£500.00 – £800.00 plus VAT at 20%
* Disbursements are monies paid to suppliers/third parties on your behalf, which is then reclaimed from you at the point of completion (or sometimes sooner).

** These are enquiries in relation to matters such as service charges, ground rent and buildings insurance (this list is not exhaustive). These enquiries are replied to by the Landlord/managing agent and carry a fee, which is unknown until the transaction commences.

How long will the transaction take?
 
Subject to there being no unforeseen problems or issues that result in your instruction becoming protracted, we anticipate that this transaction will take between 8 – 20 weeks, from the time that you sign and date this letter, complete the initial forms sent with this letter and thereafter make payment on account.

Services Included

We envisage that our role will comprise:

  • Obtaining up-to-date official copies of the title register from HM Land Registry;
  • Drafting and issuing the contract package;
  • If applicable, obtaining the freehold/leasehold management pack from the managing agent;
  • Dealing with enquiries raised by the purchasers’ solicitors, provided that we are able to do so;
  • Approving the transfer deed prepared by the purchasers’ solicitors;
  • If applicable, requesting a mortgage redemption statement from your lender and forwarding the same to you for confirmation that the amount to be repaid is correct.  Please note that if there are any discrepancies in the amount to be repaid, you will need to address these with your lender immediately.  If you require us to deal with these on your behalf, there may be an additional charge as this falls outside the scope of our retainer with you;
  • Attendance upon you to have the contract and transfer deed executed in readiness for exchange and completion;
  • Taking your instructions as to where you would like the balance of the sale proceeds to be sent after all deductions have been made.  Please note that we will only be able to make payment to your account and not to any third parties on your behalf (except your mortgage redemption, if applicable);
  • Completing the transaction for you;
  • Redeeming your mortgage (if applicable) and forwarding the balance of the sale proceeds to your nominated bank account; and
  • Forwarding the signed transfer deed to your purchasers’ solicitors.

The key stages involved in a sale vary according to the circumstances of the transaction and to provide you with guidance as to the approximate timescales for each stage, please see The Conveyancing Process Guide.

Services Not Included

There are various factors which might increase our fee total, including (but not limited to):

  • If the Property is unregistered;
  • If there is a title defect e.g. no adequate right of way;
  • If our instructions change from what was agreed at the outset;
  • Complex mortgage finance for redemption;
  • Dealing with second/third charges and restrictions that need to be redeemed/released;
  • A request to have the transaction expedited (see fee table for information on additional fee due);
  • Excessive delays (where this has not been at Belmont & Lowe’s expense);
  • Excessive communications;
  • Dealing with indemnity insurance policies;
  • Dealing with flats which fall under the definition of a ‘relevant building’ under BSA 2022;
  • Dealing with defective Leases or if a Deed of Variation is required;
  • The drafting of any Lease Variation.

If any unforeseen factors arise that will influence the costs, we will notify you of these in writing before continuing with any further work.

A full breakdown of costs is provided in our Client Care Letter (CCL).