Leasehold Residential Purchase Pricing
Thank you for looking at our property services. Whether you are a first-time buyer or an investor, we are here to take the stress out of buying and selling leasehold property.
We will guide you through each step of your transaction, tailoring our service to fit your requirements, so you can have complete peace of mind that every detail has been properly handled.
At a time where money really matters, we take care to provide a high quality, value-for-money service you can rely on. We will keep you regularly advised of every detail you need to know so you can make informed decisions and conclude your leasehold property transaction promptly and with the minimum possible stress and hassle.
We have an experienced team who understand the stress involved in buying, selling or re-mortgaging your property. Our approach is simple – we provide a first-class service from our expert team who make the difference by taking the stress away from you and dealing with all the details of your transaction on your behalf.
We know that communication is key, especially when dealing with the complex issues that can sometimes be involved with leasehold property. Our team are made up of highly experienced Lawyers who have the legal and technical “know how” to resolve any issues as they arise in a professional and efficient manner, but also have the people skills to ensure you are kept informed of everything you need to know in plain English.
You will have the confidence that you are our priority, with our aim being that any member of the team is available to speak with you when you need some clarity and certainty at any stage in the process. We feel this provides reassurance and gives you an outlet for any concerns that you may have.
We realised that this is potentially the biggest investment of your life and we not only want to provide the first-class service you deserve, but also real value for money with no hidden fees.
We are proud to hold Lexcel and CQS Accreditations, issued by the Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain the highest levels of client care.
We know how important cost is when deciding who to use for leasehold conveyancing, so we review our fees on a regular basis, taking into account clients’ feedback, so we can make sure we always offer great value.
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.
Our fees are set out as:
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
Estimated purchase price: £200,000
|Leasehold Administration Fee||£350||£70||£420|
|Mortgage Administration Fee (if applicable)||£200||£40||£240|
|Telegraphic Transfer Administration Fee||£25||£5||£30|
|Stamp Duty Land Tax Form Fee||£75||£15||£90|
Disbursements are any 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 specific fees upon receipt and review of the lease from the seller’s solicitors.
These fees may be subject to change if further information relating to your property becomes available, for example, if you require additional searches such as an Energy & Infrastructure Search.
Disbursements in the above example:
Search Fees – £350 to £500, plus VAT at the prevailing rate, depending on the location of the property.
(In the above example: £375 plus £75 VAT, £450 Total)
Land Registry and Land Charges Search Fees – £3.00 plus VAT per title £2.00 plus VAT per name
(In the above example: 2 persons purchasing together £8.40)
Consumer Bank Checker (if applicable) – £2.50 plus VAT
(In the above example: £3.00)
Lawyer Checker – £15.00 plus VAT
(In the above example £18.00)
HM Land Registry Fee – £20 to £1105, depending on the purchase price and whether the property is already registered.
(In the above example, for an unregistered property: £230)
Electronic Transfer Fee – £16.00 plus VAT
(In the above example £19.20)
Stamp Duty Land Tax – This will depend 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.
(In the above example: £1,500)
Cost of Disbursements for the above example: £2,228.60
Grand total for the above example: £4,082.60
|Item||Range from||Range to|
|Notice of Transfer fee, this fee if chargeable is set out in the lease. Often the fee is:||£350||£500|
|Notice of Charge fee (if the property is to be mortgaged), this fee is set out in the lease. Often the fee is:||£350||£500|
|Deed of Covenant fee, this fee is provided by the management company for the property and can be difficult to estimate. Often the fee is:||£350||£500|
|Certificate of Compliance fee – to be confirmed upon receipt of the lease. Often the fee is:||£350||£500|
* 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 sight of the contract documentation. All prices are subject to VAT at the prevailing rate.
You should also be aware that ground rent and service charges 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 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. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.
Factors that may lead to an increase in cost include:
- 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
- If the property is less than 10 years old
- If there are private roads and drainage
- If indemnity policies are required
- If a Declaration of Trust is required
In the current climate it is more difficult than ever to provide a timescale for the completion of your matter. Pre Covid-19 we were working on a timescale in the region of ten to twelve weeks from acceptance of an offer, but the process is taking longer for all involved in the property sector including surveyors, banks and local authorities. We will progress your matter as efficiently as practicable but please be aware that matters are taking longer to reach completion than they have traditionally.
In addition, for any transaction, the timescales are subject to change depending on when your offer is accepted and factors involved such as:
- Number of parties in the chain
- Whether you have a mortgage in place
- Whether you are buying a new build property
- Whether you need a lease extension for a leasehold property
If any of the above apply, or there are other factors we need to take into consideration, it may increase the time by a further 4-6 weeks and additional charges may occur. We will discuss this with you at the earliest opportunity so you always have a clear picture of how long things are likely to take.
Our fee assumes that:
- This is a standard transaction and that no unforeseen matters arise, including (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
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:
- Taking your instructions and giving you initial advice
- Checking finances are in place to fund purchase and contacting lender’s solicitors if needed
- Receiving and advising on contract documents
- Carrying out searches
- Obtaining further planning documentation if required
- Making any necessary enquiries of seller’s solicitor
- Giving you advice on all documents and information received
- Going through the conditions of your mortgage offer and reporting to you
- Preparing report on purchase and if feasible attending you on signing of the contract documents
- Drafting the Transfer
- Advising you on joint ownership
- Obtaining pre-completion searches
- Agreeing a completion date (the date from which you own the property)
- Exchanging contracts and notifying you that this has happened
- Arranging for all monies needed to be received from lender and from you
- Completing purchase
- Dealing with payment of Stamp Duty/Land Tax
- Dealing with application for registration at Land Registry