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, IFAs 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.
We have an experienced team who understand the stress involved in buying, selling or re-mortgaging your property. Our approach is a 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 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 realised 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 Lexcel and Conveyancing Quality Scheme (CQS) Accreditations, issued by the Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain the highest levels of client care.
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.
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 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.
Our fees are:-
|Purchase Price||Fee (exc VAT)|
|Up to £350,000.00||£2000.00|
|£350,001.00 – £500,000.00||£2100.00|
|£500,001.00 – £750,000.00||£2350.00|
|£750,001.00 – £1,000,000.00||£2600.00|
|£1,000.001.00 – £1,500,000.00||£3400.00|
|£1,500,001.00 – £2,000,000.00||£4250.00|
- Acting for you in the purchase
- Acting for any mortgage lender in the purchase
- Electronic money transfer fee £30.00
- VAT is payable at the current rate of 20% on our legal fees and the money transfer fee
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: A fee payable to the Land Registry depending on the value of the property as follows:-
|Up to £80.000.00||£20.00|
|£80,001.00 – £100,000.00||£40.00|
|£100,001.00 – £200,000.00||£95.00|
|£200,001.00 – £500,000.00||£135.00|
|£500,001.00 – £1,000,000.00||£270.00|
|£1,000,001.00 and over||£455.00|
- Search fees: From £250-£350 on average depending on the location of the property
- VAT is payable at the current rate of 20% on the search fees paid
|Notice of Transfer fee, this fee if chargeable is set out in the lease.||£50.00-£100.00|
|Notice of Charge fee (if the property is to be mortgaged), this fee is set out in the lease.||£50.00-£100.00|
|Deed of Covenant fee, this fee is provided by the management company for the property and can be difficult to estimate||£50.00-£100.00|
|Certificate of Compliance fee – to be confirm upon receipt of the lease||£50.00-£100.00|
These fees 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.
Our Residential Property Team does not undertake tax advice in relation to property transactions.
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.
Our fee assumes that:
- 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 title to the property is unregistered 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 arise
- 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.
- Planning permission and/or building regulations consent has not been obtained for works undertaken to the property.
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 8-10 weeks. It can be quicker or slower, depending on the parties in the chain. If you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 1 and 2 months. In such, a situation additional charges would apply.
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