Disbursements are sums which we pay out on your behalf in a matter. They vary from purchase to purchase, and from house to house. The variations are as to the particular form (and cost) of the search, as well as to whether they are needed at all.
- Pre-Exchange Searches
- Local Search Obtaining information from the Local Authority about the property. Cost between £120.00 to £170.00.
- Water Search Information from the Water Authority. Sometimes provided as part of the Local Search. Cost £29.38
- Coal Mining Search. This is required in most areas local to us. It tells us if the property is affected or likely to be affected by mining related subsidence or developments. Cost £15.00. When something is revealed by this search, further searches may be needed.
- Commons Registration Search Occasionally required on the purchase of undeveloped land. Cost approximately £20.00.
- Environmental Search. May be required, particularly for newer properties. From £35.00.
- Pre-Completion Searches and payments
- Company Searches. Occasionally required on a purchase from a limited company. Approximately £20.00.
- Bankruptcy Search. £2.00 per name. Required on behalf of your lender. Will include searches against the names of earlier owners, if the title is not yet registered.
- Land Registry Search. Identifies any mortgages to be repaid by the seller. Cost £4.00
- Bank Charges
- Cheque Special Clearance. £15.00 plus VAT. Necessary where we make payment from funds received before the funds are cleared.
- Telegraphic Transfer £25.00 plus VAT. To ensure that the seller gets your money on the day of completion. A similar sum will now usually be payable to repay your mortgage.
- Post Completion Payments
- Stamp Duty Land Tax is a tax on the transfer document. Duty is payable on the full amount paid, but only when the purchase price is above a certain level.
- At and above £60,000, the rate is one percent of the entire price.
- In certain 'Disadvantaged areas' stamp duty land tax is waived on properties to a value of £150,000.
- Above £250,000, the rate is 3% of the excess above that figure. The table below shows stamp duty at certain levels.
- Land Registry Fees. The Land Registry charges for issuing a land certificate. Their fees are stepped, rising at certain figures. The table below shows some of the rates from 1 October 1999.
|Land Registry Fees
||Stamp Duty Land Tax
||Fees are stepped
||Calculated as a percentage of purchase price
|0 to £40,000
||0 to £59,999
||No duty below £60,000.
|£40,001 to £70,000
||1 % on entire value if above £59,999.
|£70,001 to £100,000
|£100,001 to £200,000
|£200,001 to £500.000
||Three cent on the balance above £250,000. Four per cent on the balance above £500,000 (Figures are different for non-residential properties.
There are several other kinds of searches which are sometimes required. We will discuss them with you as need arises.