Purchase of a Leasehold Flat or House
|Property Price Range||Estimated Fee||VAT||Total|
|0 to 100,000||775||155||930|
|100,001 to 150,000||825||165||990|
|150,001 to 200,000||900||180||1,080|
|200,001 to 250,000||950||190||1,140|
|250,001 to 300,000||1,050||210||1,260|
|300,001 to 350,000||1,125||225||1,350|
|350,001 to 400,000||1,150||230||1,380|
|400,001 to 450,000||1,215||243||1,458|
|450,001 to 500,000||1,275||255||1,530|
|500,001 to 600,000||1,315||263||1,578|
|600,001 to 700,000||1,415||283||1,698|
|700,001 to 800,000||1,515||303||1,818|
|800,001 to 900,000||1,615||323||1,938|
|900,001 to 1,000,000||1,715||343||2,058|
* If you are buying with the aid of a mortgage, there will be an additional charge of £110 plus vat (£132 in total) for acting on behalf of your Lender.
Our fees cover all of the work required to complete the purchase of your new home, including registration at the Land Registry and 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.
In addition there are other expenses (called disbursements) that you may have to pay
Disbursements are costs, such as search fees, related to your case that are payable to third parties. 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 terms of the lease. We will update you on the specific fees upon receipt of the documents from the seller’s conveyancer.
Usual disbursements are:-
- Land Registry fee: £ Check Land Registry fees
- Search fees: approximately £350 (including VAT)
Other Anticipated Disbursements for a Leasehold are:-
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50 – £150.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50 – £100.
- 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 £40 and £150.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £20 – £80.
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.
There will be a charge of £30 (including VAT) for each electronic money transfer fee. Usually, on a purchase only one fee is charged for tranferring the purchase money to the seller’s conveyancer.
Buying a flat for £140,000
|Our fee for acting for your Lender||110|
|VAT on Mortgage fee||22|
|VAT on Bank charges||5|
To the above may need to be added charges that can be payable to the Landlord if required by the terms of the Lease (eg. Notice of Transfer fee, Notice of Charge fee, Deed of Covenant fee, Certificate of Compliance fee)
Stamp Duty or Land Tax
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. Click below to see how much tax you have to pay –
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 the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 12 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 2 and 4 months. In such, a situation additional charges would apply.
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
- 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
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller’s conveyancer
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- See you to sign the final contract
- Draft Transfer
- Advise you on joint ownership
- Obtain pre-completion searches
- Agree completion date (the date from which you will 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
* 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
- 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 disbursements may apply if indemnity policies are required.
- the seller’s property is already registered at the Land Registry. If not, additional charges will apply.