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 and selling residential property.

We will guide you through each step of your transaction and offer a service that that fits your exact requirements. Where necessary we can recommend other professionals such as Surveyors, IFA’s and property valuers.

At a time where money really matters, we always provide a quality service at a fair price. We will keep you up-to-date with all of the relevant information so you can make informed decisions and have complete confidence that every detail has been properly taken care of.

Why Us

We have an experienced team who understand the stress involved in buying, selling or re-mortgaging your property. Our approach is simple; we provide a first-class service from our expert team who make the difference by removing confusion and uncertainty, dealing with all of the legal details of a property 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 Solicitors and Licensed 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 feel this provides reassurance and gives you an outlet for any concerns that you may have. Potentially this is the biggest investment of your life and we not only want to provide that first-class service, but value for money and no hidden fees.

We are proud to hold Lexcel and CQS Accreditations, issued by the Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain high levels of client care.

Pricing

The fees involved in any transaction are important and we review our fees on a regular basis, considering clients’ feedback so we can make sure we always offer the best value for your money.

We typically work on a fixed fee basis, ensuring that you know what the fees will be for your transaction from the outset. If, during the transaction, there is a new development, we will discuss the change in fees with you and agree a way forward.

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) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

Notes:

1. The figure for search fees is indicative – the figure will vary depending on the particular situation of the property. For example, different Local Authorities charge different fees for their searches.
2. The Land Registry fee assumes that application can be made on-line and varies with the value of the land. Application cannot always be made on line (e.g. if the land is not yet registered or if this is a transfer of part) and so the fee payable may be higher. The fee will otherwise be double the figure shown.
3. The TT fee is indicative – it represents bank charges and our fees for sending the purchase monies to a single account electronically on completion of the purchase. If the deposit is sent separately, the fee will be twice the figure shown.
4. There will probably be additional payments to third parties which will be set out in the individual lease relating to the Property (e.g. fees payable to a landlord and/or to a managing agent or management company for noting a transfer of a lease or a new mortgage. They may also be fees for the preparation and execution of a deed of covenant (if required under the terms of the lease) and/or a certificate of compliance. These are highly transaction-specific and we will only be able to give you better information about these once we commence our work and have been provided with details of those figures. Typical figures would be in the range of £250-£500 plus VAT.
5. 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.
6. Following the implementation of the Building Safety Act 2022, a bespoke estimate will be provided for any additional work required in dealing with issues arising in respect of affected properties. 
7. Stamp Duty Land Tax will be payable to HMRC:

This will depend 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.

By way of a guide, likely figures are as follows:

Below £250,000                0% up to £250,000

£250,001 to £925,000      5% on the portion over £250,000                                                               

£925,001 to £1.5 million   10% on the portion over £925,000           
                                          
Over £1.5million               12% on the portion over £1.5 million 

N.B these figures are a guide based on the standard SDLT rates as at January 2023

These figures assume that the property will be the only property in respect of which you will retain an interest on the day of completion. If this property is additional to any other property then SDLT will usually be payable at a rate 3% above the figures shown.

Our fees will be higher than those shown if you are buying with a Help to Buy ISA (an additional £50 plus VAT) or full Help to Buy Scheme (an additional £195 plus VAT) because of the additional work involved.

These prices do not apply for purchases of McCarthy & Stone or Miller Homes properties - our charges will be a minimum of £1250 plus VAT to reflect the additional work involved.

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 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 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 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.

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 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 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 purchase and contacting lender's solicitors if needed
• 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
• Draft Transfer
• Advising you on joint ownership
• Obtaining pre-completion searches
• Agreeing a completion date (the date from which you own the property)
• Exchanging contracts and notifying you that this has happened
• Arranging for all monies needed to be received from lender and you
• Completing purchase
• Dealing with payment of Stamp Duty/Land Tax
• Dealing with application for registration at Land Registry