You might be looking for an estimate for conveyancing fees. Or perhaps you are ready to instruct a solicitor on the sale or purchase of a property. At Burtons, we provide a free, no obligation estimate that’s available online.
In most cases, our conveyancing fees will be estimated on the value of the property and can be tailored to your specific transaction. There are occasions however, when we are presented with more complex transactions. In which case, we reserve the right to adjust our estimate. Should this situation arise, the reasons for this will be discussed with you and should there be the need to adjust the conveyancing fees to e charged, you will be advised in writing prior to the fees being incurred.
Complex transactions could include but are not limited to: service charge retentions, newbuilds, contract races or auction purchases
With regards to some of the disbursements, we cannot provide totally accurate estimates at this stage, such as search fees, managing agent fees and landlord fees, as the cost of these can vary depending on the location. You will be advised under cover of our client care letter on instruction.
After filling out a free, no obligation quote online, here are the next steps.
- We aim to contact you on the next working day following the estimate to ensure you have received it.
- We can explain the next steps to you and talk you through the process if required.
- Should you have been unsure about anything when completing the estimate request, we will be able to answer any questions you may have.
- We may be able to establish if there is a more complex issue that will need to be considered, at a much earlier stage.
- If you have any questions regarding the estimate you have received, we will happily help you.
- We can collect any missing information to avoid delays later in the process.
Stamp Duty Land Tax
Stamp Duty Land Tax (SDLT) is a tax levied on the purchase of property in England and Northern Ireland.
This is calculated on a percentage basis based on the purchase price of the property. We will always provide you with an estimate of the SDLT you will need to pay based on the information provided but it may be subject to change and update.
For more information on Stamp Duty, please see the Government website at: https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
Detailed below are the current* Stamp Duty levels:
- The proportion up to £125,000 0%
- The proportion between £125,001 and £250,000 2%
- The proportion between £250,001 and £925,000 5%
- The proportion between £925,001 and £1,500,000 10%
- The proportion from £1,500,001 upwards 12%
Example:
If you buy a house for £275,000 the Stamp Duty you pay is calculated as follows-
0% on the first £125,000 = £0
2% on the next £125,000 = £2,500
5% on the final £25,000 = £1,250
Total Stamp Duty = £3,750
For first time buyers you can claim relief and the current* Stamp Duty levels are:
- The proportion up to £300,000 0%
- The proportion between £300,001 and £500,000 5%
- The proportion between £500,001 and £925,000 5%
- The proportion between £925,001 and £1,500,000 10%
- The proportion from £1,500,001 upwards 12%
Your conveyancer can advise you if you are considered as a first time buyer for the purposes of Stamp Duty.
If you are purchasing a second home, either to live in or to rent out, then you will usually have to pay 3% on top of the usual Stamp Duty level. This does not apply if you have already sold your main residence and are purchasing a new main residence; then usual Stamp duty levels will apply.
If you have purchased a second home and then move into the same within 36 months of purchase and sell your former home (leaving you owning just one property) then you may be entitled to a refund on the extra 3%; please discuss this with your conveyancer if you think this may apply to you.
For a more accurate estimate, you can use the Government Stamp Duty calculator: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
* Whilst we endeavour to keep our website up to date, please be aware that Stamp Duty is subject to change and you should independently check the prevailing rate. If you are concerned about the amount of Stamp Duty you have to pay, we recommend that you discuss this with your accountant or financial advisor.
VAT will be added to our Conveyancing fees at the prevailing rate (currently 20%). For example, a fee of £2,000 will currently attract a VAT liability of £400, giving a total of £2,400.
Whilst we endeavour to keep our website up to date, please be aware that VAT is subject to change and you should independently check the prevailing rate.
Referral Fees
Some estate agents and other businesses may have recommended you to us and occasionally we may be required to pay them a referral fee. In the event that we are required to pay a referral fee full details of what we pay will be notified to you within the client care letter.
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