Your Leasehold Purchase
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.
Vat is charged at 20% unless expressly stated otherwise.
Legal fees for your leasehold purchase
- Under £100,000.00 (£800+VAT)
- £100,000 - £149,999 (£900+VAT)
- £150,000 - £199,999. (£1000+VAT)
- £200,000 - £299,999 (£1100+VAT)
- £300,000 - £399,999 (£1300+VAT)
- £400,000 – £599,999 (£1500+VAT)
- £600,000 – £799,999 (£1700+VAT)
- £800,000 – £999,999 (£2000+VAT)
- £1,000,000+ (£2500+VAT)
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Search Fees
- Typically around £300, although the exact amount varies for each transaction based on the number of searches required and the location of the property you are purchasing
HM Land Registry fees
- £0 – £80,000 - £40
- £80,001 – £100,000 - £80
- £100,001 – £200,000 - £190
- £200,001 – £500,000 - £270
- £500,001 – £1,000,000 - £540
- £1,000,001 and over - £910
- Electronic money transfer fee - £25 + VAT
- Conveyancing Software Fee - £30 + VAT
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.
Work out your estimated total fees for your purchase
Legal Fees (£ VARIABLE) plus
HM Land Registry fees (£ VARIABLE) plus
Stamp Duty or Land Tax (£ VARIABLE) plus
Search Fees (£300 estimated) plus
Electronic money transfer fee £25+VAT plus
Conveyancing Software Fee £30+VAT
In addition your leasehold purchase will attract some or all of the following fees charged by third parties- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £100 and £300.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £100 and £200.
- Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £100 and £200.
- Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £100 and £200.
- Some Lenders charge an additional cost of £15 plus vat. If this applies we will notify you.
- If your property has a solar panel lease we will charge up to £200 plus vat to deal with 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.
How long will my leasehold purchase take?
The length of time a purchase transaction takes depends on many factors but a usual average time-scale would be between 6 and 12 weeks from commencement. It could be quicker if there is a small or no chain involved, but it could take longer if the property is a new build or there are problems found with the property when surveyed or difficulties found on the title or amongst the Contract papers which require the sellers to take steps to remedy them.
The precise stages involved in the purchase of a Leasehold residential property vary according to the circumstances but usually involve most, if not all, of the following:
- 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
- Deal with Landlord’s agents and management companies
- 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
- Serving notices on Landlords and managing agents
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry