Leasehold sale or purchase
All conveyancing transactions are carried out by our experienced property solicitors who have at least 25 years experience of acting in this field. Both are supervised by a director of the firm with more than 26 years experience as a solicitor.
Our fees cover all of the work required to complete the sale or purchase of your 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.
Solicitor’s legal fees and disbursements
- Our legal fees will be based on the nature of the transaction and the time it will take to complete. Our hourly charge-out rate is between £300.00-£350.00 plus VAT. There can be great difference in time between sales and purchases that run smoothly and those that are more complicated and difficult to complete. Examples of situations that make sales and purchases more difficult or complicated are, if the legal title is defective in some way or part of the property is unregistered; if all the appropriate building regulations or planning permissions have not been obtained; if crucial documents cannot be found; if there is a long chain where other parties in the chain are not able to perform.
- When buying a property, local authority and other search fees will vary. The range can be between £250.00 to £600.00 depending on where the property is located *
- HM Land Registry fees for registering transactions will vary depending on the price being paid. As at December 2018, for registering purchases of properties the Land Registry fees are between £20-£910. Please see the link below for precise details
- Notice of Transfer fee: This fee if chargeable is set out in the lease. Often the fee is between £25.00 – 100.00 plus VAT*
- Notice of Charge fee (if the property is to be mortgaged):This fee is set out in the lease. Often the fee can be £25.00 – £100.00 plus VAT*
- Deed of Covenant fee: This fee is often charged by the management company for the property and can be difficult to estimate. This can in some cases exceed £250.00 plus VAT (if applicable)*
- Certificate of Compliance fee: To be confirmed upon receipt of the lease. This is difficult to estimate and will vary*
- Electronic money transfer fee: £15 plus VAT
*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, including the lease, and have spoken to the management company of the property.
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.
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.
How long will my purchase take?
How long it will take from your offer being accepted until completion will depend on a number of factors. The average residential sale/purchase process can take up to (and sometimes exceeds) 3 months. It can increase depending on the number of parties within the chain.
If you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 3 months or more.
Stages of the process
The precise stages involved in a purchase of a property can vary according to the circumstances.
Take your instructions and give initial advice
Check finances are in place to fund a 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 advice on all documents and information received
Go through conditions of any mortgage offer
Send final contract for signature
Agree completion date
Exchange contracts and notify
Arrange for all monies needed to be received from lender
Deal with payment of Stamp Duty/Land Tax
Deal with application for registration at Land Registry
You should also be aware that ground rent and service charge might well be payable throughout your ownership of the property. We will confirm the ground rent (if any) and the anticipated service charge as soon as we receive this information.
* *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.
Other property related transactions.
This will be looked at on an individual basis but will usually be based on our hourly rates which are £300.00 – £350.00 plus VAT.