Leasehold Purchase
We are members of the Law Society Conveyancing Quality Scheme (CQS) and carry out the legal work in accordance with the Law Society Conveyancing Protocol. Our fees cover all of the work required to complete the purchase of your new home including, registration at the Land Registry, payment of Stamp Duty Land Tax (SDLT) (England only), Land Transaction Tax (LTT) for property purchases in Wales.
Conveyancing Fees
Legal Service | Lowest Fee | Highest fee |
---|---|---|
Acting on your behalf | £700.00 | £1,500.00 |
Acting on behalf of the mortgage lender | £200.00 | £500.00 |
Search fees (inc. cost of searches) | £331.67 | £331.67 |
HM Land Registry e-lodgement fee | £25.00 | £50.00 |
HM Revenue and Customs e-lodgement fee | £80.00 | £120.00 |
Electronic money transfer fee | £50.00 | £100.00 |
Lender’s panel management fee | £50.00 | £50.00 |
ID and AML check fee | £25.00 | £50.00 |
Postage Fee | £25.00 | £25.00 |
Estimated Totals (inc VAT) | £1,784.00 | £3,272.00 |
Estimated Total VAT payable | £297.33 | £545.33 |
Disbursements
Disbursements are costs that are payable to third parties, such as Land Registry fees and Stamp Duty Land Tax. We handle the payments on your behalf for a smoother process.
Other Anticipated Disbursements*
- Notice of Transfer fee –If chargeable, is set out in the lease. Often the fee is between £150.00 – £500.00.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £150.00 – £500.00.
- Deed of Covenant fee – Fee provided by the property management company and can be difficult to estimate. Often it is between £250.00 – £500.00.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, ranges between £250.00 – £500.00.
*Fees vary from property to property and can on occasion be significantly more than the given above. We can give you an accurate figure once we have sight of your specific documents.
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.
Often, on completion of the purchase, you’ll be required to reimburse the seller for ground rent and service charge that the seller has paid in advance for a period that is after the completion date. This reimbursement is done on a pro rata basis and is called an apportionment of ground rent/service charge.
Grand total £2,624.00 – £6,182.00 (not including SDLT.)
Stamp Duty Land Tax
This depends on the purchase price of your property, whether or not you already own property, whether or not you are selling a principal main residence to buy another principal main residence and other factors.
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 here..
Land Registry
The registration fee depends on the purchase price and is calculated by the Land Registry on a scale published from time to time. Some transactions qualify for a reduced fee of half the normal fee. Grants of new leases and Transfers of Part do not qualify for the reduced fee. You can calculate the Land Registry fee by visiting the Land Registry website
Estimated total £40.00 – £910.00
How Long Will It Take?
From your offer being accepted until you can move in will depend on a number of factors, however, the average is between 10-12 weeks.
The speed depends on the number of parties in the chain. For example, if you are a first time buyer with a mortgage in principle, purchasing a chain-free freehold property, it could take 4-6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 6 months. In such a situation additional charges would apply.
Process Stages
Fee Assumptions
The fee quoted above assumes that:
- Your matter is a standard transaction, that no unforeseen complications arise, for example: a defect in title which requires remedying prior to exchange, or the preparation of additional documents ancillary to the main transaction
- Your matter is the assignment of an existing lease, not the grant of a new lease
- Your transaction is concluded in a timely manner without complications
- All parties to the transaction are co-operative, there is no unreasonable delay from third parties providing documentation
- No indemnity policies are required
- Additional fees and disbursements may apply if indemnity policies are required.
Our fee for arranging an indemnity policy is between £75.00 – £150.00 +VAT. This is in addition to the premium payable to the insurance company for the policy.
Barnes and Partners is a large firm with many offices in different locations. Our specialist residential conveyancing have over 40 years combined experience.
We offer a personal service, and, in most cases you will be dealing with a single partner, solicitor, or conveyancer, throughout the transaction.
The fees quoted can vary depending on which office location you are using and the level of experience of the person acting for you. For information about the members of our team please go to the About Us Page.