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
- Legal fee
Purchase Price | Our Costs |
---|---|
£0.00- £200,000 | £625.00 plus £125.00 VAT |
£200,001 - £300,000 | £650.00 plus £130.00 VAT |
£300,001 - £350,000 | £675.00 plus £135.00 VAT |
£350,001 - £400,000 | £700.00 plus £140.00 VAT |
£400,001 - £500,000 | £750.00 plus £150.00 VAT |
£500,001 - £600,00 | £1,250.00 plus £250.00 VAT |
£600,001 - £750,000 | £1,500.00 plus £300.00 VAT |
Over £750,001 | 0.05% of purchase price plus VAT |
- Leasehold Fee £120.00 plus £24.00 VAT
- Stamp Duty Administration Completion Fee (inclusive of VAT) £60.00
- Electronic money transfer fee £36.00
DISBURSEMENTS
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. This list is not exhaustive and other disbursements may apply depending on the term of the lease.
Disbursement | Cost |
---|---|
Local, Environmental, Drainage and Chancel Searches | £250.00 (please note that all searches MAY NOT be applicable to your transactions) |
Coal Authority Search (if applicable) | £40.00 |
Land Registry Fee: Property Price up to £80,000 £80,001 to £100,000 £100,001 to £200,000 £200,001 to £500,000 £500,001 and above |
(online fees) £20 £40 £95 £135 £270 |
Land Registry Search | £3.00 |
Bankruptcy Search | £2.00 (per person) |
I.D. and Money Laundering Check | £N/A (per person) - as long as you are able to attend the office with your original ID. |
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 the tools on HMRC's website or if the property is located in Wales by using the Welsh Revenue Authority's website. |
STAGES OF THE PROCESS
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages:
- 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
- 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
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. 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 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.
* 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
- 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.