Leasehold Residential Purchase Pricing
Whether you are a first-time buyer or an investor, we are here to take the stress out of buying residential property. We will guide you through each step of your transaction and offer a service that fits your exact requirements. We will keep you up-to-date with relevant information, so that you can make informed decisions and have complete confidence that every detail has been properly taken care of.
Our experienced team have the legal and technical expertise to resolve issues as they arise, in a professional and efficient manner, while making sure everything you need to know is explained as clearly as possible. They will take care of the important legal details and remove any confusion and uncertainty from the process. We understand that communication is key, so a member of the team will be available to speak with you when you need clarity or reassurance at any stage in the process, and ensure you are kept up-to-date. We want you to feel assured that your matter is being handled effectively and is given sufficient priority.
We are proud to hold Lexcel and CQS Accreditations, issued by the Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain high levels of client care.
Our aim is to provide a quality service at a fair price. We typically work on a fixed fee basis, ensuring that you know what the fees will be for your transaction from the outset. If, during the transaction, there is a new development, we will discuss the change in fees with you and agree a way forward.
Our fees cover all the work required to complete the purchase of your property, including dealing with registration at the Land Registry and 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 fee structure, on a straightforward freehold residential purchase, is: -
|Property Value||Our Fees||VAT||Total|
|Up to £200,000||£850.00||£170.00||£1,020.00|
|£200,001 - £300,000||£945.00||£189.00||£1,134.00|
|£300,001 - £450,000||£1,085.00||£217.00||£1,302.00|
|£450,001 - £600,000||£1,255.00||£251.00||£1,506.00|
|£601,001 - £750,000||£1,365.00||£273.00||£1,638.00|
|£750,001 - £1,000,000||£1,525.00||£305.00||£1,830.00|
|£1,000,001 - £1,500,000||£1,995.00||£399.00||£2,394.00|
|£1,500,001 - £2,000,000||£2,465.00||£493.00||£2,958.00|
For properties valued in excess of £2million, please contact us for a quotation.
Our fee assumes that your matter is a standard transaction with no unforeseen complexities that require the preparation of additional documents ancillary to the main transaction, and that all parties are co-operative enabling the matter to be concluded in a timely manner.
The fees shown only relate to properties situated in the UK.
Disbursements are any 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.
There may be certain disbursements set out in the individual lease relating to the property, e.g. Notice of Transfer fee; Notice of Charge fee (if the property is to be mortgaged); Deed of Covenant fee or Certificate of Compliance fee. The fees are often set by the Management Company and can be difficult to estimate, so we will update you on which fees (if any) apply and their amount upon receipt and review of the lease.
The disbursements we anticipate will apply (subject to VAT where stated), are set out below. This list is not exhaustive: -
|Pre-Contract Search Fees||£175.00|
|Land Tax (see below)||See calculator|
|Telegraphic Transfer fee* (sending purchase monies)||£48.00 (inc. VAT)|
|Land Registry Search||£3.00|
|Land Charges Search (bankruptcy only)|
£2.00 per name searched
|Anti-Money Laundering Search||£6.00 (inc. VAT) per name|
|Land Registry Fee:|
Additional disbursements may apply if indemnity policies are required.
*When we pay monies from our client account on your behalf, by electronic transfer (known as a telegraphic transfer(TT)), we charge £40 plus VAT (£48) per payment.
You should also be aware that ground rent and service charges are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.
Stamp Duty Land Tax
This will depend 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.
We do not undertake tax advice.
Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.
Factors that may lead to an increase in cost include: -
- If a legal title is defective or part of the property is unregistered;
- If you discover building regulations or planning permission has not been obtained;
- If crucial documents, we have previously requested from you, have not been provided to us;
- If the property is a new build;
- If the property is less than 10 years old;
- If your mortgage lender instructs its own solicitor;
- If you require your matter to be expedited;
- If you require simultaneous exchange and completion
For any transaction, the timescales are subject to change depending on when your offer is accepted and other factors involved such as: -
- Number of parties in the chain;
- Whether you have a mortgage in place;
- Whether you are buying a new build property (and the transaction requires the grant of a new lease);
The average process takes between 10 and 14 weeks, however if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer (between 4 and 6 months). In such a situation, additional charges would apply.
Stages of the Process
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows: -
- Taking your instructions and giving initial advice;
- Ensuring finances are in place to fund the purchase and contacting the lender’s solicitors if appropriate;
- Receiving and advising on contract documents;
- Undertaking searches;
- Obtaining further planning documentation if required;
- Conducting any necessary enquiries of the seller’s solicitor;
- Providing advice on all documents and information received;
- Advising on mortgage offer conditions;
- Advising you on joint ownership;
- Finalising contracts and sending to you for signature;
- Agreeing a completion date (the date from which you will legally own the property);
- Exchanging contracts and notifying you that this has happened;
- Obtaining pre-completion searches;
- Ensuring all monies have been received from you and the lender(s);
- Completing the purchase;
- Dealing with payment of Stamp Duty/Land Tax;
- Completing and submitting an application for registration at the Land Registry
Our team has a great depth of collective experience in delivering high quality work in all property-related transactions. We have three members of the Conveyancing team (whose profiles you can view on our website), and all of whom will be supervised by Tracey Smith, the Managing Partner.
|David Johncock||Consultant Solicitor and Head of Conveyancing|
|Amanda Rose||Senior Conveyancer|
|Sarah Curtis||Consultant Solicitor|