Purchase of a leasehold residential property

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.

This quote is based on a purchase price up to £750,000.00. For a quote for purchase prices above that value please contact us directly.

Conveyancer's fees

Legal fee between £1,300.00 and £1,725.00
Leasehold transaction fee £500.00
Land Transaction Return fee £125.00
Electronic money transfer fee £40.00 per transaction
VAT payable between £ 298.00 and £ 378.00
Subtotal between (or just this figure) £ 1,788.00 and £ 2,268.00

If there is a mortgage on the property we charge a fee of £350.00 plus VAT for dealing with the lenders legal paperwork

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.

HM Land Registry scale fee: between £20.00 and £270.00 dependant on property value
Search fees: £250.00 (including VAT) approximately
Subtotal: between £ 270.00 and £ 520.00

Estimated total

Between £ 2,058.00 and £ 2,788.00 plus the extra £250.00 plus VAT relating to any mortgage on the property.

Anticipated Disbursements*

Notice of Transfer fee – This fee if chargeable is set out in the lease or in the information form the Landlords and/or Management Company. Often the fee is between £50.00 and £150.00 plus VAT of between £10.00 and £30.00
Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease or in the information from the Landlords/Management Company. Often the fee is between £50.00 and £150.00 plus VAT of between £10.00 and £30.00
Deed of Covenant fee – This fee is provided by the Landlord/management company for the property and can be difficult to estimate. Often it is between £100.00 and £250.00.
Certificate of Compliance fee - To be confirmed upon receipt of the lease or the information from the Landlord/Management Company, and can range between £100.00 and £250.00.

*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 in to your house will depend on a number of factors. The average process takes between 6 -12 weeks.

Stages of the process

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:

Take your instructions and give you initial advice
Check finances are in place to fund purchase and contact lender's solicitors if needed
Receive and advise on contract documents
Carry out searches
Obtain further planning documentation if required
Make any necessary enquiries of seller's solicitor
Give you advice on all documents and information received

This stage should take 6 weeks to complete

Go through conditions of mortgage offer
Send final contract to you for signature

This stage should take 2 weeks to complete

Draft Transfer
Advise you on joint ownership
Obtain pre-completion searches
Agree completion date (date from which you own the property)
Exchange contracts and notify you that this has happened

This stage should take 2 weeks to complete

Arrange for all monies needed to be received from lender and you
Complete purchase

This stage should take 2 weeks to complete

Deal with payment of Stamp Duty/Land Tax

This stage should take 1 week to complete

Deal with application for registration at Land Registry

This stage should take 2 weeks to complete

Deal with service of notices of transfer and mortgage on Landlord/Management Company

This stage should take 3 weeks to complete

These timings may very if there are delays by third parties and other factors beyond our control.

Our fee assumes that:

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
this is the assignment of an existing lease and is not the grant of a new lease
the transaction is concluded in a timely manner and no unforeseen complication arise
all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
no indemnity policies are required. Additional disbursements may apply if indemnity policies are required
the property is registered at the Land Registry