Example 3: Purchase by 2 first time buyers of a new build freehold residential property at £375,000 with Help to Buy and Help to Buy/Lifetime ISA – in England with a mortgage
Estimated Conveyancer’s fees and disbursements
- Legal fee £895.00
- Search fees £216.90
- HM Land Registry fee £270.00
- Electronic money transfer fee £48.00
- VAT payable £179.00
- Land registry search £3.00
- Bankruptcy search £4.00
- Lawyer checker fee £12.00
In addition to the estimated total above, you will need to pay Stamp Duty or Land Tax. For the above example the Stamp Duty Land Tax is £3,750.00.
Estimated total: £5,377.90
Please note that the Stamp Duty or Land Tax always depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if the property is located in Wales by using the Welsh Revenue Authority’s website https://beta.gov.wales/land-transaction-tax-calculator
If you are a first time buyer – and that means that you do not, nor have ever previously owned any property anywhere in the world – then you do qualify for exemption on a purchase price of up to £300,000.00. If you are a first time buyer and your purchase price exceeds this sum, then you would pay Stamp Duty or Land Tax on any amount over the £300,00.00. So using the example above, although you receive exemption for the first £300,000.00, you have to pay 5% on the remaining £75,000.00.
You can calculate the amount by using the link above to HMRC’s website.
The prices provided above are a general guide. As each transaction is different we are very happy to discuss your individual situation and provide you with a more precise and personalised quote, so please do get in touch with us.
The conveyancing team is led by Angela Mulgrew who has over 30 years experience. Details of the team members can be found by clicking on the links below: