1. What are the solicitor’s charges for conveyancing?

Dependant on a number of variables, namely the size of the transaction, your choice of solicitor and the amount of work required, conveyancing fees can vary quite dramatically, but on average, expect to pay between 0.5% - 1% plus VAT of the purchase price of the property.

Breslauer can help you find a specialist firm of solicitors but whomever you instruct, we’d advise you to get a written quote and a breakdown of each individual charge before you go ahead.  Within the quote, you will be subject to disbursement costs such as Land Registry fees, obtaining property deeds and various searches that your solicitor will detail in the final invoice.

For further information, please go to www.lawsociety.co.uk

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2. What is Stamp Duty and do I have to pay it?

Stamp Duty (or Stamp Duty Land Tax, SDLT) is a tax levied by the Government when you are buying a home, not selling. It is paid on completion of a purchase and your solicitor will ask you to complete a Land Transaction Return and will need the funds to cover the duty shortly before the completion date.  Your solicitor will then send the money to the Inland Revenue on your behalf.

Stamp Duty is in addition to your deposit and conveyancing charges and it would be prudent to budget for this potentially significant outlay right from the outset.  As of November 2008, charges are as follows –

For properties sold up to £125,000, you will pay 0% of the purchase price in Stamp Duty**
For properties sold between £175,001 - £250,000, you will pay 1% of the purchase price
For properties sold between £250,001 - £500,000, you will pay 3% of the purchase price
For properties sold over £500,001, you will pay 4% of the purchase price.

These are set by the Government and are not negotiable, nor can payment be deferred until a later date.


**As of 24th March 2010, stamp duty has been abolished for first-time buyers purchasing a home for less than £250,000. The exemption ends in March 2012.   Buyers will be eligible only if they have never bought a home in Britain or overseas in the past. It also must be their only or main home.

For further information, please go to www.hmrc.gov.uk/so/index.htm

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3. What deposit is required to secure a property?

There are no hard and fast rules here, but as a rough guide, buyers will put down 10% of the purchase price.  Dependant on circumstances, this figure can vary and can sometimes be negotiated down between the agent and the vendor, in some instances as low as 5%.  Your solicitor will talk you through all the implications associated with your deposit and the exchange of contracts.

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4. When can we move into our new home?

You will be able to move into your new home when your solicitor completes the purchase on your behalf and the property becomes vacant for possession i.e. the people you have bought the house from move out on a pre-arranged date (agreed at the time contracts are exchanged) and you are then free to move in.

You solicitor will then send the Transfer Deed, the document that confirms you as the owner of the property to the Land Registry, who will then update the information to confirm you as the new owner.  For more detailed information, please go to www.landregistry.gov.uk

Upon completion, the balance of the monies will need to be paid, i.e. the remaining purchase price of the property.  At this stage of the process your solicitor will have your mortgage offer and he will ensure the funds will be electronically transferred to the vendor’s solicitors upon completion.  If you are using a mixture of personal savings and mortgage, the entire balance will need to be transferred before the sale is complete.

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5. What are the costs of taking out a mortgage?

The mortgage market is possibly at its most competitive level in years, and lenders’ arrangement and valuation fees vary, dependant on the particular mortgage product, length of term and the amount of deposit.

It’s advisable to speak to an independent financial advisor (IFA) who will be able to give you the largest array of options available to you.  Breslauer will gladly recommend an IFA to you, alternatively, please go to www.fsa.gov.uk, the Financial Services Authority website, for a more in-depth look at this often confusing and complex area of property purchasing.

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6. Once we’ve agreed a price with the vendor, how much will a survey cost?

7. What are my removal costs likely to be?

The costs of physically moving your property from one house to the next are unique, in so far as it will depend on how much you are taking/leaving behind, where you are moving and whether you use a removal company or hire a vehicle and do it yourself. It’s advisable, as it always is in situations like this, to get a number of quotes from a number of different companies.

There are specialist companies who are used to moving specialist items such as pianos, valuable artwork, medical equipment etc so again, if there are specific items you are concerned about, contact the British Association of Removers (www.bar.co.uk) for help and advice.

8. How much are estate agents fees?

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