Purchasing a Leasehold Residential Property
Fees
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) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.
The fees you will pay are dependent on the purchase price of your property but to give you an idea we have set out pricing below which has been based on a straightforward leasehold purchase transaction at an average purchase price of £250,000.
You can obtain a no hidden costs quote based on your own personal circumstances and property price at any time here.
All VAT on the tables below are based @ 20%
Stamp Duty or 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 or if the property is located in Wales by using the Welsh Revenue Authority’s website here..
Additional Costs
Any additional costs relate to those 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 additional costs which will be set out in the individual lease relating to the Property. The additional costs which we anticipate will apply are set out separately below. This list is not exhaustive and other costs 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 seller’s solicitors.
Other anticipated additional costs can be as follows:
- Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £100.00 – £150.00.
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £100.00 – £150.00.
- 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 £75.00 – £150.00.
- Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £75.00 – £150.00.
* 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 this we receive this information.
Our fees assume that..
It is a standard purchase 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 which support the main transaction.
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 third parties providing documentation.
No indemnity policies are required. Additional third party costs may apply if indemnity policies are required.
If your purchase includes any of the below then additional fees inclusive of VAT will need to be added to the legal fees.
Help to Buy Isa Bonus – £72.00
Help to Buy Purchase – £180.00
Gifted Deposit – £108.00
New Build Fee – £360.00
How long will my house 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 12-20 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 20 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 5 months. In such, a situation additional charges would apply.
Stages of the process
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, to help we have set out all the usual stages below:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller’s solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer
- Send final contract to you for signature
- Draft Transfer
- Advise you on joint ownership
- Obtain pre-completion searches
- Agree completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
Our Expertise
Nicola Bennell: Nicola qualified as a solicitor in 2004 having graduated from Northumbria University. Having spent over 22 years in a large regional law firm in Newcastle, Nicola has a wealth of experience in a wide range of Conveyancing matters.
Nicola deals with Freehold/Leasehold Residential sales and purchasers, Shared Ownership matters, Right to Buy, Equity Release transactions, Deed of Variations, Purchase of Freehold reversions, Transfer of Equity and Voluntary First Registration.
Nicola is experienced in working to strict deadlines and takes a pro-active approach to her work and prides herself on building excellent working relationships with her clients.
Nicola Bennell is supervised by Sarah Reid who is a solicitor and Managing Director of the firm. Sarah Reid has been a solicitor since 2003.
Contact: 0191 567 0465 or email: [email protected]
Steven Douglas: Steven qualified as a solicitor in 2007. In his role on a day-to-day basis, Steven advises clients from initial instruction through to completion on both freehold and leasehold purchases and sales, buy to let properties, right to buy purchases, Lease extension, Re-mortgages, New build properties and unregistered land; and Transfers of equity.
Steven Douglas is supervised by Nicola Bennell, see details above.
Contact: 0191 567 0465 or email: [email protected]
OBTAIN A NO HIDDEN COSTS QUOTE CLICK HERE OR CALL 0191 567 0465
