Our fees cover all of the work required to complete the purchase of your new leasehold home, including reviewing the title and the lease to the property, acting for the lender, if any, 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.
Disbursements, as referred to below, 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.
The details set out below are for an “average” £500,000 leasehold purchase. The actual fees and disbursements may be higher or lower depending on the purchase price, lender’s requirements and the complexity of the matter. (A garage cannot give you a fixed price to repair your car until it has looked under your bonnet and seen any problems. It is the same for us with your property purchase- we do not know what problems there may be with the property (if any) until we have seen and considered the papers).
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 part of our reporting process.
Our legal fees and disbursements
Legal fee £1200
Acting for lender (if there is one): £250
Completion of SDLT return: £85*
Miscellaneous costs charge: £100
Electronic money transfer fee: £35
Search fees: £300
Landlord’s management pack: £240
Notice of transfer fee: £120
Notice of Charge fee: £120
Landlord’s solicitor’s fee: 240
HM Land Registry fees: £150
Estimated total (for an average £500,000 transaction): £16,309
*Stamp Duty or Land Tax (on purchase)
We have to make a return to HMRC for Stamp Duty Land Tax (SDLT). The amount of SDLT depends on the purchase price of your property and your circumstances (e.g. there might be less SDLT or none at all if you are a first time buyer). You can calculate the amount you will need to pay by using HMRC's website .
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 4-6 weeks.
It can be quicker or slower, depending on the parties in the chain and type of freehold property you are purchasing. Quicker if, for example, you are a first time buyer, purchasing an existing property with a mortgage agreed in principle. Longer, if you are also selling and there is a long chain of similar transactions or if you are buying a new build property because of the additional work required. And longer (with additional charges) if there are problems, for example if legal title is defective, part of the property is unregistered, we discover building regulations or planning permission has not been obtained or if crucial documents are missing. If a lease extension is required because the lease is too short this will also add to the time and cost.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are some key stages in an average transaction :
Take your instructions and give you initial advice
Check finances are in place to fund purchase and contact lender's solicitors if needed
Receive, review and advise on contract documents
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
Send final contract to you for signature
Advise you on joint ownership
Obtain pre-completion searches
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
Deal with deed of covenant (if any)
Give landlord notice of transfer and of any charge
Deal with payment of Stamp Duty/Land Tax