Shared ownership PURCHASE legal costs: How much?
EXAMPLE
£96,250 for a 25% share (full market value of property £385,000)
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ITEM |
HUMPHREYS & CO. APPROACH: NO EXTRAS |
ANOTHER APPROACH: EXTRA ADD-ONS |
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|
Time charges |
Charges |
VAT |
Charges |
VAT |
|
Time charges |
£795.00 |
£159.00 |
£525.00 |
£105.00 |
|
Office supplies charges |
£95.40 |
£19.08 |
£0.00 |
£0.00 |
|
Bank-to-bank transfer charge |
£25.00 |
£5.00 |
£30.00 |
£6.00 |
|
Total (including VAT) |
£1,098.48 |
£666.00 |
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Expenses |
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SDLT* (varies with rent & lease length) |
£784.00 (on rental element) |
£784.00 (on rental element) |
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|
Land Registry registration fee |
£120.00 |
£120.00 |
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|
Complete set of searches |
£137.50 |
£350.00 |
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|
Bankruptcy search fee |
£4.00 (for 2 people) |
£4.00 |
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|
Land Registry search fee |
£3.00 |
£4.00 |
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|
Total |
£1,048.50 (SDLT* element varies) |
£1,262.00 (SDLT* element varies) |
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|
Time charge extras (most transactions) |
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ID verification |
£0.00 |
£0.00 |
£15.00 |
£3.00 |
|
Submission of SDLT return |
£0.00 |
£0.00 |
£95.00 |
£19.00 |
|
Acting for lender |
£0.00 |
£0.00 |
£295.00 |
£59.00 |
|
Completion within 2 weeks of exchange of contracts |
£0.00 |
£0.00 |
£95.00 |
£19.00 |
|
Leasehold supplement |
£0.00 | £0.00 |
£100.00 |
£20.00 |
|
Shared ownership supplement |
£0.00 | £0.00 |
£100.00 |
£20.00 |
|
New build supplement |
£0.00 | £0.00 |
£150.00 |
£30.00 |
|
Total (including VAT) |
£0.00 |
£1,020.00 |
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|
Total costs all-in for routine transaction (most cases) |
£2,146.98 (of which £784 attributable to SDLT*) |
£2,948.00 (of which £784 attributable to SDLT*) |
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|
Time charge extras (occasional transactions) |
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Dealing with licence to assign or deed of covenant |
£0.00 |
£0.00 |
£125.00 |
£25.00 |
|
Dealing with an adult occupier |
£0.00 |
£0.00 |
£60.00 |
£12.00 |
|
Dealing with a gifted deposit |
£0.00 |
£0.00 |
£120.00 |
£24.00 |
|
Simultaneous exchange and completion (£175 plus VAT but £95 plus VAT of which shown above) |
£0.00 |
£0.00 |
£80.00 |
£16.00 |
|
Total add-ons in occasional transactions (including VAT) |
£0.00 |
|
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Notes
• Humphreys & Co. request an initial on-account payment of £265.00 (applied against totals above i.e. not extra)
• Humphreys & Co. offers its clients “no-move-no-fee” terms, meaning that if the transaction does not reach completion you will only be invoiced for any expenses already incurred at the time you decide not to proceed
