If you are a secure tenant and you’ve been a council or social housing tenant for three years or more you are likely to have the Right To Buy your home and to benefit from a discount of up to 70% against it’s value. For most of us the purchase of our home is the biggest financial transaction of our lives and with that much at stake it’s important to use an experienced right to buy conveyancer to avoid costly mistakes and delays. As accredited members of the Law Society’s Conveyancing Quality Scheme our expert solicitors have helped thousands of clients to make the right move providing a fast, friendly and cost effective fixed fee right to buy conveyancing service.
A broad outline of the legal work involved in a Right To Buy purchase includes:
- Obtaining contract papers from your Landlord and checking that all is in order
- Making any necessary conveyancing searches and raising enquiries of the Seller
- Agreeing the terms of the transfer or lease document with the Solicitors for the Landlord
- Making the pre-completion legal arrangements and checks
- Where you are purchasing with the assistance of a mortgage, dealing with any conditions set by the Lender and reporting to them on the title to the Property
- Obtaining the mortgage money from your lender and any balance that we need from you
- On the completion day, paying the money due to the Landlord and completing the transfer or lease
- After the completion day registering your ownership of the property at the Land Registry, where you have taken a long lease of the property serving notice of any mortgage on the Landlord and dealing with any necessary Stamp Duty returns.
Our conveyancing fees range from £800 to £2,500 plus VAT (currently 20%) depending on the type of property involved, its location and your own personal circumstances. We’d be happy to provide you with a detailed breakdown of these costs for your purchase – just give us a call now on 01902 577771 or fill in the form here. Our Fixed Fee Right To Buy Conveyancing Quotation is totally free and without any obligation.
To give you an idea of the various costs involved we’ll take the example of Right To Buy property valued (pre-discount) at £148,689 – which according to Land Registry figures is the average price of a property in Wolverhampton as of July 2018.
Solicitor’s Fees £975 plus VAT
These cover the cost of the legal work involved in the purchase.
Bank Transfer Fee £30 plus VAT
We make this charge only where we need to send money electronically as part of the conveyancing transaction
Referral Fee £0.00
We don’t believe in buying business – clients choose to use us because they like the quality of our work, the speed of our service and the ability to talk directly with the solicitor dealing with their purchase – so you don’t have to pay us more so that we can pay third party referral fees
Mortgage Fee £150 plus VAT
If you are taking a mortgage from a lender who is member of UK Finance – all of the major high street banks and building societies are members – we charge this fee to reflect the additional work involved. The fee may vary if your lender is not a member of UK Finance.
If you live in a flat or maisonette then you will be granted a long lease of your property when exercising your Right To Buy which will mean that we will need to give the Landlord notice of your mortgage following completion. The notice fee payable to the Landlord will vary dependant on the development and we won’t know the amount of this until we have been able to investigate the title and raise enquiries
Help To Buy
We don’t make any additional charge if you are using a Help to Buy ISA
These are the fees that have to be paid to third parties in respect of searches and registration fees which are a necessary part of the conveyancing process:
Local search £82.74
Mining search £35.65
Environment search £67.32
Drainage search £69.98
Land Registry priority search £3.00
Land Registry registration fee – varies dependent on the amount of discount that you are entitled to but at least £30
Bankruptcy search fee – only payable where you are purchasing with the assistance of a mortgage – £2 per person
AML search – £4 per person.
Search fees vary dependant on the location of the property.
Stamp Duty £0.00
The amount of stamp duty payable to the Government on the completion of your purchase will depend on your personal circumstances and the location of the property. We’ll let you know how much the tax is as part of our detailed quote but we have assumed for the purpose of this illustration that you are a first time buyer.
We’d love to help you make your purchase a success. To find out more about our conveyancing services and to get your FREE personalised FIXED FEE right to buy conveyancing quote CALL us now on 01902 577771 or fill in the form here