Leasehold Residential Purchase Pricing
Thank you for looking at our property services. Whether you are a first-time buyer, an investor or purchasing a new home, we are here to take the stress out of buying a leasehold property.
We will guide you through each step of your transaction, tailoring our service to fit your requirements, so you can have complete peace of mind that every detail has been properly handled. Where necessary, we can also recommend other professionals such as surveyors, IFA’s and property valuers, giving you access to all the expertise you need.
At a time where money really matters, we take care to provide a high quality, value-for-money service you can rely on. We will keep you regularly advised of every detail you need to know so you can make informed decisions and conclude your leasehold property transaction promptly and with the minimum possible stress and hassle.
We have an experienced team who understand the stress involved in buying, your leasehold property. Our approach is simple – we provide a first-class service from our expert team who make the difference by taking the stress away from you and dealing with all the details of your transaction on your behalf.
We know that communication is key, especially when dealing with the complex issues that can sometimes be involved with leasehold property. Our team are made up of highly qualified Solicitors who are supported by experienced conveyancers and legal executives all of whom have the legal and technical “know how” to resolve any issues as they arise in a professional and efficient manner, but also have the people skills to ensure you are kept informed of everything you need to know in plain English.
Our Residential Property Department is led by Heidi Aitken, Director and Head of Residential Property. Click here to learn more about the team.
You will have the confidence that you are our priority, with our aim being that any member of the team is available to speak with you when you need some clarity and certainty at any stage in the process. We feel this provides reassurance and gives you an outlet for any concerns that you may have.
We realise that this is potentially the biggest investment of your life and we not only want to provide the first-class service you deserve, but also real value for money with no hidden fees.
We are proud to hold The Conveyancing Quality Scheme Accreditation, issued by the Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain the highest levels of client care.
We know how important cost is when deciding who to use for leasehold conveyancing, so we review our fees on a regular basis, taking into account clients’ feedback, so we can make sure we always offer best value for money.
We typically work on a fixed fee basis, so that from the outset you know what the fees will be for your transaction. If during the transaction there is a new development, we will discuss any change in fees with you and agree a way forward.
If you would like an exact cost quotation please call us on 01242 574244.
Disbursements are any costs related to your matter which 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 may be additional disbursements if further information relating to your property becomes available, for example, you may require additional searches such as a Planning Search or a Flood Search which typically cost around £30.00.
Sometimes the nature of the property will mean that additional fees are payable to others, for example when you purchase a new build you are likely to be charged a document fee of around £120.00 (excluding VAT charged at 20%) by the builders solicitors.
Land Registry fees are quoted assuming that we can make an online application. Sometimes this is not possible for example when there is a first registration. A transfer of part of a title (new build flat) or a new lease. In these circumstances a higher fee will be due
There are certain disbursements which are specific to leasehold properties. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on specific fees upon receipt and review of the lease from the seller’s solicitors.
Plus VAT (at 20%)
Notice of Transfer fee, this fee is payable to the management cash payer or landlord and can be difficult to estimate. Often the fee is:
Notice of Charge fee (if the property is to be mortgaged), this fee is payable to the management company or landlord and can be difficult to estimate. Often the fee is:
Deed of Covenant fee, this fee is payable to the management company or landlord and can be difficult to estimate. Often the fee is:
Certificate of Compliance fee – to be confirmed upon receipt of the leasehold pack. Often the fee is:
* These fees vary from property to property and can on occasions be significantly more than the ranges given above. We can give you an accurate figure once we have sight of the lease and leasehold pack.
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. In the meantime, the information should be made to you by the estate agent.
Stamp Duty Land Tax
This depends on the purchase price of your property. The figure quoted for SDLT will be higher if you are not a UK Resident in accordance with the HMRC SDLT Residency Test. 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.
Factors that may lead to an increase in our costs include:
• If a legal title is defective or the whole or part of the property is unregistered
• If we discover building regulations or planning permission has not been obtained
• If crucial documents, we have previously requested have not been provided to us
• If you require a declaration of trust to reflect joint owners’ financial interests
• If there is a Restriction to be registered or removed or complied with on the Land Registry Title
• If you require completion within 6 weeks of instructing us
• If we have to deal with third party solicitors for example if there is a matrimonial dispute or your lender has their own solicitors
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. This could be on a fixed fee (e.g. if a one off letter is required), or an hourly rate if more extensive work is needed. Prices are dependent on the level of expertise required to ensure the service is delivered.
For any transaction, the timescales are subject to change depending on when your offer is accepted and 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
- Delay by third parties
- Defects in the title to any properties in the chain
- Whether you need a lease extension
- Whether this is a new lease
A typical transaction will take between 8-12 weeks. However, if any of the above apply, or there are other factors we need to take into consideration, it may increase the time by a further 4-6 weeks and additional charges may occur. We will discuss this with you at the earliest opportunity so you always have a clear picture of how long things are likely to take
With every transaction, there are key milestones, which may vary according to individual circumstances. They may be as follows:
- Taking your instructions and giving you initial advice
- Checking finances are in place to fund the purchase and contacting lender's solicitors if needed
- Receiving and advising on the purchase contract documents (including the lease)
- Carrying out searches
- Obtaining further planning building regulation documentation if required
- Making any necessary enquiries of seller's solicitor
- Obtaining information on the management of the building, including service charges, ground rent and building insurance
- Providing a contract report advising you on all the documents and information received and the conditions of your mortgage offer
- Advising you on joint ownership
- Sending the final contract transfer and new lease (if applicable) to you for signature
- Obtaining pre-completion searches
- Agreeing a completion date (the date from which you own the property)
- Exchanging contracts and notifying you that this has happened
- Arranging for all monies needed to be received from your lender and you
- Completing the purchase
- Dealing with payment of Stamp Duty/Land Tax
- Dealing with application for registration at Land Registry
- Notifying the landlord of the change of ownership and mortgage (if any)
If you would like a cost quotation please call us on 01242 574244.