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 leasehold property.
We will guide you through each step of your transaction, tailoring our service to fit your requirements, so you can have complete peace of mind that every detail has been properly handled. Where necessary, we can also recommend other professionals such as Surveyors, IFA’s and property valuers, giving you access to all the expertise you need.
At a time where money really matters, we take care to provide a high quality, value-for-money service you can rely on. We will keep you regularly advised of every detail you need to know so you can make informed decisions and conclude your leasehold property transaction promptly and with the minimum possible stress and hassle.
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 taking the stress away from you and dealing with all the details of your 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 experienced and qualified lawyers 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.
We realise that this is potentially the biggest investment of your life and we not only want to provide the first-class service you deserve, but also real value for money with 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 the highest levels of client care.
We know how important cost is when deciding who to use for leasehold conveyancing, so we review our fees on a regular basis, taking into account clients’ feedback, so we can make sure we always offer great value.
Our estimated fees are set out as:
Leasehold Residential Property
Our fees cover all the legal 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.
Minimum Fee for acting on behalf of the mortgage lender (if applicable)
Stamp Duty Land Tax Form completion fee
Telegraphic transfer fee
Disbursements are any 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. We will update you on specific fees upon receipt and review of the lease from the seller’s solicitors.
Estimated search Fees (Local Authority, Drainage and Water, Environmental and Planning) -
Bankruptcy search fee (per name)
HM Land Registry search fee
Seller’s Solicitors Check
Please be aware that where applicable, the lease of the property you are buying may set out that additional fees/disbursements are payable to the freeholder, management company and/or managing agents. These are as follows:
Notice of Transfer fee
Notice of Charge fee (if the property is to be mortgaged)
Deed of Covenant fee
Certificate of Compliance fee
We are unable to provide an estimate for the above as it varies between freeholder, management company and/or managing agents. However the range of fees for the above items are usually between £50 to £100 per item but you will not always be charged for all the above items. We will confirm details of these additional costs as soon as receive the information from the relevant parties.
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.
Stamp Duty Land Tax & Land Registry Fees
Stamp Duty is a tax payable on the purchase of land. The amount depends on a number of factors such as the purchase price of your property, whether you are buying your first home or own other properties. You can calculate the amount you will need to pay by using HMRC's website.
Registration at HM Land Registry
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMLR's website.
We do not offer tax advice. and we would recommend you seek advice from an independent mortgage broker or financial adviser.
We do not carry out valuations on the property you intend to buy and this is usually conducted by your new lender (if applicable).
We do not charge or pay any referral fees i.e. some solicitors pay a referral fee to an estate agent or mortgage broker for your instructions and this is included in the fee you would pay. When will there be additional costs, if any?
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 you require an exchange of contracts within 5 weeks of instructing us
- If you require completion within 6 weeks of instructing us
- If you require a simultaneous exchange of contracts and completion
- In more complex cases, for instance, need to liaise with or find freeholder/multiple managing agents
- If the term of the lease is short and needs to be extended
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 and 14 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months. In such a situation, additional charges would apply.
Our fee assumes that:
- This is a standard transaction and that no unforeseen matters arise, such as 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 complication arises
- 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
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
- Drafting or approving the 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
- Making arrangements to ensure all funds required from you and your lender (where applicable) are received in a timely manner
- Completing purchase
- Completing the Stamp Duty Land Tax form and dealing with payment within the required timeframe
- Dealing with application for registration at Land Registry
Jennifer Dodd - Associate Director and Head of Blackheath Conveyancing – over 25 years experience of residential conveyancing
Lili Jiang - Solicitor in residential and commercial conveyancing – three years qualified