If you are buying a Leasehold home, this page sets out to explain our fees* cover and all of the work required to complete the purchase.
This includes 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, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.
All the information below is assuming the purchase price is: £135,000
Conveyancer’s Fees and Disbursements
Legal fees are usually between: £950 - £1750 | Average £1000
Fee for acting on behalf of the mortgage lender: £0
Electronic money transfer fee: £0
VAT payable fee ranges between: £150 - £340 | Average £200
Estimated sub total: £1200
These fees are based on the transaction being undertaken by our residential conveyancing team. There are occasions when a transaction, whilst including residential conveyancing services, also involves wider matters and is not therefore a solely residential transaction. In these instances, if we feel it would be in your best interests for your conveyancing instructions to be dealt with by a team who are better placed to also advise on those wider elements (or indeed if you make a specific request for this to be the case) your matter will be placed with the relevant specialist team rather than transfer the instructions to the residential conveyancing team. We will of course discuss this with you and advise of the fees involved.
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 terms of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
HM Land Registry fee: £20 - £135 | Average £95
Search fees: £250
VAT on search fees: £50
LawyerChecker fee: £14.40 (inc VAT)
Estimated sub total: £409.40
- Notice of Transfer fee - this fee if chargeable is set out in the Lease. Often the fee is between £50 - £350;
- Notice of Charge fee (if the property is to be mortgaged). This fee is set out in the Lease. Often the fee is between £50 - £350;
- 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 £50 - £350;
- Certificate of Compliance fee - to be confirmed upon receipt of the lease, as can range between £50 - £350
*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. 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 (SDLT)
This depends on the purchase price of your property. You can calculate the amount you need pay by using HMRC’s website or, if the property is located in Wales, by using the by using the Welsh Revenue Authority’s website.
Estimated total: £1800
*Please note reduced rates of SDLT will apply for residential properties purchased from 8 July 2020 until 30 June 2021 inclusive. To find out more please visit the Stamp Duty Land Tax guidance on the gov.uk website.
How long will my house purchase take?
How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 8–12 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 8-18 weeks.
However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4-8 weeks. In such a situation, additional charges would apply such as the landlords solicitors fees.
*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 parties to the transaction are co-operative and there is no unreasonable delay from the parties providing documentation;
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.