Leasehold Purchase Fees
Leasehold transactions are more complicated and time consuming which is reflected in our higher fees.
How much will it cost?
Our fees are calculated based upon the value of the property you are purchasing as shown below:-
|Property value||Our fees|
|Up to £250,000.00||£995.00 plus VAT (total: £1,194.00)|
|£250,001.00 - £350,000.00||£1,295.00 plus VAT (total: £1,554.00)|
|£350,001.00 - £500,000.00||£1,495.00 plus VAT (total: £1,794.00)|
|£500,001.00 - £750,000.00||£1,895.00 plus VAT (total: £2,274.00)|
|£750,001.00 - £999,999.99||£2,495.00 plus VAT (total: £2,994.00)|
|£1,000,000.00+||Please contact us for a quote.|
If your transaction is abortive we will charge the following fees:
|Stage of transaction||Fees charged|
|Prior to review of seller’s information pack and arranging searches.||£150.00 plus VAT and disbursements incurred.|
|Prior to exchange of contracts.||Dependent upon the level of work undertaken but not less than 50% of our fee but no more than 75% of our fee.|
|After exchange of contracts but before completion.||We will charge our full fee and any disbursements incurred.|
In addition to the above there may be supplemental legal costs/fees levied by us. These include (but are not limited to):-
- Stamp Duty Land Tax submission £85.00 plus VAT (total: £102.00)
- First Registration of property with Land Registry from £500.00 plus VAT (total from: £600.00)
- Bank Transfer fees per transfer £35.00 plus VAT (total: £42.00)
We will also incur disbursements on your behalf. Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Disbursements may include:-
- Stamp Duty/Land Tax*
- Local Authority search**
- Drainage search**
- Environmental search**
- Land Registry searches (for example £3.00 per Office Copy Title or plan)
- Land Charges searches (bankruptcy searches £2.00 per person/name)
- Land Registry fee re registration***
* The amount of Stamp Duty/Land Tax 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.
** The cost of these searches vary and some incur VAT. We will provide you with an estimate of any search fees within our fee estimate or on enquiry.
*** The Land Registry fee payable depends upon the value of the property. Details of their fees can be viewed here.
In addition to the above disbursements, 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, will be contained within the management pack. Often the fee is between £50.00 – £150.00.
- Notice of Charge fee (if the property is to be mortgaged) – This fee will be contained within the management pack. Often the fee is between £50.00 and £150.00.
- 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 £50.00 and £200.00.
- Certificate of Compliance fee – To be confirmed upon receipt of the management pack, as can range between £25.00 – £100.00.
*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.
Please note that VAT is payable on our fees and some disbursements.
To calculate the total costs associated with your purchase you will need to add our legal fees (plus the VAT) and any disbursements (plus any VAT on these items). Please contact us to obtain a fee estimate to give you an indication of the total costs you are likely to incur (excluding the price you are paying to the seller, removal fees and costs such as mortgage broker or surveyor’s fees).
Our fees above assume that:
- the property you are purchasing is registered with the Land Registry;
- this is the assignment of an existing Lease and is not the grant of a new Lease;
- 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 exchange of contracts or completion or the preparation of additional documents ancillary to the main transaction;
- you are obtaining only one mortgage (and the lender is a member of the Council of Mortgage Lenders) with the remaining purchase funds are being provided by you and not by a third party or under Help to Buy or Shared Ownership schemes;
- the property is not a new property and no alterations have been made to the property;
- there are no other unusual problems or complications;
- all parties to the transaction are cooperative 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; and
- the transaction is concluded in a timely manner and no unforeseen complications arise.
If one or more of the above assumptions do not apply, please contact us to discuss potential effect on our work and fees e.g. if you seeking to purchase under Shared Ownership or Help to Buy Schemes.
What will we do for you?
- 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
- Advise you on joint ownership (if appropriate)
- Go through any special conditions of mortgage offer with you
- Send final contract to you for signature
- Draft Transfer (if required)
- Agree completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened
- Obtain pre-completion searches
- 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 8 – 12 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.
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 10 weeks.
There are a variety of other factors outside of our control which can affect the length of the process (such as a long chain of buyers and sellers) which means we cannot tell you exactly how long the process will take but we will keep you updated with progress at regular intervals.
Who will deal with your matter?
Our highly experienced team have over 100 years’ of collective experience in delivering high quality work in all matters relating to residential property. We aim to have just one person dealing with your matter (which we will notify you of at the outset – you can view our team here and Tony Osborn, Senior Partner, will have overall supervision.