Purchase of Leasehold Residential Property

Cost Transparency

Our Fees


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.

Conveyancer's fees and disbursements 
  • Legal fee £1,050 plus VAT at 20%
  • Fee for acting on behalf of the mortgage lender £150 plus VAT at 20%
  • Search fees £300 plus VAT at 20%
  • HM Land Registry fee £40 plus VAT at 20%
  • Electronic money transfer fee £30 plus VAT at 20%
  • VAT payable £314
  • Subtotal £1,884 including VAT at 20%

Estimated total: £1,884 including VAT at 20%
 

Disbursements 

Disbursements are 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 the specific fees upon receipt and review of the lease from the seller's solicitors. 
  • HM Land Registry fee: £40 plus VAT at 20%
  • Search fees: £300 plus VAT at 20%
  • Electronic money transfer fee: £30 plus VAT at 20%
  • Subtotal: £444 including VAT at 20%

Anticipated Disbursements


These fees vary from property to property and can on occasion be significantly more than the ranges given below. We can give you an accurate figure once we have sight of your specific documents.
  • Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50-£100. VAT will usually not be charged on this fee but if it is, it will be at 20%
  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50-£100. VAT will usually not be charged on this fee but if it is, it will be at 20%
  • 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 £100-£200. VAT will usually not be charged on this fee but if it is, it will be at 20%
  • Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £50 and £100. VAT will usually not be charged on this fee but if it is, it will be at 20%
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.
 


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.
 

Stages of the process


The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. Below we have suggested some key stages we offer as part of our service: 

  • 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
  • Send 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
     

How long will my house 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 4-8 weeks. It can be quicker or slower, depending on the parties in the chain. 



NB: Our fee assumes that: 

a.    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

b.    this is the assignment of an existing lease and is not the grant of a new lease

c.    the transaction is concluded in a timely manner and no unforeseen complication arise

d.    all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation

e.    no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.