Our fees cover all the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty)
Example for a Leasehold purchase of £150,000 this estimate does not include Help to Buy Scheme or New Build properties.
- Legal fee £675.00
- Search fees £200.00 approx.
- HM Land Registration fee £95.00 (a new Lease would be £190.00)
- HM Land Registry search fees £5.00 approx.
- Stamp duty land tax, £500. (Not payable by a first-time buyer)
- CHAPS fee for bank transfer £36.00
- VAT payable on fees £105.00
- Mortgage lender fee £12.00
- Estimated total = £1628.00
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 sellers solicitor.
- Notice of Transfer fee - This fee if chargeable is set out in the lease often the fee is between £60 and £200
- Notice of Charge fee - (if the property is to be mortgaged) this fee is set out in the lease. Often the fee is between £60 and £200
- 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 £125 and £250.
- Certificate of Compliance fee - to be confirmed upon receipt of the lease, as can range between £50 and £150
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 sign 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 we receive this information.
Stamp Duty Land Tax depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMTC's website.
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages.
- Take your instructions and give you initial advice
- ID and money laundering regulation formalities
- Receive and advise, review Contract documentation and Lease, send a copy to you for information
- Send you a plan of the property for confirmation
- Apply for searches
- Raise enquiries with the sellers solicitor and await their satisfactory responses
- Raise further enquiries with the sellers solicitor once searches and mortgage offer are received if necessary
- Check mortgage offer and searches
- Draft Transfer deed
- Advise on ownership
- Report to you on all documentation
- Prepare Completion Statement
- Prepare documentation for signature and attend you to sign and go through the paperwork
- Agree completion date
- Exchange Contracts and notify you that this has happened
- Arrange for all monies needed to be received from the lender and you
- Complete the purchase
- Deal with the payment of Stamp Duty
- Serve any necessary notices to Landlord or Managing Agents
- Deal with the application for registration at the Land Registry
- Send to you finalised official copy of the title register showing you as the new owner
How long it will take from you offer being accepted until you can move into your house depends on a number of factors. The average process takes between 8 and 10 weeks. It can be quicker or slower, depending on the parties and the individual parties circumstances in the chain.
Our fee assumes that:
a. This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in the title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction.
b. This is the assignment of an existing lease and is not the grant of a new lease
c. The transaction is concluded in a timely manner and no unforeseen complications arise
d. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
e. No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
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