Purchase of a leasehold residential property: fee structure
Conveyancer’s fees and disbursements
The fees for our conveyancing services cover all of the work* required to complete the purchase of your new home, including 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 and dealing with registration at the Land Registry.
Our fees
| Property Purchase Price | Legal Fee |
|---|---|
| £0 – £750,000 | £2,000 – £2,400 + VAT at 20% |
| £750,000 – £1,000,000 | £2,400 – £2,800 + VAT at 20% |
| £1,000,000 – 1,250,000 | £2,800 – £3,200 + VAT at 20% |
| £1,250,000 – 1,500,000 | £3,200 – £3,600 + VAT at 20% |
| £1,500,000+ | 0.27% of the property value + VAT at 20% |
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. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
Anticipated Disbursements: –
- HM Land Registry fee: £20 – £1,105 (based on the purchase price of the property)
- Search fees: £500.00 – approximately
- Stamp Duty Land Tax – TBA
- Land Registry Search – £7.00
- Bankruptcy Search (if required) – £6.00
- Electronic ID/AML Search (per person) – £34.80 + VAT at 20%
- Electronic money transfer fee: £40.00 + VAT at 20%
- Notice of Transfer Fee (approx) – £50.00 – £200.00
- Notice of Charge Fee (approx) – £50.00 – £200.00
- Lender Portal Fee (if applicable) – £35.00 + VAT at 20%
Stamp Duty Land Tax 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.
*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.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. We have summarised some of the key stages below as follows:
- Take your instructions and give you initial advice
- Advise you on joint ownership
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Receive and advise on contract documents
- Review and advise on the terms of the lease
- 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
- 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
- Draft Transfer
- Obtain pre-completion searches
- 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 a variety of factors such as the parties in the chain and the nature of the transaction and the availability of finance.
If you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between X and X 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
- (if leasehold) this is the assignment of an existing lease and is not the grant of a new lease
- Title to the property is registered
- The transaction does not involve the purchase of a New Build, Shared Ownership or Right to Buy property
- 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.
- Finance is being obtained on standard terms. This does not include bridging finance, Help to Buy Mortgages, Help to Buy Isa or Islamic Mortgages.
