Bankruptcy search
A search made on behalf of a lender to ensure that a prospective borrower is not, or has not, in the past been made bankrupt or has writs made against him/her.
Drainage search
An enquiry made of the regional drainage company to find out where the main drains are located and to see whether the property is connected to them.
Environmental search
A search against a property to check whether there is any record kept to suggest that the property may be affected by contamination.
Land Registry search
A search at the land Registry to check that no undisclosed charges or interests are registered against the property.
Local Authority search
A search carried out at the local authority to check whether there has been any notices registered affecting the use of the property or any proposals for the neighbourhood which may directly affect the property. The cost typically varies between £61 and £275 although it could be more. For the purpose of providing an indication of cost we have included and estimate of £130.
Additional searches
Additional searches , such as mining searches, may also be required depending on the location of the property. Typical figures range from £0 to £100 but may be more. Your assigned law firm will confirm the actual cost of any additional searches.
Land Registry fee
The fee payable to the Land Registry to register any change affecting the property including a change of ownership. It can vary between £40 and £800.
Stamp Duty
This is a tax levied on the purchase of the property. It varies depending on the value of the property in accordance with the scale shown below:
- Up to £120,000 - nil
- £120,001 - £250,000 - 1%
- £250,001 - £500,000 - 3%
- More than £500,000 - 4%
Telegraphic Transfer fee
This is the transaction charge in respect of the transfer of funds for the purchase of the property or your sale funds upon completion. It may also be referred to as TT fee.