Legal Costs

Solicitors
As well as paying a solicitor or licensed conveyancer for the work that he or she does, the cost of land registry and local searches will also be passed on to you.
The solicitor also does certain work on behalf of the lender; the cost of this is normally included within the quote that the solicitor gives to you.

The solicitor’s role is to check all the legal aspects of the property and ensure that it is ‘conveyed’ to you legally. They will also register the lenders interest in the property and will be responsible for collecting the stamp duty from you (see below).

Stamp Duty
Stamp duty is basically a tax on property purchases, and applies to all properties over £60,000. Stamp duty will be collected by your solicitor and is calculated as follows:
Purchase price up to £60000 £60,000-£250,000 £250,001-£500,000 Over £500,000
Stamp duty payable Nil 1% of the purchase price 3% of the purchase price 4% of the purchase price

Since November 2001, stamp duty has been abolished for certain property transactions in designated areas to help regeneration. Your solicitor or the Inland Revenue will be able to advise you of the designated areas.