The following charges are based on a typical new build freehold residential property purchase by 2 first time buyers at £375,000 with Help to Buy and Help to Buy/Lifetime ISA – in England with a mortgage
|Fees and Disbursements||Cost||VAT||Cost including VAT|
|HM Land Registry fee||£270.00||Nil||£270.00|
|Electronic money transfer fee||£40.00||£8.00||£48.00|
|Land registry fee||£3.00||Nil||£3.00|
|Lawyer checker fee||£12.00||£2.40||£14.40|
|Help to Buy/Lifetime ISA fee||£50.00||£10.00||£60.00|
|Estimated total including stamp duty||£5703.40|
The Stamp Duty or Land Tax you pay depends on the purchase price of your property, and whether or not you are a UK resident.
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. For this example the Stamp Duty Land Tax is therefore £3,750.00.
The prices provided above are a general guide. Our estimated fee assumes that:
- this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion, or the preparation of additional documents ancillary to the main transaction
- the transaction is concluded in a timely manner and no unforeseen complications arise
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties in providing documentation
- you are not an investment buyer
- no indemnity insurance is required
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.