Leasehold Residential Purchase Pricing
Thank you for looking at our property services. Whether you are a first-time buyer or an investor, 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, mortgage brokers 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.
Why Us
We have an experienced team who understand the stress involved in buying, selling or re-mortgaging your property. Our approach is a 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 Conveyancers who 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.
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 realise that this may be 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 CQS 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.
Our Team
Our Residential Conveyancing team is headed by Natalie Goddard, who is a very experienced, Licenced Conveyancer. Natalie works with Chartered Legal Executive Denise Ryan and Conveyancer Emily Holland. Denise and Emily's work is supervised by Natalie Goddard. They are supported by our dedicated team of assistants Michelle Wood, Kim Galloway and Natasha Cane.
Pricing
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 great value.
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.
Our fees are set out as:
Leasehold Residential Property
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). Each transaction is different and our fees are calculated to take this into account. We will supply you with a personalised estimate but as a guide the fees range from £1,600 +VAT to 0.16% of the purchase price plus VAT for very high value properties. In addition we charge a fee of £100 +VAT for drafting and submitting the Stamp Duty Land Tax return, a fee of £35 +VAT for arranging the transfer of monies on completion through the banking system and a £10 +VAT (for each buyer) for an electronic ID check)
Disbursements
Disbursements are any 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 terms of the lease. We will update you on specific fees upon receipt and review of the lease from the seller’s solicitors.
Disbursements
| Item | Amount | VAT |
|---|---|---|
| Local Authority Search (varies but Royal Borough of Kingston upon Thames for example is £117.25 plus VAT) | £100-300 | £20-60 |
| Drainage and Water Search (varies but current cost for Thames Water for example) | £68.29 | £13.66 |
| Environmental Searches including flood data (Groundsure Avista) | £110 | £22 |
| Chancel Indemnity Policy | £13.22 | n/a |
| Index Map Search | £4.90 | £0.98 |
| Bankruptcy Search | £3.00 | £0.60 |
| Land Registry Pre Completion Search | £4.00 | £0.80 |
| HM Land Registry fee (ranges from £95 to £500 as this is based on property price) | as appropriate | n/a |
| VAT payable | £58.04- £98.04 | |
| Subtotal | £303.41-
£503.41 |
|
| Estimate Total | £361.45 - £601.45 |
Anticipated Disbursements*
| Item | Range from | Range to | Plus VAT |
|---|---|---|---|
| Notice of Transfer fee, this fee if chargeable is set out in the lease. Often the fee is: | £30.00 | £90.00 | as appropriate |
| Notice of Charge fee (if the property is to be mortgaged), this fee is set out in the lease. Often the fee is: | £30.00 | £90.00 | as appropriate |
| Deed of Covenant fee, this fee is provided by the management company for the property and can be difficult to estimate. Often the fee is: | £75.00 | £250.00 | as appropriate |
| Certificate of Compliance fee – to be confirmed upon receipt of the lease, as the range can be | £75.00 | £150.00 | as appropriate |
* 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 your specific documents.
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.
Stamp Duty 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.
Exclusions
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. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest possible opportunity and a clear estimate of those extra costs will be provided.
Factors that may lead to an increase in cost include:
- If a legal title is defective or part of the property is unregistered
- If you discover building regulations or planning permission has not been obtained
- If crucial documents, we have previously requested from you have not been provided to us
- If the property is a new build
- If the property is less than 10 years old
- If you require to exchange within 6 weeks of instructing us
- If you require completion within 6 weeks of instructing us
- If you require simultaneous exchange and completion
Time Scales
For any transaction, the timescales are subject to change depending on when your offer is accepted and other factors involved. The average process takes between 10 – 14 weeks. It can be quicker or slower, depending on the parties in the chain.
Our fee assumes that:
- This is a standard transaction and that no unforeseen matters arise, including (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
Key Milestones
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 your purchase and contacting lender's solicitors if the lender is separately represented
- Receiving and advising on contract documents
- Carrying out searches
- Obtaining further planning documentation if required
- Making any necessary enquiries of seller's solicitor
- Giving you advice on all documents and information received
- Going through the conditions of your mortgage offer
- Sending the final contract to you for signature
- Approving the draft Transfer
- Advising you on joint ownership (if applicable)
- Obtaining pre-completion searches
- Agreeing a completion date (the date of your move)
- On your instructions exchanging contracts and notifying you that this has happened
- Arranging for all monies needed to be received from lender and you
- Completing your purchase
- Completing the Stamp Duty Land Tax return and dealing with payment of Stamp Duty Land Tax on your behalf
- Completing and submitting an application for registration at the Land Registry