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Our team has over 200 years’ combined experience in assisting clients with all types of residential property transactions

Fees – Purchase of a leasehold property

Our fees cover all of 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.

Conveyancer’s fees and disbursements

Property Price RangeEstimated FeeVATTotal
Up to £100,000£850£170£1020
£100,001 to £150,000£900£180£1080
£150,001 to £200,000 £925£185£1100
£200,001 to £250,000£950£190£1140
£250,001 to £300,000£1050£210£1260
£300,001 to £350,000 £1125£225£1350
£350,001 to £400,000£1150£230£1380
£400,001 to £450,000£1250£250£1500
£450,001 to £500,000£1275£255£1530
£500,001 to £600,000£1325£265£1590
£600,001 to £700,000£1500£300£1800
£700,001 to £800,000£1650£330£1980
£800,001 to £900,000£1800£360£2160
£900,001 to £1,000,000£1900£380£2280
Over £1,000,000Price on Application

There will be an additional charge of £200 plus VAT of £40, total £240 if you are purchasing a property with the assistance of a mortgage.

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 term of the lease.

  • Search Fees £350 approx
  • HM Land Registry Fee £135 – this is depending upon the price paid at the time of completion, please see Land Registry https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
  • Electronic Money Transfer Fee £48 (including VAT)
  • Notice of Transfer fee – This fee (if chargeable) is sometimes set out in the Lease but will be confirmed by the Managing Agent. Often, the fee is between £100 – £250.
  • Notice of Charge fee (if the property is to be mortgaged) – This fee is sometimes set out in the Lease but will be confirmed by the Managing Agent.  Often, the fee is between £150 – £240.
  • Deed of Covenant fee – This fee (if payable) is confirmed by the Managing Agents for the property and can be difficult to estimate. Often, it is between £150 – £240.
  • Certificate of Compliance fee – If applicable, this will be confirmed by the Managing Agent.  Often, the fee is between £100 – £240.

** The above leasehold 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 and confirmation from the Managing Agent.  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.

Here is an example of the costs of a purchase at £250,000 with a mortgage and a Deed of Covenant fee on behalf of the Landlord:

  • Legal Fee £1140 (including VAT)
  • Fee for Acting on Behalf of the Mortgage Lender £240 (including VAT)
  • Search Fees £350 approx
  • HM Land Registry Fee £135 – this is depending upon the price paid at the time of completion, please see Land Registry https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
  • Electronic Money Transfer Fee £48 (including VAT)
  • Landlord/Management Company’s fees £180 (including VAT)

Estimated fees and disbursements total: £2093

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 https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if the property is located in Wales by using the Welsh Revenue Authority’s website https://beta.gov.wales/land-transaction-tax-calculator

Stages of the process

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 that you may wish to include:

  • 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 the seller’s solicitor
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer with you
  • 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 the 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 for the house being accepted until you can move into it will depend on a number of factors. The average process takes between 14 and 16 weeks.

It can be quicker or slower, depending on the number and approach of the parties in the chain. For example, if you are a first time buyer, purchasing a vacant property with a mortgage in principle, it could take 6 – 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 5 months.  In such a situation, additional charges would apply.

*   Our fee assumes that:

  1. 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.
  2. this is the assignment of an existing lease and is not the grant of a new lease.
  3. the transaction is concluded in a timely manner and no unforeseen complications arise.
  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
  5. no indemnity policies are required.  Additional disbursements may apply if indemnity policies are required.

 

 

 

 

 

Department contacts

Peter Fitzmaurice Borlase & Co

Peter Fitzmaurice

Solicitor & Partner

01326 574988

John Rutherford Solicitor

John Rutherford

Solicitor & Partner

01326 574988

Cerys Schofield

Conveyancing Executive

01326 574988

Sophie Smith

Conveyancing Executive

01326 574988

Hayley Cornish

Solicitor

01326 574988

Solicitors Regulation Authority - Conveyancing Quality Scheme Resolution Family Law

Visitor Information

We are open for business (but not seeing clients face-to-face) so please call on 01326 574988 or email enquiries@borlase-co.co.uk or your usual contact email address.
Thank you.