Purchase of a Leasehold Residential Property

Our fee  

Our below fee covers all the work required to complete the purchase of your new home, including acting for a lender, dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (SDLT) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.

Conveyancer’s fees and expenses 

  • Legal fee* from £650 plus VAT
  • Fee for arranging an electronic bank transfer £30.00 plus VAT
  • Search fees from £225
  • HM Land Registry fee  from £95

Expenses are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of these on your behalf to ensure a smoother process. There are certain expenses which will be set out in the individual Lease relating to the Property. The expenses which we anticipate will apply are set out separately below. This list is not exhaustive and other costs may apply depending on the terms of the Lease. We will update you on the specific fees upon receipt and review of the Lease from the seller’s solicitors.

Anticipated Expenses** 

  • Notice of Transfer fee – This fee, if chargeable, is set out in the Lease. Often the fee is between £20 – £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 £20 – £150.
  • Deed of Covenant fee – This fee is provided by the Management Company for the property and can be difficult to estimate. This is likely to be between £100 – £200
  • Certificate of Compliance fee – To be confirmed upon receipt of the Lease. This fee can range between £100 – £200.

In addition to the payment of our fees and the expenses you may need to pay SDLT. The amount of tax that you will need to pay depends on your circumstance and 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.

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 when we receive this information.

How long will my 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 8 -10 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 4 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.

Stages of the process 

The precise stages involved in the purchase of a residential property vary according to the circumstances but the key stages are detailed below:

  • Take your instructions and give you initial advice
  • Receive the Contract documents
  • Carry out searches
  • Make any necessary enquiries of seller’s solicitor
  • Go through conditions of the Mortgage Offer
  • Give you advice on all documents and information received
  • Advise you on joint ownership
  • Send the Contract to you for signature
  • Agree a completion date (date from which you own the property)
  • Exchange Contracts and notify you that this has happened
  • Draft the Transfer Deed
  • Arrange for all monies needed to be received from lender and you
  • Obtain pre-completion searches
  • Complete the purchase
  • Deal with payment of SDLT/Land Tax
  • Deal with application for registration at Land Registry

Who will act on my behalf?

Currently there are 5 people in our Property Department that may undertake this work for you. If you refer to the “Our Team” page on our website you can see details of their qualifications and experience. Our Partners, Nicola Baddick and Ann Harris, who are both Solicitors, work within our Property Department and they supervise all work undertaken in the Department.

*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 complications arise.
  • all the 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.

**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.