Buying a Leashold property

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 £800 - £1750 | Average £1000
  • Fee for acting on behalf of the mortgage lender: £0.00
  • Electronic money transfer fee: £0.00
  • VAT payable fee ranges between £150 - £340 | Average £200
Estimated sub total: £1200

 

Referral Fee

  • Amount of referral fee paid: Where we pay a referral fee, it is no more than £100 and we will disclose this at the time of taking your instructions.
  • The recipient of the referral fee will only ever be your estate agent

 

Disbursements

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 - range between £20-£135 | Average £95
  • Search fees: £250
  • VAT on search fees -  £50

Estimated Sub Total: £395

 

Anticipated disbursements

  • 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 or Land Tax

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

 

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.

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