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 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.
Why Us
We have an experienced team who understand the stress involved in buying your property. Our approach is a 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 highly qualified and experienced legal advisors and support staff 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 a 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.
Pricing
No two properties are exactly the same, and our fees will reflect the particular requirements of your purchase. For example, dealing with a lease of an older property which has had many alterations made to it, or a new shared-ownership lease, may, because of the added complexities, cost more than dealing with the purchase of a modern leasehold flat on a well-run development.
Because of this, we can’t give you a reliable estimate of the cost of us helping you until we have details of your intended purchase. But our fees for leasehold property purchases range from £750.00 plus VAT to £2,000.00 plus VAT; the average price for a leasehold property purchase is £950.00 plus VAT.
Our fixed fee is based on a ‘standard’ transaction. If any unusual or unforeseen matters arise which demand extra time, we do charge for additional work. Our fixed fee assumes that:-
- The purchase 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;
- 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.
If during the transaction there are unexpected complications we always inform you of that immediately, and would fully discuss the potential consequences of that before any extra charges are incurred.
As an example, an estimate of our fees to cover the work required to complete the purchase of a registered leasehold property with no mortgage by two joint owners at a price of £295,000 are set out as:
Leasehold Residential Property
Our fees will 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. We have not included a figure for Stamp Duty Land Tax in this example – see below for a link to the relevant government websites.
Item | Amount | VAT | Subtotal |
|---|---|---|---|
Legal Fees for purchase | £1,000.00 | £200.00 | £1,200.00 |
Legal Fees for completion of Stamp Duty Land Tax return | £50.00 | £10.00 | £60.00 |
Conveyancing Search Pack which includes: Official Local authority search, Official drainage and water searches, Groundsure Homebuyers Plus report (Environmental Searches including Flood Data) | £227.08 | £44.22 | £271.30 |
HM Land Registry fee | £135.00 | £135.00 | |
Electronic money transfer administration fee (per transfer) | £40.00 | £8.00 | £48.00 |
Estimate Total | £1,525.00 | £218.00 | £1,714.30 |
Disbursements
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.
Anticipated Disbursements*
Item | Range from | Range to | Plus VAT |
|---|---|---|---|
Notice of Transfer fee, this fee if chargeable is set out in the lease. Often the fee is: | £25.00 | £150.00 |
£5.00 / £30.00 |
Notice of Charge fee (if the property is to be mortgaged), this fee is set out in the lease. Often the fee is: | £25.00 | £150.00 |
£5.00 / £30.00 |
Deed of Covenant fee, this fee is provided by the management company for the property and can be difficult to estimate. Often the fee is: | £150.00 | £300.00 |
£30.00 / £60.00 |
Certificate of Compliance fee – to be confirm upon receipt of the lease, as the range can be | £75.00 | £300.00 | £15.00 / £60.00 |
* These fees vary from property to property and can on occasions 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 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. You will usually have to pay a proportion of these charges at completion for the period from completion to the next payment date (‘apportionments’).
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 estimated Grand Total of the transaction is £1714.30, plus Stamp Duty Land Tax, apportionments, and any of the ‘Anticipated Disbursements’ applicable to the purchase.
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, or your lender, require an extension of the Lease term
- If you discover building regulations or planning permission has not been obtained
- If crucial documents we have previously requested from the seller’s solicitors 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 six weeks of instructing us
- If you require completion within six 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 eight to twelve 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 completed new build property on an established development with a mortgage agreed in principle, it could take three to four weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between two and six 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 complication 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 the 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 the Land Registry
