Shared ownership PURCHASE legal costs: How much?
£96,250 for a 25% share (full market value of a new-build 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 |
£695.00 |
£139.00 |
£695.00 |
£139.00 |
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Office supplies charges |
£83.40 |
£16.68 |
£0.00 |
£0.00 |
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Bank-to-bank transfer charge |
£35.00 |
£7.00 |
£40.00 |
£8.00 |
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Total (including VAT) |
£976.08 |
£882.00 |
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Expenses |
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SDLT* (varies with rent & lease length) |
£0.00 |
£0.00 |
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Land Registry registration fee |
£80.00 |
£80.00 |
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Complete set of searches |
£144.51 (inclusive of VAT) |
£146.50 |
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Bankruptcy search fee |
£2.00 |
£2.00 |
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Land Registry search fee |
£3.00 |
£6.00 |
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Total |
£226.51 (SDLT* element varies) |
£234.50 (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 |
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Submission of SDLT return |
£0.00 |
£0.00 |
£60.00 |
£12.00 |
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Acting for lender |
£0.00 |
£0.00 |
£175.00 |
£35.00 |
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Completion within 2 weeks of exchange of contracts |
£0.00 |
£0.00 |
£95.00 |
£19.00 |
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Leasehold supplement |
£0.00 | £0.00 |
£100.00 |
£20.00 |
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Shared ownership supplement |
£0.00 | £0.00 |
£100.00 |
£20.00 |
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New build supplement |
£0.00 | £0.00 |
£150.00 |
£30.00 |
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Total (including VAT) |
£0.00 |
£834.00 |
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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*) |
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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 |
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Dealing with an adult occupier |
£0.00 |
£0.00 |
£60.00 |
£12.00 |
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Dealing with a gifted deposit |
£90.00* |
£18.00** |
£120.00 |
£24.00 |
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Simultaneous exchange and completion (£175 plus VAT but £95 plus VAT of which shown above) |
£0.00 |
£0.00 |
£80.00 |
£16.00 |
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Total add-ons in occasional transactions (including VAT) |
£108.00*** |
£462.00 |
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* (+ £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.
