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 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 fees assume 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 fees and disbursements may apply if indemnity policies are required.
You can obtain a quote of what our fees will be on our website, or you can call our office and you will be told what the fees are and this will be confirmed by either email or by letter. We will also let you know how much the disbursements associated with your purchase will be.
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees, search fees and Stamp Duty Land Tax. We handle the payment of the disbursements on your behalf to ensure a smoother process. In leasehold transactions there will also be additional fees charged directly by the management company and/or landlord. These can include but are not limited to fees for;
- Deeds of Covenant;
- Notices of Transfer/Charge;
- Certificates of Compliance
These fees will be unknown to us until we receive the leasehold information pack from the sellers landlords and/or managing agents. The range of costs can vary but we expect the same to be between £250.00 -£500.00 but we will advise as to what these fees are as soon as we are aware of the same.
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.
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have set out some key stages:
- Take your instructions and give you initial advice
- Check finances are in place to fund the purchase.
- Receive and advise on contract documents including the lease
- Carry out searches
- Obtain further planning documentation if required.
- Make any necessary enquiries of seller’s solicitor ensuring that all information is provided by the landlords and/or managing agents.
- Give you advice on all documents and information received.
- Go through conditions of mortgage offer and send you written information regarding the same.
- See you to sign the contract and mortgage paperwork or, if agreed beforehand with us, send final contract and mortgage paperwork to you for signature
- Draft Transfer
- Advise you on joint ownership (if relevant)
- 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
- Deal with serving notices on the landlord and/or managing agents in accordance with the terms of the lease.
How long will my leasehold purchase take?
How long it will take from your offer being accepted until you can move in to your flat/apartment/maisonette will depend on a number of factors. The average leasehold purchase process takes between 3 and 4 months. 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 (which is already built and ready to occupy) with a mortgage in principle, it could take 3 months. However, if you are buying an existing leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 5 months. In such, a situation additional charges would apply.
If you wish to use our online quote calculator for residential conveyancing below is list of things you may wish to consider. You could, if you wish, build questions to find out the following information:
- value of the property
- first-time buyer
- freehold or leasehold
- new build
- first registration of title
- whether a mortgage or not, or Islamic mortgage
- in purchase cases, whether primary residence, buy to let or second/holiday home
- multiple owners
- shared ownership scheme
- using a help to buy scheme, and whether it is an equity loan or ISA
- purchase under right to buy
- purchase at auction
- property has been repossessed
NB: This list is not intended to be exhaustive and if you require a more detailed quote or want a more detailed breakdown, then please contact us by telephone