Help to Buy Conveyancing Solicitors
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Help to Buy Solicitors

07/06/2021
7,034
4 min read
Help to Buy solicitors or conveyancers carry out the legal work when a first time buyer is using the Government Help to Buy scheme to purchase a property. The Help to Buy conveyancing process is more complex than a standard conveyancing because of the additional contract you have with the Government, which is providing an Equity Loan for anything up to 20% of the purchase price - the minimum deposit you can invest is 5%. There may also be a Government Help to Buy ISA to be redeemed by your lawyer if you have been paying money into this.

Help to Buy has been extended to 2023, however from April 2021, the scheme is to be restricted to first time buyers only and there are new regional caps. Click on Help to Buy extended to 2023 for more information.

You will also pay more for your Help to Buy conveyancing solicitors' fees because the property you are buying is a new build - you can only buy a newly-built property using the Government Help to Buy Equity Loan Scheme.

Help to Buy Solicitors Fees

The solicitors fees vary depending on whether you are buying a new build or if this is a help to buy redemption.

  • Help to Buy Conveyancing Purchase. The solicitors fees range from £800 to £1,500 INC VAT and will need to include the work on a new build and solicitors knowledgeable in Help to Buy.
  • Help to Buy Repayment Solicitor fees. The solicitors fees range from £363 to £900 INC VAT, however these fees may increase if you are transferring equity to a partner to add them onto the legal title or if you are refinancing by getting a mortgage. Leaseholds are also more expensive.

Example of Help to Buy Solicitors Fees

Help to Buy Conveyancing Solicitors: Help to Buy ISA
This is an example of conveyancing fees for a leasehold purchase for £250,000:

£250,000   Purchase Price

£2,500 Stamp Duty

£270 Land Registration - This is twice the normal cost because you are buying a new build property which can only be registered by post. If the property was not new build, then the property could be registered online and the fee would be £135.

£895 Conveyancing Fees - This is the Fixed Fee quote our Help to Buy conveyancing solicitors charge for completing the legal work on your behalf. It includes:

  • New build property legal work
  • Help to Buy Equity Loan application and registration
  • Handling Help to Buy Mortgage work
  • All the standard conveyancing work for your purchase including bank transfer, title check and property search reviewing

  • £265  Property searches including local authority, drainage, environmental, chancel indemnity and title plan (read more about property searches here)

    £8 Online ID fee - this is to check who you are and is £8 per name

    £10 Bankruptcy and OS1 priority searches

    £60 Help to Buy ISA redemption fee (if applicable)

    £100 to £200 The notice fee is is the cost levied by the landlord when being notified of a change of ownership of the leasehold and the registration of a charge (mortgage) over the property. 

    £100 to £200
    The Engrossment fee is the cost levied by the landlord when they issue a new lease (normally only payable on new build purchases).


    This is an example for just a standalone purchase, however if you are doing a buy and sell conveyancing then call us on 0333 344 3234 to get your own bespoke conveyancing quote.


    What is the Help to Buy Conveyancing Process?


    The conveyancing process follows the following stages:

      1
      Instruct your conveyancing solicitor, complete ID forms, proof of funds and order property searches.

      2
      Authority to Proceed - get the authority from Help to Buy that you are eligible to buy using the scheme.


      4
      Review draft contracts from seller and raise/satisfy legal enquiries (this is the legally technical part of the process)

      5
      Exchange contracts - this is the day where you are made legally bound to buy the leasehold property from the developer. You'll have to pay a 10% deposit and then wait until the property is finally built so that you can then move to completion. Your Help to Buy Solicitor needs to obtain Authority to Exchange before they can exchange.

      6
      Complete - often delayed until the new build is complete. The developer serves notice to complete giving you 2 weeks to be ready to complete. Completion is the day you collect your keys and the property is yours.

    This is a very quick overview and there is a lot that your property lawyer does throughout. If you'd like to find out even more about the conveyancing process then you can click here and read our complete guide to conveyancing.

     
     
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    FREE Online Conveyancing Process for Buyers

    Includes online checklists, videos, downloads and tips - plus it is completely free to use from start to finish and saves your progress along the way.