Purchase of a leasehold residential property
Our fees cover all of 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 you wish to buy is in Wales.
Our fees are based on the price or value of the property as set out in the table below and are also based on the level of person dealing with your case. You can select a senior person to handle your case if would prefer to have someone with a higher level of experience and qualification.
|Property price:||Our fee||VAT||Total||Our Fee||VAT||Total|
|Up to £179,999||£650||£130||£780||£550||£110||£660|
|Up to £200,000||£700||£140||£840||£595||£119||£714|
|Up to £250,000||£745||£149||£894||£645||£129||£774|
|Up to £350,000||£770||£154||£924||£695||£139||£834|
|Up to £450,000||£820||£164||£984||£720||£144||£864|
|Up to £550,000||£850||£170||£1020||£750||£150||£900|
|Up to £650,000||£900||£180||£1080||£800||£160||£960|
|Over £650,000||Price on enquiry, prices start from £900.00|
To purchase for £150,000 our fees would be £650 excluding VAT for a senior Solicitor/Conveyancer to carry out the work, and £550 excluding VAT for another Solicitor/Conveyancer.
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 or where it is situated e.g. if the property is in Darras Hall a pack will need to be obtained from the Darras Hall Committee detailing further information about the property.
Sometimes we may pay a referral fee on your behalf. We will always inform you in writing what this fee is. A typical fee is £120.
In certain circumstances additional fees are chargeable which are outlined below:
|Extra fees charged in property matters|
|You are using ISA Help to Buy Purchase||£50.00||£10.00||£60.00|
|Government Help to Buy Scheme Purchase||£200.00||£40.00||£240.00|
|Purchasing under auction conditions||£100.00||£20.00||£120.00|
|Buying residential property through a business/company||£200.00||£40.00||£240.00|
|Buying a new build but NOT using government help to buy||£200.00||£40.00||£240.00|
|Formal referrals Sales & Purchases||£100.00||£20.00||£120.00|
|Shared Ownership Sales & Purchases||£100.00||£20.00||£120.00|
|Using Funds/gifted deposits within EU P||£100.00||£20.00||£120.00|
|Mortgages with Paragon Bank||£1000.00||£200.00||£1,200.00|
To purchase a leasehold property at £150,000 with the option of a non-senior Solicitor/Conveyancer, the following will apply (including no extra fees as set out above or referral fees):
|Search fees (standard package)||£150.60|
|HM Land Registry fee||£95.00||This is based upon the property value or price paid and is shown at|
|Land Registry search||£3.00|
|Bankruptcy searches||£2.00||(per buyer)|
|Electronic money transfer fee||£24.00|
|Stamp duty return fee||£48.00|
|Mortgage lender panel fee||£12.00||(not always applicable)|
|Total||£994.60||Please note this does not include Stamp Duty or additional leasehold disbursements (discussed below)|
With a leasehold property there is also likely to be specific additional disbursements which will vary from property to property and can on occasion be significantly more than the ranges given below. 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.
These additional disbursements can include:
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is £60.00 – £200.00.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is £60.00 – £200.00
- Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is £160.00 – £300.00.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, and can be £160.00 – £400.00.
Stamp Duty or Land Tax (on purchase)
This depends on the purchase price of your property and your personal circumstances. 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 here..
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, many of which are out of our control. 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 12 weeks.
If you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 6 months. In such a situation additional charges would apply, which would discussed with you.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. Our work usually includes the following:
- Taking your instructions and give you initial advice
- Checking finances are in place to fund purchase and contact 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 conditions of any mortgage offer with you
- Sending final contract to you for signature
- Agreeing completion date (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 the purchase
- Dealing with payment of Stamp Duty/Land Tax
- Dealing with an application for registration at Land Registry
- 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
- 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.
Extra fees may be quoted if any of the following apply to your case:
- first registration of title
- whether a mortgage or not, or Islamic mortgage
- in purchase cases, whether it is your primary residence, buy to let or second/holiday home
- multiple owners
- shared ownership scheme
- using a help to buy scheme, and whether it is an equity loan or ISA
- purchase under right to buy
- purchase at auction
- property has been repossessed