Tel: Loughborough 01509 238822 | Melton Mowbray 01664 563012

Purchase of a Leasehold Residential Property

Purchase of a Leasehold Residential Property 

Conveyancing fees

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 Stamp Duty Land Tax in England, (Stamp Duty), or Land Transaction Tax in Wales (Land Tax).

 

All our prices quoted are exclusive of VAT

 

Value of Transaction                                   Conveyancing fees

  • £0.00              to       £100,000                £725.00
  • £100,000       to       £150,000                £750.00
  • £150,000       to       £200,000                £795.00
  • £200,000       to       £250,000                £875.00
  • £250,000       to       £300,000                £950.00
  • £300,000       to       £350,000                £1,025.00
  • £350,000       to       £400,000                £1,110.00
  • £400,000       to       £450,000                £1,150.00
  • £450,000       to       £500,000                £1,250.00
  • Over £500,000 – To be advised upon request for quote

 

Other Potential Fees:

Additional legal fees of £250.00 would be added for the following: –

  • Help to Buy Purchase
  • Shared Ownership Purchase

We charge the sum of £30.00 for each Electronic Transfer of Funds (CHAPS/TT)

 

Disbursements on a Purchase of a leasehold residential property

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees.

Search Fees of approximately £300.00 (Dependent upon Local Authority)

Land Registry Fees as per value of the property (Please see Scale Two Fees)

No Search Indemnity Policy (To be advised based on the lender and value of the property)

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 following is a list of anticipated disbursements, however, such disbursements can vary from property to property and on occasion can be significantly more expensive than anticipated.

Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50.00 and £100.00 (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 £50.00 and £100.00 (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 £100.00 and £150.00 (plus VAT).

Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £100.00 and £150.00 (plus VAT).

We can provide you with an accurate figure once we have sight of your specific documents.

 

How long will my Purchase of a leasehold residential property take?

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. The average process takes between 8-10 weeks.

The process may be quicker or slower, depending upon any chain.

An example is that if you are a first-time buyer, purchasing a new build property with a mortgage in principle, it could take as little 4-6 weeks to exchange of contracts, with completion shortly thereafter.

However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months. In such a situation additional charges would apply.

 

 

 

Please note that our fees are exclusive of VAT and assumes that:

  • It 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;
  • It 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, and
  • No indemnity policies are required. Additional costs and disbursements may apply if indemnity policies are required.
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