Residential Conveyancing

Purchase of a leasehold residential property

We set out below, our fees to cover all of the work required to complete the purchase of your new home in England, including acting for your lenders, if any, and if we are on their panel of Solicitors; dealing with the payment of Stamp Duty Land Tax and registration at the Land Registry.

Our fees and disbursements for the purchase of your leasehold residential property will be as follows:-

Our legal fee depending on the value of the leasehold property being purchased will be as follows:-

Upto £250,000 £ 700.00 plus VAT
£251,000 – £299,999 £ 750.00 plus VAT
£300,000 – £499,999 £ 800.00 plus VAT
£500,000 – £599,999 £ 850.00 plus VAT
£600,000 – £799,999 £ 900.00 plus VAT
£800,000 – £899,000 £ 950.00 plus VAT
£900,000 – £999,000 £ 1,000.00 plus VAT
£1,000,000 -£1,250,000 £1,250.00 plus VAT
£1,250,000 – £1,500,000 £1,500.00 plus VAT
£1,501,000 – £2,000,000 £1,750.00 plus VAT
£2,000,000 – £3,000,000 £2,250.00 plus VAT

In case of the following circumstances, additional charges as shown below would apply:-

New build properties £250 plus VAT thereon
Expedition fee – if matter has to be dealt with speedily £150 plus VAT thereon
Help to Buy Scheme £250 plus VAT thereon
Help to Buy ISA £50 plus VAT thereon

Leasehold element

An additional charge of £175.00 plus VAT applies to consider the lease, a leasehold pack and serve appropriate notices.

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
  • 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.

Please note that our fees may increase further if, for example:

  • If legal title to the property is defective or the property or part of it is unregistered
  • If we discover that building regulations or planning permission has not been obtained
  • If important documents that have previously been requested by us from you or the seller’s solicitors have not been provided
  • If further investigative work is required to be done because of matters revealed by searches and title documentation.
  • If the assumptions referred to above prove not to be correct.

In this case before incurring additional charges we will advise you of the additional charge and obtain your agreement.

Disbursements

These are costs/expenses related to your matter that are payable to third parties, as listed below. We handle the payment of these costs on your behalf to ensure a smoother process.

  • Local Authority search – £80.00 – £300.00 depending on the borough
  • Drainage & Water search – £68.41
  • Environmental search – £62.76
  • Chancel Check search – £22.80
  • HM Land Registry priority search – £3.00
  • HM Land Registry bankruptcy search – £2.00 per person
  • Electronic money transfer fee inc VAT – £18.00
  • 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 https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
  • Land Registry fee – this depends on the purchase price of your property.

Anticipated Disbursements

  • Notice of Transfer & Charge.
  • Deed of Covenant fee (if required) – this fee is provided by the management company for the property and can be difficult to estimate. Often it is between £0 and £250 or more.
  • Certificate of Compliance fee (if required) – to be confirmed upon receipt of the lease, which can range between £50 and £300 or more.

*The above anticipated disbursements vary from property to property and can 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 we receive this information.

We will be happy to provide to you a personalised quote to include the correct Local Authority search fee; Stamp Duty and Land Registry fee depending on the price being paid for the purchase of your property.

How long it will take to complete the purchase of your home

From the time of your offer being accepted until you can move into your new house will depend on a number of factors. The average process takes between 6-8 weeks to exchange of contracts from the time of receiving full set of papers from the seller/s solicitors.

At exchange of contracts, a date for completion is agreed which is typically 2 to 4 weeks from the date of exchange of contracts.

Stages of the process

The typical key stages involved in the purchase of a residential leasehold property are as below:

  • 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 and the lease
  • 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 conditions of mortgage offer with you
  • Arrange for you to sign the contract
  • 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 of registration at Land Registry
  • Serve appropriate notices on the Landlord
We hope that the above information is helpful. We will be happy to discuss the same with you on the telephone if it will be helpful.
Call (020) 8424 0571