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Purchase of a Leasehold Residential Property
Our fees the standard of 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 you wish to buy is in Wales.
We reserve the right to amend these fees during the course of the transaction if something unusual arises which could not be foreseen at the outset whereupon we will inform the client as soon as reasonably practicable.
Total Cost of the Service (incl VAT)
£0 – £400,000
£400,001 – 600,000
£600,001 – 800,000
£800,001 – 1,000,000
£1,000,001 – 1,500,000
£1,500,001 and over
Please request a written quote
We will charge additional fees when acting for your mortgage lender (as well as yourself) for the preparation of security documentation and reporting on title of £250 plus VAT.
To be added to the above are the administration costs of the following
Total Cost (incl VAT)
Telegraphic Transfer Administration Fee per transfer
Company Search Administration Fee (if company search is necessary)
Client Identity Verification and Due Diligence
Third Party Lawyer Verification and Due Diligence
Disbursements are costs related to your matter that are payable to third parties, such as Stamp Duty and Land Registry fees. We handle the payment of the disbursements on your behalf.
We will also have to pay out disbursements as follows:-
Search Fees (incl of VAT)
£250.00 to £500.00
Land Registration Fees (no VAT)
£20.00 to £910.00
Bankruptcy Search (no VAT)
£2.00 per person
Pre-completion Search (no VAT)
Stamp Duty Land Tax
The amount of Stamp Duty Land Tax payable depends on the purchase price of your property and your circumstances. You can calculate the amount you will need to pay by using HMRC’s website (www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro) or if the property is locatedWe do not advise on Stamp Duty reliefs available although we will help you complete the Stamp Duty Transaction Form. in Wales by using the Welsh Revenue Authority’s website (https://lttcalculator.wra.gov.wales/).
We do not advise on Stamp Duty reliefs available although we will help you complete the Stamp Duty Transaction Form.
Land Registry Registration Fee
The Registration Fee you will pay depends on the purchase price of your property and the application type. You can calculate the exact amount you will need to pay be using the Land Registry’s website (http://landregistry.data.gov.uk/fees-calculator.html).
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.
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50.00 to 150.00 plus VAT.
- 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 to £150.00 plus VAT.
- 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 to £200 plus VAT.
- Certificate of Compliance Fee - To be confirmed upon receipt of the lease, as can range between £50 to £150 plus VAT.
Please note 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.
Details of our Services and Key Stages to the Transaction
- Take your instructions and send out to you our Terms and Business
- Request up to £500 on account of the searches
- Check finances are in place to fund purchase and contact lender's solicitors if needed
- Receive in and advise on the pre-contract pack
- Carry out property searches
- Obtain further planning documentation if required
- Raise any pre-contract enquiries of the seller's solicitor
- Advise you on the documents and information received
- Go through the conditions of your mortgage offer with you
- Report to you finally and send the contract to you for signature
- Draft a Transfer Deed
- Agree a completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened (at this point the contract will be binding on all parties)
- Obtain pre-completion searches
- Prepare a Statement of Account and arrange for all monies needed to be received from lender and you
- Complete your purchase
- Deal with payment of Stamp Duty Land Tax
- Deal with application for registration at HM 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 8-12 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 4 to 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 12 and 16 weeks. In such a situation additional charges would apply.