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. Where necessary, we can also recommend other professionals such as Surveyors, IFA’s and property valuers, giving you access to all the expertise you need.
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.
Why Us
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 qualified Solicitors and other professionals 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 realise 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 CQS Accreditations, issued by the Law Society. The scheme is designed to improve transparency of transactions, raise service levels and provide better communication and a more efficient process.
Pricing
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. VAT is charged at 20%.
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
Purchase Price | Fees | Vat | TOTAL |
|---|---|---|---|
0 - 200,000 | 1195.00 | 239.00 | 1434.00 |
200,001 – 250,000 | 1245.00 | 249.00 | 1494.00 |
250,001 – 300,000 | 1295.00 | 259.00 | 1554.00 |
300,001 – 400,000 | 1395.00 | 279.00 | 1674.00 |
400,001 – 500,000 | 1495.00 | 299.00 | 1794.00 |
500,001 – 650,000 | 1595.00 | 319.00 | 1914.00 |
650,001 – 800,000 | 1695.00 | 339.00 | 2034.00 |
800,001 – 1,000,000 | 1795.00 | 359.00 | 2154.00 |
With purchases in excess of £1,000,000.00 please contact us to assess your requirements and we will provide further information on costs.
| Fee | VAT | Total |
Banking transaction fee (each transfer) | 25.00 | 5.00 | 30.00 |
| Admin fee | 50.00 | 10.00 | 60.00 |
| Acting For Lender Fee | 50.00 | 10.00 | 60.00 |
Disbursements
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.
Disbursements | Amount | VAT (if applicable) | Subtotal |
Land Registration fee * | 100.00 |
| 100.00 |
Bankruptcy search (per name) | 2.00 |
| 2.00 |
Land Registry priority search (per title) | 3.00 |
| 3.00 |
Search pack to include searches usually required by mortgage lenders ** | Approximately 220.00 |
| 220.00 |
Estimate total disbursements based on purchase at £125,000.00 |
|
| 325.00 |
The estimated costs based on a £125,000 leasehold based on the preceding tables is likely to be in the region of:
Legal Fees £1195.00 + VAT
Acting for Lender £50.00 + VAT
Admin Fee £50.00 + VAT
Bank Transfer Fee £30.00
Disbursements £325.00
* Land Registry fees are payable on the value of the transaction and on the proviso that an electronic application can be made. For full details of these charges, please visit HM Land Registry's Website for up to date costs
** Search pack includes a Local Authority Search, Coal Authority Search and Drainage and Water Search. The price may change depending on the Local Authority. Other searches may be necessary depending on the area the property is in or the mortgage lenders requirements.
Other Anticipated Disbursements
Notices are usually require to be served on leasehold transactions. Estimated costs are detailed below. Also additional disbursements may be required where the property you are buying is subject to a Management Company which looks after the communal parts of the development.
Item | From | To | Plus VAT | |
|---|---|---|---|---|
Notice of Transfer fee, if required by the terms of the lease.. | 100 | 200 |
| |
Notice of Charge fee (if the property is to be mortgaged), if required by the terms of the lease. | 100 | 200 |
| |
Deed of Covenant fee, Some leases and often even freehold titles require the new owner to enter into a deed of covenant. | 100 | 250 |
| |
Certificate of compliance fee. Often a certificate of compliance is required from the Landlord an/or management company | 100 | 250 |
|
These anticipated disbursements 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 your specific documents.
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.
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 or if the property is located in Wales by using the Welsh Revenue Authority's website.
Exclusions
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 you require to exchange within 6 weeks of instructing us
- If you require completion within 6 weeks of instructing us
- If you require simultaneous exchange and completion
Time Scales
For any transaction, the timescales are subject to change depending on when your offer is accepted and other factors involved. The average process takes between 10 – 14 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a new build property with a mortgage in principle, it could take 16 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.
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 arises
- 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
Key Milestones
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
- Sending the final contract to you for signature
- Draft 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 you
- Completing purchase
- Dealing with payment of Stamp Duty/Land Tax
- Dealing with application for registration at Land Registry
Referral Agreements
If the matter has been introduced to us via an Agent or Financial Advisor with whom we have a business relationship, you will be notified of the fee by the Agent or Financial Advisor making the referral and also in our client care pack. The fee can range between £50 - £100.00 plus VAT if applicable and will be paid on completion from our own funds. There will be no additional charge to the client. Any advice we give to you is completely independent of such arrangement
All of our staff are supervised by our Directors. For more information including details of qualifications and experience of all our staff please visit our profile pages.