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Wed 8th September, 2010
Social Housing
Social Housing Department – Our Services to Purchasers
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To assist you with budgeting for your purchase, please use the following table as a guide to your likely legal costs.
| Our Fees |
£550.00 |
| VAT thereon |
£96.25 |
| Telegraphic Transfer fee including administration & VAT |
£35.25 |
| Stamp Duty: (may also be payable on rent – see table below) |
£ |
| Land Registry Fee: approx (depends on the purchase price – see table below) |
£ |
| Searches Fee including administration & VAT (although this may be provided by your Housing Association at a reduced rate) |
£150.00 (tbc) |
| Land Registry search: |
£4.00 |
| Bankruptcy Search – to apply per purchaser |
£2.00 |
| Expenses Payable to your RSL’s/Local Authorties Solicitors – these are TBC once disclosed by the solicitors acting on their behalf |
| Landlord’s Notice of Charge and Assignment Fee |
TBC |
| Landlord’s Solicitors Lease Preparation Fee |
TBC |
| Rent and Service Charge Apportionments – you may be required to pay two months in advance |
TBC |
| Landlord’s Deed of Covenant Fee |
TBC |
| Our Fee including VAT |
£646.25 |
| Plus Expenses Total including VAT |
£ |
| TOTAL |
£ |
Land Registry’s Fees
| Purchase Price |
Fee |
| £0 to £50,000 |
£50 |
| £50,001 to £80,000 |
£80 |
| £80,001 to £100,000 |
£130 |
| £100,001 to £200,000 |
£200 |
| £200,001 to £500,000 |
£280 |
| £500,001 to £1,000,000 |
£550 |
| £1,000,001 and over |
£920 |
Stamp Duty Fees
| Purchase Price |
Rate |
| 0 to 125,000.00 |
0% |
| 125,000,01 to 250,000.00 |
1% |
| 250,000.01 to 500,000.00 |
3% |
| Over 500,000.01 |
4% |
Your Expenses Explained
Landlord’s Fees
If you are purchasing a leasehold property you will be required to pay a Landlords notice of charge and assignment fee. The amount of this varies from approximately £10.00 to £90.00. You may also be required to pay the Housing Association/Local Authorities solicitors fees in relation to the preparation and engrossment of the lease, which is usually around £50.00 plus VAT.
Stamp Duty Land Tax
Stamp Duty Land Tax (SDLT) is payable as a percentage of the purchase price, the general rule is that you don’t pay SDLT if you are purchasing a property less than £125,000.00 or if the property is in a disadvantaged area (only applicable if £150,000.00 or less). However, you should be aware that SDLT may also be payable on both the purchase price and the rent premium due under the lease.
Additional Disbursements
During the course of your transaction it may be necessary to carry out additional searches or it may be necessary to put in place title insurance. However your conveyancer will advise you prior to completion taking place of these additional costs.
Estimated cost: Local Authorities regularly increase local land charges and search fee scales. Should this scenario arise the Local Search Fee quoted above may increase. As charges can vary the above estimate should be used as a guide only.
Print legal costs guide
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