Price Information – Purchase of a Leasehold Residential Property

The following information is an illustrative guide only and is based upon a typical property valued at around £350,000.00. The figures do not represent a quote or estimate. Our fees cover all the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.

Conveyancer’s fees and disbursements

  • Legal fee* £975.00 plus VAT (Total £1,170.00 inclusive of VAT)
  • Search fees – approximately £320 depending on the location of the property
  • HM Land Registry fee – depending on the value of the property and whether already registered at the Land Registry – £95.00 – £540.00
  • Administration charge and bank transfer fee £30 plus VAT (Total £36.00 inclusive of VAT)
  • VAT payable at the current tax rate

* Our fee assumes that:

  1. this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
  2. this is the assignment of an existing lease and is not the grant of a new lease
  3. the transaction is concluded in a timely manner and no unforeseen complication arise
  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

  • Notice of Transfer fee – This fee, if chargeable, is set out in the lease. Often the fee is between £75.00 – £200.00 (inclusive of VAT where applicable).
  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £75.00 and £200.00 (inclusive of VAT where applicable).
  • Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £150.00 and £200.00.
  • Certificate of Compliance fee – To be confirmed upon receipt of the lease.
    These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.

    Stamp Duty Land Tax

    This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website.

      How long will my house purchase take?

      How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 6 – 8 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a new build property with a mortgage in principle, it could take 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 – 6 months. In such, a situation additional charges would apply.

      The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, these are the key stages:

      1. Take your instructions and give you initial advice
      2. Check finances are in place to fund purchase and contact lender’s solicitors if needed
      3. Receive and advise on contract documents
      4. Carry out searches
      5. Obtain further planning documentation if required
      6. Make any necessary enquiries of seller’s solicitor
      7. Give you advice on all documents and information received
      8. Go through conditions of the mortgage offer
      9. Send final contract to you for signature
        Draft Transfer
      10. Advise you on joint ownership
      11. Obtain pre-completion searches
      12. Agree on completion date (date from which you own the property)
      13. Exchange contracts and notify you that this has happened
      14. Arrange for all monies needed to be received from the lender and you
      15. Complete purchase
      16. Deal with payment of Stamp Duty/Land Tax
      17. Deal with the application for registration at Land Registry

      The above information is for illustration purposes and if your property is valued below or above the typical value of £350,000.00 please contact us whereupon we will be happy to provide you with a full quote specific to your needs.