Leasehold Residential Purchase – Pricing and Timescale Information

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Leasehold Residential Purchase – Pricing and Timescale Information

The fees involved in any transaction are important and we review our fees on a regular basis, considering client’s feedback. We typically work on a fixed fee basis, so that from the outset you know what the fees will be for your transaction. If during the transaction there is a new development, we will discuss the change in fees with you and agree a way forward.

If you would like an instant estimate, you can use our online calculator to see the estimated charges associated with purchasing a home. It’s simple to use and only takes a minute to enter the basic information needed.

Our fees:

Our fees cover 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

Property Purchase Price
Range of Legal Fees
VAT
Subtotal
£0 – £150,000£600.00 – £695.00£120.00 – £139.00£720.00 – £834.00
£150,001 – £250,000£650.00 – £795.00£130.00 – £159.00£780.00 – £954.00
£250,001 – £500,000£675.00 – £895.00£135.00 – £179.00£810.00 – £1074.00
£500,001 plusAvailable on request
Estimate Total   

 

If the property is a Help to buy, an additional £100.00 + VAT will be added to the above fees.

Disbursements are payments 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 specific fees upon receipt and review of the lease from the seller’s solicitors.

Disbursements

Item
Amount
VAT
Subtotal
Bankruptcy search (per name)2.00  
Search fees (inclusive of VAT200.00  
Electronic money transfer fee30.006.0036.00
Land Registry Priority Search3.00  
HM Land Registry fee **   
Disbursement Subtotal   
Estimate Total (Legal Fees + Disbursements   

Anticipated Disbursements***

Item
Range from
Range to
Plus VAT
Notice of Transfer fee, this fee if chargeable is set out in the lease.£50.00£300.00£10.00 – £60.00
Notice of Charge fee (if the property is to be mortgaged), this fee is set out in the lease.£50.00£300.00£10.00 – £60.00
Deed of Covenant fee, this fee is provided by the management company for the property and can be difficult to estimate.£50.00£300.00£10.00 – £60.00
Certificate of Compliance fee – to be confirm upon receipt of the lease£50.00£300.00£10.00 – £60.00

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.

***  These fees vary from property to property and can on occasions be significantly more than the ranges given above. We can give you an accurate figure once we have sign 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 we receive this information.

How long will the process take?

For any transaction, the timescales are subject to change depending on when your offer is accepted and factors involved. The average process takes between 6-8 weeks.

* 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.

Key milestones:

With every transaction there are key milestones, which may vary according to individual circumstances.  They may be as follows. We will:

  • Take your instructions and give you initial advice;
  • Check you have finances are in place to fund the 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;
  • Go through the conditions of the mortgage offer;
  • Send the final contract to you for signature;
  • 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;
  • Arrange for all monies needed to be received from lender and you;
  • Complete purchase;
  • Deal with payment of Stamp Duty/Land Tax;
  • Deal with application for registration at Land Registry/

Exclusions:

We do not undertake tax advice.

Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above such as:

  • If a legal title is defective or part of the property is unregistered;
  • If you discover building regulations or planning permission has not been obtained;
  • If crucial documents, we have previously requested from you have not been provided to us;
  • If the property is a new build.