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.
|Purchase Price||Our Fees||VAT||Total|
|Up to £100,000||£695.00||£139.00||£834.00|
|£100,001 to £150,000||£795.00||£159.00||£954.00|
|£150,001 to £200,000||£895.00||£179.00||£1,074.00|
|£200,001 to £250,000||£995.00||£199.00||£1,194.00|
|£250,001 to £300,000||£1,095.00||£219.00||£1,314.00|
|£300,001 to £350,000||£1,195.00||£239.00||£1,434.00|
|£350,001 to £400,000||£1,295.00||£259.00||£1,554.00|
|£400,001 to £450,000||£1,395.00||£279.00||£1,674.00|
|£450,001 to £500,000||£1,495.00||£299.00||£1,794.00|
|£500,001 and above||0.3% + £200|
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.
Help To Buy ISA Bonuses
We charge an additional fee of £50 plus VAT (£60.00) per ISA bonus that needs to be redeemed.
In addition to our fees you will also incur costs related to your matter that are payable to third parties, known as disbursements. We handle the payment of the disbursements on your behalf to ensure a smoother process. Details of the disbursements you are likely to incur are detailed below and include VAT where applicable.
|HM Land Registry Searches||£7.00*|
|Electronic Money Transfer Fee||£42.00|
*This figure is based upon two people purchasing a property and can be reduced to £5.00 if it is just one person.
In addition to the disbursements detailed above, you may also have to pay:
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50.00 and £240.00.
- 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 £240.00.
- Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often the fee is between £50.00 and £240.00.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease and can range between £50 and £240.
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.
Stamp Duty Or Land Tax
The amount of Stamp Duty or Land Tax payable depends on the purchase price of your property. You can calculate the amount you will need to pay by using HM Revenue & Custom’s online calculator or if the property is located in Wales by using the Welsh Revenue Authority’s online calculator.
Land Registry Fees
Land Registry fees also depend on the purchase price of your property, if the property has been previously registered and if we are able to submit your application electronically. You can calculate your fees using HM Land Registry’s online calculator. Select ‘Transfer of Whole for Value’ from the drop down list, insert your purchase price when prompted and then click ‘Check Fee’ to see how much you will need to pay.
If you are purchasing a new-build property, the company acting for the developer may charge an engrossment fee. This fee can range from £90.00 to £180.00 for providing engrossment of the Transfer.
How Long Will Your Purchase Take?
How long it will take from your offer being accepted until you can move in to your new home will depend on a number of factors. The average process takes between 10 to 14 weeks but it can be quicker or slower, depending on the other parties and if there is a chain.
What Are The Different Stages Of Your Purchase?
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, examples of key stages that we will help you through may include:
- 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 with you
- Advise you on joint ownership
- Send final contract to you for signature
- 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
Who Will Handle Your Purchase?
Anyone in our Conveyancing department could handle your purchase. To view the qualifications and experience of the team, please click here.
Ian Groome will be the Director with overall supervision of your purchase.
What If You Get A Problem?
Should you have a problem that cannot be resolved between you and the person handling your purchase, please refer to our Complaints Procedure.