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 (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.
Conveyancer's fees – Please use our online calculator for an immediate quotation
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.
The standard disbursements which will include search fees, land registry fees and stamp duty will be included in your online quotation. We anticipate there will be further disbursements due to the leaseholder as shown below
Stamp Duty Land Tax
Land Registry Fee
This will depend on the purchase price of your property and will be automatically calculated for you when using our inline calculator. Alternatively, you can visit
HMRC's website
Anticipated Disbursements*
• Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50-£150
• 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-£150
• 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-£150
• Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £50-£150
*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.
What we do stages of the process
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, we have included below some key stages,
• 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
What We Don’t Do
• Advise on tax as this is a specialist area;
• Advise on insolvency matters;
• Advise on any other matter without first agreeing the fee with you
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 one and three months. 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 one to three months. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between three and six months. In such, a situation additional charges would apply.
* 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.
Referral Fees
We work with local and national estate agents and introducers throughout England and Wales. The average fee paid is between £50 and £150