Our fees cover all of the work required to complete the purchase of the property, including dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, Land Transaction Tax (Land Tax) if the property is in Wales and dealing with registration at the Land Registry.
Fees vary depending on the value of the property involved. As a general rule our fees are 0.35% to 0.5% of the property price with a minimum price of £2,500.
Fees and disbursements
- Legal fee £3,500 - £5,000 plus VAT at 20%.
- Search fees £390 plus VAT at 20%.
- HM Land Registry fee £270.
- Electronic money transfer fee £25 per item plus VAT at 20%.
- Notice of Transfer fee – This fee, if chargeable, is set out in the lease. Often the fee is between £25-£200 plus VAT.
- Notice of Charge fee (if the property is to be mortgaged) – This fee, if chargeable, is set out in the lease. Often the fee is between £25-£200 plus VAT.
- Deed of Covenant fee – This fee is payable to the management company for the property and can be difficult to estimate. Often it is between £25-£200 plus VAT.
- Certificate of Compliance fee - To be confirmed upon receipt of the lease and can range between £25-£200 plus VAT.
Approximate total: £4,285 - £6,485 plus VAT where indicated above.
Disbursements are costs related to your matter that are payable to third parties, such as search fees and Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process but may require money to be paid to us in advance from you in order to do so.
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 above. This list is not exhaustive and other disbursements may apply depending on the terms of the lease.
These fees vary from property to property and can, on occasion, be significantly more than the ranges given above. We can give you a more accurate figure once we have sight of the transaction documents.
You should also be aware that ground rent and service charges may apply to 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
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.
Stages of the process
The stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below are some key stages to your purchase that may take place:
- 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 title and transaction documents.
- Carry out searches.
- Obtain further planning and other documentation, if required.
- Make enquiries of seller's solicitor.
- Give you advice on all documents and information received.
- Go through conditions of mortgage offer.
- Send contract to you for signature.
- Draft Transfer.
- Advise you on joint ownership.
- Obtain pre-completion searches.
- 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.
How long will my 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. The average process takes between 8-12weeks. It can be quicker or slower, depending on the parties in the chain and the complexity of your purchase.
Please see below the persons who may act on your matter.
Working closely with you, we'll find the best way to get you quickly and easily from where you are to where you want to be.MEET THE WHOLE TEAM