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 (SDLT) if the property is in England, or Land Transaction Tax (LTT) if the property is in Wales. 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. [link to Protocol?]
- Legal fees for acting on your behalf £700.00 – £1,500.00 + vat
- Legal fees for acting on behalf of the mortgage lender £200.00 – £500.00 + vat
- Search fees (including cost of searches) £331.67 + vat
- HM Land Registry e-lodgement fee £25.00 – £50.00 + vat
- HM Revenue and Customs e-lodgement fee £80.00 – £120.00 + vat
- Electronic money transfer fee £50.00 – £100.00 + vat
- Lender’s panel management fee £50.00 + vat
- ID and AML check fee £25.00 – £50.00 + vat
- Postage Fee £25.00 + vat
- VAT payable £297.33 – £545.33
- Estimated total fees (including VAT): £1,784.00 – £3,272.00
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees and Stamp Duty Land Tax. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Stamp Duty Land Tax (SDLT)
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 fees
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 following website [link]
Estimated total £40.00 – £910.00
Other Anticipated Disbursements*
- Notice of Transfer fee – This 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 – This fee is provided by the management company for the property 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, as can range between £250.00 – £500.00.
*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.
You should also be aware that often on completion of the purchase, you will 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 (This figure does not include the SDLT.)
How long will my flat 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 10-12 weeks.
It can be quicker or slower, depending 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.*
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
- Go through conditions of mortgage offer
- Arrange for you to sign the final 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 for registration at Land Registry
The fee quoted above assumes that:
- Your matter 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 exchange or the preparation of additional documents ancillary to the main transaction
- Your matter is the assignment of an existing lease and is not the grant of a new lease
- Your transaction is concluded in a timely manner and that no unforeseen complications 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 fees and disbursements may apply if indemnity policies are required. Our fee for arranging an indemnity policy is between £75.00 – £150.00 plus vat. This is in addition to the premium payable to the insurance company for the policy.
We are a large firm with many offices in different locations. We have been specialising in residential conveyancing for over 40 years. 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 section of our website.