Costs Information - Residential Leasehold Purchase

 

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. An idea of the costs involved is set below but please contact us for a detailed quotation specific to the property you are purchasing.

Conveyancer's fees and disbursements

  • Legal fees based on the hourly rate of the fee earner acting (hourly rates)
  • Search fees vary according to the local authority dealing with the search. Fees are normally in the region of £300.00 including VAT.
  • HM Land Registry fee varies according to the value of the property.
  • Electronic money transfer fee £36.00

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. We will update you on the specific fees upon receipt and review of the lease from the seller's solicitors. Below is an idea of some of the additional disbursements applicable to a leasehold property.

Anticipated Disbursements

  • Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £25.00 - £150.00 plus VAT.
  • Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £25.00 - £150.00 plus VAT. Sometimes no separate fee is charged for a Notice of Charge.
  • 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 £100.00 -£250.00 plus VAT.
  • Certificate of Compliance fee - To be confirmed upon receipt of the lease. Often this can range between £50.00 - £150.00 plus VAT.

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.

Stamp Duty 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.

The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages:

  • 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

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 12 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 6 and 8 months. In such a situation additional charges would apply.

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CONTACT

 

NatWest Bank Chambers

The Homend

Ledbury

Herefordshire

HR8 1AB

 

T: 01531 632226

F: 01531 632481

E: enquiries@ormeandslade.co.uk

 

Company Number: 627 1967

VAT Number: 243 3527 50

 

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