When buying a property there are a number of expenses which have to be paid to other parties. Typically they are as follows:-
1. In Coventry we will carry out searches with the Local Authority, the Water Authority, the Coal Authority and the Environment Agency. The total cost of these searches is normally around £200.00 in total.
2. We are required to check that you are not bankrupt and make certain that no one has lodged a prior claim on the property at the Land Registry. The cost of these searches generally is around £10.00
3. When we register your ownership at the Land Registry a fee is charged by that agency to effect the registration. The fee does depend upon the purchase price. The scale is as follows:-
Value or Amount Fee
0 - 50,000.00 £40.00
50,000.01 - 80,000.00 £60.00
80,001.00 - 100,000.00 £100.00
100,001.00 - 200,000.00 £150.00
200,001.00 - 500,000.00 £220.00
500,001.00 - 1,000.000.00 £420.00
1,000,001.00 and over £700.00
4. Banks make a charge for transferring money on the same day to the sellers solicitors on completion. The fee for this is £35.25 inclusive an VAT.
5. Stamp Duty Land Tax. This is a tax payable upon the amount of the purchase price. For more details follow the link to H M Revenue & Customs
6. Whether or not Stamp Duty Land Tax is payable we are require to submit a lengthy form to H M Revnue & Customs upon completion. We do make an administration charge of £58.75 for this.
These expenses are in addition to the legal fees payable to SH&M