Buying a Leasehold Property
Our fees cover all the work required to complete the process of buying a leasehold property, 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 scale of fees is set out below.
Legal fees are calculated according to the value of the property.
|Up to £150,000||£1075 plus VAT||Total £1290|
|£150,001 to £300,000||£1100 plus VAT||Total £1320|
|£300,001 to £500,000||£1125 plus VAT||Total £1350|
|£500,001 to £750,000||£1225 plus VAT||Total £1470|
|£750,001 to £1 million||£1675 plus VAT||Total £2010|
|In excess of £1 million||0.33% of purchase price plus VAT at 20%|
|Legal Fee where purchase with a mortgage||£100 plus VAT Total||Total £120|
|SDLT return fee||£75 plus VAT||Total £90|
|Electronic money transfer fee||£30 plus VAT||Total £36|
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 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.
|Search fees||These will vary according to the nature of the property, but are usually in the region of £250|
|HM Land Registry fee||This is usually between £20 and £455 according to the value of the property|
|Notice of Transfer fee||This fee if chargeable is set out in the lease. Often the fee is between £50-£150|
|Pre-completion search fees unlikely to exceed £10.00|
|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 and £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 in the region of £100.|
|Certificate of Compliance fee||To be confirmed upon receipt of the lease, often a figure in the region of £75.|
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 (on purchase)
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 here.
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 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.
Should one or more of the above arise we reserve the right to vary our fee from the scales above, but we will always seek your approval of any variation before additional fees are incurred.
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How long will it take?
How long it will take from your offer being accepted until you can move in to your property will depend on a number of factors. The average process takes between 6 and 10 weeks. It can be quicker or slower, depending on the parties in the chain. If, for example, you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, perhaps so long as 3 and 6 months. In such, a situation additional charges would apply.