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Shared ownership PURCHASE legal costs: How much?

 £96,250 for a 25% share (full market value of a new-build property £385,000)

ITEM

HUMPHREYS & CO. APPROACH:

NO EXTRAS

ANOTHER APPROACH:

EXTRA ADD-ONS

Time charges

Charges

VAT

Charges

VAT

Time charges

      £695.00

     £139.00

      £695.00

      £139.00

Office supplies charges

       £83.40

       £16.68

         £0.00

         £0.00

Bank-to-bank transfer charge

       £35.00

         £7.00

       £40.00

         £8.00

Total (including VAT)

     £976.08

      £882.00

Expenses

SDLT* (varies with rent & lease length)

          £0.00

          £0.00

Land Registry registration fee

        £80.00

        £80.00

Complete set of searches

      £144.51 (inclusive of VAT)

      £146.50

Bankruptcy search fee
(£2.00 per person)

         £2.00

         £2.00

Land Registry search fee

         £3.00

         £6.00

Total

   £226.51 (SDLT* element varies)

   £234.50 (SDLT* element varies)

Time charge extras (most transactions)

ID verification

         £0.00

         £0.00

       £15.00

         £3.00

Submission of SDLT return

         £0.00

         £0.00

       £60.00

       £12.00

Acting for lender

         £0.00

         £0.00

      £175.00

       £35.00

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

      £834.00

Total costs all-in for routine transaction (most cases)

   £1,202.59

(of which NIL attributable to SDLT*)

   £1,950.50

(of which NIL attributable to SDLT*)

Time charge extras (occasional transactions)

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

       £90.00*

       £18.00**

     £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)

£108.00***

£462.00

* (+ £45 for each subsequent gifted deposit)
** (+ £9 for each subsequent gifted deposit)
*** (+ £54 for each subsequent gifted deposit)

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.