Selling a Property

FREEHOLD PROPERTY PURCHASE

There are a number of expenses which have to be paid to third parties to enable us to complete your transaction, called ‘Disbursements’. These charges must be paid by you.

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Likely Disbursements

Searches: £220.00 (estimated)

Land Registry Search: £3.00 (per title number usually only 1 but may be more titles in some transactions)

Bankruptcy Searches: £2.00 (per name)

Land Registry Fee: This fee is payable to the Land Registry to register your purchase with them. The fee payable is dependent on purchase price, and whether the property is currently registered. You can check with the Land Registry what the likely fee will be by visiting http://landregistry.data.gov.uk/fees-calculator.html

Stamp Duty Land Tax: The amount of stamp duty land tax payable – if any – differs depending on the price of the property and the circumstances of the purchase, i.e. whether you are a first time buyer, or buying an additional property. You can calculate the amount you will need to pay by visiting HMRC’s website (https://www.taxservice.gov.uk/calculate-stamp-duty-land-tax/#/intro)

LEASEHOLD RESIDENTIAL PROPERTY PURCHASE

Additional disbursements

Notice of transfer fee: This is usually set out in the lease or by the landlord/management company who owns/runs the building. The fee can range between £50.00 and £300.00 but can be higher or lower.

Notice of charge fee: This is usually payable if you are taking out a mortgage to be secured against the property. It is usually set out in the lease or by the landlord/management company who owns/runs the building. The fee can range between £50.00 and £300.00 but can be higher or lower.

Deed of covenant fee: The lease will confirm whether a deed of covenant is required. If so, the fee will be set by the landlord/management company and can be difficult to estimate. The fee can range between £50.00 to £300.00 but can be higher or lower.

Certificate of compliance fee: The lease and the Land Registry title will confirm whether a certificate of compliance is required. If so, the fee will be set by the landlord/management company and can be difficult to estimate. The fee can range between £50.00 to £300.00 but can be higher or lower.

Ground rent and service charges: These charges are likely to apply throughout your ownership of the property. Further details will be provided once the information is received from the landlord/management company.